Generally speaking, you want to focus your investments on companies with strong fundamentals, not just on companies that meet a certain price metric, such as stocks under $15. However, certain public firms offer compelling narratives that patient buyers can hold for the long run.

To be clear, these stocks under $15 (as of this writing) tend to either be more speculative than normal or fly under the radar. In other words, you may have to hold onto them for several years to enjoy strong capital appreciation. Of course, these higher-risk ideas could also go the other way, so strict money management is a must.

With that out of the way, here are seven stocks under $15 to buy and hold forever.

Vale (VALE)

Headquartered in Rio de Janeiro, Brazil, Vale (NYSE:VALE) represents one of the largest logistics operators in the nation. More importantly, as the world’s largest producer of iron ore and nickel, Vale offers significant relevance. Now, I use the term stocks under $15 to buy and hold “forever” as hyperbole. However, I can objectively see a thesis for risk-tolerant investors to hold this security for decades.

Of course, I’m bullish on VALE longer term because of nickel’s importance to the electric vehicle (EV) rollout. As CNBC pointed out, nickel represents a “key ingredient in lithium-ion batteries.” However, maintaining ample supplies of the commodity will be vital for the EV industry. Essentially, nickel’s price surges could make EVs less competitive, particularly against their combustion-based counterparts.

Now, what’s really appealing about Vale is the geopolitical element. Since the U.S. and Brazil enjoy a strong friendship and partnership, the dynamic makes for greater confidence in VALE stock. Plus, GuruFocus considers the underlying company “modestly undervalued.”

Enel (ENLAY)

Likely not the most recognizable name for American investors, Enel (OTCMKTS:ENLAY) is an Italian energy company. Historically, it specialized in electricity and gas distribution. More recently, however, Enel diversified into other areas, particularly green energy solutions. Today, the company offers myriad energy platforms, including solar, wind and geothermal.

Diversification across various green power sources is more important than some folks may realize. Essentially, different sources feature different degrees of capacity factors — the ability to produce maximum power per units of time. Nuclear power facilities feature the highest capacity factor, meaning that they’re almost always on and delivering the goods.

On the other end of the equation, wind and solar represent the sources with the smallest capacity factors. However, geothermal helps bridge the gap at 74.3% (compared to nuclear’s 92.5%). Thus, Enel stands poised to be a significant player in the green energy sector.

However, ENLAY presents market risks because it’s possible that shares could represent a value trap. I still say it’s one of the best stocks under $15 for patient buyers, but just be careful.

Bayer (BAYRY)

One of the most recognized pharmaceutical firms in the world, Bayer (OTCMKTS:BAYRY) might not keep its status as part of the stocks under $15. At current levels, the stock only needs to move up about 17% to breach the target price.

Still, even with some near-term positive rumblings, Bayer is well worth keeping on your radar. According to GuruFocus, Bayer does enjoy status as a modestly undervalued security. BAYRY enjoys strong momentum while commanding robust strengths in the balance sheet and enticing profitability metrics. Also, prospective investors should note that the company features a forward price-to-earnings (P/E) ratio of 6.55 times. That’s significantly lower than the industry median of 16.2 times.

Another factor to consider for Bayer’s long-term thesis is its agriculture business. Specifically, the pharma owns a weed, disease and insect management division, helping embattled farmers worldwide maximize their vital yield.

Takeda (TAK)

Staying on the pharmaceutical theme, Takeda (NYSE:TAK) presents an intriguing opportunity for those seeking stocks under $15. In the wild world of advanced medicine these days, the sector tends to produce feast-or-famine dynamics. You’re either making it big in this space or you’re wondering where your next meal is coming from.

So far, though, Takeda represents the very definition of flying under the radar. Currently, TAK shares are just slightly down on a year-to-date basis. Fundamentally, GuruFocus considers TAK to be fairly valued. Generally, the company features solid strengths across the board, though its balance sheet could use some shoring up. However, long-term buyers will note that TAK’s forward P/E stands at 10.4 times. Again, that’s noticeably below the drug manufacturing industry’s median of 16.2 times.

Moving forward, Takeda’s broad pipeline should intrigue patient investors. The company focuses on four therapeutic areas: oncology, rare diseases, neuroscience and gastroenterology. In addition, it also serves the areas of plasma-derived therapies and vaccines.

Sirius XM (SIRI)

One of the riskier names among stocks under $15, it’s not that Sirius XM (NASDAQ:SIRI) printed a bunch of red ink lately. Since the start of this year, shares are down about 3%. Rather, it’s that the company hasn’t generated much excitement. Over the trailing five years, SIRI has only returned a little over 7%.

Even more problematic, the impact of the new normal imposes fundamental headwinds. Should workers continue to operate remotely, less incentives exist to order satellite radio subscriptions to liven up the commute. However, an economic recession could change everything.

As real-estate billionaire Stephen Ross stated, as you enter a recession, “people fear that they might not have a job, that will bring people back to the office. You have to do what it takes to keep your job and to earn a living.” Exactly.

It’s a cynical argument but one that could see SIRI shares move higher in the years ahead.

Universal Technical Institute (UTI)

One of the underlying themes stemming from President Joe Biden’s administration’s recent debt-forgiveness program is that college remains incredibly expensive. Further, with technology firms laying off their workers, it appears that we’re at least headed for a sector-specific recession. In other words, aiming for a white-collar career might not be the best route for ultimate success.

That’s where Universal Technical Institute (NYSE:UTI) comes in to provide an intriguing case among stocks under $15. As its name suggests, UTI is a vocational training center, focusing on churning out automobile and boating mechanics. Yes, EVs may eventually represent the future of transportation. But that narrative might take years to fulfill. In the meantime, blue-collar professions provide a robust alternative to the traditional white-collar route.

Additionally, UTI represents a solid buy among stocks under $15. GuruFocus considers UTI modestly undervalued. In addition, UTI features strong technical momentum.

Ericsson (ERIC)

On the surface, 5G equipment manufacturer Ericsson (NASDAQ:ERIC) should be one of the most relevant equities to buy. With more institutions integrating 5G technologies, ERIC presents an interestingly bullish thesis. However, competitive concerns have always weighed on the underlying business. And the ebb and flow of the new normal hasn’t been kind to ERIC stock.

So far this year, shares are down almost 33%. What makes ERIC riskier than many other stocks under $15 is the consumer sentiment pivot. With inflation reaching multidecade highs, consumers’ focus isn’t necessarily on advanced technologies. Instead, they want to secure the lowest price, which doesn’t particularly jive with Ericsson’s goals.

Nevertheless, over the long run, ERIC could make for an enticing proposition. It would have to be for patient investors, ones who are willing to ride out potential volatility. Still, there’s a lot to like here, particularly because of the company’s modestly undervalued profile.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.