Global Undiscovered Gems With Strong Fundamentals

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

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

Bank of Africa Mali

Market Cap: XOF 84.1b

Provides various banking products and services to individuals, business customers, and SMEs in Mali.

FRMO

Market Cap: US$368.0m

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

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.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 279.4b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 66.3b

Processes heavy bitumen crude in Africa.

Pure Cycle

Market Cap: US$256.4m

Provides wholesale water and wastewater services in the United States.

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Market Cap: €408.5m

Operates as a cooperative bank in France.

Kirac Galvaniz Telekominikasyon Metal Makine Insaat Elektrik Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺6.2b

Operates as a guardrail supplier company in Turkey.

Alumil Aluminium Industry

Market Cap: €159.5m

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

Sparta

Market Cap: €86.8m

A publicly owned investment manager.

Transcorp Power

Market Cap: ₦2.5t

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

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.

First Investment Bank AD

Market Cap: лв745.4m

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

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺6.6b

A real estate investment trust.

Lavipharm

Market Cap: €128.9m

Engages in the research, development, manufacture, import, marketing, sale, and wholesale of pharmaceutical, cosmetics, and healthcare products to physicians and pharmacists in Greece and internationally.

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.

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.

Flügger group

Market Cap: DKK 968.2m

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

SALUS Ljubljana d. d

Market Cap: €353.4m

Engages in the provision of distribution, promotion, active sales, and value-added services for the medicinal products in Slovenia and internationally.

Metalpha Technology Holding

Market Cap: US$156.0m

Provides wealth management services in Hong Kong.

Martifer SGPS

Market Cap: €208.3m

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

Gulf Island Fabrication

Market Cap: US$109.7m

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

NSIA Banque Société Anonyme

Market Cap: XOF 217.7b

Provides various banking products and services.

Vantage

Market Cap: US$118.8m

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

FineMark Holdings

Market Cap: US$334.7m

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: €137.1m

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

Dekpol

Market Cap: zł486.7m

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

Zona Franca de Iquique

Market Cap: CL$238.2b

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

Gür-Sel Turizm Tasimacilik ve Servis Ticaret

Market Cap: ₺24.9b

Gür-Sel Turizm Tasimacilik ve Servis Ticaret A.S.

Nigerian Aviation Handling

Market Cap: ₦159.7b

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

Caisse Régionale de Crédit Agricole Mutuel Brie Picardie Société coopérative

Market Cap: €1.2b

Provides a range of banking and financial products and services to individuals, farmers, professionals, businesses, and public authorities in France.

Valhi

Market Cap: US$446.5m

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

Cyprus Cement

Market Cap: €128.9m

Engages in the manufacturing and sale of cement and related business in Cyprus.

Evergent Investments

Market Cap: RON 1.3b

A publicly owned investment manager.

Conoil

Market Cap: ₦167.6b

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