U.S. Undervalued based on future growth

Ardent Health

Market Cap: US$1.2b

Owns and operates a network of hospitals and clinics that provides healthcare services in the United States.

Cardinal Infrastructure Group

Market Cap: US$1.2b

A civil contracting company, provides infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets in the United States.

Trinity Capital

Market Cap: US$1.2b

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

Donnelley Financial Solutions

Market Cap: US$1.2b

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

Capital Clean Energy Carriers

Market Cap: US$1.2b

A shipping company, provides marine transportation services in Greece.

Deluxe

Market Cap: US$1.2b

Provides technology-enabled solutions to small and medium-sized businesses, and financial institutions in the United States and Canada.

Gibraltar Industries

Market Cap: US$1.1b

Manufactures and provides products and services for the residential, agtech, and infrastructure markets in the United States and internationally.

Energizer Holdings

Market Cap: US$1.1b

Manufactures, markets, and distributes household batteries, specialty batteries, and lighting products worldwide.

Coastal Financial

Market Cap: US$1.1b

Operates as the bank holding company for Coastal Community Bank that provides various banking products and services to consumers and small and medium-sized businesses in the Puget Sound region in Washington.

Collegium Pharmaceutical

Market Cap: US$1.1b

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

Bitgo Holdings

Market Cap: US$1.1b

Operates as a digital asset infrastructure company that allows institutional clients to secure, manage, utilize, and create digital assets through its technology platform.

Infinity Natural Resources

Market Cap: US$1.1b

Engages in the acquisition, exploration, and development of properties to produce crude oil, natural gas, and natural gas liquids in the United States.

CONMED

Market Cap: US$1.1b

A medical technology company, develops, manufactures, and sells devices and equipment for surgical procedures.

Alvotech

Market Cap: US$1.1b

Through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide.

McEwen

Market Cap: US$1.1b

Engages in the exploration, development, production, and sale of gold and silver deposits in the United States, Canada, Mexico, and Argentina.

PROG Holdings

Market Cap: US$1.1b

A financial technology holding company, provides payment options to consumers in the United States.

ATRenew

Market Cap: US$1.1b

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

First Mid Bancshares

Market Cap: US$1.0b

A financial holding company, provides community banking products and services to commercial, retail, and agricultural customers in the United States.

TWFG

Market Cap: US$1.0b

Operates an independent distribution platform for personal and commercial insurance products in the United States.

Old Second Bancorp

Market Cap: US$1.0b

Operates as the bank holding company for Old Second National Bank that provides community banking services in the United States.

Heritage Financial

Market Cap: US$1.0b

Operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and its owners in the United States.

Metropolitan Bank Holding

Market Cap: US$1.0b

Operates as the bank holding company for Metropolitan Commercial Bank that provides a range of business, commercial, and retail banking products and services.

OceanFirst Financial

Market Cap: US$1.0b

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

Upbound Group

Market Cap: US$1.0b

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

FirstSun Capital Bancorp

Market Cap: US$991.6m

Operates as the bank holding company for Sunflower Bank, National Association that provides commercial and consumer banking and financial services to small and medium-sized companies in the United States.

PennyMac Mortgage Investment Trust

Market Cap: US$976.3m

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

HBT Financial

Market Cap: US$968.0m

Operates as the bank holding company for Heartland Bank and Trust Company that provides financial products and services to consumers, businesses, and municipal entities in Illinois and Eastern Iowa.

Phoenix Education Partners

Market Cap: US$947.6m

Through its subsidiary, The University of Phoenix, Inc., provides online higher education for working adults in the United States.

Ategrity Specialty Insurance Company Holdings

Market Cap: US$930.6m

Through its subsidiaries, provides excess and surplus lines insurance and reinsurance products to small and medium-sized businesses in the United States.

Penguin Solutions

Market Cap: US$920.9m

Designs, builds, deploys and manages enterprise solutions worldwide.

Northeast Bank

Market Cap: US$909.8m

Provides various banking services to individual and corporate customers in Maine.

Burke & Herbert Financial Services

Market Cap: US$908.0m

Operates as the bank holding company for Burke & Herbert Bank & Trust Company that provides various community banking products and services in the United States.

Equity Bancshares

Market Cap: US$900.8m

Operates as the bank holding company for Equity Bank that provides a range of banking, mortgage banking, and financial services to individual and corporate customers.

Southside Bancshares

Market Cap: US$895.0m

Operates as the bank holding company for Southside Bank that provides various financial services to individuals, businesses, municipal entities, and nonprofit organizations.

Pagaya Technologies

Market Cap: US$878.1m

A product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial services, their customers, and institutional or sophisticated investors in the United States, Israel, and the Cayman Islands.

NB Bancorp

Market Cap: US$870.2m

Focuses on operating as a bank holding company for Needham Bank that provides various banking products and services in the Greater Boston metropolitan area and surrounding communities in the United States.