Swedish Materials Defensive Blue Chips

Airtel Africa

Market Cap: UK£11.4b

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

Tryg

Market Cap: DKK 96.5b

Provides insurance products and services for private and corporate customers, and small and medium-sized businesses in Denmark, Sweden, the United Kingdom, and Norway.

Jerónimo Martins SGPS

Market Cap: €12.9b

Operates in the food distribution and specialized retail sectors in Portugal, Poland, Colombia, and internationally.

Kerry Group

Market Cap: €12.9b

Provides taste and nutrition solutions.

Powszechny Zaklad Ubezpieczen

Market Cap: zł54.7b

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

Universal Health Services

Market Cap: US$15.0b

Through its subsidiaries, owns and operates acute care hospitals, and outpatient and behavioral health care facilities.

Performance Food Group

Market Cap: US$15.0b

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

Shanghai United Imaging Healthcare

Market Cap: CN¥105.5b

Shanghai United Imaging Healthcare Co., Ltd.

Eurobank Ergasias Services and Holdings

Market Cap: €12.9b

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

Ambuja Cements

Market Cap: ₹1.3t

Manufactures, markets, and sells cement and related products to individual homebuilders, developers, infrastructure projects, masons and contractors, professionals, and architects and engineers in India.

TS Financial Holding

Market Cap: NT$467.5b

Provides various financial products and services.

bioMérieux

Market Cap: €12.8b

Develops, manufactures, and markets in vitro diagnostic solutions for infectious diseases in France, Europe, Africa, the Middle East, North and South America, the Asia Pacific, and internationally.

FinecoBank Banca Fineco

Market Cap: €12.7b

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

East West Bancorp

Market Cap: US$14.8b

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.

Nanya Technology

Market Cap: NT$463.2b

Research, develops, manufactures, and sells semiconductor products in Taiwan, Japan, Malaysia, China, the United States, Thailand, Germany, Singapore, Poland and internationally.

Zegona Communications

Market Cap: UK£11.0b

Provides integrated telecommunications services in Spain.

Grupo Financiero Inbursa. de

Market Cap: Mex$265.2b

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

Brookfield Wealth Solutions

Market Cap: US$14.5b

Through its subsidiaries, provides retirement services, wealth protection products, and capital solutions to individuals and institutions.

Woori Financial Group

Market Cap: ₩21.2t

Operates as a commercial bank which provides various financial services to individual, business, and institutional customers in Korea.

GD Power DevelopmentLtd

Market Cap: CN¥102.0b

Operates as a power generation company in China.

Olympus

Market Cap: JP¥2.2t

Manufactures and sells medical equipment in Japan, America, the Middle East, Asia, and Oceania.

Mapfre

Market Cap: €12.4b

Engages in the investment, insurance, property, financial, and services businesses in Spain.

Power Assets Holdings

Market Cap: HK$111.8b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, and internationally.

Bank Polska Kasa Opieki

Market Cap: zł52.3b

A commercial bank, provides banking products and services to retail and corporate clients in Poland.

Santander Bank Polska

Market Cap: zł52.3b

Provides various banking products and services for individuals, small or medium-sized enterprises, corporate clients, and public sector institutions.

National Bank of Greece

Market Cap: €12.3b

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

Bankinter

Market Cap: €12.3b

Provides various banking products and services to individuals, corporates, and small- and medium-sized enterprises in Spain, Luxembourg, Portugal, and Ireland.

Samsung Fire & Marine Insurance

Market Cap: ₩20.8t

Provides non-life insurance products and services in South Korea, China, Indonesia, Vietnam, Singapore, the United States, and the United Kingdom.

Turkiye Garanti Bankasi

Market Cap: ₺599.8b

Provides various banking products and services in Turkey.

Banco Santander-Chile

Market Cap: CL$13.1t

Provides commercial and retail banking products and services in Chile.

Budweiser Brewing Company APAC

Market Cap: HK$109.6b

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

Kasikornbank

Market Cap: ฿450.2b

Provides commercial banking products and services in Thailand and internationally.

Banco Comercial Português

Market Cap: €12.1b

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

Gjensidige Forsikring

Market Cap: NOK 142.3b

Provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia.

ASR Nederland

Market Cap: €12.0b

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

Smith & Nephew

Market Cap: UK£10.5b

Develops, manufactures, markets, and sells medical devices and services in the United Kingdom, the United States, and internationally.