U.S. Diversified Financials Undervalued based on future growth

Apollo Global Management

Market Cap: US$62.9b

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

Kaspi.kz

Market Cap: US$14.2b

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

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$11.3b

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.

Virtu Financial

Market Cap: US$6.3b

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

Voya Financial

Market Cap: US$6.3b

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

OneMain Holdings

Market Cap: US$6.3b

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

Rithm Capital

Market Cap: US$5.4b

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

PennyMac Financial Services

Market Cap: US$4.5b

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

Moelis

Market Cap: US$4.5b

Operates as an investment banking advisory company in North and South America, Europe, the Middle East, Asia, and Australia.

Victory Capital Holdings

Market Cap: US$4.5b

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

Lazard

Market Cap: US$4.2b

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

Enova International

Market Cap: US$3.4b

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

StoneCo

Market Cap: US$3.4b

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

NCR Atleos

Market Cap: US$3.3b

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.

Euronet Worldwide

Market Cap: US$2.9b

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

PagSeguro Digital

Market Cap: US$2.8b

Engages in the provision of financial and payment solutions for consumers, individual entrepreneurs, micro-merchants, and small and medium-sized companies in Brazil and internationally.

Sezzle

Market Cap: US$2.5b

Operates as a technology-enabled payments company primarily in the United States and Canada.

WisdomTree

Market Cap: US$2.3b

Through its subsidiaries, operates as an exchange-traded funds (ETFs) sponsor and asset manager.

Merchants Bancorp

Market Cap: US$1.9b

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

PicS

Market Cap: US$1.8b

Operates as a digital financial services company that provides digital wallet and application for individuals and businesses in Brazil.

Burford Capital

Market Cap: US$1.7b

Provides legal finance products and services worldwide.

LendingClub

Market Cap: US$1.7b

Operates as a bank holding company, that provides range of financial products and services 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$1.4b

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.

Wealthfront

Market Cap: US$1.3b

A privately owned investment manager.

Donnelley Financial Solutions

Market Cap: US$1.3b

Provides compliance and regulatory software and services 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$1.0b

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

Atlanticus Holdings

Market Cap: US$829.9m

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

Franklin BSP Realty Trust

Market Cap: US$756.2m

A real estate finance company, originates and manages a diversified portfolio of commercial real estate debt investments through a REIT structure in the United States and internationally.

World Acceptance

Market Cap: US$660.9m

Engages in consumer finance business in the United States.

TPG RE Finance Trust

Market Cap: US$655.8m

A commercial real estate finance company, originates and acquires a portfolio of commercial real estate-related assets in the United States.

Alerus Financial

Market Cap: US$606.6m

Operates as the bank holding company for Alerus Financial, National Association that provides various financial services to businesses and consumers in the United States.

International Money Express

Market Cap: US$475.9m

Operates as an omnichannel money remittance services company in the United States, Latin America, Mexico, Central and South America, the Caribbean, Africa, and Asia.