Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

First National Bank of Botswana

Market Cap: P14.4b

Provides various banking and related products and services to individuals, and large and small businesses in Botswana.

Canal Shipping Agencies

Market Cap: ج.م9.2b

Provides various shipping services to the international commercial fleet in Egypt.

GB Holdings

Market Cap: US$60.5m

Produces rubber and chemical products in Zimbabwe.

Lion Capital

Market Cap: RON 2.3b

SIF Banat-Crisana is a self-managed closed-end investment company and since March 2018, it is authorized by ASF as alternative investment fund manager.

Chilanga Cement

Market Cap: K14.0b

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

Export Development Bank of Egypt (S.A.E.)

Market Cap: ج.م23.2b

Provides various banking products and services in Egypt.

Nigerian Aviation Handling

Market Cap: ₦471.7b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 89.3b

Processes heavy bitumen crude in Africa.

Potasios de Chile

Market Cap: CL$1.0t

Invests in shares and other financial instruments in Chile.

Empresas Lipigas

Market Cap: CL$930.1b

Provides energy solutions through the marketing, distribution, and sale of liquefied petroleum gas (LPG), natural gas (NG), liquefied natural gas (LNG), and electricity for residential, commercial, and industrial use in Chile, Colombia, Peru, and Ecuador.

Anbio Biotechnology

Market Cap: US$1.2b

Provides in vitro diagnostics (IVD) products in the European Union, the Asia Pacific, North America, South America, Africa, and internationally.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 617.3b

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

Grupo Gigante S. A. B. de C. V

Market Cap: Mex$31.7b

Operates convenience stores and restaurants in Mexico, Central America, and Chile.

New Mauritius Hotels

Market Cap: MU₨7.4b

Operates hotels in Mauritius, Europe, Morocco, and internationally.

Sun

Market Cap: MU₨7.3b

Operates in the tourism sector.

HOMAG Group

Market Cap: €401.6m

Manufactures and sells machines and solutions for wood processing and timber construction industries worldwide.

Vivo Energy Mauritius

Market Cap: MU₨13.1b

Vivo Energy Mauritius Limited markets, supplies, and distributes fuels and lubricants to retail and commercial customers in Mauritius.

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

Market Cap: ج.م62.3b

Engages in the establishment and management of technology zones, scientific incubators, and training centers for the preparation of researchers, transfer technology, and related services in Egypt.

Telekom Networks Malawi

Market Cap: MK 346.1b

Provides telecommunication services to enterprises and individual customers in Malawi.

Procimmo Group

Market Cap: CHF 432.4m

A holding company, engages in the investment, management, and sale of real estate properties in Switzerland.

Union Bankshares

Market Cap: US$114.4m

Operates as the bank holding company for Union Bank that provides retail, commercial, and municipal banking products and services in the United States.

Grendene

Market Cap: R$4.0b

Engages in the development, production, distribution, sale, and market of plastic footwear in Brazil, North America, Asia, Oceania, Europe, Central and South America, the Middle East, and Africa.

Ideal Capital Berhad

Market Cap: RM 1.8b

An investment holding company, engages in the property development business in Malaysia.

Ouro Fino Saúde Animal Participações

Market Cap: R$1.7b

Engages in the development, production, and sale of veterinary drugs, vaccines, and other products for production and companion animals primarily in Brazil.

Alfin Banco

Market Cap: S/433.7m

Provides various banking and financial products and services.

Nexa Resources AtacochaA

Market Cap: S/1.3b

Operates as a mining company worldwide.

Namibia Breweries

Market Cap: R6.6b

Engages in brewing and distribution of alcoholic beverages, and manufacture of soft drinks in Namibia and South Africa.

Industrias del Cobre Sociedad Anónima

Market Cap: S/952.8m

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

Sociedad Matriz SAAM

Market Cap: CL$1.5t

Through its subsidiaries, provides tugboat services, air cargo logistics, and real estate rentals services in South America, Central America, and North America.

Mobile Telecommunications

Market Cap: R7.0b

Operates as a mobile telecommunications company in Namibia.

Beijing Hengyu Datacom Aviation Equipment

Market Cap: CN¥4.0b

Beijing Hengyu Datacom Aviation Equipment Co., Ltd.

Cyprus Cement

Market Cap: €172.8m

Engages in the production and sale of cement and related businesses in Cyprus.

Tsubakimoto Kogyo

Market Cap: JP¥51.1b

Engages in the sale of machinery, equipment, parts, and accessories in Japan.

Pizu Group Holdings

Market Cap: HK$6.2b

An investment holding company, manufactures, trades, and sales of civil explosives in the People's Republic of China and Tajikistan.

Zito d.o.o

Market Cap: €499.6m

Engages in the food and agricultural businesses in Croatia, Hungary, Italy, Serbia, Slovakia, Kosovo, and internationally.