Global Undiscovered Gems With Strong Fundamentals

ASA Gold and Precious Metals

Market Cap: US$867.9m

A publicly owned investment manager.

Telekom Networks Malawi

Market Cap: MK 365.1b

Provides telecommunication services to enterprises and individual customers in Malawi.

Procimmo Group

Market Cap: CHF 360.4m

A holding company, engages in the investment, management, and sale of real estate properties in Switzerland.

Central Forest Group

Market Cap: JP¥21.6b

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

Affinity Bancshares

Market Cap: US$116.7m

Operates as the holding company for Affinity Bank that provides various banking products and services in Georgia.

FRoSTA

Market Cap: €643.1m

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

A3 Mercados

Market Cap: AR$810.3b

Operates as a market for negotiable securities in Argentina and internationally.

Famous Brands

Market Cap: R5.1b

Through its subsidiaries, operates as a quick service and casual dining restaurant franchisor in the United Kingdom, South Africa, South African Development Community, the Middle East, and Rest of Africa.

Inversiones Doalca SOCIMI

Market Cap: €155.4m

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

ANSA Merchant Bank

Market Cap: TT$2.7b

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

First Northern Community Bancorp

Market Cap: US$210.4m

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.

Soma Gold

Market Cap: CA$162.4m

A natural resource company, engages in the acquisition, exploration, and development of mineral properties in Columbia.

va-Q-tec

Market Cap: €401.0m

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

Deutsche Balaton

Market Cap: €231.8m

A private equity focusing on private equity investments in listed and unlisted companies, real estate investments and investments in other assets.

Oakworth Capital

Market Cap: US$174.7m

Operates as a bank holding company for Oakworth Capital Bank that provides range of banking services in the United States.

Sparta

Market Cap: €111.8m

A publicly owned investment manager.

Fideicomiso Irrevocable Numero Cib/2919 (Cfe Fibra E)

Market Cap: Mex$25.0b

Fideicomiso Irrevocable Numero Cib/2919 (Cfe Fibra E) was founded in 2018 and is based in Mexico.

Maistra d.d

Market Cap: €607.4m

Engages in the hotel business in Croatia.

YFY

Market Cap: NT$45.3b

An investment holding company, manufactures and sells paper and paper-related products in Taiwan.

Aurora OptoelectronicsLtd

Market Cap: CN¥9.1b

Engages in the production and sale of sapphire crystal materials in China.

Daewon Cable

Market Cap: ₩296.2b

Manufactures and sells cables and wires in South Korea and internationally.

Qijing Machinery

Market Cap: CN¥3.7b

Researches and develops, produces, and sells electric tool parts in China.

Shenyang Yuanda Intellectual Industry GroupLtd

Market Cap: CN¥4.6b

Researches, develops, manufactures, installs, and sells elevators in China and internationally.

Nippon Sharyo

Market Cap: JP¥50.4b

Engages in the railway vehicles, construction machinery, transportation equipment and steel structures, engineering, and other businesses in Japan, the United States, Asia, and internationally.

Suzhou Chunqiu Electronic Technology

Market Cap: CN¥6.4b

Suzhou Chunqiu Electronic Technology Co., Ltd.

Zhe Jiang Dayang Biotech Group

Market Cap: CN¥2.4b

Operates as a chemical raw material manufacturing company in China and internationally.

TianJin JinRong TianYu Precision Machinery

Market Cap: CN¥3.1b

TianJin JinRong TianYu Precision Machinery Inc.

Ningbo Henghe Precision IndustryLtd

Market Cap: CN¥10.9b

Ningbo Henghe Precision Industry Co.,Ltd.

Orkla India

Market Cap: ₹91.3b

Operates as a food company, manufactures and sells spices and convenience foods in India and internationally.

GTS Internasional

Market Cap: Rp2.1t

PT GTS Internasional Tbk, together with its subsidiaries, transports liquefied natural gas worldwide.

LanZhou Foci PharmaceuticalLtd

Market Cap: CN¥4.4b

Research and development, production, and sales of traditional chinese medicines and health products in China.

Gallantt Ispat

Market Cap: ₹143.3b

Engages in manufacture and sale of iron and steel products in India.

Daoming Optics&ChemicalLtd

Market Cap: CN¥6.0b

Engages in the research and development, production, and sale of various functional films and polymer synthetic materials in China and internationally.

Qingdao Daneng Environmental Protection Equipment

Market Cap: CN¥3.4b

Qingdao Daneng Environmental Protection Equipment Co., Ltd.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 76.7b

Processes heavy bitumen crude in Africa.

Poly Plastic Masterbatch (SuZhou)Ltd

Market Cap: CN¥5.6b

Engages in the research and development, production, and sale of chemical fiber solution colorings and advanced functional modified materials in China and internationally.