Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

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

Hayleys

Market Cap: LK₨122.6b

Operates in the manufacturing, agriculture, and services sectors worldwide.

Central Finance

Market Cap: LK₨53.9b

Provides various financial solutions primarily in Sri Lanka.

SALUS Ljubljana d. d

Market Cap: €374.8m

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

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

National General Insurance (P.J.S.C.)

Market Cap: د.إ1.1b

Engages in underwriting various classes of life and general insurance, and reinsurance businesses in the United Arab Emirates.

Reitar Logtech Holdings

Market Cap: US$307.2m

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

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.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Chilanga Cement

Market Cap: K6.1b

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

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.

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.

Eurofins-Cerep

Market Cap: €103.9m

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

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.

Solesence

Market Cap: US$269.2m

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

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.

Gulf Island Fabrication

Market Cap: US$108.4m

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

Capricorn Group

Market Cap: R10.9b

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

Metalpha Technology Holding

Market Cap: US$142.0m

Provides wealth management services in Hong Kong.

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.

Pure Cycle

Market Cap: US$248.0m

Provides wholesale water and wastewater services 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.

Zambia Sugar

Market Cap: K13.2b

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

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.

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.

Sun

Market Cap: MU₨7.5b

Operates in the tourism sector.

Practic

Market Cap: RON 567.2m

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

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.

Castellana Properties Socimi

Market Cap: €912.6m

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

Sugar Terminals

Market Cap: AU$349.2m

Provides storage and handling solutions for bulk sugar and other commodities in Australia.

Nofoth Food Products

Market Cap: ر.س1.2b

Produces and sells bakery products in Saudi Arabia.

Vinacomin - Power Holding

Market Cap: ₫8.8t

Engages in the investment, construction, exploitation, and operation of thermal power and hydroelectric plants, and electronic factories using new energy, renewable energy, power grids, and power supply systems in Vietnam.

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

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