Belgian Utilities Defensive Blue Chips

Sanlam

Market Cap: R183.9b

Provides various financial services in South Africa, Pan-Africa, Asia, and internationally.

Encompass Health

Market Cap: US$11.1b

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

UMB Financial

Market Cap: US$11.1b

Operates as a bank holding company that provides banking services and asset servicing in the United States and internationally.

Popular

Market Cap: US$11.1b

Through its subsidiaries, provides various retail, mortgage, and commercial banking services for individuals and businesses in Puerto Rico, the United States, the British Virgin Islands, the Caribbean, and Latin America.

Wintrust Financial

Market Cap: US$11.1b

A financial holding company, provides community-oriented, personal, and commercial banking services in the United States.

Arab National Bank

Market Cap: ر.س41.6b

Provides various banking products and services in the Kingdom of Saudi Arabia, Other GCC and the Middle East, Europe, North America, Latin America, Southeast Asia, and internationally.

Ryan Specialty Holdings

Market Cap: US$11.1b

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.

Beijing Huafeng Test & Control TechnologyLtd

Market Cap: CN¥74.8b

Beijing Huafeng Test & Control Technology Co.,Ltd.

Indus Towers

Market Cap: ₹1.1t

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.

Budweiser Brewing Company APAC

Market Cap: HK$86.4b

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

Safaricom

Market Cap: KSh1.4t

Provides telecommunication services in Kenya and Ethiopia.

Max Healthcare Institute

Market Cap: ₹1.1t

Provides medical and healthcare services in India.

BDO Unibank

Market Cap: ₱677.6b

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

Ingenic SemiconductorLtd

Market Cap: CN¥74.4b

Engages in the research and development, design, and sale of integrated circuit chip products in China and internationally.

Rambus

Market Cap: US$11.0b

Manufactures and sells semiconductor products in the United States, South Korea, Singapore, and internationally.

Orkla

Market Cap: NOK 105.2b

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

Absa Group

Market Cap: R179.9b

Provides retail, business, corporate, investment banking, insurance, financial, and wealth management products and services in South Africa and internationally.

Quebecor

Market Cap: CA$15.2b

Engages in the telecommunications, media, and sports and entertainment businesses in Canada.

King Yuan Electronics

Market Cap: NT$350.3b

Designs, manufactures, sells, tests, and assembles integrated circuits.

Chongqing Rural Commercial Bank

Market Cap: HK$84.6b

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

Chiba Bank

Market Cap: JP¥1.8t

Provides banking products and services in Japan and internationally.

ROHM

Market Cap: JP¥1.7t

Manufactures and sells electronic components worldwide.

Maplebear

Market Cap: US$10.8b

Maplebear Inc., doing business as Instacart, operates as a technology and enablement partner for the grocery industry in the United States and internationally.

Mowi

Market Cap: NOK 103.8b

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

Commercial Bank for Investment and Development of Vietnam

Market Cap: ₫282.5t

Provides various banking products and services in Vietnam and internationally.

Manila Electric

Market Cap: ₱659.3b

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

J Sainsbury

Market Cap: UK£7.9b

Engages in the food, general merchandise and clothing retailing, and financial services activities in the United Kingdom.

China Zheshang Bank

Market Cap: HK$83.5b

Provides corporate and retail banking services in Mainland China.

Zions Bancorporation National Association

Market Cap: US$10.6b

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.

Centrica

Market Cap: UK£7.8b

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

CPFL Energia

Market Cap: R$54.0b

Through its subsidiaries, operates as an energy company in Brazil.

TIM

Market Cap: R$54.0b

Engages in the telecommunications sector in Brazil.

Marks and Spencer Group

Market Cap: UK£7.8b

Operates various retail stores.

Busy Ming Group

Market Cap: HK$82.3b

Through its subsidiaries, operates as a food and beverage retailer in China.

Interconexión Eléctrica E.S.P

Market Cap: Col$34.1t

Engages in the electric power, roads, and ICT and telecommunications business activities.

Globus Medical

Market Cap: US$10.5b

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