Global Undervalued based on future growth

Xiamen C&D

Market Cap: CN¥27.6b

Engages in the supply chain and real estate development businesses in China and internationally.

Grupo de Inversiones Suramericana

Market Cap: Col$14.7t

Through its subsidiaries, invests in the financial services sector in Colombia, Chile, Mexico, Brazil, Uruguay, Panama, Peru, Dominican Republic, El Salvador, Argentina, the United States, Luxembourg, and Bermuda.

TUI

Market Cap: €3.5b

Provides tourism services internationally.

Bank of Qingdao

Market Cap: HK$30.8b

Provides various banking products and services in the People’s Republic of China.

Indivior Pharmaceuticals

Market Cap: US$3.9b

Engages in the development, manufacture, and sale of buprenorphine-based prescription drugs for the treatment of opioid dependence and related disorders in the United States, Europe, Canada, Australia, and internationally.

Doosan Bobcat

Market Cap: ₩5.8t

Designs, manufactures, markets, and distributes compact construction equipment in North America, Europe, the Middle East, Africa, Asia, Latin America, and Oceania.

AviChina Industry & Technology

Market Cap: HK$30.1b

Engages in the development, manufacture, and sale of civil aviation and defense products in Hong Kong and internationally.

Dekon Food and Agriculture Group

Market Cap: HK$30.0b

Engages in the livestock and poultry breeding and farming businesses.

Howard Hughes Holdings

Market Cap: US$3.8b

Develops master planned communities (MPCs) in the United States.

Man Group

Market Cap: UK£2.9b

Man Group Limited is a publicly owned investment manager.

Pan African Resources

Market Cap: UK£2.9b

Engages in the mining, extraction, production, and sale of gold in South Africa.

Lazard

Market Cap: US$3.8b

Operates as a financial advisory and asset management firm in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Regis Resources

Market Cap: AU$5.3b

Engages in the exploration, evaluation, and development of gold projects in Australia.

Juneyao Airlines

Market Cap: CN¥26.0b

Operates air transport business in China.

Capricorn Metals

Market Cap: AU$5.3b

Explores, develops, evaluates, and produces gold in Australia.

China Resources Pharmaceutical Group

Market Cap: HK$29.3b

An investment holding company, engages in the manufacture, distribution, and retail of pharmaceutical and other healthcare products in Mainland China and internationally.

TCL Electronics Holdings

Market Cap: HK$29.2b

An investment holding company, operates as a consumer electronics company in Mainland China, Europe, North America, and internationally.

Victoria's Secret

Market Cap: US$3.7b

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

Rostelecom

Market Cap: ₽222.8b

Provides digital services and solutions in Russia.

Whirlpool

Market Cap: US$3.7b

Manufactures and markets home appliances and related products and services in the North America, Latin America, and internationally.

Independent Bank

Market Cap: US$3.6b

Operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States.

easyJet

Market Cap: UK£2.7b

Operates as a low-cost airline carrier in Europe.

AIMA Technology Group

Market Cap: CN¥25.0b

Engages in the research and development, production, and sale of electric bicycles, mopeds, and motorcycles in China and internationally.

Sparebanken Norge

Market Cap: NOK 34.9b

A financial services company, provides banking and financing services.

Hagerty

Market Cap: US$3.6b

Provides insurance services for collector cars and enthusiast vehicles in the United States, Canada, and the United Kingdom.

JTEKT

Market Cap: JP¥569.8b

Manufactures and sells steering systems, driveline components, bearings, machine tools, electronic control devices, and home accessory equipment.

Inter & Co

Market Cap: US$3.6b

Through its subsidiaries, engages in the banking and spending, investments, insurance brokerage, and inter shop businesses in Brazil and the United States.

Corcept Therapeutics

Market Cap: US$3.6b

A biopharmaceutical company, engages in the discovery and development of medications to treat severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States.

ACADIA Pharmaceuticals

Market Cap: US$3.6b

A biopharmaceutical company, focuses on the development and commercialization of medicines for neurological and rare disease in North America.

SINOPEC Engineering (Group)

Market Cap: HK$27.7b

Provides engineering, procurement, and construction (EPC) contracting services in the People’s Republic of China, Saudi Arabia, Kuwait, and internationally.

Sumitomo Rubber Industries

Market Cap: JP¥561.2b

Provides tires, sports, and industrial and other products in Japan and internationally.

MiTAC Holdings

Market Cap: NT$112.1b

Designs, develops, manufactures, and distributes computers and ancillary equipment, and communication related products in Taiwan, Europe, the United States, and internationally.

Tofas Türk Otomobil Fabrikasi Anonim Sirketi

Market Cap: ₺154.2b

Engages in manufacturing, exporting, and selling passenger cars and light commercial vehicles in Turkey.

Jiangsu Changshu Rural Commercial Bank

Market Cap: CN¥23.9b

Jiangsu Changshu Rural Commercial Bank Co., Ltd.

Takashimaya Company

Market Cap: JP¥552.3b

Engages in the department stores, corporate, and mail order business in Japan.

Nishi-Nippon Financial Holdings

Market Cap: JP¥552.3b

Through its subsidiaries, provides financial and non-financial products and services in Japan, China, Hong Kong, and Singapore.