U.S. Retail Undervalued based on future growth

JD.com

Market Cap: US$40.5b

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

Lithia Motors

Market Cap: US$5.7b

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

MINISO Group Holding

Market Cap: US$4.7b

An investment holding company, engages in the retail and wholesale of design-led lifestyle and pop toy products in Mainland China, the rest of Asia, North and Latin America, Europe, and internationally.

Victoria's Secret

Market Cap: US$3.5b

Operates as a specialty retailer of women’s intimate, and other apparel and beauty products worldwide.

Signet Jewelers

Market Cap: US$3.2b

Operates as a diamond jewelry retailer in the United States, Canada, the United Kingdom, and Republic of Irland.

American Eagle Outfitters

Market Cap: US$2.7b

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

RH

Market Cap: US$2.5b

Operates as a retailer and lifestyle brand in the home furnishings market in the United States, Canada, the United Kingdom, Germany, Belgium, and Spain.

Sally Beauty Holdings

Market Cap: US$1.3b

Operates as a specialty retailer and distributor of professional beauty supplies.

ATRenew

Market Cap: US$1.0b

Operates pre-owned consumer electronics transactions and services platform in the People’s Republic of China.

Upbound Group

Market Cap: US$1.0b

A technology and data-driven company, provides financial solutions in the United States, Puerto Rico, and Mexico.

Betterware de MéxicoP.I. de

Market Cap: US$619.7m

Operates as a direct-to-consumer selling company in the United Staes and Mexico.

Haverty Furniture Companies

Market Cap: US$343.8m

Operates as a specialty retailer of residential furniture and accessories in the United States.

J.Jill

Market Cap: US$226.1m

Operates as an omnichannel retailer for women’s apparel in the United States.