Global Undiscovered Gems With Strong Fundamentals

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

First National Bank of Botswana

Market Cap: P13.9b

Provides various banking and related products and services to individuals, businesses, corporates, and private clients in Botswana.

Maistra d.d

Market Cap: €601.9m

Engages in the hotel business in Croatia.

Lampsa Hellenic Hotels

Market Cap: €854.6m

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

Central Cooperative Bank AD

Market Cap: лв213.6m

A commercial bank, provides various financial products and services.

GlaxoSmithKlineE

Market Cap: ج.م5.4b

Engages in production of pharmaceutical chemicals.

Sparta

Market Cap: €106.1m

A publicly owned investment manager.

Sopharma AD

Market Cap: лв1.4b

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

Tchaikapharma High Quality Medicines AD

Market Cap: лв1.6b

Develops, manufactures, and sells medicines in Bulgaria.

Chilanga Cement

Market Cap: K6.0b

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 307.2b

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

GB Holdings

Market Cap: US$54.2m

Provides rubber and chemical products in Zimbabwe.

Inversiones Doalca SOCIMI

Market Cap: €154.2m

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

ANSA Merchant Bank

Market Cap: TT$3.2b

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

Senstar Technologies

Market Cap: US$103.6m

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

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

Market Cap: ج.م17.4b

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.

La Forestière Equatoriale

Market Cap: €102.5m

Does not have any significant operations.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 73.3b

Processes heavy bitumen crude in Africa.

Eurofins-Cerep

Market Cap: €91.8m

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

Transcorp Power

Market Cap: ₦2.4t

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

La Positiva Seguros y Reaseguros

Market Cap: S/417.4m

Provides insurance and reinsurance products and services to individuals and business customers in Peru.

Corporación Financiera Colombiana

Market Cap: Col$6.4t

Operates as a private financial institution in Columbia and Central America.

Inverfal PerúA

Market Cap: S/1.6b

Engages in investing in fixed or variable income securities.

DINE. de

Market Cap: Mex$14.3b

Develops real estate projects in Mexico.

Industrias del Cobre Sociedad Anónima

Market Cap: S/789.0m

Engages in the manufacture and sale of cables and electrical and telecommunication conductors in Peru and internationally.

Practic

Market Cap: RON 736.5m

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

Ferchem Misr for fertilizers and chemicalsE

Market Cap: ج.م36.0b

Produces and sells fertilizers.

Standard Bank

Market Cap: MK 1.5t

Provides banking and other related services in Malawi.

Grendene

Market Cap: R$4.7b

Engages in the development, production, distribution, and sale of footwear for women, men, and children in Brazil and internationally.

Telekom Networks Malawi

Market Cap: MK 403.8b

Provides telecommunication services to enterprises and individual customers in Malawi.

Zambia Sugar

Market Cap: K16.5b

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

PINAGO UTAMA

Market Cap: Rp1.9t

Engages in the oil palm and rubber plantation business in Indonesia.

Nigerian Aviation Handling

Market Cap: ₦204.7b

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

Hermes Transportes Blindados

Market Cap: S/741.6m

Provides money and securities transfer, custody and processing, and document transfer services in Peru.

Jadranski naftovod d.d

Market Cap: €806.1m

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

Capricorn Group

Market Cap: R11.2b

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