Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

FRoSTA

Market Cap: €634.9m

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

Central Forest Group

Market Cap: JP¥21.7b

Engages in the wholesale of food, alcoholic beverages, and other related consumer products in Japan.

Shangri-La Hotel

Market Cap: ฿5.4b

Operates hotels in Bangkok and Chiang Mai provinces.

Gulf Insurance Group - Jordan

Market Cap: د.أ78.0m

Engages in the insurance business in Jordan, Middle East, and North Africa region.

Morris State Bancshares

Market Cap: US$264.1m

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

Affinity Bancshares

Market Cap: US$123.4m

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

Itafos

Market Cap: CA$560.4m

Operates as a phosphate and specialty fertilizer company.

Hemlo Mining

Market Cap: CA$1.7b

Engages in gold mining.

FRMO

Market Cap: US$331.1m

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

Pure Cycle

Market Cap: US$276.6m

Provides water and wastewater services in the United States.

Soma Gold

Market Cap: CA$198.2m

A natural resource company, engages in the acquisition, exploration, and development of mineral properties in Columbia.

First Northern Community Bancorp

Market Cap: US$211.3m

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.

ASA Gold and Precious Metals

Market Cap: US$1.0b

A publicly owned investment manager.

Epsilon Energy

Market Cap: US$117.4m

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.

Capricorn Group

Market Cap: R13.2b

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

Southern Michigan Bancorp

Market Cap: US$110.9m

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.

Intellego Technologies

Market Cap: SEK 1.6b

Manufactures and sells colorimetric ultraviolet indicators in Sweden.

Seneca Foods

Market Cap: US$753.4m

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

Union Bankshares

Market Cap: US$106.4m

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

First Bancorp

Market Cap: US$303.9m

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

Metalpha Technology Holding

Market Cap: US$111.0m

Provides wealth management services in Hong Kong.

Mobile Telecommunications

Market Cap: R6.9b

Operates as a mobile telecommunications company in Namibia.

Procimmo Group

Market Cap: CHF 364.9m

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

Bahrain National Holding Company B.S.C

Market Cap: ب.د61.7m

Provides insurance and investment products in the Kingdom of Bahrain, other GCC countries, and internationally.

Namibia Breweries

Market Cap: R6.2b

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

Sound Financial Bancorp

Market Cap: US$113.2m

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

Grendene

Market Cap: R$4.8b

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

Jadranski naftovod d.d

Market Cap: €806.1m

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

Freetrailer Group

Market Cap: €753.0m

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

Oakworth Capital

Market Cap: US$180.0m

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

Tri-County Financial Group

Market Cap: US$115.9m

Operates as a bank holding company for First State Bank, providing various banking and mortgage banking services and insurance services to individuals and businesses in the United States.

La Positiva Seguros y Reaseguros

Market Cap: S/602.9m

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

Sociedad Eléctrica del Sur Oeste

Market Cap: S/867.8m

Distributes electricity in Peru.

Franklin Financial Services

Market Cap: US$236.8m

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.

Fideicomiso Irrevocable Numero Cib/2919 (Cfe Fibra E)

Market Cap: Mex$25.6b

Fideicomiso Irrevocable Numero Cib/2919 (Cfe Fibra E) was founded in 2018 and is based in Mexico.