Zambian Software Defensive Blue Chips

Airtel Africa

Market Cap: UK£12.7b

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

WH Group

Market Cap: HK$130.9b

An investment holding company, produces and sells packaged meats and pork in China, North America, and Europe.

Power Assets Holdings

Market Cap: HK$130.7b

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

Tenet Healthcare

Market Cap: US$16.7b

Operates as a diversified healthcare services company in the United States.

SDIC Power Holdings

Market Cap: CN¥115.2b

Engages in the electricity generation business in China.

Bank of Ireland Group

Market Cap: €14.5b

Provides banking and other financial services in the Republic of Ireland, the United Kingdom, and internationally.

Hua Xia Bank

Market Cap: CN¥114.6b

Provides commercial banking services in China and Hong Kong.

Elia Group

Market Cap: €14.3b

Develops and operates as a transmission system operator in Belgium and Germany.

NMBZ Holdings

Market Cap: US$2.1b

Provides various banking products and services to corporate and individual customers in Zimbabwe.

HANMI Semiconductor

Market Cap: ₩24.7t

Manufactures and sells semiconductor equipment in South Korea and internationally.

Wens Foodstuff Group

Market Cap: CN¥112.0b

Operates as an agricultural and animal husbandry company in China.

Straumann Holding

Market Cap: CHF 13.0b

Provides tooth replacement and orthodontic solutions in Switzerland, the United States, China, Germany, Brazil, Japan, France, and internationally.

Vodacom Group

Market Cap: R278.2b

Provides communications products and services.

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥111.7b

Provides platform-based custom silicon and semiconductor IP licensing services in China and internationally.

E.SUN Financial Holding Company

Market Cap: NT$517.6b

Offers various financial banking products and services in Taiwan.

Unipol Assicurazioni

Market Cap: €14.1b

Provides insurance products and services primarily in Italy.

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.

Rede D'Or São Luiz

Market Cap: R$83.5b

Engages in the provision of hospital services in Brazil.

Tokyo GasLtd

Market Cap: JP¥2.5t

Engages in the production, supply, and sale of city gas and LNG in Japan.

BE Semiconductor Industries

Market Cap: €13.8b

Develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries in the Netherlands, Switzerland, Austria, Singapore, Malaysia, and internationally.

Piotech

Market Cap: CN¥108.8b

Engages in the research and development, production, sales, and technical services of high-end semiconductor special equipment in China.

Centene

Market Cap: US$15.7b

Operates as a managed care company that provides programs and services to under-insured families, and commercial organizations in the United States.

BIWIN Storage Technology

Market Cap: CN¥108.4b

Engages in the research and development, design, packaging, testing, production, and sales of semiconductor memory.

Woori Financial Group

Market Cap: ₩23.7t

Operates as a bank which provides various financial services in Korea, China, the United States, the United Kingdom, Japan, and internationally.

Osaka Gas

Market Cap: JP¥2.5t

Provides gas, electricity, and other energy products and services in Japan and internationally.

Santander Bank Polska

Market Cap: zł58.5b

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

CEMEX. de

Market Cap: Mex$281.5b

Engages in the production, marketing, distribution, and sale of cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials and services worldwide.

Mediobanca Banca di Credito Finanziario

Market Cap: €13.4b

Provides various banking products and services in Italy, Other European countries, the United States, Asia, and internationally.

Telecom Italia

Market Cap: €13.3b

Engages in the fixed and mobile telecommunications services and products for individuals, households, and supports small and medium-sized enterprises in Italy and internationally.

Coloplast

Market Cap: DKK 98.2b

Engages in the development and sale of intimate healthcare products and services in Denmark, the United States, the United Kingdom, France, and internationally.

Huaneng Power International

Market Cap: HK$117.2b

Generates and sells electric power to the regional or provincial grid companies in the People’s Republic of China and internationally.

S.P.E.E.H. Hidroelectrica

Market Cap: RON 66.5b

Produces and supplies hydro, wind, and energy electricity in Romania.

Banco Santander-Chile

Market Cap: CL$13.9t

Provides commercial and retail banking products and services in Chile.

Bank Polska Kasa Opieki

Market Cap: zł55.8b

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

Krung Thai Bank

Market Cap: ฿489.2b

Engages in commercial banking business in Thailand and internationally.

SCB X

Market Cap: ฿488.2b

Engages in the banking, consumer and digital finance, and platform and technology businesses in Thailand and internationally.