German Software ROE over 20

JOYY

Market Cap: US$3.0b

Engages in the provision of social product matrix and communication technology.

Adeia

Market Cap: US$3.0b

Operates as a media and semiconductor intellectual property licensing platform company in the United States, Asia, Canada, Europe, the Middle East, and internationally.

Artisan Partners Asset Management

Market Cap: US$3.0b

Artisan Partners Asset Management Inc. is publicly owned investment manager.

Cheesecake Factory

Market Cap: US$2.9b

Operates and licenses restaurants in the United States and Canada.

Vita Coco Company

Market Cap: US$2.9b

Develops, manufactures, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific.

WD-40

Market Cap: US$2.9b

Engages in the provision of maintenance products and homecare and cleaning products in North America, Central and South America, Asia, Australia, Europe, India, the Middle East, and Africa.

Concentra Group Holdings Parent

Market Cap: US$2.8b

Provides occupational health services in the United States.

Buckle

Market Cap: US$2.8b

Operates as a retailer of casual apparel, footwear, and accessories for men, women, and kids under the Buckle and Buckle Youth brands in the United States.

YETI Holdings

Market Cap: US$2.8b

Designs, retails, and distributes outdoor products under the YETI brand name in the United States, Canada, Australia, New Zealand, Europe, and Japan.

DRDGOLD

Market Cap: US$2.8b

A gold mining company, engages in the extraction of gold from the retreatment of surface mine tailings in South Africa.

Trinity Industries

Market Cap: US$2.8b

Provides railcar products and services under the TrinityRail trade name in North America.

Qualys

Market Cap: US$2.7b

Provides cloud-based platform delivering information technology (IT), security, and compliance solutions in the United States and internationally.

CorVel

Market Cap: US$2.7b

Provides workers’ compensation, general and auto liability, and hospital bill auditing and payment integrity solutions.

Euronet Worldwide

Market Cap: US$2.7b

Provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, and individual consumers internationally.

Astronics

Market Cap: US$2.6b

Through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally.

Meritor

Market Cap: US$2.6b

Meritor, Inc. designs, develops, manufactures, markets, distributes, sells, services, and supports integrated systems, modules, and components in North America, South America, Europe, and the Asia Pacific.

Guardian Pharmacy Services

Market Cap: US$2.5b

A pharmacy service company, provides a suite of technology-enabled services to help residents of long-term health care facilities (LTCFs) in the United States.

Bancorp

Market Cap: US$2.5b

Operates as the financial holding company for The Bancorp Bank, National Association that provides banking products and services in the United States.

Phibro Animal Health

Market Cap: US$2.3b

Operates as an animal health and mineral nutrition company in the United States, Latin America and Canada, Europe, the Middle East, Africa, and the Asia Pacific.

ADMA Biologics

Market Cap: US$2.3b

A biopharmaceutical company, develops, manufactures, and markets specialty plasma-derived biologics for the treatment of immune deficiencies and infectious diseases in the United States and internationally.

Organon

Market Cap: US$2.3b

Develops and delivers women health solutions through prescription therapies and medical devices in the United States, Europe, Canada, Japan, rest of the Asia Pacific, China, Latin America, the Middle East, Russia, Africa, and internationally.

Slide Insurance Holdings

Market Cap: US$2.2b

Provides property and casualty insurance services in the United States.

Versigent

Market Cap: US$2.2b

Designs, manufactures, and distributes low- and high-voltage power electrical architectures.

Bank of N.T. Butterfield & Son

Market Cap: US$2.2b

Provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses.

Verra Mobility

Market Cap: US$2.2b

Provides smart mobility technology solutions in the United States, Australia, Europe, and Canada.

WisdomTree

Market Cap: US$2.2b

Through its subsidiaries, operates as an exchange-traded funds (ETFs) sponsor and asset manager.

Aurinia Pharmaceuticals

Market Cap: US$2.1b

A biopharmaceutical company, engages in delivering therapies to people living with autoimmune diseases with high unmet medical needs in the United States and Japan.

Bausch Health Companies

Market Cap: US$2.1b

Operates as a diversified specialty pharmaceutical and medical device company, develops, manufactures, and markets a range of products primarily in gastroenterology, hepatology, neurology, dermatology, generic pharmaceuticals, over-the-counter (OTC) products, aesthetic medical devices, and eye health in the United States and internationally.

Pathward Financial

Market Cap: US$2.1b

Operates as the bank holding company for Pathward, National Association that provides various banking products and services in the United States.

Blue Bird

Market Cap: US$2.0b

Designs, engineers, manufactures, and sells school buses in the United States, Canada, and internationally.

John Wiley & Sons

Market Cap: US$2.0b

A publisher, provides authoritative content, data-driven insights, and knowledge services for the advancement of science, innovation, and learning in the United States, China, the United Kingdom, Japan, Australia, and internationally.

Tecnoglass

Market Cap: US$2.0b

Manufactures, supplies, and installs architectural glass, windows, and aluminum and vinyl products for commercial and residential construction markets in Colombia, the United States, Panama, and internationally.

HCI Group

Market Cap: US$1.9b

Engages in the property and casualty insurance business in the United States.

Enerpac Tool Group

Market Cap: US$1.9b

Manufactures and sells a range of industrial products and solutions in the United States, the United Kingdom, Germany, Australia, Canada, China, Saudi Arabia, Brazil, France, the Netherlands, and internationally.

American Superconductor

Market Cap: US$1.8b

Provides megawatt-scale power resiliency solutions worldwide.

Arcos Dorados Holdings

Market Cap: US$1.8b

Operates as a franchisee of McDonald’s restaurants.