Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Empresas Lipigas

Market Cap: CL$957.8b

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

GB Holdings

Market Cap: US$55.0m

Produces rubber and chemical products in Zimbabwe.

Onix Solar Energy

Market Cap: ₹18.0b

Engages in the trading of non-ferrous metals in India.

Bank of Africa Mali

Market Cap: XOF 129.2b

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

Procimmo Group

Market Cap: CHF 378.4m

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

Canal Shipping Agencies

Market Cap: ج.م8.8b

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

Pure Cycle

Market Cap: US$242.8m

Provides water and wastewater services in the United States.

Sound Financial Bancorp

Market Cap: US$105.7m

Operates as the bank holding company for Sound Community Bank that provides banking and other financial services for consumers and businesses.

Central Forest Group

Market Cap: JP¥22.9b

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

Guardian Capital Group

Market Cap: CA$1.6b

Through its subsidiaries, primarily engages in the provision of investment services in Canada, the United States, the United Kingdom, and internationally.

Nigerian Aviation Handling

Market Cap: ₦319.5b

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

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

Market Cap: ج.م24.8b

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

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

Market Cap: ج.م22.7b

Provides various banking products and services in Egypt.

Telekom Networks Malawi

Market Cap: MK 357.2b

Provides telecommunication services to enterprises and individual customers in Malawi.

Union Bankshares

Market Cap: US$107.9m

Operates as the bank holding company for Union Bank that provides retail, commercial, and municipal banking products and services in the United States.

Ferchem Misr for fertilizers and chemicalsE

Market Cap: ج.م31.1b

Produces and sells fertilizers.

First Northern Community Bancorp

Market Cap: US$229.1m

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.

Namibia Breweries

Market Cap: R6.3b

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

Master Drilling Group

Market Cap: R2.6b

An investment holding company, provides specialized drilling services to blue chip major and mid-tier companies in the mining, civil engineering, construction, and hydroelectric power sectors.

FRoSTA

Market Cap: €658.1m

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

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.

Lion Capital

Market Cap: RON 2.3b

SIF Banat-Crisana is a self-managed closed-end investment company and since March 2018, it is authorized by ASF as alternative investment fund manager.

Affinity Bancshares

Market Cap: US$119.5m

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

Grendene

Market Cap: R$4.1b

Engages in the development, production, distribution, and sale of plastic footwear for women, men, and children in Brazil 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.

New Peoples Bankshares

Market Cap: US$101.8m

Operates as a financial holding company for New Peoples Bank, Inc.

Mobile Telecommunications

Market Cap: R7.0b

Operates as a mobile telecommunications company in Namibia.

Standard Bank

Market Cap: MK 996.0b

Provides banking and other related services in Malawi.

Freetrailer Group

Market Cap: €547.1m

A technology company, operates a sharing-economy platform for the free rental of trailers and cargo bikes in Denmark, Sweden, Germany, and the Netherlands.

Ouro Fino Saúde Animal Participações

Market Cap: R$1.4b

Engages in the development, production, and sale of veterinary drugs, vaccines, and other products for production and companion animals primarily in Brazil.

Southern Michigan Bancorp

Market Cap: US$118.8m

Operates as the bank holding company for Southern Michigan Bank & Trust that provides a range of commercial banking services to individuals, businesses, institutions, and governmental agencies primarily in the southwest and south-central Michigan communities.

Itafos

Market Cap: CA$730.4m

Operates as a phosphate and specialty fertilizer company.

Cashmere Valley Bank

Market Cap: US$255.7m

A state chartered bank, provides banking products and services to small and middle-market businesses, and retail customers.

New Mauritius Hotels

Market Cap: MU₨7.2b

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

Sopharma AD

Market Cap: €919.1m

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