Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

First National Bank of Botswana

Market Cap: P13.9b

Provides various banking and related products and services to individuals, and large and small businesses in Botswana.

Bank of Africa Mali

Market Cap: XOF 118.3b

Provides various banking products and services to individuals, business customers, and SMEs in Mali.

Telekom Networks Malawi

Market Cap: MK 363.3b

Provides telecommunication services to enterprises and individual customers in Malawi.

Canal Shipping Agencies

Market Cap: ج.م11.1b

Provides various shipping services to the international commercial fleet in Egypt.

Central Forest Group

Market Cap: JP¥21.9b

Engages in the wholesale of food, alcoholic beverages, and other related consumer products in Japan.

Inversiones Doalca SOCIMI

Market Cap: €156.6m

Inversiones Doalca Socimi, S.A., a real estate investment company, leases and rents real estate properties in Spain.

FRoSTA

Market Cap: €629.5m

Develops, produces, and markets frozen food products in Germany, Poland, Austria, Italy, and Eastern Europe.

Suez Canal Company for Technology Settling (S.A.E)

Market Cap: ج.م26.8b

Engages in the establishment and management of technological zones, scientific incubators, and training centers for the preparation of researchers and the transfer of technology, and the provision of related services.

ANSA Merchant Bank

Market Cap: TT$2.6b

Provides a range of banking and financial services in Trinidad and Tobago, and Barbados.

Chilanga Cement

Market Cap: K14.0b

Engages in the manufacture and sale of cement products in Zambia.

Nigerian Aviation Handling

Market Cap: ₦204.7b

Provides aircraft and cargo handling, passenger handling, passenger profiling, and crew transportation services in Nigeria.

Export Development Bank of Egypt (S.A.E.)

Market Cap: ج.م21.8b

Provides various banking products and services in Egypt.

Colorado

Market Cap: د.م1.3b

Manufactures and distributes various paints in Morocco and internationally.

Sopharma AD

Market Cap: лв1.5b

Produces, distributes, and exports pharmaceutical products in Europe, Bulgaria, and internationally.

Envirotainer

Market Cap: €398.1m

Develops, produces, and markets vacuum insulation panels and phase change materials in Germany, rest of European Union, and internationally.

Chobe Holdings

Market Cap: P1.7b

Through its subsidiaries, engages in owning and operating ecotourism lodges and camps on leased lands in northern Botswana and the Caprivi Strip in Namibia.

Sociedad Matriz SAAM

Market Cap: CL$1.4t

Through its subsidiaries, provides tugboat services, air cargo logistics, and real estate rentals in South America, Central America, and North America.

Ferchem Misr for fertilizers and chemicalsE

Market Cap: ج.م32.1b

Produces and sells fertilizers.

Sparta

Market Cap: €126.9m

A publicly owned investment manager.

Capricorn Group

Market Cap: R13.2b

An investment holding company, engages in the banking, microlending, and related businesses in Namibia, Botswana, and Zambia.

GB Holdings

Market Cap: US$55.0m

Produces rubber and chemical products in Zimbabwe.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 74.4b

Processes heavy bitumen crude in Africa.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 475.1b

Engages in the manufacture and sale of beer, soft drinks, mineral water, alcomixes, and energy drink products.

Transcorp Power

Market Cap: ₦2.3t

Engages in the generation and sale of electric power in Nigeria and internationally.

Empresas Lipigas

Market Cap: CL$964.8b

Engages in the distribution and sale of liquefied petroleum gas (LPG), natural gas (NG), and liquefied natural gas (LNG) in Chile, Peru, and Colombia.

Mobile Telecommunications

Market Cap: R6.9b

Operates as a mobile telecommunications company in Namibia.

Itafos

Market Cap: CA$560.4m

Operates as a phosphate and specialty fertilizer company.

Hemlo Mining

Market Cap: CA$1.9b

Engages in gold mining.

Franklin Financial Services

Market Cap: US$250.7m

Operates as the bank holding company for Farmers and Merchants Trust Company of Chambersburg that provides commercial, retail banking, and trust services to businesses, individuals, governmental entities in Pennsylvania.

Pure Cycle

Market Cap: US$278.4m

Provides water and wastewater services in the United States.

Epsilon Energy

Market Cap: US$118.8m

A North American onshore independent natural gas and oil company, engages in the acquisition, exploration, development, gathering, and production of natural oil and gas reserves.

FRMO

Market Cap: US$327.1m

Through Horizon Kinetics, LLC, operates as an investment advisory and independent research company in the United States.

First Northern Community Bancorp

Market Cap: US$211.5m

Operates as the bank holding company for First Northern Bank of Dixon that provides commercial banking products and services to individuals, and small and medium sized businesses.

Standard Bank

Market Cap: MK 998.5b

Provides banking and other related services in Malawi.

Morris State Bancshares

Market Cap: US$266.3m

Operates as the bank holding company for Morris Bank that provides various financial services to individuals and small businesses in Georgia.