Global Materials Healthy potentially undervalued

Shandong Nanshan AluminiumLtd

Market Cap: CN¥47.5b

Engages in the aluminum processing business worldwide.

Hangzhou Oxygen Plant Group

Market Cap: CN¥22.7b

Manufactures and sells air separation equipment, cryogenic petrochemical equipment, and various gas products in China and internationally.

Asahi Kasei

Market Cap: JP¥2.5t

Engages in material, homes, and healthcare businesses in Japan, the United States, China, and internationally.

Vidrala

Market Cap: €3.2b

Engages in the manufacture and sale of glass containers for food and beverage products in the United Kingdom, Ireland, Italy, Iberian Peninsula, rest of Europe, and Brazil.

Teijin

Market Cap: JP¥329.8b

Engages in the fibers, films and sheets, composites, healthcare, and IT businesses in Japan and internationally.

Elementis

Market Cap: UK£921.8m

Operates as a specialty chemical company in the United Kingdom, rest of Europe, North America, and internationally.

Lenzing

Market Cap: €975.1m

Produces and markets regenerated cellulosic fibers for textiles and nonwovens.

MMG

Market Cap: HK$99.3b

An investment holding company, engages in the exploration, development, and mining of mineral properties.

Kansai Paint

Market Cap: JP¥471.9b

Manufactures and sells paints and coatings in Japan, India, China, Asia, Africa, Europe, and internationally.

Mitsubishi Gas Chemical Company

Market Cap: JP¥868.3b

Manufactures and sells basic and fine chemicals, and functional materials in Japan.

Yongxing Special Materials TechnologyLtd

Market Cap: CN¥22.2b

Engages in the development, production, and sale of stainless steel rods and wires, special alloy materials, and lithium battery materials in China and internationally.

Kolon Industries

Market Cap: ₩1.5t

Engages in industrial materials, chemicals, films/electronic materials, and fashion businesses in South Korea and internationally.

Shandong Gold Mining

Market Cap: CN¥109.8b

Engages in mining, smelting, processing, and precious metals in the People’s Republic of China.

Forterra

Market Cap: UK£274.9m

Provides building products made from clay and concrete for the construction sector in the United Kingdom.

K+S

Market Cap: €2.5b

Operates as a supplier of mineral products for the agricultural, industrial, pharma, consumer, and community sectors in Europe, Germany, North America, South America, Asia, Africa, and Oceania.

Meridian Mining

Market Cap: CA$694.3m

Engages in the acquisition, exploration, and development of mineral properties in Brazil.

U.S. Gold

Market Cap: US$233.0m

Engages in the exploration, evaluation, and development of mineral properties in the United States.

West Fraser Timber

Market Cap: CA$7.5b

A diversified wood products company, engages in manufacturing, selling, marketing, and distributing lumber, engineered wood products, northern bleached softwood kraft pulp, newsprint, paper, wood chips and other residuals.

Sociedad Química y Minera de Chile

Market Cap: US$19.3b

Produces and sells specialty plant nutrients, and iodine and its derivatives in Chile, Latin America, the Caribbean, Europe, North America, Asia, and internationally.

Perenti

Market Cap: AU$2.0b

Operates as a mining services company worldwide.

Robertet

Market Cap: €1.8b

Produces and sells perfumes, aromas, and natural products in France, Europe, the United States, and internationally.

Crown Holdings

Market Cap: US$12.3b

Engages in the packaging business in the United States and internationally.

Wacker Chemie

Market Cap: €4.3b

Produces and sells chemical products in Europe, Asia, the Americas, and internationally.

Johnson Matthey

Market Cap: UK£3.0b

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.

Chemtrade Logistics Income Fund

Market Cap: CA$1.8b

Offers industrial chemicals and services in Canada, the United States, and Brazil.

Eagle Materials

Market Cap: US$6.2b

Through its subsidiaries, manufactures and sells heavy construction products and light building materials in the United States.

Endeavour Silver

Market Cap: CA$3.1b

A silver mining company, engages in the acquisition, exploration, development, extraction, processing, refining, and reclamation of mineral properties in Mexico, Chile, Peru, and the United States.

Methanex

Market Cap: CA$6.0b

Engages in the production and sale of methanol and ammonia in Asia Pacific, North America, Europe, and South America.

LSB Industries

Market Cap: US$815.8m

Manufactures, markets, and sells chemical products in the United States.

PI Advanced Materials

Market Cap: ₩514.2b

Engages in the manufacture and sale of polyimide-based materials in South Korea.

Sibanye Stillwater

Market Cap: R93.1b

Operates as a precious metals mining company in South Africa, the United States, Europe, and Australia.

Northam Platinum Holdings

Market Cap: R88.7b

Through its subsidiary, Northam Platinum Limited, engages in the production and sale of platinum group metals.

Kaneka

Market Cap: JP¥340.9b

Engages in the manufacture and sale of polyvinyl chloride (PVC), crosslinked PVC, PVC-PVAc polymers, paste PVC, acryl grafted-vinyl chloride copolymer, and chlorinated PVC in Japan and internationally.

Archi Indonesia

Market Cap: Rp27.5t

Through its subsidiaries, engages in gold and silver mining business in Indonesia.

29Metals

Market Cap: AU$402.5m

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

Tianqi Lithium

Market Cap: CN¥71.0b

A new energy materials company, engages in the production, processing, and sales of lithium chemical products in Australia, Chile, and China.