German Diversified Financials Potentially Undervalued Companies

Ernst Russ

Market Cap: €249.3m

A publicly owned investment manager.

BFF Bank

Market Cap: €1.8b

Engages in non-recourse factoring and credit management activities towards public administration bodies and private hospitals in Italy, Croatia, the Czech Republic, France, Greece, Poland, Portugal, Slovakia, and Spain.

XP

Market Cap: €8.9b

Provides financial products and services in Brazil.

StoneCo

Market Cap: €3.9b

Provides financial technology and software solutions to merchants and integrated partners to conduct electronic commerce across in-store, online, and mobile channels in Brazil.

Angel Oak Mortgage REIT

Market Cap: €221.7m

A real estate finance company, focuses on acquiring and investing in first lien non- qualified mortgage loans and other mortgage-related assets in the United States mortgage market.

Pluxee

Market Cap: €1.8b

Offers employee benefits and engagement solutions services in France, Latin America, Continental Europe, and internationally.

MLP

Market Cap: €810.3m

Provides financial services to private, corporate, and institutional clients in Germany.

Ernst Russ

Market Cap: €249.3m

A publicly owned investment manager.

ICG

Market Cap: €6.0b

A private equity firm specializing in direct and fund of fund investments.

MLP

Market Cap: €810.3m

Provides financial services to private, corporate, and institutional clients in Germany.

3i Group

Market Cap: €30.8b

A private equity firm specializing in mature companies, growth capital, middle markets, infrastructure, and management leveraged buyouts and buy-ins.

FinVolution Group

Market Cap: €1.3b

An investment holding company, operates in the online consumer finance industry in the People’s Republic of China, Indonesia, and internationally.

FRP Advisory Group

Market Cap: €322.5m

Provides business advisory services to companies, lenders, investors, individuals, and other stakeholders in the United Kingdom.

Virtu Financial

Market Cap: €5.1b

Operates as a financial services company in the United States, Ireland, and internationally.

Rithm Capital

Market Cap: €6.4b

Operates as an asset manager focused on real estate, credit, and financial services in the United States.

Equitable Holdings

Market Cap: €13.9b

Together with its consolidated subsidiaries, operates as a diversified financial services company worldwide.

XTB

Market Cap: €8.6b

Provides ETF, currency derivatives, commodities, indices, stocks, and bonds brokerage services in Central and Eastern Europe, Western Europe, Latin America, and the Middle East.

Corebridge Financial

Market Cap: €16.2b

Provides retirement solutions and insurance products in the United States.

Polar Capital Holdings

Market Cap: €533.2m

Polar Capital Holdings plc is a publicly owned investment manager.

Enact Holdings

Market Cap: €5.9b

Operates as a private mortgage insurance company in the United States.

Essent Group

Market Cap: €6.2b

Through its subsidiaries, provides private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States.

ORIX

Market Cap: €5.2t

Provides financial services in Japan, the United States, Asia, Europe, and Australasia.

HMC Capital

Market Cap: €1.8b

Owns and manages real estate focused funds in Australia.

Time Finance

Market Cap: €46.3m

Provides financial products and services to consumers and businesses in the United Kingdom.

Pepper Money

Market Cap: €942.4m

Operates as a non-bank lender in the mortgage and asset finance markets in Australia and New Zealand.

Alaris Equity Partners Income Trust

Market Cap: €973.0m

A private equity firm specializing in management buyouts, growth capital, lower & middle market, later stage, industry consolidation, growth capital, and mature investments.

Propel Holdings

Market Cap: €933.9m

Operates as a financial technology company.

Grenke

Market Cap: €691.8m

Provides financial services to small and medium-sized (SME) enterprises in Germany, France, Italy, and internationally.

ABC arbitrage

Market Cap: €323.3m

Develops arbitrage strategies for liquid assets in Europe, North America, Asia, and internationally.

Alerus Financial

Market Cap: €613.3m

Operates as the bank holding company for Alerus Financial, National Association that provides various financial services to businesses and consumers in the United States.

MFA Financial

Market Cap: €990.3m

Operates as a real estate investment trust in the United States.

Foresight Group Holdings

Market Cap: €501.6m

Operates as an infrastructure and private equity manager in the United Kingdom, Italy, Luxembourg, Ireland, Spain, and Australia.

China Development Bank Financial Leasing

Market Cap: €20.9b

China Development Bank Financial Leasing Co., Ltd.

Marex Group

Market Cap: €2.7b

A financial services platform provider company, provides liquidity, market access, and infrastructure services to clients in the energy, commodities, and financial markets in the United Kingdom, the United States, and internationally.

Anima Holding

Market Cap: €2.0b

Anima Holding S.p.A. is a publicly owned investment manager.

MPC Münchmeyer Petersen Capital

Market Cap: €173.4m

A publicly owned investment manager.