In a market increasingly driven by headlines and hype, true investment opportunities often lie beneath the surface hidden in quality businesses trading below their intrinsic value. TAMIM Asset Management’s Global High Conviction portfolio is built on that very principle. Rather than chasing momentum, the strategy focuses on identifying strong companies that are misunderstood, undervalued, or simply overlooked.

As we move into 2025, macroeconomic volatility, policy uncertainty, and shifting global priorities make stock selection more important than ever. In this article, we spotlight three high-conviction global stocks from TAMIM’s portfolio that offer a compelling mix of value, long-term growth, and resilience.

1. Danone S.A. (ENXTPA: BN)

Resilient Consumer Staple with Global Reach

Danone, the French multinational behind iconic brands like Evian, Activia, and Aptamil, is one of the most underrated players in the consumer staples sector. In a market distracted by high-growth tech narratives, Danone’s combination of global brand strength and operational discipline makes it a stock to watch in 2025.

The company ended 2024 with a standout performance, like-for-like Q4 sales grew by 4.7%, beating analyst expectations. What’s notable is that most of this growth came from volume gains (up 4.2%), rather than price hikes, indicating real consumer demand. North America remains a key growth engine, especially in high-protein dairy and bottled water categories.

Danone also demonstrated margin resilience, with full-year recurring net profit rising to €2.35 billion and operating margins improving to 13%, up from 12.6% the previous year. The company’s renewed focus on capital efficiency and disciplined investment has brought it back to double-digit returns on invested capital, signaling strong corporate health.

Trading at a forward P/E of 18.6 with a 3.0% dividend yield, Danone offers defensive characteristics in an uncertain market. Yet its evolving product mix, including plant-based nutrition and functional beverages, adds an element of structural growth. For investors seeking stability with upside, Danone is a name worth watching.

2. Evonik Industries AG (XTRA: EVK)

Innovation-Driven Industrial with Income Potential

Specialty chemicals might not grab headlines, but they’re essential to nearly every global supply chain and Evonik is a leader in this space. With operations across nutrition, smart materials, and performance chemicals, Evonik supplies high-value inputs to industries ranging from agriculture to automotive and electronics.

In FY2024, Evonik reported a 25% year-on-year increase in adjusted EBITDA, with earnings growth across all divisions. Strong contributions came from animal nutrition, catalysts, and high-performance polymers highlighting the company’s diversified revenue base. It’s also actively investing in next-gen technologies such as biosurfactants, battery materials, and circular economy solutions.

The “Evonik Tailor Made” transformation program is already paying off. Streamlined management, reduced complexity, and enhanced cost control have positioned the company for further margin expansion. For FY2025, the business is targeting up to €2.3 billion in EBITDA.

Financially, Evonik is on solid ground. Free cash flow for 2024 reached €873 million, with a strong 42% conversion rate, and the company maintained a generous dividend of €1.17 per share, yielding over 5%. Its leverage ratio dropped to 1.5x, giving it room for future investment or shareholder returns.

Yet despite these fundamentals, Evonik still trades at just 13x forward earnings and 1.1x book value, presenting a clear valuation disconnect. For long-term investors, this could be an opportunity to buy a high-quality industrial innovator at a discount.

3. Qualcomm Inc. (NASDAQ: QCOM)

Undervalued Giant Powering the Future of Connectivity

With much of the semiconductor industry riding high on AI hype and cyclical rebounds, Qualcomm is quietly delivering solid, consistent performance. As a global leader in wireless technology and chip design, the company is central to key trends in 5G, edge computing, and automotive connectivity yet its valuation doesn’t reflect this positioning.

Qualcomm operates through three main segments: QCT (chipsets), QTL (licensing), and QSI (strategic investments). Its chips and IP power everything from smartphones and IoT devices to next-gen vehicles and industrial automation systems. These are not just growth sectors, they are becoming foundational to the modern economy.

The company’s FY2024 performance was strong across the board. Revenue hit $40.7 billion, with net income up 36% year-on-year to $10.6 billion. Operating margins remained robust, and Qualcomm’s net debt has been reduced to just $272 million, offering flexibility for future strategic moves.

Shareholders are also being rewarded, with a recently increased dividend (2.15% yield) and a continuing buyback program. Looking ahead, Qualcomm sees strong tailwinds in on-device AI, ADAS automotive systems, and the broader IoT ecosystem.

Despite these growth vectors, Qualcomm trades at a forward P/E of just 13.5 a valuation that doesn’t fully capture its innovation pipeline or market position. For investors seeking exposure to foundational tech at a reasonable price, Qualcomm remains a high-conviction name.

Why These Stocks?

Danone, Evonik, and Qualcomm may operate in very different industries, but they share key characteristics that align with TAMIM’s investment philosophy:

• Strong fundamentals and balance sheet discipline
• Global relevance and diversified revenue streams
• Valuation support, with price multiples below industry averages
• Exposure to long-term structural trends (health & nutrition, industrial innovation, digital infrastructure)

These are not speculative plays. They are core positions in a carefully constructed portfolio designed to generate risk-adjusted, long-term returns for investors seeking quality in uncertain times.

The TAMIM Takeaway 

2025 is shaping up to be a year of transition. Geopolitical tensions, rising volatility, and evolving economic policies are likely to keep markets on edge. In such a climate, it’s easy to get caught up in the short-term noise.

But as TAMIM’s Global High Conviction strategy demonstrates, the better course is often to tune out the noise and focus on fundamentals. These three stocks Danone, Evonik, and Qualcomm are prime examples of high-quality businesses with staying power, pricing power, and room to grow.

For investors seeking to build a resilient portfolio amid the crosswinds of a changing world, these are three global names to keep firmly on the radar.

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Disclaimer: Danone S.A. (ENXTPA: BN), Evonik Industries AG (XTRA: EVK) and Qualcomm Inc. (NASDAQ: QCOM) are held in TAMIM individually managed accounts as at date of article publication. Holdings can change substantially at any given time.