Zambian Materials Defensive Blue Chips

Industrial Bank of Korea

Market Cap: ₩16.4t

Operates as a small and medium-sized enterprise (SME) financing bank in Korea 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.

Ryan Specialty Holdings

Market Cap: US$10.6b

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.

Safaricom

Market Cap: KSh1.4t

Provides telecommunication services in Kenya and Ethiopia.

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.

WinWay Technology

Market Cap: NT$335.5b

Designs, processes, and sells optoelectronic product test fixtures, integrated circuit test interfaces, and fixtures and their components in Taiwan, the Americas, China, Asia, Europe, and Canada.

Orkla

Market Cap: NOK 103.8b

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

Manila Electric

Market Cap: ₱644.7b

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

Globalstar

Market Cap: US$10.4b

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

BDO Unibank

Market Cap: ₱641.8b

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

Zions Bancorporation National Association

Market Cap: US$10.4b

Provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.

Sichuan Chuantou EnergyLtd

Market Cap: CN¥70.6b

Engages in the clean energy business in China.

ASMPT

Market Cap: HK$81.4b

An investment holding company, engages in the design, manufacture, and marketing of machines, tools, and materials used in the semiconductor and electronics assembly industries internationally.

Zhejiang Jingsheng Mechanical & Electrical

Market Cap: CN¥70.3b

Zhejiang Jingsheng Mechanical & Electrical Co., Ltd.

Unigroup Guoxin Microelectronics

Market Cap: CN¥70.2b

Unigroup Guoxin Microelectronics Co., Ltd.

Novatek Microelectronics

Market Cap: NT$329.2b

A fabless chip design company, designs, develops and sells a range of display driver integrated circuits (IC) and system-on-a-chip (SoC) solutions in Taiwan, Asia, and internationally.

Globus Medical

Market Cap: US$10.3b

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

Marks and Spencer Group

Market Cap: UK£7.7b

Operates various retail stores.

Budweiser Brewing Company APAC

Market Cap: HK$80.8b

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

OPC Energy

Market Cap: ₪30.9b

Engages in the development, construction, operation, generation, and supply of electricity and energy in Israel.

SD Guthrie Berhad

Market Cap: RM 41.8b

Operates as an integrated plantations company in Malaysia and internationally.

SICC

Market Cap: CN¥69.5b

Engages in the research, development, production, and sale of silicon carbide substrate materials in China and internationally.

United Spirits

Market Cap: ₹975.2b

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

China Zheshang Bank

Market Cap: HK$80.1b

Provides corporate and retail banking services in Mainland China.

Alpha Bank

Market Cap: €8.9b

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

Shizuoka Financial GroupInc

Market Cap: JP¥1.6t

Provides various banking products and services.

Beazley

Market Cap: UK£7.6b

Through its subsidiaries, provides risk insurance and reinsurance solutions in the United States, the United Kingdom, and rest of Europe.

TIM

Market Cap: R$52.9b

Engages in the telecommunications sector in Brazil.

Centrica

Market Cap: UK£7.6b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

Old National Bancorp

Market Cap: US$10.1b

Operates as the bank holding company for Old National Bank that provides consumer and commercial banking services in the United States.

Maxone Semiconductor (Suzhou)

Market Cap: CN¥68.7b

Engages in the research, development, design, and manufacturing of semiconductor test solution products.

Vietnam Commercial Bank for Industry and Trade

Market Cap: ₫266.0t

Provides various banking products and services in Vietnam and internationally.

Anji Microelectronics Technology (Shanghai)

Market Cap: CN¥68.6b

Researches, develops, manufactures, and sells semiconductor materials in China and internationally.

Encompass Health

Market Cap: US$10.1b

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

Chongqing Rural Commercial Bank

Market Cap: HK$78.7b

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