Global Undiscovered Gems With Strong Fundamentals

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

Shangri-La Hotel

Market Cap: ฿6.1b

Operates hotels in Bangkok and Chiang Mai provinces.

Dekpol

Market Cap: zł595.4m

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

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Zona Franca de Iquique

Market Cap: CL$209.2b

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

FineMark Holdings

Market Cap: US$499.2m

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

Solesence

Market Cap: US$241.8m

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

NSIA Banque Société Anonyme

Market Cap: XOF 237.5b

Provides various banking products and services.

Nigerian Aviation Handling

Market Cap: ₦193.5b

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

Evergent Investments

Market Cap: RON 1.3b

A publicly owned investment manager.

ASA Gold and Precious Metals

Market Cap: US$584.1m

A publicly owned investment manager.

Besler Gida Ve Kimya Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺10.1b

Produces and trades in frozen and canned products in Turkey.

Metalpha Technology Holding

Market Cap: US$127.0m

Provides wealth management services in Hong Kong.

Purple Group

Market Cap: R2.5b

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.

First Northern Community Bancorp

Market Cap: US$176.7m

Operates as the bank holding company for First Northern Bank of Dixon that provides commercial banking products and services to individuals, and small and medium sized businesses.

Acsion

Market Cap: R2.3b

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

Arsan Tekstil Ticaret ve Sanayi Anonim Sirketi

Market Cap: ₺4.6b

Engages in the production and sale of cotton and synthetic yarn in Turkey and internationally.

Birikim Varlik Yonetim Anonim Sirketi

Market Cap: ₺4.8b

Operates as an asset management company.

Inmocemento

Market Cap: €1.6b

Inmocemento S.A., through its subsidiaries, engages in the real estate and cement businesses.

Zespól Elektrocieplowni Wroclawskich KOGENERACJA

Market Cap: zł901.5m

Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A.

Jadranski naftovod d.d

Market Cap: €780.9m

Engages in the transport and storage of oil and oil products in the Republic of Croatia and internationally.

ABG Sundal Collier Holding

Market Cap: NOK 3.5b

Provides investment banking, stock broking, and corporate advisory services in Norway, Sweden, Denmark, and internationally.

First National Bank of Botswana

Market Cap: P13.5b

Provides various banking and related products and services to individuals, businesses, corporates, and private clients in Botswana.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 70.2b

Processes heavy bitumen crude in Africa.

Pure Cycle

Market Cap: US$235.9m

Provides wholesale water and wastewater services in the United States.

Zambia Sugar

Market Cap: K13.2b

Engages in growing of sugar cane in Zambia, the Democratic Republic of Congo, Kenya, and South Africa.

Alumil Aluminium Industry

Market Cap: €162.1m

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

Dogan Burda Dergi Yayincilik Ve Pazarlama

Market Cap: ₺9.1b

Dogan Burda Dergi Yayincilik Ve Pazarlama A.S.

Maistra d.d

Market Cap: €580.0m

Engages in the hotel business in Croatia.

PINAGO UTAMA

Market Cap: Rp1.9t

Engages in the oil palm and rubber plantation business in Indonesia.

Famous Brands

Market Cap: R5.9b

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.

National General Insurance (P.J.S.C.)

Market Cap: د.إ1.0b

Engages in underwriting various classes of life and general insurance, and reinsurance businesses in the United Arab Emirates.

Gulf Insurance Group - Jordan

Market Cap: د.أ96.7m

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

First Investment Bank AD

Market Cap: лв769.3m

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

Deutsche Balaton

Market Cap: €198.4m

A private equity focusing on private equity investments in listed and unlisted companies, real estate investments and investments in other assets.

Sound Financial Bancorp

Market Cap: US$117.4m

Operates as the bank holding company for Sound Community Bank that provides banking and other financial services for consumers and businesses.