U.S. Undervalued based on future growth

JD.com

Market Cap: US$40.7b

Operates as a supply chain-based technology and service provider in the People’s Republic of China and Europe.

Bunge Global

Market Cap: US$25.3b

Operates as an agribusiness and food company worldwide.

Global Payments

Market Cap: US$19.1b

Provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific.

Kaspi.kz

Market Cap: US$16.0b

Provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine.

Pinnacle Financial Partners

Market Cap: US$14.9b

Operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States.

Fidelity National Financial

Market Cap: US$13.9b

Provides various insurance products in the United States.

AGNC Investment

Market Cap: US$12.3b

Provides private capital to housing market in the United States.

Old National Bancorp

Market Cap: US$9.5b

Operates as the bank holding company for Old National Bank that provides consumer and commercial banking services in the United States.

Western Alliance Bancorporation

Market Cap: US$8.8b

Operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada.

Columbia Banking System

Market Cap: US$8.6b

Operates as the bank holding company for Columbia Bank that provides banking, private banking, mortgage, and other financial services in the United States.

Ryan Specialty Holdings

Market Cap: US$8.1b

Operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers in the United States, Canada, the United Kingdom, rest of Europe, India, Singapore, and internationally.

Virtu Financial

Market Cap: US$7.8b

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

Norwegian Cruise Line Holdings

Market Cap: US$7.8b

Operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally.

Voya Financial

Market Cap: US$7.7b

Provides workplace benefits, and savings solutions and technologies in the United States and internationally.

Valley National Bancorp

Market Cap: US$7.6b

Operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products.

SM Energy

Market Cap: US$7.5b

An independent energy company, engages in the acquisition, exploration, development, and production of oil, gas, and natural gas liquids in the United States.

Mosaic

Market Cap: US$7.4b

Through its subsidiaries, produces and markets concentrated phosphate and potash crop nutrients.

Lincoln National

Market Cap: US$7.2b

Through its subsidiaries, operates multiple insurance and retirement businesses in the United States.

Prosperity Bancshares

Market Cap: US$7.0b

Operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers.

Avnet

Market Cap: US$6.8b

Distributes electronic component technology in the Americas, Europe, the Middle East, Africa, and Asia/Pacific.

Lear

Market Cap: US$6.6b

Designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers in North America, Europe, Africa, Asia, and South America.

Ingram Micro Holding

Market Cap: US$6.6b

Through its subsidiaries, distributes information technology (IT) products, cloud, and other services in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America.

Lithia Motors

Market Cap: US$6.5b

Operates as an automotive retailer in the United States, the United Kingdom, and Canada.

OneMain Holdings

Market Cap: US$6.4b

A financial service holding company, engages in the consumer finance and insurance businesses in the United States.

Glacier Bancorp

Market Cap: US$6.3b

Operates as the bank holding company for Glacier Bank that provides commercial banking services to individuals, small to medium-sized businesses, community organizations, and public entities in the United States.

Open Text

Market Cap: US$5.8b

Designs, develops, markets, and sells information management software and solutions in North, Central, and South America, Europe, the Middle East, Africa, Australia, Japan, Singapore, India, and China.

UWM Holdings

Market Cap: US$5.5b

Engages in the origination, sale, and servicing residential mortgage lending in the United States.

Rithm Capital

Market Cap: US$5.4b

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

Atlantic Union Bankshares

Market Cap: US$5.4b

Operates as the bank holding company for Atlantic Union Bank that provides banking and related financial products and services to consumers and businesses in the United States.

Hamilton Lane

Market Cap: US$5.2b

A private equity and venture capital firm specializing in early venture, emerging growth, turnaround, middle market, mature, mid-venture, bridge, buyout, distressed/vulture, loan, mezzanine in growth capital companies.

Victory Capital Holdings

Market Cap: US$5.1b

Operates as an asset management company in the United States and internationally.

Copa Holdings

Market Cap: US$4.7b

Through its subsidiaries, provides airline passenger, and cargo and mail transportation services in North America, South America, Central America, and the Caribbean.

Associated Banc-Corp

Market Cap: US$4.6b

A bank holding company, provides various banking and nonbanking products and services to individuals and businesses in Wisconsin, Illinois, Missouri, and Minnesota.

PennyMac Financial Services

Market Cap: US$4.5b

Through its subsidiaries, engages in the mortgage banking and investment management activities in the United States.

MINISO Group Holding

Market Cap: US$4.4b

An investment holding company, engages in the retail and wholesale of design-led lifestyle and pop toy products in Mainland China, the rest of Asia, North and Latin America, Europe, and internationally.

Brink's

Market Cap: US$4.3b

Provides cash and valuables management, digital retail solutions (DRS), and automated teller machines (ATM) managed services in North America, Latin America, Europe, and internationally.