Belgian Transportation Defensive Blue Chips

Semtech

Market Cap: US$11.3b

Provides semiconductor, Internet of Things systems, and cloud connectivity service solutions in the Asia- Pacific, North America, and Europe.

Bank of Chengdu

Market Cap: CN¥76.2b

Provides various banking products and services in China.

UMB Financial

Market Cap: US$11.3b

Operates as a bank holding company that provides banking services and asset servicing in the United States and internationally.

Bangkok Bank

Market Cap: ฿372.2b

Provides various commercial banking products and services in Thailand and internationally.

ROHM

Market Cap: JP¥1.8t

Manufactures and sells electronic components worldwide.

Dairibord Holdings

Market Cap: US$1.4b

Manufactures, processes, markets, and distributes milk, food, and beverage products in Zimbabwe.

BUA Foods

Market Cap: ₦15.2t

Processes, manufactures, produces, and distributes food materials in Nigeria.

Hong Leong Bank Berhad

Market Cap: RM 45.5b

Operates as a financial services company in Malaysia and internationally.

China Zheshang Bank

Market Cap: HK$86.9b

Provides corporate and retail banking services in Mainland China.

Saputo

Market Cap: CA$15.5b

Produces, markets, and distributes dairy products in Canada, the United States, Australia, and the United Kingdom.

Shizuoka Financial GroupInc

Market Cap: JP¥1.7t

Provides various banking products and services.

Max Healthcare Institute

Market Cap: ₹1.0t

Provides medical and healthcare services in India.

Encompass Health

Market Cap: US$11.0b

Operates inpatient rehabilitation hospitals in the United States and Puerto Rico.

Globus Medical

Market Cap: US$10.9b

Develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally.

Budweiser Brewing Company APAC

Market Cap: HK$85.6b

An investment holding company, engages in brewing and distribution of beer in South Korea, Japan, New Zealand, China, India, Vietnam, Southeast Asia, and internationally.

Mowi

Market Cap: NOK 103.8b

A seafood company, produces and sells Atlantic salmon products worldwide.

Wintrust Financial

Market Cap: US$10.9b

A financial holding company, provides community-oriented, personal, and commercial banking services in the United States.

Discovery

Market Cap: R177.0b

Provides various insurance products and services primarily in South Africa and the United Kingdom.

Sichuan Chuantou EnergyLtd

Market Cap: CN¥73.2b

Engages in the clean energy business in China.

BDO Unibank

Market Cap: ₱657.3b

Provides various banking products and services to individuals and corporations in the Philippines and internationally.

Globalstar

Market Cap: US$10.7b

Provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally.

Safaricom

Market Cap: KSh1.4t

Provides telecommunication services in Kenya and Ethiopia.

Orkla

Market Cap: NOK 101.8b

Operates as an industrial investment company within brands and consumer-oriented businesses worldwide.

Maplebear

Market Cap: US$10.7b

Maplebear Inc., doing business as Instacart, operates as a technology and enablement partner for the grocery industry in the United States and internationally.

Indus Towers

Market Cap: ₹1.0t

A telecom infrastructure company, engages in the operation and maintenance of wireless communication towers and related infrastructures for various telecom service providers in India, Nigeria, Uganda, and Zambia.

Lotus Bakeries

Market Cap: €9.2b

Provides various snack products in Belgium and internationally.

SouthState Bank

Market Cap: US$10.6b

Operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies in the United States.

Rambus

Market Cap: US$10.6b

Manufactures and sells semiconductor products in the United States, South Korea, Singapore, and internationally.

Chongqing Rural Commercial Bank

Market Cap: HK$82.3b

Provides banking and related financial services in the People’s Republic of China.

Commercial Bank for Investment and Development of Vietnam

Market Cap: ₫275.9t

Provides various banking products and services in Vietnam and internationally.

Zions Bancorporation National Association

Market Cap: US$10.5b

Provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.

Quebecor

Market Cap: CA$14.7b

Engages in the telecommunications, media, and sports and entertainment businesses in Canada.

J Sainsbury

Market Cap: UK£7.8b

Engages in the food, general merchandise and clothing retailing, and financial services activities in the United Kingdom.

Vienna Insurance Group

Market Cap: €9.1b

Engages in providing insurance products and services in Austria and internationally.

Cullen/Frost Bankers

Market Cap: US$10.5b

Operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas.

Kikkoman

Market Cap: JP¥1.6t

Through its subsidiaries, engages in the manufacture and sale of food products in Japan and internationally.