U.S. Undervalued based on future growth

Flowco Holdings

Market Cap: US$1.5b

Through its subsidiaries, provides production optimization, artificial lift, and methane abatement solutions for the oil and natural gas industry in the United States.

TriMas

Market Cap: US$1.4b

Engages in the design, development, manufacture, and sale of products for consumer products, aerospace, and industrial markets worldwide.

German American Bancorp

Market Cap: US$1.4b

Operates as a financial holding company for German American Bank that provides retail and commercial banking, and health management services.

Playtika Holding

Market Cap: US$1.4b

Develops mobile games in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally.

Live Oak Bancshares

Market Cap: US$1.4b

Operates as the bank holding company for Live Oak Banking Company that provides various banking products and services in the United States.

Merchants Bancorp

Market Cap: US$1.4b

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

Aris Water Solutions

Market Cap: US$1.4b

An environmental infrastructure and solutions company, provides water handling and recycling solutions to oil and natural gas operators in the United States.

Afya

Market Cap: US$1.3b

Operates as a medical education group in Brazil.

Andersons

Market Cap: US$1.3b

Operates in trade, renewables, and nutrient and industrial sectors in the United States, Canada, Mexico, Egypt, Switzerland, and internationally.

Ellington Financial

Market Cap: US$1.3b

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.

Hope Bancorp

Market Cap: US$1.3b

Operates as the bank holding company for Bank of Hope that provides retail and commercial banking services for businesses and individuals in the United States.

Capital Southwest

Market Cap: US$1.3b

A business development company specializing in credit and private equity and venture capital investments in middle market companies, mezzanine, later stage, mature, late venture, emerging growth, buyouts, industry consolidation, recapitalizations and growth capital investments.

Verint Systems

Market Cap: US$1.3b

Provides customer engagement solutions worldwide.

Upbound Group

Market Cap: US$1.3b

Upbound Group, Inc. leases household durable goods to customers on a lease-to-own basis in the United States, Puerto Rico, and Mexico.

Kohl's

Market Cap: US$1.2b

Operates as an omnichannel retailer in the United States.

Navient

Market Cap: US$1.2b

Provides technology-enabled education finance and business processing solutions for education, health care, and government clients in the United States.

AdaptHealth

Market Cap: US$1.2b

Distributes home medical equipment (HME), medical supplies, and home and related services in the United States.

Dime Community Bancshares

Market Cap: US$1.2b

Operates as the holding company for Dime Community Bank that engages in the provision of various commercial banking and financial services.

Kaiser Aluminum

Market Cap: US$1.2b

Manufactures and sells semi-fabricated specialty aluminum mill products.

Leggett & Platt

Market Cap: US$1.2b

Designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally.

Bank First

Market Cap: US$1.1b

Operates as a holding company for Bank First, N.A.

ConnectOne Bancorp

Market Cap: US$1.1b

Operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the United States.

Origin Bancorp

Market Cap: US$1.1b

Operates as a bank holding company for Origin Bank that provides banking and financial services to small and medium-sized businesses, municipalities, and retail clients in Texas, Louisiana, and Mississippi.

Berkshire Hills Bancorp

Market Cap: US$1.1b

Operates as the bank holding company for Berkshire Bank that provides commercial and retail banking consumer lending, private banking and wealth management services in the United States.

Stepan

Market Cap: US$1.1b

Produces and sells specialty and intermediate chemicals to other manufacturers for use in various end products worldwide.

Collegium Pharmaceutical

Market Cap: US$1.1b

A specialty pharmaceutical company, engages in the development and commercialization of medicines for pain management.

LexinFintech Holdings

Market Cap: US$1.1b

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

PennyMac Mortgage Investment Trust

Market Cap: US$1.0b

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

Edgewell Personal Care

Market Cap: US$1.0b

Manufactures and markets personal care products worldwide.

Select Water Solutions

Market Cap: US$1.0b

Provides water management and chemical solutions to the energy industry in the United States.

Gentherm

Market Cap: US$999.2m

Designs, develops, manufactures, and sells thermal management and pneumatic comfort technologies in the United States and internationally.

MFA Financial

Market Cap: US$955.8m

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

OceanFirst Financial

Market Cap: US$941.7m

Operates as the bank holding company for OceanFirst Bank N.A.

XPEL

Market Cap: US$929.2m

Manufactures, installs, sells, and distributes protective films, coatings and related services.

Accel Entertainment

Market Cap: US$928.9m

Operates as a distributed gaming and local entertainment operator in the United States.

Adecoagro

Market Cap: US$907.9m

Engages in agricultural and agro-industrial activities in Argentina, Brazil, Chile, and Uruguay.