Global Undervalued based on future growth

Vale Indonesia

Market Cap: Rp58.8t

Engages in the mining and processing of nickel in Indonesia.

StoneCo

Market Cap: US$3.5b

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

Signet Jewelers

Market Cap: US$3.5b

Operates as a diamond jewelry retailer.

Enova International

Market Cap: US$3.4b

A technology and analytics company, provides online financial services in the United States, Brazil, and internationally.

Brighthouse Financial

Market Cap: US$3.4b

Provides annuity and life insurance products in the United States.

Beiqi Foton MotorLtd

Market Cap: CN¥23.2b

Engages in the manufacture and sale of commercial vehicles worldwide.

VEON

Market Cap: US$3.4b

Provides telecommunications and digital services in Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan.

Zenith Bank

Market Cap: ₦4.6t

Provides banking and other financial services to corporate and individual customers in Nigeria, rest of Africa, and internationally.

First Interstate BancSystem

Market Cap: US$3.3b

Operates as a bank holding company for First Interstate Bank that provides a range of banking products and services in the United States.

Daishi Hokuetsu Financial Group

Market Cap: JP¥529.8b

Provides financial products and services in Japan.

Guaranty Trust Holding

Market Cap: ₦4.5t

Operates as a financial holding company for Guaranty Trust Bank Limited that provides commercial banking services in Nigeria, Ghana, Gambia, Sierra Leone, Liberia, Cote D'Ivoire, Kenya, Uganda, Rwanda, Tanzania, and the United Kingdom.

Renasant

Market Cap: US$3.3b

Operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, and fiduciary services to retail and commercial customers.

ENEA

Market Cap: zł12.3b

Generates, transmits, distributes, and trades in electricity in Poland.

NCR Atleos

Market Cap: US$3.2b

A financial technology company, engages in the provision of self-directed banking solutions to financial institutions, merchants, manufacturers, retailers, and consumers in the United States, rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

WesBanco

Market Cap: US$3.2b

Operates as the bank holding company for WesBanco Bank, Inc.

Moscow Exchange MICEX-RTS

Market Cap: ₽192.3b

Public Joint-Stock Company Moscow Exchange MICEX-RTS, an integrated exchange, provides competitive trading, clearing, settlement, depository, and information services to financial market participants.

Fortuna Mining

Market Cap: CA$4.3b

Engages in the precious and base metal mining and related activities in Argentina, Côte d’Ivoire, Mexico, Peru, and Senegal.

Golden Agri-Resources

Market Cap: S$4.0b

An investment holding company, operates as an integrated palm oil plantation company in Singapore, India, Pakistan, China, rest of Asia, the United States, Europe, and the Middle East.

Shandong Linglong TyreLtd

Market Cap: CN¥21.5b

Designs, manufactures, develops, and sells tires in the People’s Republic of China.

First Pacific

Market Cap: HK$24.5b

An investment holding company, engages in the consumer food products, telecommunications, infrastructure, and natural resources businesses in the Philippines, Indonesia, Singapore, the Middle East, Africa, and internationally.

Nicolet Bankshares

Market Cap: US$3.1b

Operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals in Wisconsin, Michigan, and Minnesota.

Indofood Sukses Makmur

Market Cap: Rp52.5t

Operates as a food solutions company in Indonesia, the Middle East, Africa, the rest of Asia, and internationally.

Türkiye Sigorta

Market Cap: ₺136.3b

Operates as a non-life insurance company in Turkey.

TBC Bank Group

Market Cap: UK£2.3b

Through its subsidiaries, provides banking, leasing, insurance, brokerage, and card processing services to corporate and individual customers in Georgia, Azerbaijan, and Uzbekistan.

Indah Kiat Pulp & Paper

Market Cap: Rp52.0t

Manufactures and sells cultural paper, pulp, tissue, and industrial paper in Indonesia, rest of Asia, the United States, Australia, the Middle East, Africa, and Europe.

TAG Immobilien

Market Cap: €2.7b

A real estate company, engages in the acquisition, development, and management of residential real estate properties in Germany.

China Banking

Market Cap: ₱182.5b

Provides various banking and financial products and services to individuals and business in the Philippines.

Chengdu Xingrong Environment

Market Cap: CN¥20.9b

Primarily engages in the tap water business in China.

Türkiye Sise Ve Cam Fabrikalari

Market Cap: ₺134.2b

Manufactures and sells glass products.

Shanghai Huafon Aluminium

Market Cap: CN¥20.7b

Engages in the research and development, production, and sales of aluminum sheets, strips, and foils.

TowneBank

Market Cap: US$3.0b

Provides retail and commercial banking services for individuals, commercial enterprises, and professionals in the United States.

Mitie Group

Market Cap: UK£2.3b

Provides facilities management and professional services in the United Kingdom and internationally.

American Eagle Outfitters

Market Cap: US$3.0b

Operates as a multi-brand specialty retailer in the United States and internationally.

Shanghai Tunnel Engineering

Market Cap: CN¥20.4b

Engages in the consulting, planning, design, investment, construction, and operation of urban infrastructure in China, Hong Kong, India, Singapore, Macau, and internationally.

Wienerberger

Market Cap: €2.5b

Produces and sells clay blocks, facing bricks, roof tiles, and pavers in Europe West, Europe East, and North America.

PVH

Market Cap: US$2.9b

Operates as an apparel company in the United States and internationally.