Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

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

FineMark Holdings

Market Cap: US$334.1m

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

Oakworth Capital

Market Cap: US$162.1m

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

Itafos

Market Cap: CA$473.4m

Operates as a phosphate and specialty fertilizer company.

Eurofins-Cerep

Market Cap: €103.9m

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

Solesence

Market Cap: US$269.2m

A science-driven company, develops, manufactures, and sells integrated family of technologies in the United States.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Valhi

Market Cap: US$411.1m

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

Chilanga Cement

Market Cap: K6.1b

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

West Bancorporation

Market Cap: US$324.9m

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

Zona Franca de Iquique

Market Cap: CL$226.1b

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

Capricorn Group

Market Cap: R10.9b

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

ANSA Merchant Bank

Market Cap: TT$3.4b

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

FRMO

Market Cap: US$374.9m

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

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.

Pure Cycle

Market Cap: US$248.0m

Provides wholesale water and wastewater services in the United States.

Castellana Properties Socimi

Market Cap: €912.6m

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

Empresas Lipigas

Market Cap: CL$519.9b

Engages in the distribution and sale of liquefied petroleum gas (LPG) and natural gas (NG) in Chile, Peru, and Colombia.

Zambia Sugar

Market Cap: K13.2b

Engages in growing of sugar cane in Zambia, the Democratic Republic of Congo, Kenya, and South Africa.

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.

Reitar Logtech Holdings

Market Cap: US$307.2m

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

Sun

Market Cap: MU₨7.5b

Operates in the tourism sector.

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.

Practic

Market Cap: RON 567.2m

Engages in the lease and sublease of real estate properties in Romania.

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.

Grendene

Market Cap: R$4.8b

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

MOBI Industry

Market Cap: ر.س648.0m

Manufactures and sells fertilizers and nitrogen compounds in the Kingdom of Saudi Arabia.

Nofoth Food Products

Market Cap: ر.س1.2b

Produces and sells bakery products in Saudi Arabia.

Linde Bangladesh

Market Cap: ৳12.9b

Manufactures and supplies industrial and medical gases, anesthesia, and ancillary equipment in Bangladesh.

Arab Banking Corporation (B.S.C.)

Market Cap: US$1.1b

Provides wholesale banking services worldwide.

Saudi Azm for Communication and Information Technology

Market Cap: ر.س1.7b

Provides business and digital technology solutions in the Kingdom of Saudi Arabia.

Sure Global Tech

Market Cap: ر.س616.0m

Provides technological and consultative solutions for public and private sectors in the Kingdom of Saudi Arabia.

Invest Bank

Market Cap: د.أ221.3m

Provides various banking and related financial services in Jordan.

Baazeem Trading

Market Cap: ر.س554.9m

Operates as a FMCG distribution company.

Saudi Chemical Holding

Market Cap: ر.س6.4b

Saudi Chemical Holding Company manufacture, wholesale, and retail trade of medicines, medical materials and syrups, pharmaceutical preparations, medical and surgical tools and equipment in the Kingdom of Saudi Arabia and internationally.

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

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