Global Undiscovered Gems With Strong Fundamentals

Innovex International

Market Cap: US$1.0b

Designs, manufactures, sells, and rents mission critical engineered products to the oil and natural gas industry worldwide.

Solesence

Market Cap: US$238.4m

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 246.8b

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

Chilanga Cement

Market Cap: K5.6b

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

First National Bank of Botswana

Market Cap: P13.2b

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

Conoil

Market Cap: ₦229.8b

Conoil Plc markets refined petroleum products, and manufactures and markets lubricants, household, and liquefied petroleum gas (LPG) in Nigeria.

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.

Qudian

Market Cap: US$483.8m

Operates as a consumer-oriented technology company in the People’s Republic of China.

AuMas Resources Berhad

Market Cap: RM 1.3b

An investment holding company, engages in gold mining business in Malaysia.

La Forestière Equatoriale

Market Cap: €137.1m

Does not have any significant operations.

Thai Steel Cable

Market Cap: ฿3.6b

Manufactures and distributes automobile and motorcycle control cables, and automobile window regulators in Thailand.

Inverfal PerúA

Market Cap: S/1.6b

Engages in investing in fixed or variable income securities.

FineMark Holdings

Market Cap: US$323.0m

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

Bakrie & Brothers

Market Cap: Rp5.5t

Through its subsidiaries, engages in the trading, construction, agribusiness, coal mining, oil and gas, and telecommunication business in Indonesia and internationally.

NSIA Banque Société Anonyme

Market Cap: XOF 214.1b

Provides various banking products and services.

Teekay

Market Cap: US$659.1m

Provides crude oil marine transportation and other marine services worldwide.

Standard Bank

Market Cap: MK 2.2t

Provides banking and other related services in Malawi.

Jadranski naftovod d.d

Market Cap: €775.9m

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

Valhi

Market Cap: US$496.6m

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

Castellana Properties Socimi

Market Cap: €893.4m

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

Pure Cycle

Market Cap: US$249.4m

Provides wholesale water and wastewater services in the United States.

FRMO

Market Cap: US$356.6m

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

Greenfire Resources

Market Cap: US$293.7m

Engages in the exploration, development, and operation of oil and gas properties in the Athabasca oil sands region of Alberta, Canada.

Grendene

Market Cap: R$4.6b

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

SALUS Ljubljana d. d

Market Cap: €252.9m

Engages in the provision of distribution, promotion, active sales, and value-added services for the medicinal products in Slovenia and internationally.

Central Bancompany

Market Cap: US$1.4b

Operates as a multi-bank holding company.

Oakworth Capital

Market Cap: US$153.5m

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

Industrias del Cobre Sociedad Anónima

Market Cap: S/762.2m

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

Zambia Sugar

Market Cap: K12.7b

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

Transcorp Power

Market Cap: ₦2.5t

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

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.

Fortune Mate Indonesia

Market Cap: Rp2.7t

Provides real estate development and construction services in Indonesia.

Vivo Energy Mauritius

Market Cap: MU₨11.8b

Vivo Energy Mauritius Limited markets and distributes fuels and lubricants to retail and commercial customers in Mauritius.

Itafos

Market Cap: CA$442.4m

Operates as a phosphate and specialty fertilizer company.

Quemchi

Market Cap: CL$95.2b

Quemchi, S.A. engages in maritime transport, cargo and shipping services, and investments businesses.

First IC

Market Cap: US$172.7m

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