Global Undiscovered Gems With Strong Fundamentals

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.

Metalpha Technology Holding

Market Cap: US$133.6m

Provides wealth management services in Hong Kong.

Grenobloise d'Electronique et d'Automatismes Société Anonyme

Market Cap: €91.2m

Designs, develops, manufactures, integrates, installs, and maintains electronic and computerized toll collection systems.

Zona Franca de Iquique

Market Cap: CL$237.7b

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

Alumil Aluminium Industry

Market Cap: €159.5m

Engages in the design, development, and production of aluminum architectural systems in Greece and internationally.

FineMark Holdings

Market Cap: US$332.4m

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

MAPFRE Middlesea

Market Cap: €128.8m

Provides non-life and life insurance products and services to individuals, small and medium enterprises, professionals, and businesses in Malta.

NSIA Banque Société Anonyme

Market Cap: XOF 217.7b

Provides various banking products and services.

Eurofins-Cerep

Market Cap: €103.9m

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

Vantage

Market Cap: US$134.4m

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

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.

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

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

Izmir Firça Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺7.0b

Produces and sells various cleaning materials and painting brushes in Turkey and internationally.

MIA Teknoloji Anonim Sirketi

Market Cap: ₺15.1b

Provides software development services to public and private organizations in Turkey.

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.

Flügger group

Market Cap: DKK 968.2m

Designs, manufactures, and markets decorative paints, wood protection products, spackling pastes, and wallpaper and tools.

Nigerian Aviation Handling

Market Cap: ₦159.7b

Provides aircraft and cargo handling, passenger handling, passenger profiling, and crew transportation services in Nigeria.

Conoil

Market Cap: ₦167.6b

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

Valhi

Market Cap: US$434.6m

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

Segmen Kardesler Gida Üretim ve Ambalaj Sanayi Anonim Sirketi

Market Cap: ₺4.0b

Engages in the production and sale of food products in Turkey.

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺6.6b

A real estate investment trust.

Purple Group

Market Cap: R2.0b

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.

FRMO

Market Cap: US$368.0m

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

Besler Gida Ve Kimya Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺9.0b

Produces and trades in frozen and canned products in Turkey.

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Market Cap: €408.5m

Operates as a cooperative bank in France.

Linc

Market Cap: SEK 4.0b

A private equity and venture capital firm, specializing in early and mature stage investments in pharmaceutical, life-science and med-tech companies.

Pure Cycle

Market Cap: US$244.1m

Provides wholesale water and wastewater services in the United States.

ANSA Merchant Bank

Market Cap: TT$3.4b

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

Castellana Properties Socimi

Market Cap: €919.0m

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

Dogan Burda Dergi Yayincilik Ve Pazarlama

Market Cap: ₺6.2b

Dogan Burda Dergi Yayincilik Ve Pazarlama A.S.

Sparta

Market Cap: €86.8m

A publicly owned investment manager.

Transnational Corporation of Nigeria

Market Cap: ₦468.0b

Together with the subsidiaries, engages in the power, oil and gas, and hospitality businesses in Nigeria.

Viohalco

Market Cap: €1.5b

Through its subsidiaries, manufactures, and sells aluminium, copper, cables, and steel and steel pipe products.

Gulf Island Fabrication

Market Cap: US$110.3m

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

Chilanga Cement

Market Cap: K6.1b

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

Zespól Elektrocieplowni Wroclawskich KOGENERACJA

Market Cap: zł789.7m

Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A.