Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

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

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.

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.

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.

Pure Cycle

Market Cap: US$248.0m

Provides wholesale water and wastewater services in the United States.

FRMO

Market Cap: US$374.9m

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

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.

Decora

Market Cap: zł818.5m

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

Evergent Investments

Market Cap: RON 1.2b

A publicly owned investment manager.

Itafos

Market Cap: CA$473.4m

Operates as a phosphate and specialty fertilizer company.

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.

ANSA Merchant Bank

Market Cap: TT$3.4b

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

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.

Castellana Properties Socimi

Market Cap: €912.6m

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

Dekpol

Market Cap: zł516.8m

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

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.

Sun

Market Cap: MU₨7.5b

Operates in the tourism sector.

Martifer SGPS

Market Cap: €207.3m

Operates in the metallic constructions and renewable energy development sectors in Portugal, Angola, Saudi Arabia, Europe, and internationally.

Eurofins-Cerep

Market Cap: €103.9m

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

Solesence

Market Cap: US$269.2m

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

Gulf Island Fabrication

Market Cap: US$108.4m

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

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.

Alantra Partners

Market Cap: €304.3m

Engages in the investment banking and asset management services in Spain and internationally.

Sociedad de Inversiones Oro Blanco

Market Cap: CL$966.9b

Through its subsidiaries, invests in various types of goods and securities in Chile.

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Market Cap: €400.7m

Operates as a cooperative bank in France.

Alumil Aluminium Industry

Market Cap: €169.2m

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

Keli Motor Group

Market Cap: CN¥10.0b

Engages in the research and development, manufacture, and sale of micro motors in China.

Hearts and Minds Investments

Market Cap: AU$677.8m

n/a

Hyakugo Bank

Market Cap: JP¥175.1b

Provides various financial services to individual and corporate/sole proprietor customers in Japan.

Goldiam International

Market Cap: ₹38.4b

Manufactures, sells, and trades in diamond studded gold, silver, and platinum jewelry in India.

Gulf Insurance Group - Jordan

Market Cap: د.أ80.1m

Engages in the insurance business in Jordan, Middle East, and North Africa region.

Shenzhen Zhongheng Huafa

Market Cap: CN¥2.5b

Produces and sells injection molded parts, foam parts, and liquid crystal display monitors.

Shantou Institute of Ultrasonic Instrument

Market Cap: CN¥11.0b

Shantou Institute of Ultrasonic Instrument Co., Ltd.

Indo Tech Transformers

Market Cap: ₹22.1b

Manufactures and distributes transformers in India and internationally.

CMC

Market Cap: JP¥19.0b

Provides manual creation, business process management, training, translation, and interpretation services in Japan.