Global Undiscovered Gems With Strong Fundamentals

Arab Insurance Group (B.S.C.)

Market Cap: US$190.2m

Provides life and non-life reinsurance products and related services in the Afro Asia region.

Metalpha Technology Holding

Market Cap: US$133.6m

Provides wealth management services in Hong Kong.

Zona Franca de Iquique

Market Cap: CL$237.7b

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

Alumil Aluminium Industry

Market Cap: €159.5m

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

Grenobloise d'Electronique et d'Automatismes Société Anonyme

Market Cap: €91.2m

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

FineMark Holdings

Market Cap: US$332.4m

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

NSIA Banque Société Anonyme

Market Cap: XOF 217.7b

Provides various banking products and services.

MAPFRE Middlesea

Market Cap: €128.8m

Provides non-life and life insurance products and services to individuals, small and medium enterprises, professionals, and businesses in Malta.

Eurofins-Cerep

Market Cap: €103.9m

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

Besler Gida Ve Kimya Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺9.0b

Produces and trades in frozen and canned products in Turkey.

Sparta

Market Cap: €86.8m

A publicly owned investment manager.

Purple Group

Market Cap: R2.0b

A financial services and technology company, engages in trading platforms, fractional property and crypto asset investing, retirement fund administration, and asset management businesses in South Africa.

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺6.6b

A real estate investment trust.

Transnational Corporation of Nigeria

Market Cap: ₦468.0b

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

FRMO

Market Cap: US$368.0m

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

Pure Cycle

Market Cap: US$244.1m

Provides wholesale water and wastewater services in the United States.

Linc

Market Cap: SEK 4.0b

A private equity and venture capital firm, specializing in early and mature stage investments in pharmaceutical, life-science and med-tech companies.

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Market Cap: €408.5m

Operates as a cooperative bank in France.

Zespól Elektrocieplowni Wroclawskich KOGENERACJA

Market Cap: zł789.7m

Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A.

MCH Group

Market Cap: CHF 116.9m

Operates as a live marketing company that provides a network of services in the exhibition and event market worldwide.

Chilanga Cement

Market Cap: K6.1b

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

Dogan Burda Dergi Yayincilik Ve Pazarlama

Market Cap: ₺6.2b

Dogan Burda Dergi Yayincilik Ve Pazarlama A.S.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Vantage

Market Cap: US$134.4m

Provides shipbroking services to the oil tanker industry in Singapore and Dubai.

Viohalco

Market Cap: €1.5b

Through its subsidiaries, manufactures, and sells aluminium, copper, cables, and steel and steel pipe products.

Gulf Island Fabrication

Market Cap: US$110.3m

Operates as a fabricator of steel structures and modules in the United States.

Dekpol

Market Cap: zł486.7m

Dekpol S.A. primary engages in the general contracting and property development businesses in Poland.

ANSA Merchant Bank

Market Cap: TT$3.4b

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

Valhi

Market Cap: US$434.6m

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 268.3b

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

Bank of Africa Mali

Market Cap: XOF 82.4b

Provides various banking products and services to individuals, business customers, and SMEs in Mali.

Evergent Investments

Market Cap: RON 1.3b

A publicly owned investment manager.

Caisse Régionale de Crédit Agricole Mutuel Brie Picardie Société coopérative

Market Cap: €1.2b

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

Gür-Sel Turizm Tasimacilik ve Servis Ticaret

Market Cap: ₺24.9b

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

Kirac Galvaniz Telekominikasyon Metal Makine Insaat Elektrik Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺6.2b

Operates as a guardrail supplier company in Turkey.

Flügger group

Market Cap: DKK 968.2m

Designs, manufactures, and markets decorative paints, wood protection products, spackling pastes, and wallpaper and tools.