U.S. Undervalued based on future growth

PDD Holdings

Market Cap: US$122.2b

A multinational commerce group that owns and operates a portfolio of businesses.

JD.com

Market Cap: US$39.4b

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

Royalty Pharma

Market Cap: US$31.7b

Operates as a buyer of biopharmaceutical royalties and a funder of innovation in the biopharmaceutical industry in the United States.

Bunge Global

Market Cap: US$25.1b

Operates as an agribusiness and food company worldwide.

Global Payments

Market Cap: US$18.5b

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$15.9b

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

Pinnacle Financial Partners

Market Cap: US$14.5b

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.

Futu Holdings

Market Cap: US$13.4b

Engages in the provision of digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally.

JBS

Market Cap: US$13.1b

Engages in the processing of animal proteins, encompassing activities related to beef, pork, lamb, and poultry worldwide.

Reinsurance Group of America

Market Cap: US$13.0b

Provides life and health, and asset-intensive reinsurance in the United States, Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia.

Fidelity National Financial

Market Cap: US$12.4b

Provides various insurance products in the United States.

AGNC Investment

Market Cap: US$11.8b

Provides private capital to housing market in the United States.

Ternium

Market Cap: US$9.8b

Manufactures and distributes steel products in Mexico, Southern Region, Brazil, and internationally.

Old National Bancorp

Market Cap: US$9.3b

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$8.7b

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$8.5b

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$8.4b

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.

XP

Market Cap: US$8.0b

Engages in the provision of financial products and services in Brazil.

Virtu Financial

Market Cap: US$8.0b

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

Avnet

Market Cap: US$7.2b

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

Lear

Market Cap: US$7.2b

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$7.1b

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.

Prosperity Bancshares

Market Cap: US$6.9b

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

Matador Resources

Market Cap: US$6.9b

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

Lithia Motors

Market Cap: US$6.6b

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

Century Aluminum

Market Cap: US$6.6b

Produces primary aluminum and alumina in the United States and Iceland.

Lincoln National

Market Cap: US$6.5b

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

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$6.1b

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.

Victoria's Secret

Market Cap: US$5.8b

Operates as a specialty retailer of women’s intimate, and other apparel and beauty products worldwide.

TG Therapeutics

Market Cap: US$5.7b

A commercial stage biopharmaceutical company, focuses on the acquisition, development, and commercialization of novel treatments for B-cell mediated diseases in the United States and internationally.

Open Text

Market Cap: US$5.7b

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.

Versant Media Group

Market Cap: US$5.7b

Engages in the media and entertainment business in the United States.

Hancock Whitney

Market Cap: US$5.6b

Operates as the financial holding company for Hancock Whitney Bank that provides traditional and online banking services to commercial, small business, and retail customers in the United States.

Victory Capital Holdings

Market Cap: US$5.6b

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