Latvian Software Defensive Blue Chips

BUA Foods

Market Cap: ₦15.2t

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

SD Guthrie Berhad

Market Cap: RM 45.6b

Operates as an integrated plantations company in Malaysia and internationally.

Ambuja Cements

Market Cap: ₹1.1t

Manufactures, markets, and sells cement and related products to individual home builders, developers, institutional clients, masons, contractors, architects, and construction professionals in India.

Budweiser Brewing Company APAC

Market Cap: HK$87.1b

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

Hong Leong Bank Berhad

Market Cap: RM 45.3b

Operates as a financial services company in Malaysia and internationally.

Magnum Ice Cream

Market Cap: €9.7b

Engages in the ice cream business in the Netherlands.

Bangkok Bank

Market Cap: ฿370.3b

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

Safaricom

Market Cap: KSh1.4t

Provides telecommunication services in Kenya and Ethiopia.

Ryan Specialty Holdings

Market Cap: US$11.0b

Operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers in the United States, Canada, the United Kingdom, rest of Europe, India, Singapore, and internationally.

Mowi

Market Cap: NOK 106.1b

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

China Zheshang Bank

Market Cap: HK$86.1b

Provides corporate and retail banking services in Mainland China.

United Spirits

Market Cap: ₹1.1t

Manufactures, sells, and distributes alcoholic beverages and other allied spirits in India and internationally.

Popular

Market Cap: US$11.0b

Through its subsidiaries, provides various retail, mortgage, and commercial banking services for individuals and businesses in Puerto Rico, the United States, the British Virgin Islands, the Caribbean, and Latin America.

ROHM

Market Cap: JP¥1.8t

Manufactures and sells electronic components worldwide.

Absa Group

Market Cap: R182.9b

Provides retail, business, corporate, investment banking, insurance, financial, and wealth management products and services in South Africa and internationally.

BDO Unibank

Market Cap: ₱668.0b

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

Marks and Spencer Group

Market Cap: UK£8.1b

Operates various retail stores.

Manila Electric

Market Cap: ₱664.4b

Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines.

Sanlam

Market Cap: R179.8b

Provides various financial services in South Africa, Pan-Africa, Asia, and internationally.

UMB Financial

Market Cap: US$10.7b

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

Wintrust Financial

Market Cap: US$10.7b

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

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.

Taiwan Mobile

Market Cap: NT$344.0b

Provides telecommunications, broadband, retail, digital, and financial services in Taiwan and internationally.

Chongqing Rural Commercial Bank

Market Cap: HK$83.4b

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

Zhejiang Zheneng Electric Power

Market Cap: CN¥71.9b

Zhejiang Zheneng Electric Power Co., Ltd.

Quebecor

Market Cap: CA$14.8b

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

King Yuan Electronics

Market Cap: NT$337.5b

Designs, manufactures, sells, tests, and assembles integrated circuits.

Alpha Bank

Market Cap: €9.2b

Provides various banking and financial products and services in Greece and internationally.

Ingenic SemiconductorLtd

Market Cap: CN¥70.5b

Engages in the research and development, design, and sale of integrated circuit chip products in China and internationally.

KINGSEMI

Market Cap: CN¥70.4b

Engages in the research and development, production, sales, and service provision of semiconductor fabrication equipment in China and internationally.

Globus Medical

Market Cap: US$10.4b

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

Rambus

Market Cap: US$10.4b

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

Discovery

Market Cap: R173.7b

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

Smithfield Foods

Market Cap: US$10.3b

Produces various packaged meats and fresh pork products in the United States and internationally.

Cullen/Frost Bankers

Market Cap: US$10.3b

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

OGE Energy

Market Cap: US$10.3b

Through its subsidiaries, generates, transmits, distributes, and sells electric energy in the United States.