Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

Provides shipbroking services to the oil tanker industry in Singapore and Dubai.

FineMark Holdings

Market Cap: US$334.1m

Operates as the holding company for FineMark National Bank & Trust that provides various banking products and financial services to individual and corporate clients.

Oakworth Capital

Market Cap: US$162.1m

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

Itafos

Market Cap: CA$473.4m

Operates as a phosphate and specialty fertilizer company.

Eurofins-Cerep

Market Cap: €103.9m

Provides various drug discovery services to pharmaceutical, biopharmaceutical, and biotechnology companies France and internationally.

Solesence

Market Cap: US$269.2m

A science-driven company, develops, manufactures, and sells integrated family of technologies in the United States.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Valhi

Market Cap: US$411.1m

Engages in the chemicals, component products, and real estate management and development businesses in Europe, North America, the Asia Pacific, and internationally.

Chilanga Cement

Market Cap: K6.1b

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

West Bancorporation

Market Cap: US$324.9m

Operates as the financial holding company provides community banking and trust services to individuals and small- to medium-sized businesses in the United States.

Gulf Island Fabrication

Market Cap: US$108.4m

Operates as a fabricator of steel structures and modules in the United States.

Metalpha Technology Holding

Market Cap: US$142.0m

Provides wealth management services in Hong Kong.

Zona Franca de Iquique

Market Cap: CL$226.1b

Operates premises for wholesale and retail business centers in the duty-free zones of South America.

Capricorn Group

Market Cap: R10.9b

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

ANSA Merchant Bank

Market Cap: TT$3.4b

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

FRMO

Market Cap: US$374.9m

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

Inversiones Doalca SOCIMI

Market Cap: €154.2m

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

Pure Cycle

Market Cap: US$248.0m

Provides wholesale water and wastewater services in the United States.

Castellana Properties Socimi

Market Cap: €912.6m

As of December 20, 2016, Castellana Properties Socimi, S.A.

Empresas Lipigas

Market Cap: CL$519.9b

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

Zambia Sugar

Market Cap: K13.2b

Engages in growing of sugar cane in Zambia, the Democratic Republic of Congo, Kenya, and South Africa.

Sociedad Matriz SAAM

Market Cap: CL$1.2t

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

Reitar Logtech Holdings

Market Cap: US$307.2m

Through its subsidiaries, provides construction management and engineering design services.

Sun

Market Cap: MU₨7.5b

Operates in the tourism sector.

Arab Insurance Group (B.S.C.)

Market Cap: US$190.2m

Provides life and non-life reinsurance products and related services in the Afro Asia region.

Practic

Market Cap: RON 567.2m

Engages in the lease and sublease of real estate properties in Romania.

First National Bank of Botswana

Market Cap: P13.3b

Provides various banking and related products and services to individuals, businesses, corporates, and private clients in Botswana.

Grendene

Market Cap: R$4.8b

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

MOBI Industry

Market Cap: ر.س648.0m

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

Nofoth Food Products

Market Cap: ر.س1.2b

Produces and sells bakery products in Saudi Arabia.

Linde Bangladesh

Market Cap: ৳12.9b

Manufactures and supplies industrial and medical gases, anesthesia, and ancillary equipment in Bangladesh.

Arab Banking Corporation (B.S.C.)

Market Cap: US$1.1b

Provides wholesale banking services worldwide.

Saudi Azm for Communication and Information Technology

Market Cap: ر.س1.7b

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

Sure Global Tech

Market Cap: ر.س616.0m

Provides technological and consultative solutions for public and private sectors in the Kingdom of Saudi Arabia.

Invest Bank

Market Cap: د.أ221.3m

Provides various banking and related financial services in Jordan.

Baazeem Trading

Market Cap: ر.س554.9m

Operates as a FMCG distribution company.