South Korean Materials Defensive Blue Chips

Sonova Holding

Market Cap: CHF 14.1b

Manufactures and sells hearing care solutions for children and adults in Switzerland, the United States, rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

ASR Nederland

Market Cap: €15.0b

Provides insurance, pensions, and mortgages products and services for consumers, businesses, and employers in the Netherlands.

SDIC Power Holdings

Market Cap: CN¥114.5b

Engages in the electricity generation business in China.

MKS

Market Cap: US$17.0b

Provides foundational technology solutions to semiconductor manufacturing, electronics and packaging, and specialty industrial applications in the United States, China, South Korea, Japan, Taiwan, Singapore, and internationally.

Associated British Foods

Market Cap: UK£12.8b

Engages in the food, ingredients, and retail businesses worldwide.

mBank

Market Cap: zł64.5b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

Powszechny Zaklad Ubezpieczen

Market Cap: zł64.0b

Provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.

HANMI Semiconductor

Market Cap: ₩22.8t

Manufactures and sells semiconductor equipment in South Korea and internationally.

MPI

Market Cap: NT$523.7b

Manufactures, processes, repairs, imports/exports, and trades in semiconductor manufacturing and testing equipment in Taiwan, China, the United States, Singapore, Korea, and internationally.

Power Assets Holdings

Market Cap: HK$129.0b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, Canada, mainland China, Netherlands, New Zealand, Thailand, the United States, and internationally.

African Distillers

Market Cap: US$2.1b

Manufactures, distributes, and markets wines, spirits, ready-to-drink (RTDs), and ciders in Zimbabwe.

FinecoBank Banca Fineco

Market Cap: €14.3b

Provides banking, credit, trading and investment services in Italy.

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥109.4b

Provides platform-based custom silicon and semiconductor IP licensing services in China and internationally.

Rede D'Or São Luiz

Market Cap: R$83.1b

Engages in the provision of hospital services in Brazil.

Banco Santander-Chile

Market Cap: CL$15.4t

Provides commercial and retail banking products and services in Chile.

ING Bank Slaski

Market Cap: zł61.1b

Provides various banking products and services for retail clients and businesses in Poland.

SCB X

Market Cap: ฿532.0b

Engages in the banking, consumer and digital finance, and platform and technology businesses in Thailand and internationally.

Public Power

Market Cap: €14.0b

Generates, transmits, and distributes electricity in Greece, Romania, Bulgaria, and North Macedonia.

BAWAG Group

Market Cap: €14.0b

Operates as a holding company for BAWAG P.S.K.

Reinsurance Group of America

Market Cap: US$16.0b

Provides life and health, and asset-intensive reinsurance in the United States, Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia.

Emirates Islamic Bank PJSC

Market Cap: د.إ58.9b

Provides banking products and services financing and investing instruments in the United Arab Emirates and internationally.

Lattice Semiconductor

Market Cap: US$15.8b

Develops and sells semiconductor, silicon-based and silicon-enabling, evaluation boards, and development hardware products in Asia, Europe, and the Americas.

Luzhou LaojiaoLtd

Market Cap: CN¥105.2b

Produces and sells alcoholic products in China and internationally.

Mapfre

Market Cap: €13.7b

Engages in insurance, reinsurance, and financial activities in Spain.

Admiral Group

Market Cap: UK£11.7b

A financial services company, provides insurance and personal lending products in the United Kingdom, France, Italy, and Spain.

Phoenix Financial

Market Cap: ₪47.1b

Operates as a financial services company in Israel.

IonQ

Market Cap: US$15.5b

Develops quantum computing systems in the United States, Switzerland, and Internationally.

Airtel Africa

Market Cap: UK£11.6b

Provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa.

Kerry Group

Market Cap: €13.4b

Provides taste and nutrition solutions.

SCREEN Holdings

Market Cap: JP¥2.4t

Develops, manufactures, and markets semiconductor production equipment in Japan, Taiwan, South Korea, China, the United States, Europe, and internationally.

James Hardie Industries

Market Cap: AU$21.5b

Engages in the manufacture and sale of fiber cement, fiber gypsum, and cement bonded boards in the United States, Australia, Europe, and New Zealand.

Phison Electronics

Market Cap: NT$483.2b

Designs, manufactures, and sells flash memory controllers and peripheral system applications in Asia, the United States, Europe, Australia, and internationally.

BIWIN Storage Technology

Market Cap: CN¥102.4b

Engages in the research and development, design, packaging, testing, production, and sales of semiconductor memory.

OmniVision Integrated Circuits Group

Market Cap: CN¥102.3b

Engages in the design, development, and sale of integrated circuits and computer software and hardware in China and internationally.

Dairibord Holdings

Market Cap: US$2.0b

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

Varun Beverages

Market Cap: ₹1.5t

Manufactures, bottles, sells, and distributes beverages under the PepsiCo brands in India, Sri Lanka, Nepal, Zambia, Morocco, Zimbabwe, the Democratic Republic of Congo, Mozambique, South Africa, Lesotho, Eswatini, Namibia, and Botswana.