Global Undiscovered Gems With Strong Fundamentals

Naturgy BAN

Market Cap: AR$551.8b

Engages in natural gas distribution business.

Hotel Majestic Cannes

Market Cap: €318.4m

Owns and operates a hotel.

Südwestdeutsche Salzwerke

Market Cap: €588.4m

Südwestdeutsche Salzwerke AG, together with its subsidiaries, mines, produces, and sells salt in Germany, the European Union, and internationally.

Skjern Bank

Market Cap: DKK 2.0b

Provides various banking products and services to private and corporate customers in Denmark.

C&F Financial

Market Cap: US$218.2m

Operates as a bank holding company for Citizens and Farmers Bank that provides banking services to individuals and businesses.

Empresa Eléctrica Pehuenche

Market Cap: CL$1.7t

Engages in the generation, transmission, distribution, and supply of electricity in Chile.

Socfinasia

Market Cap: €419.3m

Manages a portfolio of tropical oil palm and rubber plantations in Southeast Asia.

Zwack Unicum Nyrt

Market Cap: Ft61.2b

Manufactures and sells alcoholic beverages in Hungary, Europe, and internationally.

Federal-Mogul Izmit Piston Ve Pim Üretim Tesisleri

Market Cap: ₺4.4b

Federal-Mogul Izmit Piston Ve Pim Üretim Tesisleri A.S.

Agma

Market Cap: د.م1.4b

Engages in the insurance and reinsurance advisory and brokerage business in Morocco.

Guardian Holdings

Market Cap: TT$3.9b

Guardian Holdings Limited, together with its subsidiaries, underwrites various insurance products in Trinidad and Tobago, Jamaica, Barbados, Dutch Caribbean, Martinique, Grenada, curacao, the Netherlands, Aruba, Cayman Islands, Bermuda, Bahamas, and internationally.

Caisse Régionale de Crédit Agricole du Morbihan

Market Cap: €398.0m

Provides various banking products and services to individuals, private banking, professionals, farmers, associations, businesses, and public community and social housing in France.

Penns Woods Bancorp

Market Cap: US$227.1m

Operates as the bank holding company for Jersey Shore State Bank, which provides commercial and retail banking services to individuals, partnerships, non-profit organizations, and corporations in the United States.

BasicNet

Market Cap: €373.9m

Operates in the sports and casual clothing, footwear, and accessories sectors in Europe, the Americas, Asia, Oceania, the Middle East, and Africa.

Kayseri Seker Fabrikasi Anonim Sirketi

Market Cap: ₺12.4b

Manufactures and sells sugar in Turkey and internationally.

NMB Bank

Market Cap: TSh3.0t

Provides various banking products and services in Tanzania.

Paul Hartmann

Market Cap: €905.7m

Manufactures and sells medical and care products in Germany, rest of Europe, the Middle East, Africa, Asia and Pacific region, and the Americas.

Cementos Molins

Market Cap: €1.7b

Manufactures and sells cement and lime, precast concrete, and other construction materials in Spain, Argentina, Mexico, Uruguay, Bangladesh, India, Tunisia, Bolivia, Colombia, Croatia, Germany, and Turkey.

Kvika banki hf

Market Cap: ISK 61.6b

Provides investment banking, asset management, payment, and banking services to businesses, investors, and individuals in Iceland and the United Kingdom.

SINAR TERANG MANDIRI

Market Cap: Rp2.1t

PT SINAR TERANG MANDIRI Tbk engaged in mining services, with capabilities that include mining planning, mining infrastructure construction, and mining operations.

Blue Label Telecoms

Market Cap: R7.7b

Provides prepaid products and distributes virtual electronic merchandise in South Africa and internationally.

Permian Basin Royalty Trust

Market Cap: US$456.8m

Permian Basin Royalty Trust holds royalty interests in various oil and gas properties in the United States.

Goodwin

Market Cap: UK£510.7m

Provides mechanical and refractory engineering solutions primarily in the United Kingdom, rest of Europe, the United States, the Pacific Basin, and internationally.

Livermore Investments Group

Market Cap: UK£98.4m

A publicly owned investment manager.

iOCO

Market Cap: R2.1b

Provides information and communications technology services in Africa, the United Kingdom, Europe, and the Middle East.

Bank of Africa - Côte D'ivoire

Market Cap: XOF 249.8b

Bank of Africa - Côte D’ivoire provides various banking and financial services for individuals and businesses in Ivory Coast.

Link Bilgisayar Sistemleri Yazilimi ve Donanimi Sanayi ve Ticaret

Market Cap: ₺11.4b

Link Bilgisayar Sistemleri Yazilimi ve Donanimi Sanayi ve Ticaret A.S.

AMREP

Market Cap: US$115.0m

Through its subsidiaries, engages in the real estate business in the United States.

Bank Of Africa Senegal

Market Cap: XOF 151.2b

Provides various banking products and services to individuals, businesses, and small and medium sized enterprises in Senegal.

Mühlbauer Holding

Market Cap: €613.1m

Engages in the production and personalization of smart cards, passports, solar cells, and RFID solutions in Germany, rest of Europe, Asia, the United States, Africa, and internationally.

Kopparbergs Bryggeri

Market Cap: SEK 2.5b

Manufactures, distributes, and sells beer, cider, wine, spirits, soft drinks, and water in Sweden and internationally.

Platform Turizm Tasimacilik Gida Insaat Temizlik Hizmetleri Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺6.9b

Provides personnel and student transportation.

MT Højgaard Holding

Market Cap: DKK 2.0b

Engages in the provision of construction, civil engineering, and infrastructure services for private and public customers in Denmark and internationally.

Djurslands Bank

Market Cap: DKK 1.7b

Provides various banking products and services in Denmark.

Ranger Energy Services

Market Cap: US$251.1m

Provides onshore high specification well service rigs, wireline services, and complementary services to exploration and production companies in the United States.

Empresas Gasco

Market Cap: CL$220.8b

Provides energy solutions based primarily based on gas in Chile and internationally.