Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Jadranski naftovod d.d

Market Cap: €780.9m

Engages in the transport and storage of crude oil and petroleum products in the Republic of Croatia and internationally.

FRoSTA

Market Cap: €637.7m

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

Procimmo Group

Market Cap: CHF 360.4m

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

SALUS Ljubljana d. d

Market Cap: €407.7m

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

Sound Financial Bancorp

Market Cap: US$113.6m

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

Oakworth Capital

Market Cap: US$177.7m

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

Sparta

Market Cap: €106.8m

A publicly owned investment manager.

Affinity Bancshares

Market Cap: US$118.3m

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

Epsilon Energy

Market Cap: US$103.5m

A North American onshore independent natural gas and oil company, engages in the acquisition, exploration, development, gathering, and production of natural oil and gas reserves.

First Bancorp

Market Cap: US$290.7m

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

Union Bankshares

Market Cap: US$105.8m

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

Franklin Financial Services

Market Cap: US$237.6m

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.

Metalpha Technology Holding

Market Cap: US$113.4m

Provides wealth management services in Hong Kong.

Seneca Foods

Market Cap: US$862.7m

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

Southern Michigan Bancorp

Market Cap: US$110.1m

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.

Pure Cycle

Market Cap: US$271.1m

Provides water and wastewater services in the United States.

FRMO

Market Cap: US$334.6m

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

ASA Gold and Precious Metals

Market Cap: US$923.8m

A publicly owned investment manager.

Liburnia Riviera Hoteli d.d

Market Cap: €174.0m

Provides accommodation and hospitality services in Croatia, Germany, Austria, Italy, Hungary, Slovenia, Ukraine, Czech, other European countries, and internationally.

Senstar Technologies

Market Cap: US$102.2m

Provides physical, video, and access control security products and solutions worldwide.

Namibia Breweries

Market Cap: R6.2b

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

First Northern Community Bancorp

Market Cap: US$210.4m

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.

Morris State Bancshares

Market Cap: US$274.2m

Operates as the bank holding company for Morris Bank that provides various financial services to individuals and small businesses in Georgia.

Capricorn Group

Market Cap: R11.7b

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

TPP-Bobov Dol AD

Market Cap: лв242.0m

Engages in the generation and sale of electricity in Bulgaria.

FineMark Holdings

Market Cap: US$455.9m

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

Sava druzba za upravljanje in financiranje d.d

Market Cap: €111.5m

Engages in the tourism business in Slovenia.

Freetrailer Group

Market Cap: €709.1m

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

Wuxi Double Elephant Micro Fibre MaterialLtd

Market Cap: CN¥4.4b

Manufactures and sells artificial and synthetic leather products in the People’s Republic of China and internationally.

Top Union Electronics

Market Cap: NT$4.4b

Engages in design, manufacture, and technical support of electronic products and communication equipment in Taiwan, the United States, and China.

Changzhou Nrb

Market Cap: CN¥6.7b

Engages in the research, development, manufacture, and sale of auto precision bearing products in China and internationally.

GTS Internasional

Market Cap: Rp2.1t

PT GTS Internasional Tbk, together with its subsidiaries, transports liquefied natural gas worldwide.

Chuo WarehouseLtd

Market Cap: JP¥24.7b

Provides various logistics services in Japan and internationally.

Poly Plastic Masterbatch (SuZhou)Ltd

Market Cap: CN¥5.7b

Engages in the research and development, production, and sale of chemical fiber solution colorings and advanced functional modified materials in China and internationally.

Palasino Holdings

Market Cap: HK$2.0b

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