Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Namibia Breweries

Market Cap: R6.6b

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

TSTE

Market Cap: ฿4.1b

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

Central Forest Group

Market Cap: JP¥22.5b

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

Taiyo KagakuLtd

Market Cap: JP¥45.6b

Manufactures and sells functional food ingredients for food, beverage, supplement, and cosmetic applications in Japan 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.

Padma Oil

Market Cap: ৳17.2b

Engages in the procurement, storage, and marketing of petroleum products, lubricants, greases, bitumen, and LPG in Bangladesh.

Shahjalal Islami Bank

Market Cap: ৳19.4b

Provides commercial banking products and services in Bangladesh.

Transnational

Market Cap: ₦489.8b

Together with the subsidiaries, engages in the power, oil and gas, and hospitality businesses in Nigeria.

Jamuna Bank

Market Cap: ৳21.6b

Provides various banking products and services in Bangladesh.

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.

Jordanian Duty Free Shops

Market Cap: د.أ142.9m

Invests in, operates, and manages duty-free shops.

Upbest Group

Market Cap: HK$1.7b

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

Nigerian Aviation Handling

Market Cap: ₦428.8b

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

Dwi Guna Laksana

Market Cap: Rp2.5t

Engages in the coal mining and trading business in Indonesia.

GROUPE SFPI

Market Cap: €176.1m

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

Vincorion

Market Cap: €884.0m

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

Infinity Capital Investments

Market Cap: RON 1.6b

A private equity and venture capital firm specializing in investments in asset management, expansion, development, start-up, growth capital, turnaround, and restructuring.

Evergent Investments

Market Cap: RON 2.6b

A publicly owned investment manager.

Mobiltel Iletisim Hizmetleri Sanayi ve Ticaret

Market Cap: ₺13.9b

Mobiltel Iletisim Hizmetleri Sanayi ve Ticaret A.S.

Marvipol Development

Market Cap: zł454.0m

Develops residential projects in Poland.

Sopharma AD

Market Cap: €903.9m

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

Steppe Gold

Market Cap: CA$371.7m

Engages in operating, developing, exploring, and acquiring precious metal projects in Mongolia and Peru.

Kirac Galvaniz Telekominikasyon Metal Makine Insaat Elektrik Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺17.5b

Operates as a guardrail supplier company in Turkey.

New Mauritius Hotels

Market Cap: MU₨7.4b

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

Sun

Market Cap: MU₨7.3b

Operates in the tourism sector.

Viking Line Abp

Market Cap: €359.4m

Provides passenger and cargo carrier services.

Wasko

Market Cap: zł753.2m

Designs, implements, and integrats software, information systems, and advanced industrial automation.

Y.D. More Investments

Market Cap: ₪3.1b

A privately owned Investment Manager.

Dekpol

Market Cap: zł677.4m

Dekpol S.A. primary engages in the general contracting and steel structures and equipment businesses in Poland.

Cashmere Valley Bank

Market Cap: US$259.2m

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

First National Bank of Botswana

Market Cap: P14.4b

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

Security Federal

Market Cap: US$108.4m

Operates as the bank holding company for Security Federal Bank that provides various banking products and services.

Ilex Medical

Market Cap: ₪631.9m

Engages in the import, marketing, distribution and sale of medical laboratory equipment and various diagnostic products, diagnostic systems, and kits and consumables in Israel, the United States, and internationally.

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Market Cap: €527.8m

Operates as a cooperative bank in France.