U.S. Diversified Financials Undervalued based on future growth

Corebridge Financial

Market Cap: US$16.2b

Provides retirement solutions and insurance products in the United States.

Annaly Capital Management

Market Cap: US$15.6b

A diversified capital manager, engages in the mortgage finance business.

Kaspi.kz

Market Cap: US$15.0b

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

Invesco

Market Cap: US$12.5b

A publicly owned investment manager.

AGNC Investment

Market Cap: US$11.9b

Provides private capital to housing market in the United States.

OneMain Holdings

Market Cap: US$8.3b

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

Voya Financial

Market Cap: US$7.4b

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

PennyMac Financial Services

Market Cap: US$7.0b

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

Rithm Capital

Market Cap: US$6.2b

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

Shift4 Payments

Market Cap: US$5.7b

Engages in the provision of software and payment processing solutions in the United States and internationally.

Lazard

Market Cap: US$4.8b

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

Victory Capital Holdings

Market Cap: US$4.3b

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

Blackstone Mortgage Trust

Market Cap: US$3.3b

A real estate finance company, originates senior loans collateralized by commercial properties in North America, Europe, and Australia.

Euronet Worldwide

Market Cap: US$3.2b

Provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, and individual consumers worldwide.

NCR Atleos

Market Cap: US$2.8b

A financial technology company, provides 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.

LendingClub

Market Cap: US$2.3b

Operates as a bank holding company, that provides range of financial products and services in the United States.

Dynex Capital

Market Cap: US$2.1b

A mortgage real estate investment trust, invests in mortgage-backed securities (MBS) in the United States.

Walker & Dunlop

Market Cap: US$2.0b

Through its subsidiaries, originates, sells, and services a range of multifamily and other commercial real estate financing products and services for owners and developers of real estate in the United States.

ARMOUR Residential REIT

Market Cap: US$2.0b

Invests in residential mortgage-backed securities (MBS) in the United States.

Wealthfront

Market Cap: US$2.0b

A privately owned investment manager.

Burford Capital

Market Cap: US$2.0b

Provides legal finance products and services worldwide.

Merchants Bancorp

Market Cap: US$1.6b

Operates as the diversified bank holding company in the United States.

Ellington Financial

Market Cap: US$1.5b

Through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States.

Orchid Island Capital

Market Cap: US$1.3b

A specialty finance company, invests in residential mortgage-backed securities (RMBS) in the United States.

Capital Southwest

Market Cap: US$1.3b

A business development company.

Donnelley Financial Solutions

Market Cap: US$1.3b

Provides innovative software and technology-enabled financial regulatory and compliance solutions in the United States, Asia, Europe, Canada, and internationally.

Trinity Capital

Market Cap: US$1.2b

A business development company specializing in term loans, equipment financing, and private equity-related investments.

PennyMac Mortgage Investment Trust

Market Cap: US$1.1b

Through its subsidiary, primarily invests in residential mortgage-related assets in the United States.

Atlanticus Holdings

Market Cap: US$1.0b

A financial technology company, provides products and services to lenders in the United States.

MFA Financial

Market Cap: US$968.8m

Operates as a real estate investment trust in the United States.

Franklin BSP Realty Trust

Market Cap: US$816.9m

A real estate finance company, originates, acquires, and manages a portfolio of commercial real estate debt investments secured by properties located in the United States and internationally.

TPG RE Finance Trust

Market Cap: US$694.2m

A commercial real estate finance company, originates, acquires, and manages commercial mortgage loans and other commercial real estate-related debt instruments in the United States.

Invesco Mortgage Capital

Market Cap: US$603.0m

Operates as a real estate investment trust (REIT) that invests, finances, and manages mortgage-backed securities and other mortgage-related assets in the United States.

LexinFintech Holdings

Market Cap: US$548.5m

Offers online direct sales and online consumer finance services in the People’s Republic of China.

Priority Technology Holdings

Market Cap: US$453.6m

Operates as a payment technology company in the United States.

Regional Management

Market Cap: US$387.1m

A diversified consumer finance company, provides various installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders in the United States.