Global Undiscovered Gems With Strong Fundamentals

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

Deutsche Balaton

Market Cap: €206.7m

A private equity focusing on private equity investments in listed and unlisted companies, real estate investments and investments in other assets.

GB Holdings

Market Cap: US$54.2m

Provides rubber and chemical products in Zimbabwe.

Southern Michigan Bancorp

Market Cap: US$106.4m

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.

SalfaCorp

Market Cap: CL$456.4b

Engages in engineering, construction, and real estate businesses in Chile and internationally.

Gür-Sel Turizm Tasimacilik ve Servis Ticaret

Market Cap: ₺31.2b

Gür-Sel Turizm Tasimacilik ve Servis Ticaret A.S.

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.

Grenobloise d'Electronique et d'Automatismes Société Anonyme

Market Cap: €95.0m

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

Alumil Aluminium Industry

Market Cap: €166.6m

Engages in the design and production of architectural aluminum systems in Greece and internationally.

Standard Bank

Market Cap: MK 1.3t

Provides banking and other related services in Malawi.

La Forestière Equatoriale

Market Cap: €108.8m

Does not have any significant operations.

Evergent Investments

Market Cap: RON 1.6b

A publicly owned investment manager.

Valhi

Market Cap: US$496.7m

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

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺9.6b

A real estate investment trust.

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Market Cap: €538.0m

Operates as a cooperative bank in France.

Zespól Elektrocieplowni Wroclawskich KOGENERACJA

Market Cap: zł849.3m

Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 77.9b

Processes heavy bitumen crude in Africa.

FRMO

Market Cap: US$392.0m

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

Pure Cycle

Market Cap: US$256.2m

Provides wholesale water and wastewater services in the United States.

Zona Franca de Iquique

Market Cap: CL$218.2b

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

Potasios de Chile

Market Cap: CL$488.6b

Engages in investment in shares and other financial instruments in Chile.

Rich Sparkle Holdings

Market Cap: US$460.0m

Provides financial printing and corporate services in Hong Kong.

Decora

Market Cap: zł772.0m

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

va-Q-tec

Market Cap: €395.1m

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

Dogan Burda Dergi Yayincilik Ve Pazarlama

Market Cap: ₺10.1b

Dogan Burda Dergi Yayincilik Ve Pazarlama A.S.

Maistra d.d

Market Cap: €591.0m

Engages in the hotel business in Croatia.

FineMark Holdings

Market Cap: US$522.7m

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

Nigerian Aviation Handling

Market Cap: ₦202.7b

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

Solesence

Market Cap: US$264.3m

A science-driven company, develops, manufactures, and sells integrated family of technologies in the United States.

Alantra Partners

Market Cap: €303.8m

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

Besler Gida Ve Kimya Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺10.4b

Produces and trades in frozen and canned products in Turkey.

SBS Philippines

Market Cap: ₱6.0b

Engages in chemical trading and distribution in the Philippines.

Eurofins-Cerep

Market Cap: €92.8m

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

Caisse Régionale de Crédit Agricole Mutuel Brie Picardie Société coopérative

Market Cap: €1.5b

Provides a range of banking and financial products and services to individuals, farmers, professionals, businesses, and public authorities in France.

ANSA Merchant Bank

Market Cap: TT$3.3b

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

Transnational Corporation of Nigeria

Market Cap: ₦488.3b

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