Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Gulf Insurance Group - Jordan

Market Cap: د.أ78.0m

Engages in the insurance business in Jordan, Middle East, and North Africa region.

Shangri-La Hotel

Market Cap: ฿5.4b

Operates hotels in Bangkok and Chiang Mai provinces.

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.

Ferchem Misr for fertilizers and chemicalsE

Market Cap: ج.م32.5b

Produces and sells fertilizers.

Jordanian Duty Free Shops

Market Cap: د.أ145.1m

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 74.1b

Processes heavy bitumen crude in Africa.

Namibia Breweries

Market Cap: R6.2b

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

Telekom Networks Malawi

Market Cap: MK 363.4b

Provides telecommunication services to enterprises and individual customers in Malawi.

Bahrain National Holding Company B.S.C

Market Cap: ب.د61.7m

Provides insurance and investment products in the Kingdom of Bahrain, other GCC countries, and internationally.

Zambia Sugar

Market Cap: K21.1b

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

Canal Shipping Agencies

Market Cap: ج.م10.3b

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

Transcorp Power

Market Cap: ₦2.3t

Engages in the generation and sale of electric power in Nigeria and internationally.

GB Holdings

Market Cap: US$55.0m

Produces rubber and chemical products in Zimbabwe.

Standard Bank

Market Cap: MK 998.7b

Provides banking and other related services in Malawi.

Inversiones Doalca SOCIMI

Market Cap: €156.6m

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

FRoSTA

Market Cap: €633.6m

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

Sopharma AD

Market Cap: лв1.4b

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

ANSA Merchant Bank

Market Cap: TT$2.6b

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

First National Bank of Botswana

Market Cap: P13.9b

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

Bank of Africa Mali

Market Cap: XOF 115.2b

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

Lampsa Hellenic Hotels

Market Cap: €982.7m

Operates and manages hotels in Greece, Cyprus, and Serbia.

Colorado

Market Cap: د.م1.3b

Manufactures and distributes various paints in Morocco and internationally.

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

Market Cap: ج.م28.0b

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

Chilanga Cement

Market Cap: K12.6b

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

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

Market Cap: ج.م22.6b

Provides various banking products and services in Egypt.

Affinity Bancshares

Market Cap: US$123.5m

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

First Bancorp

Market Cap: US$290.0m

Operates as the bank holding company for First National Bank that provides a range of banking products and services to individual and corporate customers.

Seneca Foods

Market Cap: US$782.9m

Provides packaged fruits and vegetables in the United States and internationally.

Franklin Financial Services

Market Cap: US$240.3m

Operates as the bank holding company for Farmers and Merchants Trust Company of Chambersburg that provides commercial, retail banking, and trust services to businesses, individuals, governmental entities in Pennsylvania.

FRMO

Market Cap: US$337.7m

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

Sparta

Market Cap: €125.6m

A publicly owned investment manager.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 460.9b

Engages in the manufacture and sale of beer, soft drinks, mineral water, alcomixes, and energy drink products.

Capricorn Group

Market Cap: R13.2b

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

Freetrailer Group

Market Cap: €747.3m

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

ASA Gold and Precious Metals

Market Cap: US$999.9m

A publicly owned investment manager.