Belgian Consumer Retailing Defensive Blue Chips

M3

Market Cap: JP¥1.8t

Provides medical-related services to physicians and other healthcare professionals through the internet.

Manila Electric

Market Cap: ₱674.0b

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

SinoPac Financial Holdings

Market Cap: NT$358.1b

Through its subsidiaries, provides banking, securities, investment, leasing, and venture capital services worldwide.

Saputo

Market Cap: CA$16.1b

Produces, markets, and distributes dairy products in Canada, the United States, Australia, Argentina, and the United Kingdom.

China Zheshang Bank

Market Cap: HK$88.5b

Provides various commercial banking products and services in Mainland China.

Encompass Health

Market Cap: US$11.4b

Provides post-acute healthcare services in the United States and Puerto Rico.

BE Semiconductor Industries

Market Cap: €9.8b

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

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥80.5b

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

American Financial Group

Market Cap: US$11.4b

An insurance holding company, provides specialty property and casualty insurance products in the United States.

Mowi

Market Cap: NOK 116.0b

A seafood company, produces and sells Atlantic salmon products worldwide.

Assurant

Market Cap: US$11.3b

Provides protection services to connected devices, homes, and automobiles in North America, Latin America, Europe, and the Asia Pacific.

Sanlam

Market Cap: R193.5b

Provides various financial solutions to individual, business, and institutional clients in South Africa, rest of Africa, Asia, and internationally.

China Resources Beer (Holdings)

Market Cap: HK$87.8b

An investment holding company, manufactures, distributes, and sells alcoholic beverages in Mainland China.

Dino Polska

Market Cap: zł41.2b

Operates a network of medium-sized grocery supermarkets under the Dino brand in Poland.

Ooredoo Q.P.S.C

Market Cap: ر.ق40.9b

Provides telecommunications services in Qatar, rest of the Middle East, Asia, and North Africa region.

ICICI Lombard General Insurance

Market Cap: ₹1.0t

Provides various general insurance products and services in India.

James Hardie Industries

Market Cap: AU$17.2b

Engages in the manufacture and sale of fiber cement, fiber gypsum, and cement bonded boards in the United States, Australia, Europe, and New Zealand.

Severn Trent

Market Cap: UK£8.5b

Provides water and wastewater services in the United Kingdom.

iA Financial

Market Cap: CA$15.7b

Provides insurance and wealth management services for individual and group basis in Canada and the United States.

TIM

Market Cap: R$59.9b

A telecommunications company, provides mobile, fixed, long-distance, data transmission, and broadband services in Brazil.

Italgas

Market Cap: €9.6b

Engages in the distribution of natural gas in Italy, Greece, and Other European Union countries.

Old Republic International

Market Cap: US$11.1b

Through its subsidiaries, provides insurance underwriting and related services primarily in the United States and Canada.

Maplebear

Market Cap: US$11.1b

Maplebear Inc., doing business as Instacart, engages in the provision of online grocery shopping services to households in North America.

Industrial Bank of Korea

Market Cap: ₩16.3t

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

Buzzi

Market Cap: €9.6b

Manufactures, distributes, and sells cement, ready-mix concrete, and natural aggregates.

Tower Semiconductor

Market Cap: US$11.0b

An independent semiconductor foundry, provides technology, development, and process platforms for integrated circuits in the United States, Japan, rest of Asia, and Europe.

Anhui Gujing Distillery

Market Cap: CN¥77.7b

Engages in the production and sale of distilled wine in the People’s Republic of China and internationally.

Tsingtao Brewery

Market Cap: CN¥77.4b

Engages in the production, distribution, wholesale, and retail sale of beer products in Mainland China, Hong Kong, Macau, and internationally.

Shree Cement

Market Cap: ₹971.8b

Engages in the manufacture and sale of cement and clinker in India and internationally.

BKW

Market Cap: CHF 8.8b

An international energy and infrastructure company, plans, builds, and operates infrastructure to produce and supply energy to businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally.

Banque Saudi Fransi

Market Cap: ر.س40.6b

Provides banking and financial services for individuals and businesses in the Kingdom of Saudi Arabia and internationally.

Tele2

Market Cap: SEK 103.0b

Provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia.

Itissalat Al-Maghrib (IAM)

Market Cap: د.م100.0b

Provides various telecommunication solutions in Morocco and internationally.

Rockchip Electronics

Market Cap: CN¥76.0b

Operates as a fabless IC design company focusing on Intelligent IoT in China.

Bank Permata

Market Cap: Rp178.4t

Provides various banking products and services in Indonesia.

Marico

Market Cap: ₹953.5b

Manufactures and sells branded consumer products in India, Bangladesh, Vietnam, and internationally.