U.S. Diversified Financials Undervalued based on future growth

Global Payments

Market Cap: US$21.6b

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

Kaspi.kz

Market Cap: US$16.6b

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

Futu Holdings

Market Cap: US$14.9b

Engages in the provision of digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally.

XP

Market Cap: US$8.9b

Engages in the provision of financial products and services in Brazil.

OneMain Holdings

Market Cap: US$6.9b

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

Victory Capital Holdings

Market Cap: US$6.0b

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

Rithm Capital

Market Cap: US$5.1b

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

Hamilton Lane

Market Cap: US$4.6b

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.

PennyMac Financial Services

Market Cap: US$4.4b

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

Lazard

Market Cap: US$4.3b

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

NCR Atleos

Market Cap: US$3.5b

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.

Dynex Capital

Market Cap: US$3.1b

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

DigitalBridge Group

Market Cap: US$3.0b

DigitalBridge Group Inc. is a leading global alternative asset manager dedicated to investing in digital infrastructure.

UWM Holdings

Market Cap: US$2.9b

Engages in the origination, sale, and servicing residential mortgage lending in the United States.

Blackstone Mortgage Trust

Market Cap: US$2.9b

A real estate finance company, originates, acquires, and manages loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate.

Merchants Bancorp

Market Cap: US$2.2b

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

Happen

Market Cap: US$2.2b

Operates as a bank holding company that provides financial and lending services.

Patria Investments

Market Cap: US$1.7b

Operates as a private market investment firm.

PicS

Market Cap: US$1.6b

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

Trinity Capital

Market Cap: US$1.6b

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

Capital Southwest

Market Cap: US$1.5b

A business development company.

Atlanticus Holdings

Market Cap: US$1.4b

A financial technology company, provides products and services to lenders 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.

Donnelley Financial Solutions

Market Cap: US$1.2b

Provides compliance and regulatory software and services in the United States, Asia, Europe, Canada, and internationally.

FinVolution Group

Market Cap: US$1.2b

An investment holding company, operates in the online consumer finance industry in the People’s Republic of China, Indonesia, Philippines, and internationally.

MFA Financial

Market Cap: US$943.8m

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

UP Fintech Holding

Market Cap: US$893.6m

Provides online brokerage services focusing on Chinese investors in New Zealand, the Cayman Island, Singapore, the United States, and internationally.

PennyMac Mortgage Investment Trust

Market Cap: US$858.9m

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

Alerus Financial

Market Cap: US$808.1m

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

Adamas Trust

Market Cap: US$789.9m

Acquires, invests in, finances, and manages mortgage-related single-family and multifamily residential assets in the United States.

OppFi

Market Cap: US$789.0m

A tech-enabled digital finance platform, provides financial products and services for banks in the United States.

Invesco Mortgage Capital

Market Cap: US$728.7m

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.

TPG RE Finance Trust

Market Cap: US$670.3m

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

Franklin BSP Realty Trust

Market Cap: US$604.9m

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.

NewtekOne

Market Cap: US$425.6m

Operates as the bank holding company for Newtek Bank, National Association that provides various business and financial solutions under the Newtek and NewtekOne brands to the small- and medium-sized business market.

Regional Management

Market Cap: US$391.5m

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.