Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Potasios de Chile

Market Cap: CL$1.0t

Invests in shares and other financial instruments in Chile.

Alfin Banco

Market Cap: S/433.7m

Provides various banking and financial products and services.

TSTE

Market Cap: ฿4.1b

Primarily engages in the production and distribution of food, ingredients, and confectionery products in Thailand.

Tohoku Steel

Market Cap: JP¥16.7b

Manufactures, processes, and distributes various types of special steel products in Japan.

Vivo Energy Mauritius

Market Cap: MU₨13.1b

Vivo Energy Mauritius Limited markets, supplies, and distributes fuels and lubricants to retail and commercial customers in Mauritius.

Nestlé Pakistan

Market Cap: PK₨340.0b

Manufactures, processes, and sells dairy, nutrition, beverages, and food products in Pakistan, Afghanistan, the United States, and internationally.

Britam Holdings

Market Cap: KSh30.9b

An investment holding company, provides financial solutions in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.

Palasino Holdings

Market Cap: HK$1.5b

Through its subsidiaries, engages in the gaming and hotel businesses in the Czech Republic, Germany, and Austria.

Sun

Market Cap: MU₨7.3b

Operates in the tourism sector.

New Mauritius Hotels

Market Cap: MU₨7.3b

Operates hotels in Mauritius, Europe, Morocco, and internationally.

AB Akola Group

Market Cap: €284.1m

Through its subsidiaries, engages in the production, preparation, and sale of agricultural and food products in Lithuania, Scandinavian, rest of Europe, Africa, Asia, and CIS countries.

ManpowerGroup Greater China

Market Cap: HK$1.1b

An investment holding company, provides workforce solutions and services in the People’s Republic of China, Hong Kong, Macau, and Taiwan.

Ceylinco Holdings

Market Cap: LK₨75.6b

Ceylinco Holdings PLC underwrites various classes of general and life insurance products primarily in Sri Lanka.

Yibin City Commercial Bank

Market Cap: HK$12.1b

Provides banking and financial products and services to small and micro enterprises in the People’s Republic of China.

SALUS Ljubljana d. d

Market Cap: €526.0m

Engages in the distribution, promotion, sales services, and value-added services for medicinal products or medical devices in Slovenia and internationally.

Bank MNC Internasional

Market Cap: Rp2.4t

Provides various banking products and services in Indonesia.

Fauji Foods

Market Cap: PK₨47.6b

Engages in processing and sale of toned milk, milk powder, fruit juices, allied dairy, and food products in Pakistan.

Corporación Financiera Colombiana

Market Cap: Col$6.0t

Operates as a private financial institution in Columbia and Central America.

Baazeem Trading

Market Cap: ر.س568.0m

Operates as a FMCG distribution company.

Al Wathba National Insurance Company PJSC

Market Cap: د.إ629.3m

Engages in general insurance and reinsurance business in the United Arab Emirates and internationally.

Bahrain National Holding Company B.S.C

Market Cap: ب.د60.1m

Bahrain National Holding Company B.S.C., together with its subsidiaries, asset management services in the Kingdom of Bahrain and other GCC countries.

Saudi Chemical Holding

Market Cap: ر.س7.1b

Engages in the manufacture, distribution, and retail of medicines, medical materials and syrups, pharmaceutical preparations, medical and surgical tools and equipment, supplies of hospitals and medical centers and its related spare parts, and food products.

Hua Na Hydropower

Market Cap: ₫5.3t

Engages in the investment, production, and trading of electricity in Vietnam.

Namibia Breweries

Market Cap: R6.6b

Engages in brewing and distribution of alcoholic beverages, and manufacture of soft drinks in Namibia and South Africa.

Etihad GO Telecom

Market Cap: ر.س3.2b

Provides telecommunication products and services for individuals and businesses in the Kingdom of Saudi Arabia and internationally.

Saudi Azm for Communication and Information Technology

Market Cap: ر.س1.4b

Provides business and digital technology solutions in the Kingdom of Saudi Arabia.

Nofoth Food Products

Market Cap: ر.س810.5m

Produces and sells bakery products in Saudi Arabia.

MOBI Industry

Market Cap: ر.س515.0m

Manufactures and sells fertilizers and nitrogen compounds in the Kingdom of Saudi Arabia.

Invalda INVL

Market Cap: €328.0m

A private equity firm specializing in investments in small and middle-market privately held companies, industry consolidation, mature, growth capital, early venture, mid venture, later stage, acquisitions, and buyouts in undervalued assets.

Zito d.o.o

Market Cap: €504.7m

Engages in the food and agricultural businesses in Croatia, Hungary, Italy, Serbia, Slovakia, Kosovo, and internationally.

Gür-Sel Turizm Tasimacilik ve Servis Ticaret

Market Cap: ₺33.0b

Gür-Sel Turizm Tasimacilik ve Servis Ticaret A.S.

GROUPE SFPI

Market Cap: €177.0m

Designs, manufactures, and markets equipment for the safety industry in Europe and internationally.

Vincorion

Market Cap: €850.0m

Develops and manufactures power and mechatronic solutions for defense platforms and aviation systems in Germany and internationally.

AIICO Insurance

Market Cap: ₦153.7b

Provides risk underwriting and related financial services in Nigeria.

Wema Bank

Market Cap: ₦1.1t

Provides banking and other financial services to corporate and individual customers in Nigeria.