Global Materials Healthy potentially undervalued

Chifeng Jilong Gold MiningLtd

Market Cap: CN¥58.4b

Engages in mining, metallurgical processing, and sales of gold worldwide.

Harmony Gold Mining

Market Cap: R224.9b

Engages in the exploration, extraction, and processing of mineral properties in South Africa, Papua New Guinea, and Australasia.

JCHX Mining ManagementLtd

Market Cap: CN¥39.9b

Engages in mine engineering, development, and construction activities in the People’s Republic of China and internationally.

Sunstone Development

Market Cap: CN¥12.7b

Engages in the research and development, production, and sales of prebaked carbon anodes for the aluminum industry in China and internationally.

HEXPOL

Market Cap: SEK 28.0b

Develops, manufactures, and sells various polymer compounds and engineered gaskets, seals, and wheels in Sweden, rest of Europe, the United States, rest of the Americas, and Asia.

Zhongjin GoldLtd

Market Cap: CN¥118.4b

Engages in the mining, smelting, and sale of non-ferrous metals in China.

Robertet

Market Cap: €1.6b

Produces and sells perfumes, aromas, and natural products.

Aurubis

Market Cap: €4.7b

Processes metal concentrates and recycling materials in Germany.

TFF Group

Market Cap: €379.4m

Manufactures and distributes barrels and wood products for the aging of wines and alcohols in France, Europe, the United States, Asia, and internationally.

Johnson Matthey

Market Cap: UK£3.6b

Engages in the clean air, catalyst and hydrogen technology, and platinum group metals (PGM) service businesses in the United Kingdom, Germany, rest of Europe, the United States, rest of North America, China, rest of Asia, and internationally.

Cementir Holding

Market Cap: €2.5b

Operates in the building materials sector in Italy, Nordic and Baltic, Belgium, North America, Türkiye, Egypt, and the Asia Pacific.

Verallia Société Anonyme

Market Cap: €2.6b

Manufactures and sells glass packaging products for beverages and food products worldwide.

Mosaic

Market Cap: US$9.5b

Through its subsidiaries, produces and markets concentrated phosphate and potash crop nutrients.

Cabot

Market Cap: US$3.6b

Operates as a specialty chemicals and performance materials company.

Nutrien

Market Cap: CA$39.6b

Provides crop inputs and services.

Ora Banda Mining

Market Cap: AU$2.5b

Engages in the exploration, operation, and development of mineral properties and mining in Australia.

Zijin Mining Group

Market Cap: CN¥805.4b

Engages in the exploration, mining, processing, refining, and sale of gold, non-ferrous metals, and other mineral resources in Mainland China and internationally.

Kobe Steel

Market Cap: JP¥684.4b

Engages in the materials, machinery, and electric power businesses worldwide.

OCI Holdings

Market Cap: ₩1.9t

Provides various chemical products and energy solutions in South Korea, the United States, China, rest of Asia, Europe, and internationally.

Zeon

Market Cap: JP¥316.1b

Engages in the elastomer materials, specialty materials, and other businesses in Japan, North America, Europe, and Asia.

Ningbo Boway Alloy Material

Market Cap: CN¥20.0b

Researches, develops, manufactures, and sells non-ferrous alloy materials in Asia, Europe, North America, and internationally.

29Metals

Market Cap: AU$610.2m

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

Saudi Basic Industries

Market Cap: ر.س185.3b

Manufactures, markets, and distributes chemicals, polymers, plastics, and agri-nutrients worldwide.

Shandong Sunpaper

Market Cap: CN¥39.5b

Produces and sells paper products in China and internationally.

Luxi Chemical Group

Market Cap: CN¥24.5b

Manufactures and sells chemical and fertilizer products.

Groupe Guillin

Market Cap: €550.9m

Produces and sells food packaging products in France, the United Kingdom, Italy, and internationally.

Michelmersh Brick Holdings

Market Cap: UK£81.7m

Together its subsidiaries, manufactures and sells bricks and brick prefabricated products in the United Kingdom and rest of Europe.

Wienerberger

Market Cap: €2.8b

Produces and sells clay blocks, facing bricks, roof tiles, and pavers in Europe West, Europe East, and North America.

Stora Enso Oyj

Market Cap: €7.0b

Provides renewable solutions for the packaging, biomaterials, wooden constructions, and paper industries in Finland and internationally.

Metsä Board Oyj

Market Cap: €1.0b

Engages in the folding boxboard, fresh fibre linerboard, and market pulp businesses in Finland and internationally.

Victrex

Market Cap: UK£551.4m

Through its subsidiaries, engages in the manufacture and sale of polymer solutions worldwide.

Packaging Corporation of America

Market Cap: US$18.8b

Manufactures and sells containerboard and uncoated freesheet (UFS) paper products in North America.

DPM Metals

Market Cap: CA$7.7b

A gold mining company, engages in the acquisition, exploration, development, mining, and processing of precious metals.

CCL Industries

Market Cap: CA$13.2b

Manufactures and sells labels, consumer printable media products, technology-driven label solutions, polymer banknote substrates, and specialty films.

Aspen Aerogels

Market Cap: US$666.3m

An aerogel technology company, designs, develops, manufactures, and sells aerogel materials primarily for use in the energy industrial, sustainable insulation materials, and electric vehicle (EV) markets in the United States, Canada, Asia, Europe, and Latin America.

Avery Dennison

Market Cap: US$12.5b

Operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin America, and internationally.