U.S. Diversified Financials Undervalued over 20% based on DCF

Berkshire Hathaway

Market Cap: US$1.0t

Through its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses worldwide.

Mastercard

Market Cap: US$506.1b

A technology company, provides transaction processing and other payment-related products and services in the United States and internationally.

Capital One Financial

Market Cap: US$132.7b

Operates as the financial services holding company for the Capital One, National Association, which engages in the provision of various financial products and services in the United States, Canada, and the United Kingdom.

Fiserv

Market Cap: US$73.6b

Provides payments and financial services technology solutions in the United States, Europe, the Middle East and Africa, Latin America, the Asia-Pacific, and internationally.

PayPal Holdings

Market Cap: US$64.1b

Operates a technology platform that enables digital payments for merchants and consumers worldwide.

Ameriprise Financial

Market Cap: US$47.3b

Operates as a diversified financial services company in the United States and internationally.

State Street

Market Cap: US$30.8b

Through its subsidiaries, provides a range of financial products and services to institutional investors worldwide.

LPL Financial Holdings

Market Cap: US$29.6b

Provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at institutions in the United States.

Corpay

Market Cap: US$22.8b

Operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally.

T. Rowe Price Group

Market Cap: US$22.3b

A publicly owned investment manager.

Corebridge Financial

Market Cap: US$19.5b

Provides retirement solutions and insurance products in the United States.

Annaly Capital Management

Market Cap: US$13.2b

A diversified capital manager, engages in the mortgage finance business.

AGNC Investment

Market Cap: US$9.8b

Provides private capital to housing market in the United States.

XP

Market Cap: US$8.7b

Provides financial products and services in Brazil.

Starwood Property Trust

Market Cap: US$7.1b

Operates as a real estate investment trust (REIT) in the United States and internationally.

Voya Financial

Market Cap: US$6.7b

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

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.

Affiliated Managers Group

Market Cap: US$5.9b

Through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States.

WEX

Market Cap: US$5.7b

Operates a commerce platform in the United States and internationally.

PennyMac Financial Services

Market Cap: US$5.0b

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

HA Sustainable Infrastructure Capital

Market Cap: US$3.1b

Through its subsidiaries, engages in the investment in energy efficiency, renewable energy, and sustainable infrastructure markets in the United States.

Burford Capital

Market Cap: US$2.7b

Provides legal finance products and services worldwide.

Bread Financial Holdings

Market Cap: US$2.7b

Provides tech-forward payment and lending solutions to customers and consumer-based industries in North America.

Arbor Realty Trust

Market Cap: US$2.3b

Invests in a diversified portfolio of structured finance assets in the multifamily, single-family rental, and commercial real estate markets in the United States.

EVERTEC

Market Cap: US$2.2b

Provides transaction processing and financial technology services in Latin America, Puerto Rico, and the Caribbean.

LendingClub

Market Cap: US$1.8b

Operates as a bank holding company, that provides range of financial products and services in the United States.

Central Securities

Market Cap: US$1.4b

Central Securities Corp. is a publicly owned investment manager.

Guild Holdings

Market Cap: US$1.2b

Through its subsidiary, originates, sells, and services residential mortgage loans in the United States.

Capital Southwest

Market Cap: US$1.2b

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.

Ellington Financial

Market Cap: US$1.2b

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.

PROG Holdings

Market Cap: US$1.2b

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

Trinity Capital

Market Cap: US$963.9m

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

Atlanticus Holdings

Market Cap: US$726.4m

A financial technology company, provides products and services to lenders in the United States.

Redwood Trust

Market Cap: US$719.0m

Operates as a specialty finance company in the United States.

Adams Natural Resources Fund

Market Cap: US$564.4m

A publicly owned investment manager.