Global Undiscovered Gems With Strong Fundamentals

Zona Franca de Iquique

Market Cap: CL$232.0b

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

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.

First Investment Bank AD

Market Cap: лв775.2m

Provides various banking products and services to individuals and corporate clients in Bulgaria and Cyprus.

Eurofins-Cerep

Market Cap: €91.8m

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

Wema Bank

Market Cap: ₦450.0b

Provides banking and other financial services to corporate and individual customers in Nigeria.

Telekom Networks Malawi

Market Cap: MK 403.8b

Provides telecommunication services to enterprises and individual customers in Malawi.

Morris State Bancshares

Market Cap: US$237.0m

Operates as the bank holding company for Morris Bank that provides various financial services to individuals and small businesses in Georgia.

GB Holdings

Market Cap: US$54.2m

Provides rubber and chemical products in Zimbabwe.

Sparta

Market Cap: €111.2m

A publicly owned investment manager.

Sopharma AD

Market Cap: лв1.3b

Produces, distributes, and exports pharmaceutical products in Europe, Bulgaria, and internationally.

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

Market Cap: ج.م17.4b

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.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 307.2b

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

Southern Michigan Bancorp

Market Cap: US$115.6m

Operates as the bank holding company for Southern Michigan Bank & Trust that provides a range of commercial banking services to individuals, businesses, institutions, and governmental agencies primarily in the southwest and south-central Michigan communities.

Ferchem Misr for fertilizers and chemicalsE

Market Cap: ج.م34.0b

Produces and sells fertilizers.

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.

Transcorp Power

Market Cap: ₦2.4t

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

Acsion

Market Cap: R3.1b

Engages in property holding and development activities in South Africa and internationally.

Compañía Electro Metalúrgica

Market Cap: CL$350.4b

Operates as producers and vendors of integrated solutions for the mining market in Chile and internationally.

ANSA Merchant Bank

Market Cap: TT$3.2b

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

La Forestière Equatoriale

Market Cap: €102.5m

Does not have any significant operations.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 73.3b

Processes heavy bitumen crude in Africa.

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.

Central Cooperative Bank AD

Market Cap: лв213.6m

A commercial bank, provides various financial products and services.

SalfaCorp

Market Cap: CL$516.9b

Engages in engineering, construction, and real estate businesses in Chile and internationally.

Corporación Financiera Colombiana

Market Cap: Col$6.2t

Operates as a private financial institution in Columbia and Central America.

DINE. de

Market Cap: Mex$14.3b

Develops real estate projects in Mexico.

Hermes Transportes Blindados

Market Cap: S/741.6m

Provides money and securities transfer, custody and processing, and document transfer services in Peru.

Industrias del Cobre Sociedad Anónima

Market Cap: S/789.0m

Engages in the manufacture and sale of cables and electrical and telecommunication conductors in Peru and internationally.

Inverfal PerúA

Market Cap: S/1.6b

Engages in investing in fixed or variable income securities.

La Positiva Seguros y Reaseguros

Market Cap: S/417.4m

Provides insurance and reinsurance products and services to individuals and business customers in Peru.

Elron Ventures

Market Cap: US$113.1m

A venture capital firm specializing in early stage and seed investment.

Q P Group Holdings

Market Cap: HK$920.4m

An investment holding company, manufactures and trades in paper products in the People’s Republic of China, the United States, Europe, and internationally.

Najran Cement

Market Cap: ر.س1.3b

Engages in manufacture and sale of cement products in the Kingdom of Saudi Arabia.

Saudi Azm for Communication and Information Technology

Market Cap: ر.س1.5b

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

Jiangsu Lianfa TextileLtd

Market Cap: CN¥3.7b

Engages in the manufacture and sale of textile products in China.

Dwi Guna Laksana

Market Cap: Rp4.5t

Engages in the coal mining and trading activities in Indonesia.