Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Ruentex Interior Design

Market Cap: NT$3.5b

Engages in the interior design and decoration, landscape design engineering, and construction businesses in Taiwan.

Freetrailer Group

Market Cap: €724.4m

Operates as a trailer rental company in Denmark, Sweden, Germany, and Norway.

Sparta

Market Cap: €100.5m

A publicly owned investment manager.

Senstar Technologies

Market Cap: US$114.6m

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

Bank of Africa Mali

Market Cap: XOF 102.0b

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

Grenobloise d'Electronique et d'Automatismes Société Anonyme

Market Cap: €91.2m

Designs, develops, manufactures, integrates, installs, and maintains electronic and computerized toll collection systems.

Colorado

Market Cap: د.م1.4b

Manufactures and distributes various paints in Morocco and internationally.

Telekom Networks Malawi

Market Cap: MK 366.2b

Provides telecommunication services to enterprises and individual customers in Malawi.

Sopharma AD

Market Cap: лв1.4b

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 378.2b

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

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.

Nigerian Aviation Handling

Market Cap: ₦220.2b

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

GB Holdings

Market Cap: US$54.5m

Provides rubber and chemical products in Zimbabwe.

va-Q-tec

Market Cap: €401.0m

Develops, produces, and markets vacuum insulation panels and phase change materials in Germany, rest of European Union, and internationally.

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.

Namibia Breweries

Market Cap: R6.0b

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

ANSA Merchant Bank

Market Cap: TT$2.7b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 77.0b

Processes heavy bitumen crude in Africa.

Alantra Partners

Market Cap: €319.7m

Engages in the investment banking and asset management services in Spain and internationally.

Standard Bank

Market Cap: MK 1.2t

Provides banking and other related services in Malawi.

MCH Group

Market Cap: CHF 105.1m

Operates as a live marketing company that provides a network of services in the exhibition and event market worldwide.

First Bancorp

Market Cap: US$278.0m

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

Southern Michigan Bancorp

Market Cap: US$113.3m

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.

Valhi

Market Cap: US$392.6m

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

Pure Cycle

Market Cap: US$265.1m

Provides wholesale water and wastewater services in the United States.

Oakworth Capital

Market Cap: US$164.5m

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

Gulf Island Fabrication

Market Cap: US$125.2m

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

First Northern Community Bancorp

Market Cap: US$206.4m

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.

FRMO

Market Cap: US$363.6m

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

Sound Financial Bancorp

Market Cap: US$113.8m

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

ASA Gold and Precious Metals

Market Cap: US$867.4m

A publicly owned investment manager.

Franklin Financial Services

Market Cap: US$202.9m

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.

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.

A3 Mercados

Market Cap: AR$780.9b

Operates as a market for negotiable securities in Argentina and internationally.

Fideicomiso Irrevocable Numero Cib/2919 (Cfe Fibra E)

Market Cap: Mex$25.0b

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