Global Undiscovered Gems With Strong Fundamentals

Wilson Bank Holding

Market Cap: US$486.6m

Operates as the bank holding company for Wilson Bank and Trust that provides various banking services to individuals, professionals, and small businesses in Tennessee.

SALUS Ljubljana d. d

Market Cap: €231.8m

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

Sparta

Market Cap: €183.3m

A publicly owned investment manager.

Anbio Biotechnology

Market Cap: US$302.8m

Provides in vitro diagnostics (IVD) products in the European Union, the Asia Pacific, North America, South America, Africa, and internationally.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 65.5b

Processes heavy bitumen crude in Africa.

Reitar Logtech Holdings

Market Cap: US$207.9m

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

Arab Banking Corporation (B.S.C.)

Market Cap: US$1.1b

Provides wholesale banking services worldwide.

NSIA Banque Société Anonyme

Market Cap: XOF 222.6b

Provides various banking products and services.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 240.3b

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

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.

Sociedad Matriz SAAM

Market Cap: CL$1.1t

Through its subsidiaries, provides tugboat services, air cargo logistics, and real estate rentals in South America, Central America, and North America.

Sun

Market Cap: MU₨6.9b

Operates in the tourism sector.

Krom Bank Indonesia

Market Cap: Rp14.8t

Provides various banking products and services in Indonesia.

Pure Cycle

Market Cap: US$255.5m

Provides wholesale water and wastewater services in the United States.

Castellana Properties Socimi

Market Cap: €790.2m

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

Marítima de Inversiones

Market Cap: CL$277.3b

Maritima de Inversiones SA is a publicly owned investment manager.

La Forestière Equatoriale

Market Cap: €139.2m

Does not have any significant operations.

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.

First National Bank of Botswana

Market Cap: P13.0b

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

Teekay

Market Cap: US$553.0m

Engages in the crude oil and other marine transportation services worldwide.

Omega Flex

Market Cap: US$414.3m

Manufactures and sells flexible metal hoses, fittings, and accessories in the United States, Canada, and internationally.

Transcorp Power

Market Cap: ₦2.7t

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

Oakworth Capital

Market Cap: US$162.2m

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

Cashmere Valley Bank

Market Cap: US$234.6m

A state chartered bank, provides banking products and services to small and middle-market businesses, and retail customers.

Segar Kumala Indonesia

Market Cap: Rp1.8t

Trades in and distributes fruits, frozen chicken, and vegetables in Indonesia.

Zona Franca de Iquique

Market Cap: CL$202.3b

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

Grendene

Market Cap: R$5.4b

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

Syn Prop & Tech

Market Cap: R$760.2m

We are SYN, and we have a deep understanding of the Brazilian commercial real estate market.

Canal Shipping Agencies

Market Cap: ج.م7.0b

Provides various shipping services to the international commercial fleet in Egypt.

Aesler Grup Internasional

Market Cap: Rp2.0t

Provides architectural and construction management services in Indonesia.

ASA Gold and Precious Metals

Market Cap: US$541.0m

A publicly owned investment manager.

Conoil

Market Cap: ₦229.8b

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

Suez Canal Company for Technology Settling (S.A.E)

Market Cap: ج.م7.7b

Engages in the establishment and management of technological zones, scientific incubators, and training centers for the preparation of researchers and the transfer of technology, and the provision of related services.

Jordanian Duty Free Shops

Market Cap: د.أ140.6m

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

FRMO

Market Cap: US$370.2m

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

Primadaya Plastisindo

Market Cap: Rp1.7t

Manufactures and sells plastic packaging products.