Russian Materials Defensive Blue Chips

Bank of Hangzhou

Market Cap: CN¥113.7b

Provides various banking products and services in China.

Airtel Africa

Market Cap: UK£12.4b

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

Wilmar International

Market Cap: S$21.4b

Operates as an agribusiness company in Singapore, the People's Republic of China, Indonesia, Malaysia, Australia, Europe, South Africa, Nigeria, Vietnam, India, and internationally.

East West Bancorp

Market Cap: US$16.6b

Operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States.

Banco de Sabadell

Market Cap: €14.2b

Provides banking products and services in Spain, the United Kingdom, and Mexico.

Zimmer Biomet Holdings

Market Cap: US$16.4b

Operates as a medical technology company worldwide.

Kansai Electric Power Company

Market Cap: JP¥2.6t

Engages in electricity, gas and heat supply, and telecommunication and gas supply in Japan.

Hippo Valley Estates

Market Cap: US$2.1b

Together with its subsidiary, Chiredzi Township (Private) Limited, engages in the growing and milling of sugar cane in Zimbabwe and internationally.

SDIC Power Holdings

Market Cap: CN¥110.0b

Engages in the electricity generation business in China.

Hua Xia Bank

Market Cap: CN¥108.7b

Provides commercial banking services in China and Hong Kong.

Bank of Beijing

Market Cap: CN¥108.7b

Provides various banking services to individuals and corporates in China.

Eurobank

Market Cap: €13.8b

Provides retail, corporate and private banking, asset management, treasury and capital market, and other services in Greece, Bulgaria, Cyprus, and Luxembourg.

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.

Banco Comercial Português

Market Cap: €13.8b

Engages in the provision of various banking and financial products and services in Portugal and internationally.

Suzhou Centec Communications

Market Cap: CN¥107.8b

Engages in the research and development of ethernet switch chips and supporting products in China and internationally.

Tongfu MicroelectronicsLtd

Market Cap: CN¥107.9b

Provides integrated circuit (IC) encapsulation test services in China and internationally.

ING Bank Slaski

Market Cap: zł57.2b

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

Sonova Holding

Market Cap: CHF 12.3b

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.

JD Health International

Market Cap: HK$121.7b

An investment holding company, engages in the operation of an online healthcare platform in the People’s Republic of China.

Hua Nan Financial Holdings

Market Cap: NT$484.3b

Provides financial services in Taiwan and internationally.

Power Assets Holdings

Market Cap: HK$120.2b

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.

Semtech

Market Cap: US$15.2b

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

Performance Food Group

Market Cap: US$15.2b

Through its subsidiaries, engages in the marketing and distribution of food and food-related products in North America.

Phoenix Financial

Market Cap: ₪43.9b

Operates as a financial services company in Israel.

Krung Thai Bank

Market Cap: ฿492.7b

Engages in commercial banking business in Thailand and internationally.

African Distillers

Market Cap: US$1.9b

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

SinoPac Financial Holdings

Market Cap: NT$473.9b

Through its subsidiaries, provides banking services worldwide.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia

Market Cap: Rp272.9t

Provides information and communications technology, and telecommunications network services worldwide.

mBank

Market Cap: zł54.7b

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

Powszechny Zaklad Ubezpieczen

Market Cap: zł54.6b

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

National Bank of Greece

Market Cap: €12.9b

Provides banking, financial products, and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom, and internationally.

ASR Nederland

Market Cap: €12.9b

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

Grupo Financiero Inbursa. de

Market Cap: Mex$258.7b

Provides various financial products and services to individuals and businesses in Mexico.

Attijariwafa bank

Market Cap: د.م137.4b

Provides banking products and services for retail, professionals, corporates, and institutional clients in Africa, Europe, and the Middle East.

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.

LONGi Green Energy Technology

Market Cap: CN¥100.8b

Manufactures and sells monocrystalline silicon wafers, solar modules, and green hydrogen equipment in China, Europe, the Asia Pacific, and the United States.