Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

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

Itafos

Market Cap: CA$461.8m

Operates as a phosphate and specialty fertilizer company.

Wema Bank

Market Cap: ₦300.0b

Provides banking and other financial services to corporate and individual customers in Nigeria.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Sun

Market Cap: MU₨7.5b

Operates in the tourism sector.

Capricorn Group

Market Cap: R10.9b

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

Gulf Island Fabrication

Market Cap: US$108.4m

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

Metalpha Technology Holding

Market Cap: US$138.6m

Provides wealth management services in Hong Kong.

Chilanga Cement

Market Cap: K6.1b

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

Eurofins-Cerep

Market Cap: €103.9m

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

AB Traction

Market Cap: SEK 4.0b

A private equity firm specializing in distressed, middle market, later stage, mature, bridge, recapitalization, buyouts and PIPES investments.

First National Bank of Botswana

Market Cap: P13.3b

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

Malam - Team

Market Cap: ₪1.8b

Provides information technology services in Israel.

Rotshtein Realestate

Market Cap: ₪1.3b

Develops and constructs residential projects in Israel.

Terminal X Online

Market Cap: ₪555.0m

Offers clothing, footwear, fashion accessories, cosmetics, and beauty products for men, women, and teenager under various brands through online.

Potasios de Chile

Market Cap: CL$536.2b

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

Reitar Logtech Holdings

Market Cap: US$330.3m

Through its subsidiaries, provides construction management and engineering design services.

SALUS Ljubljana d. d

Market Cap: €378.1m

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

Transnational Corporation of Nigeria

Market Cap: ₦457.3b

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

Castellana Properties Socimi

Market Cap: €912.6m

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

Gulf Insurance Group - Jordan

Market Cap: د.أ80.1m

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

Mendelson Infrastructures & Industries

Market Cap: ₪591.9m

Mendelson Infrastructures & Industries Ltd.

West Bancorporation

Market Cap: US$318.7m

Operates as the financial holding company provides community banking and trust services to individuals and small- to medium-sized businesses in the United States.

Analyst I.M.S. Investment Management Services

Market Cap: ₪1.1b

A publicly owned investment manager.

C. Mer Industries

Market Cap: ₪355.7m

Provides solutions in the areas of homeland security (HLS), communication infrastructure, and defense technologies.

Formula Systems (1985)

Market Cap: ₪5.9b

Through its subsidiaries, provides proprietary and non-proprietary software solutions, Information Technologies (IT) professional services, software product marketing and support, computer infrastructure and integration solutions, and learning and integration.

Amir Marketing and Investments in Agriculture

Market Cap: ₪421.9m

Supplies and markets agricultural inputs in Israel.

Rimoni Industries

Market Cap: ₪415.1m

Engages in the design, engineering, and manufacture of molds, and precise injection molding and assemblies for the medical, automotive, agricultural, high-tech, and consumer industries in Israel.

Payton Industries

Market Cap: ₪514.9m

Develops, produces, trades, markets, and sells various types of transformers for communications, electronics, automotive, and industrial equipment industries in Israel, Europe, the United States, and Asia.

Y.D. More Investments

Market Cap: ₪1.6b

A privately owned Investment Manager.

Aura Investments

Market Cap: ₪5.0b

Together with its subsidiaries engages in locating, initiating, planning, and building projects in the field of residential real estate in Israel and internationally.

Pure Cycle

Market Cap: US$247.3m

Provides wholesale water and wastewater services in the United States.

Linc

Market Cap: SEK 4.2b

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

FRMO

Market Cap: US$378.2m

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

ANSA Merchant Bank

Market Cap: TT$3.4b

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

Bank of Africa Mali

Market Cap: XOF 76.7b

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