Global Inefficient Market Opportunities

Caledonia Mining

Market Cap: US$491.9m

Primarily operates a gold mine in Jersey.

Deutsche Rohstoff

Market Cap: €412.1m

Engages in the exploration and production of crude oil and natural gas primarily in the United States, Australia, Western Europe, and South Korea.

TOYO

Market Cap: US$470.6m

Engages in the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and other stages of the solar power supply chain in Asia and the United States.

Fauji Cement

Market Cap: PK₨130.1b

Engages in the manufacturing and selling of various types of cement in Pakistan.

BFF Bank

Market Cap: €391.0m

Engages in non-recourse factoring and credit management activities towards public administration bodies and private hospitals in Italy, Croatia, the Czech Republic, France, Greece, Poland, Portugal, Slovakia, and Spain.

Raya Holding Company for Financial Investments (S.A.E)

Market Cap: ج.م23.4b

Operates in information technology, data center outsourcing, contact center, smart buildings, consumer electronics, food and beverage, land transport, E-payments, and non-banking financial services fields in Egypt and internationally.

YSB

Market Cap: HK$3.5b

Develops digital pharmaceutical platform for pharmaceutical companies, distributors, vendors, pharmacies, and primary healthcare institutions in China.

H.G. Infra Engineering

Market Cap: ₹40.5b

Engages in the engineering, procurement, and construction (EPC) business in India.

Man Industries (India)

Market Cap: ₹40.3b

Manufactures, processes, sells, and trades in submerged arc-welded pipes and steel products in India.

Calfrac Well Services

Market Cap: CA$557.3m

Provides specialized oilfield services in Canada, the United States, and Argentina.

Guangzhou Xiao Noodles Catering Management

Market Cap: HK$3.1b

Engages in the self-operated noodle restaurant and manages franchise operations in China and Hong Kong.

UNID

Market Cap: ₩582.2b

Manufactures and sells potassium based chemical products in South Korea and internationally.

PetroVietnam Transportation

Market Cap: ₫10.2t

Engages in maritime transportation services to the oil and gas industry in Vietnam and internationally.

China Aircraft Leasing Group Holdings

Market Cap: HK$3.0b

An investment holding company, provides aircraft leasing services to airline companies in Mainland China and internationally.

Lippo Karawaci

Market Cap: Rp6.5t

Engages in real estate development, healthcare and lifestyle businesses in Indonesia.

AutoCanada

Market Cap: CA$502.9m

Through its subsidiaries, operates franchised automobile dealerships and related business.

Inspur Digital Enterprise Technology

Market Cap: HK$2.8b

An investment holding company, engages in management software development, cloud services, and sale of Internet of Things (IoT) solutions in the People’s Republic of China.

Ventura Offshore Holding

Market Cap: NOK 3.4b

A deep-water drilling contractor, provides offshore drilling services to the oil and gas industry in Brazil and internationally.

Serabi Gold

Market Cap: UK£257.5m

Engages in the evaluation, exploration, and development of gold and other metals mining projects in Brazil.

SIGA Technologies

Market Cap: US$332.4m

A commercial-stage pharmaceutical company, focuses on the health security market in the United States.

Next 15 Group

Market Cap: UK£244.2m

Next 15 Group plc, together with its subsidiaries, customer insight, customer delivery, customer engagement, and business transformation services in the United Kingdom, Africa, the United States, Europe, Middle East, and Africa.

Bonduelle

Market Cap: €279.5m

Engages in the provision of plant-based food in Europe and internationally.

Organogenesis Holdings

Market Cap: US$328.0m

A regenerative medicine company, develops, manufactures, and commercializes products for the advanced wound care, and surgical and sports medicine markets in the United States.

Meeka Metals

Market Cap: AU$456.6m

Engages in the exploration and development of gold properties in Western Australia.

Aurelia Metals

Market Cap: AU$448.8m

Engages in the exploration and production of mineral properties in Australia.

Aeris Resources

Market Cap: AU$443.0m

Explores, produces, and sells precious metals in Australia.

Regina Miracle International (Holdings)

Market Cap: HK$2.5b

An investment holding company, designs, manufactures, and trades in a range of intimate wear and sports products.

Winton Land

Market Cap: NZ$528.0m

Engages in the real estate business in New Zealand and Australia.

Ontex Group

Market Cap: €256.8m

Develops, produces, and sells baby, feminine, and adult care products in Belgium, the United Kingdom, Italy, the United States, France, Poland, and internationally.

ACCO Brands

Market Cap: US$298.9m

Designs, manufactures, and markets consumer, school, technology, and office products in the United States, Canada, Brazil, Mexico, Chile, Europe, the Middle East, Australia, New Zealand, and Asia.

EFC (I)

Market Cap: ₹27.7b

Engages in real estate leasing business in India.

Angler Gaming

Market Cap: €250.4m

Invests in companies that offer gaming services through the internet in Malta.

29Metals

Market Cap: AU$402.5m

Operates as a copper-focused base and precious metals mining company in Australia and Chile.

Fenbi

Market Cap: HK$2.2b

An investment holding company, provides non-formal vocational education and training services in the People’s Republic of China.

Zibuyu Group

Market Cap: HK$2.2b

An investment holding company, operates as a cross-border e-commerce company in China in North America, Asia, Europe, and internationally.

Diana Shipping

Market Cap: US$277.1m

Provides shipping transportation services worldwide.