Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

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

Arab Banking Corporation (B.S.C.)

Market Cap: US$1.1b

Provides wholesale banking services worldwide.

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.

Nofoth Food Products

Market Cap: ر.س1.2b

Produces and sells bakery products in Saudi Arabia.

Al-Ahleia Insurance CompanyK.P

Market Cap: د.ك176.3m

Engages in insurance and reinsurance operations in Kuwait.

Kuwait Company for Process Plant Construction and Contracting K.S.C.P

Market Cap: د.ك43.7m

The Kuwait Company for Process Plant Construction and Contracting K.S.C.P.

Alf Meem Yaa for Medical Supplies and Equipment

Market Cap: ر.س798.0m

Engages in the wholesale and retail trade of medical supplies for the aesthetic market in the Kingdom of Saudi Arabia.

Kuwait Projects Company Holding K.S.C.P

Market Cap: د.ك423.4m

Through its subsidiaries, operates in the financial services, food, petrochemicals and oil services, media, real estate, and education sectors in Kuwait, rest of the GCC, rest of the Middle East, rest of Asia, rest of North Africa, Europe, and North America.

Sure Global Tech

Market Cap: ر.س616.0m

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

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.

Padma Oil

Market Cap: ৳17.6b

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

National Corporation for Tourism and Hotels

Market Cap: د.إ4.7b

Invests in, owns, and manages hotels and leisure complexes in the United Arab Emirates.

MOBI Industry

Market Cap: ر.س648.0m

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

Linde Bangladesh

Market Cap: ৳12.9b

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

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

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

Saudi Azm for Communication and Information Technology

Market Cap: ر.س1.7b

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

Decora

Market Cap: zł818.5m

Engages in the production, distribution, sale, and export of flooring products and accessories in Poland.

Solesence

Market Cap: US$269.2m

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

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.

Eurofins-Cerep

Market Cap: €103.9m

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

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.

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.

Yulie Sekuritas Indonesia

Market Cap: Rp4.3t

Operates as a securities company in Indonesia.

Baazeem Trading

Market Cap: ر.س554.9m

Operates as a FMCG distribution company.

Invest Bank

Market Cap: د.أ221.3m

Provides various banking and related financial services in Jordan.

Al-Deera Holding Company K.P.S.C

Market Cap: د.ك38.5m

A private equity firm specializing in direct and fund investments.

Itafos

Market Cap: CA$473.4m

Operates as a phosphate and specialty fertilizer company.

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.

Evergent Investments

Market Cap: RON 1.2b

A publicly owned investment manager.

ANSA Merchant Bank

Market Cap: TT$3.4b

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

Purple Group

Market Cap: R2.1b

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.

Castellana Properties Socimi

Market Cap: €912.6m

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

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.

Dekpol

Market Cap: zł516.8m

Dekpol S.A. primary engages in the general contracting and property development businesses in Poland.