Nigerian Materials Defensive Blue Chips

Hong Leong Bank Berhad

Market Cap: RM 45.1b

Operates as a financial services company in Malaysia and internationally.

Safaricom

Market Cap: KSh1.4t

Provides telecommunication services in Kenya and Ethiopia.

Encompass Health

Market Cap: US$11.0b

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

Insulet

Market Cap: US$11.0b

Develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes in the United States and internationally.

Shizuoka Financial GroupInc

Market Cap: JP¥1.8t

Provides various banking products and services.

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.

Manila Electric

Market Cap: ₱676.3b

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

Mowi

Market Cap: NOK 104.6b

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

Magnum Ice Cream

Market Cap: €9.6b

Engages in the ice cream business in the Netherlands.

Max Healthcare Institute

Market Cap: ₹1.1t

Provides medical and healthcare services in India.

China Zheshang Bank

Market Cap: HK$85.4b

Provides corporate and retail banking services in Mainland China.

Beijing Huafeng Test & Control TechnologyLtd

Market Cap: CN¥73.8b

Beijing Huafeng Test & Control Technology Co.,Ltd.

Budweiser Brewing Company APAC

Market Cap: HK$85.3b

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

Bangkok Bank

Market Cap: ฿364.6b

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

United Spirits

Market Cap: ₹1.0t

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

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.

Chongqing Rural Commercial Bank

Market Cap: HK$83.8b

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

Absa Group

Market Cap: R179.5b

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

Taiwan Mobile

Market Cap: NT$344.0b

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

Zhejiang Zheneng Electric Power

Market Cap: CN¥71.9b

Zhejiang Zheneng Electric Power Co., Ltd.

BDO Unibank

Market Cap: ₱656.2b

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

Quebecor

Market Cap: CA$14.9b

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

Maplebear

Market Cap: US$10.5b

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

CPFL Energia

Market Cap: R$53.3b

Through its subsidiaries, operates as an energy company in Brazil.

Orkla

Market Cap: NOK 100.2b

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

Marks and Spencer Group

Market Cap: UK£7.9b

Operates various retail stores.

Sanlam

Market Cap: R176.2b

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

Molina Healthcare

Market Cap: US$10.4b

Provides managed healthcare services to low-income families and individuals under the Medicaid and Medicare programs and through the state insurance marketplaces in the United States.

Smithfield Foods

Market Cap: US$10.4b

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

Ryan Specialty Holdings

Market Cap: US$10.4b

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.

Globalstar

Market Cap: US$10.3b

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

Darling Ingredients

Market Cap: US$10.3b

Develops, produces, and sells sustainable natural ingredients from edible and inedible bio-nutrients in North America, Europe, China, South America, and internationally.

Ingenic SemiconductorLtd

Market Cap: CN¥69.5b

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

Globus Medical

Market Cap: US$10.2b

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