U.S. Undervalued based on future growth

PDD Holdings

Market Cap: US$136.6b

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

Apollo Global Management

Market Cap: US$64.4b

A private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets.

JD.com

Market Cap: US$38.4b

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

Kimberly-Clark

Market Cap: US$32.7b

Manufactures and markets personal care products in the United States.

Devon Energy

Market Cap: US$30.2b

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

Citizens Financial Group

Market Cap: US$24.2b

Operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions in the United States.

Humana

Market Cap: US$20.0b

Provides medical and specialty insurance products in the United States.

Global Payments

Market Cap: US$18.8b

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

Super Micro Computer

Market Cap: US$18.5b

Develops and sells server and storage solutions based on modular and open-standard architecture in the United States, Asia, Europe, and internationally.

Kaspi.kz

Market Cap: US$13.9b

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

Reinsurance Group of America

Market Cap: US$13.1b

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

Everest Group

Market Cap: US$12.8b

Together with subsidiaries, provides reinsurance and insurance products in the United States, Europe, and internationally.

Pinnacle Financial Partners

Market Cap: US$12.5b

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.

Fidelity National Financial

Market Cap: US$12.2b

Provides various insurance products in the United States.

Ally Financial

Market Cap: US$11.8b

A digital financial-services company, provides various digital financial products and services in the United States and Canada.

Stifel Financial

Market Cap: US$10.9b

Operates as the bank holding company for Stifel, Nicolaus & Company, Incorporated that provides retail and institutional wealth management, and investment banking services to individual, corporations, municipalities, and institutions in the United States, the United Kingdom, Canada, and internationally.

AES

Market Cap: US$10.1b

Operates as a power generation and utility company.

Norwegian Cruise Line Holdings

Market Cap: US$8.9b

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

Mosaic

Market Cap: US$8.3b

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

UMB Financial

Market Cap: US$8.3b

Operates as a bank holding company that provides banking services and asset servicing in the United States and internationally.

Old National Bancorp

Market Cap: US$8.3b

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

Columbia Banking System

Market Cap: US$7.8b

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

Western Alliance Bancorporation

Market Cap: US$7.3b

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

SM Energy

Market Cap: US$6.6b

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

Valley National Bancorp

Market Cap: US$6.5b

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

Prosperity Bancshares

Market Cap: US$6.5b

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

Lincoln National

Market Cap: US$6.4b

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

Voya Financial

Market Cap: US$6.2b

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

Virtu Financial

Market Cap: US$6.1b

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

Mohawk Industries

Market Cap: US$6.0b

Designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Latin America, and internationally.

OneMain Holdings

Market Cap: US$6.0b

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

Lear

Market Cap: US$5.9b

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.

Lithia Motors

Market Cap: US$5.8b

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

Hamilton Lane

Market Cap: US$5.7b

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.

Open Text

Market Cap: US$5.6b

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.

Glacier Bancorp

Market Cap: US$5.6b

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.