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.

Shenzhen Coship Electronics

Market Cap: CN¥7.6b

Engages in the manufacture and sale of smart home products and services worldwide.

Yulie Sekuritas Indonesia

Market Cap: Rp4.3t

Operates as a securities company in Indonesia.

Shanghai Pioneer Holding

Market Cap: HK$2.5b

An investment holding company, engages in marketing, promotion and channel management of pharmaceutical products and medical devices primarily in the People’s Republic of China.

Sun

Market Cap: MU₨6.5b

Operates in the tourism sector.

Gulf Insurance Group - Jordan

Market Cap: د.أ80.6m

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

Padma Oil

Market Cap: ৳17.6b

Engages in the procurement, storage, and marketing of petroleum products, lubricants, greases, bitumen, and LPG in Bangladesh.

Arab Banking Corporation (B.S.C.)

Market Cap: US$1.1b

Provides wholesale banking services worldwide.

Mark Dynamics Indonesia

Market Cap: Rp2.8t

Manufactures and sells hand former products in Indonesia and internationally.

ManpowerGroup Greater China

Market Cap: HK$888.1m

An investment holding company, provides workforce solutions and services in the People’s Republic of China, Hong Kong, Macau, and Taiwan.

Misr Beni Suef CementE

Market Cap: ج.م6.6b

Produces and sells cement products in Egypt and internationally.

Analyst I.M.S. Investment Management Services

Market Cap: ₪1.1b

A publicly owned investment manager.

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.

Famous Brands

Market Cap: R6.4b

Through its subsidiaries, operates as a quick service and casual dining restaurant franchisor in the United Kingdom, South Africa, South African Development Community, Middle East, and Rest of Africa.

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

Invests in, operates, and manages duty-free shops.

Transnational Corporation of Nigeria

Market Cap: ₦468.0b

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

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.

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.

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.

Flügger group

Market Cap: DKK 968.2m

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

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.

FRMO

Market Cap: US$368.0m

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

Zespól Elektrocieplowni Wroclawskich KOGENERACJA

Market Cap: zł789.7m

Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A.

Chilanga Cement

Market Cap: K6.1b

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

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.

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.

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.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Viohalco

Market Cap: €1.5b

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

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.

Alantra Partners

Market Cap: €302.8m

Engages in the investment banking and asset management services in Spain and internationally.

Keir International

Market Cap: ر.س474.0m

Provides a range of service solutions.

Rotshtein Realestate

Market Cap: ₪1.3b

Develops and constructs residential projects in Israel.

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

Market Cap: ₺6.2b

Operates as a guardrail supplier company in Turkey.