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.

Shenzhen Coship Electronics

Market Cap: CN¥7.6b

Engages in the manufacture and sale of smart home products and services worldwide.

Yulie Sekuritas Indonesia

Market Cap: Rp4.3t

Operates as a securities company in Indonesia.

Sun

Market Cap: MU₨6.5b

Operates in the tourism sector.

Misr Beni Suef CementE

Market Cap: ج.م6.6b

Produces and sells cement products in Egypt 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.

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

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

Transnational Corporation of Nigeria

Market Cap: ₦468.0b

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 268.3b

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

Bank of Africa Mali

Market Cap: XOF 82.4b

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

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.

Pure Cycle

Market Cap: US$244.1m

Provides wholesale water and wastewater services in the United States.

FRMO

Market Cap: US$368.0m

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

Chilanga Cement

Market Cap: K6.1b

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

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.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Keir International

Market Cap: ر.س474.0m

Provides a range of service solutions.

Vantage

Market Cap: US$134.4m

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

NSIA Banque Société Anonyme

Market Cap: XOF 217.7b

Provides various banking products and services.

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.

Eurofins-Cerep

Market Cap: €103.9m

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

Sparta

Market Cap: €86.8m

A publicly owned investment manager.

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.

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.

Castellana Properties Socimi

Market Cap: €919.0m

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

ANSA Merchant Bank

Market Cap: TT$3.4b

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

Gulf Island Fabrication

Market Cap: US$110.3m

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

Metalpha Technology Holding

Market Cap: US$133.6m

Provides wealth management services in Hong Kong.

Sugar Terminals

Market Cap: AU$352.8m

Provides storage and handling solutions for bulk sugar and other commodities in Australia.

Maistra d.d

Market Cap: €518.8m

Engages in the hotel business in Croatia.

Solesence

Market Cap: US$285.3m

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

Standard Bank

Market Cap: MK 2.2t

Provides banking and other related services in Malawi.

Grendene

Market Cap: R$5.0b

Engages in the development, production, distribution, and sale of footwear for women, men, and children in Brazil and internationally.

Tchaikapharma High Quality Medicines AD

Market Cap: лв1.6b

Engages in the development and manufacture of generic and in-licensed medicines in Bulgaria.

West Bancorporation

Market Cap: US$318.7m

Operates as the financial holding company provides community banking and trust services to individuals and small- to medium-sized businesses in the United States.