Belgian Consumer Durables Defensive Blue Chips

Hua Nan Financial Holdings

Market Cap: NT$558.0b

Provides financial services in Taiwan and internationally.

Sonova Holding

Market Cap: CHF 14.2b

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.

Bankinter

Market Cap: €15.1b

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

FinecoBank Banca Fineco

Market Cap: €15.0b

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

National Bank of Greece

Market Cap: €14.8b

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

Performance Food Group

Market Cap: US$16.9b

Through its subsidiaries, markets and distributes food and food-related products in North America.

Kansai Electric Power Company

Market Cap: JP¥2.7t

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

Great Eastern Holdings

Market Cap: S$21.3b

An investment holding company, provides insurance products in Singapore, Malaysia, and rest of Asia.

ASR Nederland

Market Cap: €14.4b

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

Powszechny Zaklad Ubezpieczen

Market Cap: zł62.2b

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

Mashreqbank PSC

Market Cap: د.إ61.2b

Provides various banking and financial services to individuals and corporates.

OmniVision Integrated Circuits Group

Market Cap: CN¥112.3b

Engages in the design, development, and sale of integrated circuits and computer software and hardware in China and internationally.

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥112.2b

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

Power Assets Holdings

Market Cap: HK$129.3b

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.

KGI Financial Holding

Market Cap: NT$525.4b

Operates as a financial company in Taiwan and internationally.

SDIC Power Holdings

Market Cap: CN¥110.0b

Engages in the electricity generation business in China.

Reinsurance Group of America

Market Cap: US$16.3b

Provides life and health, and asset-intensive reinsurance in the United States, Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia.

Onto Innovation

Market Cap: US$16.3b

Engages in the design, development, manufacture, and support of process control tools that perform macro-defect inspection and metrology in the United States, Taiwan, South Korea, Japan, China, Southeast Asia, Asia, and Europe.

Pinnacle Financial Partners

Market Cap: US$16.2b

Operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States.

SCREEN Holdings

Market Cap: JP¥2.6t

Develops, manufactures, and markets semiconductor production equipment in Japan, Taiwan, South Korea, China, the United States, Europe, and internationally.

mBank

Market Cap: zł60.4b

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

MPI

Market Cap: NT$516.4b

Manufactures, processes, repairs, imports/exports, and trades in semiconductor manufacturing and testing equipment in Taiwan, China, the United States, Singapore, Korea, and internationally.

ageas

Market Cap: €14.0b

Engages in insurance business.

Banco Santander-Chile

Market Cap: CL$14.8t

Provides commercial and retail banking products and services in Chile.

CEMEX. de

Market Cap: Mex$275.0b

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

Elia Group

Market Cap: €13.9b

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

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.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$83.5b

Provides basic and environmental sanitation services in the São Paulo State, Brazil.

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.

Airtel Africa

Market Cap: UK£11.9b

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

Admiral Group

Market Cap: UK£11.8b

A financial services company, provides insurance and personal lending products in the United Kingdom, France, Italy, and Spain.

Tongfu MicroelectronicsLtd

Market Cap: CN¥107.2b

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

GlobalWafers

Market Cap: NT$506.8b

Researches, develops, designs, manufactures and sells semiconductor ingots/wafers in Taiwan and internationally.

BAWAG Group

Market Cap: €13.7b

Operates as a holding company for BAWAG P.S.K.

Brookfield Wealth Solutions

Market Cap: US$15.7b

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

JD Health International

Market Cap: HK$122.8b

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