Belgian Consumer Retailing Defensive Blue Chips

Power Assets Holdings

Market Cap: HK$133.1b

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.

Powszechny Zaklad Ubezpieczen

Market Cap: zł62.3b

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

KGI Financial Holding

Market Cap: NT$535.6b

Operates as a financial company in Taiwan and internationally.

MPI

Market Cap: NT$535.5b

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

BIWIN Storage Technology

Market Cap: CN¥112.7b

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

Woori Financial Group

Market Cap: ₩23.2t

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

FinecoBank Banca Fineco

Market Cap: €14.3b

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

Lattice Semiconductor

Market Cap: US$16.7b

Develops and sells semiconductor, silicon-based and silicon-enabling, evaluation boards, and development hardware products in Asia, Europe, and the Americas.

IonQ

Market Cap: US$16.5b

Develops quantum computing systems in the United States, Switzerland, and Internationally.

SDIC Power Holdings

Market Cap: CN¥110.1b

Engages in the electricity generation business in China.

Performance Food Group

Market Cap: US$16.4b

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

Banco Santander-Chile

Market Cap: CL$15.0t

Provides commercial and retail banking products and services in Chile.

ASR Nederland

Market Cap: €14.0b

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

Admiral Group

Market Cap: UK£12.0b

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

Elia Group

Market Cap: €13.9b

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

Airtel Africa

Market Cap: UK£11.8b

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

Banco de Crédito e Inversiones

Market Cap: CL$14.8t

Provides various banking products and services in Chile, the United States, and Peru.

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.

ageas

Market Cap: €13.8b

Engages in insurance business.

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.

Bank of Beijing

Market Cap: CN¥107.6b

Provides various banking services to individuals and corporates in China.

mBank

Market Cap: zł59.0b

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

African Distillers

Market Cap: US$2.1b

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

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$81.7b

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

Hua Xia Bank

Market Cap: CN¥106.8b

Provides commercial banking services in China and Hong Kong.

OmniVision Integrated Circuits Group

Market Cap: CN¥106.6b

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

Reinsurance Group of America

Market Cap: US$15.8b

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

JD Health International

Market Cap: HK$123.3b

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

SK Telecom

Market Cap: ₩21.8t

Engages in the provision of wireless telecommunication services in South Korea.

SCB X

Market Cap: ฿511.8b

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

ING Bank Slaski

Market Cap: zł57.7b

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

Great Eastern Holdings

Market Cap: S$19.8b

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

Mapfre

Market Cap: €13.3b

Engages in insurance, reinsurance, and financial activities in Spain.

BAWAG Group

Market Cap: €13.3b

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

Grupo Financiero Inbursa. de

Market Cap: Mex$262.8b

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

Asahi Group Holdings

Market Cap: JP¥2.5t

Engages in the manufacture and sale of beer, alcohol and non-alcohol beverages, and food products in Japan, Europe, Oceania, and Southeast Asia.