Swiss Utilities Defensive Blue Chips

Erste Group Bank

Market Cap: €43.2b

Provides a range of banking and other financial services to retail, corporate, and public sector customers.

Danone

Market Cap: €43.0b

Operates in the food and beverage industry in Europe, Ukraine, North America, China, North Asia, the Oceania, Latin America, rest of Asia, Africa, Turkey, the Middle East, and the Commonwealth of Independent States.

Vistra

Market Cap: US$49.9b

Operates as an integrated retail electricity and power generation company in the United States.

Fifth Third Bancorp

Market Cap: US$49.6b

Operates as the bank holding company for Fifth Third Bank, National Association that provides a range of financial products and services in the United States.

United Overseas Bank

Market Cap: S$63.6b

Provides banking products and services worldwide.

Sberbank of Russia

Market Cap: ₽3.0t

Sberbank of Russia, together with its subsidiaries, provides corporate and retail banking products and services to individuals, small businesses, corporate clients, and financial institutions.

Emirates NBD Bank PJSC

Market Cap: د.إ181.3b

Engages in the provision of corporate, institutional, retail, treasury, and Islamic banking services.

Edwards Lifesciences

Market Cap: US$49.0b

Provides products and technologies to treat advanced cardiovascular diseases in the United States, Europe, Japan, and internationally.

Kuwait Finance House K.S.C.P

Market Cap: د.ك15.1b

Provides Islamic banking products and services in the Middle East, Europe, and internationally.

Cathay Financial Holding

Market Cap: NT$1.5t

Through its subsidiaries, provides various financial products and services in Taiwan, rest of Asia, and internationally.

Cerebras Systems

Market Cap: US$47.0b

Operates as an artificial intelligence infrastructure company.

Shanghai Pudong Development Bank

Market Cap: CN¥317.4b

Provides commercial banking products and services in China and internationally.

Credo Technology Group Holding

Market Cap: US$46.3b

Provides various high-speed connectivity solutions for optical and electrical Ethernet, and PCIe applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally.

SJ Semiconductor

Market Cap: CN¥312.9b

Operates as an integrated circuit wafer-level advanced packaging and testing company in China and internationally.

RWE

Market Cap: €39.7b

Generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally.

Endesa

Market Cap: €39.5b

Engages in the generation, distribution, and sale of electricity in Spain, Portugal, France, Germany, the United Kingdom, Switzerland, Luxembourg, the Netherlands, Singapore, Italy, Morocco, and internationally.

ON Semiconductor

Market Cap: US$45.8b

Provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally.

Wuliangye YibinLtd

Market Cap: CN¥309.1b

Manufactures and sells liquor and wine products and related auxiliary products under the Wuliangye brand in China.

Humana

Market Cap: US$45.5b

Provides medical and specialty insurance products in the United States.

Qatar National Bank (Q.P.S.C.)

Market Cap: ر.ق165.5b

Provides conventional and Islamic banking products and services in Qatar, Europe, North America, rest of GCC countries, and internationally.

Commerzbank

Market Cap: €39.1b

Provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, and Asia.

Diageo

Market Cap: UK£33.7b

Engages in the production, marketing, and distribution of alcoholic beverages in North America, Europe, the Asia Pacific, Latin America and Caribbean, and Africa.

Siemens Healthineers

Market Cap: €38.9b

Through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers in Germany, the United States, rest of Europe, CIS, Africa, the Middle East, the Americas, the Asia Pacific, Japan, and China.

Axis Bank

Market Cap: ₹4.3t

Provides various financial products and services in India and internationally.

Adani Power

Market Cap: ₹4.3t

Engages in the generation, transmission, and sale of electricity under long term power purchase agreements (PPAs), supplemental PPAs, medium and short term PPAs, and on merchant basis in India.

China Pacific Insurance (Group)

Market Cap: CN¥304.1b

Provides insurance products to in the People’s Republic of China.

Swiss Re

Market Cap: CHF 35.7b

Provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ164.9b

Provides telecommunications services, media, and related equipment in the United Arab Emirates and internationally.

GLOBALFOUNDRIES

Market Cap: US$44.6b

A semiconductor foundry, provides range of mainstream wafer fabrication services and technologies in the United States, Europe, the Middle East, Africa, and internationally.

DNB Bank

Market Cap: NOK 422.5b

Provides financial services to individuals and businesses in Norway and internationally.

Advanced Micro-Fabrication Equipment China

Market Cap: CN¥299.8b

Advanced Micro-Fabrication Equipment Inc.

IDEXX Laboratories

Market Cap: US$44.2b

Develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally.

Heineken

Market Cap: €38.0b

Heineken N.V. brews and sells beer and cider in Europe, the Americas, Africa, the Middle East, and the Asia Pacific.

Montage Technology

Market Cap: CN¥297.4b

An integrated circuit (IC) design company, provides IC-based solutions for cloud computing and AI infrastructure in the People’s Republic of China.

PICC Property and Casualty

Market Cap: HK$343.9b

Engages in property and casualty insurance business in People’s Republic of China.

Coca-Cola Europacific Partners

Market Cap: €37.7b

Produces, distributes, and sells a range of non-alcoholic ready-to-drink beverages.