Global Undiscovered Gems With Strong Fundamentals

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.

Metalpha Technology Holding

Market Cap: US$133.6m

Provides wealth management services in Hong Kong.

Zona Franca de Iquique

Market Cap: CL$237.7b

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

FineMark Holdings

Market Cap: US$332.4m

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

NSIA Banque Société Anonyme

Market Cap: XOF 217.7b

Provides various banking products and services.

MAPFRE Middlesea

Market Cap: €128.8m

Provides non-life and life insurance products and services to individuals, small and medium enterprises, professionals, and businesses in Malta.

Eurofins-Cerep

Market Cap: €103.9m

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

Besler Gida Ve Kimya Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺9.0b

Produces and trades in frozen and canned products in Turkey.

Sparta

Market Cap: €86.8m

A publicly owned investment manager.

Purple Group

Market Cap: R2.0b

A financial services and technology company, engages in trading platforms, fractional property and crypto asset investing, retirement fund administration, and asset management businesses in South Africa.

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺6.6b

A real estate investment trust.

Transnational Corporation of Nigeria

Market Cap: ₦468.0b

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

FRMO

Market Cap: US$368.0m

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

Pure Cycle

Market Cap: US$244.1m

Provides wholesale water and wastewater services in the United States.

Linc

Market Cap: SEK 4.0b

A private equity and venture capital firm, specializing in early and mature stage investments in pharmaceutical, life-science and med-tech companies.

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Market Cap: €408.5m

Operates as a cooperative bank in France.

Vantage

Market Cap: US$134.4m

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

Gulf Island Fabrication

Market Cap: US$110.3m

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

Dekpol

Market Cap: zł486.7m

Dekpol S.A. primary engages in the general contracting and property development businesses in Poland.

ANSA Merchant Bank

Market Cap: TT$3.4b

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

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

Market Cap: ₺6.2b

Operates as a guardrail supplier company in Turkey.

Flügger group

Market Cap: DKK 968.2m

Designs, manufactures, and markets decorative paints, wood protection products, spackling pastes, and wallpaper and tools.

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.

Castellana Properties Socimi

Market Cap: €919.0m

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

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

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

Segmen Kardesler Gida Üretim ve Ambalaj Sanayi Anonim Sirketi

Market Cap: ₺4.0b

Engages in the production and sale of food products in Turkey.

Izmir Firça Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺7.0b

Produces and sells various cleaning materials and painting brushes in Turkey and internationally.

Famous Brands

Market Cap: R6.4b

Through its subsidiaries, operates as a quick service and casual dining restaurant franchisor in the United Kingdom, South Africa, South African Development Community, Middle East, and Rest of Africa.

MIA Teknoloji Anonim Sirketi

Market Cap: ₺15.1b

Provides software development services to public and private organizations in Turkey.

Decora

Market Cap: zł826.9m

Engages in the production, distribution, sale, and export of flooring products and accessories in Poland.

First Investment Bank AD

Market Cap: лв745.4m

Provides various banking products and services to individuals and corporate clients in Bulgaria and Cyprus.

Guangdong Delian Group

Market Cap: CN¥3.9b

Engages in the automobile fine chemicals, automobile sales service, and automobile repair and maintenance businesses, and development of new application scenarios in China.

Wholetech System Hitech

Market Cap: NT$6.8b

Provides system integration services in Taiwan, China, and Singapore.

Donpon Precision

Market Cap: NT$3.4b

Researches, develops, manufactures, and sells automotive electronic products and plastic precision components in Taiwan and Mainland China.

Creative & Innovative System

Market Cap: ₩543.9b

Manufactures and sells equipment for lithium-ion batteries powering IT instruments, EV lithium-ion batteries, fuel cells, solar cells, displays, etc.

Practic

Market Cap: RON 570.2m

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