U.S. Undervalued based on future growth

American Airlines Group

Market Cap: US$7.6b

Through its subsidiaries, operates as a network air carrier in the United States, Latin America, Atlantic, and Pacific.

Jazz Pharmaceuticals

Market Cap: US$7.0b

Jazz Pharmaceuticals plc identifies, develops, and commercializes pharmaceutical products in the United States, Europe, and internationally.

Lincoln National

Market Cap: US$7.0b

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

OneMain Holdings

Market Cap: US$6.9b

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

Voya Financial

Market Cap: US$6.7b

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

APA

Market Cap: US$6.7b

An independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids.

SLM

Market Cap: US$6.5b

Through its subsidiaries, originates and services private education loans to students and their families to finance the cost of their education in the United States.

Rithm Capital

Market Cap: US$6.4b

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

Cadence Bank

Market Cap: US$6.3b

Provides commercial banking and financial services in the United States.

Alaska Air Group

Market Cap: US$5.9b

Through its subsidiaries, operates airlines.

Arrow Electronics

Market Cap: US$5.9b

Provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

MINISO Group Holding

Market Cap: US$5.7b

An investment holding company, engages in the retail and wholesale of lifestyle products and pop toy products in China, rest of Asia, the Americas, Europe, Indonesia, and internationally.

F.N.B

Market Cap: US$5.3b

A bank and financial holding company, provides a range of financial products and services primarily to consumers, corporations, governments, and small- to medium-sized businesses in the United States.

Valley National Bancorp

Market Cap: US$5.2b

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

Glacier Bancorp

Market Cap: US$5.1b

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.

PennyMac Financial Services

Market Cap: US$5.0b

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

Lear

Market Cap: US$5.0b

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.

Columbia Banking System

Market Cap: US$4.9b

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

Lazard

Market Cap: US$4.7b

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

Ingram Micro Holding

Market Cap: US$4.6b

Through its subsidiaries, distributes information technology products, cloud, and other services in North America, Europe, the Middle East, Africa, the Asia-Pacific, Latin America, and internationally.

Qfin Holdings

Market Cap: US$4.5b

Qfin Holdings, Inc., together with its subsidiaries, operate AI- driven credit-tech platform under the Qifu Jietiao brand in the People’s Republic of China.

BGC Group

Market Cap: US$4.5b

Operates as a financial brokerage and technology company in the United States, Europe, the Middle East, Africa, and the Asia Pacific.

Copa Holdings

Market Cap: US$4.5b

Through its subsidiaries, provides airline passenger and cargo transport services.

Victory Capital Holdings

Market Cap: US$4.5b

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

Atlantic Union Bankshares

Market Cap: US$4.4b

Operates as the bank holding company for Atlantic Union Bank that provides banking and related financial products and services to consumers and businesses in the United States.

Avnet

Market Cap: US$4.3b

Distributes electronic component technology.

Frontline

Market Cap: US$4.2b

A shipping company, engages in the ownership and operation of oil and product tankers worldwide.

Rush Enterprises

Market Cap: US$4.1b

Through its subsidiaries, operates as an integrated retailer of commercial vehicles and related services in the United States and Canada.

CNX Resources

Market Cap: US$4.1b

An independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin.

Granite Construction

Market Cap: US$4.0b

Operates as an infrastructure contractor in the United States.

Chagee Holdings

Market Cap: US$3.9b

Through its subsidiaries, owns, operates, and franchises teahouses under the CHAGEE brand name in the People’s Republic of China and internationally.

ACADIA Pharmaceuticals

Market Cap: US$3.9b

A biopharmaceutical company, focuses on the development and commercialization of medicines for central nervous system (CNS) disorders and rare diseases in the United States.

Associated Banc-Corp

Market Cap: US$3.9b

A bank holding company, provides various banking and nonbanking products and services to individuals and businesses in Wisconsin, Illinois, Missouri, and Minnesota.

Core Natural Resources

Market Cap: US$3.8b

Produces, sells, and exports metallurgical and thermal coals in the United States and internationally.

Insight Enterprises

Market Cap: US$3.8b

Provides information technology, hardware, software, and services in the United States and internationally.

Mercury General

Market Cap: US$3.8b

Engages in writing personal automobile insurance in the United States.