Chinese Food, Beverage & Tobacco Defensive Blue Chips

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ160.7b

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

Heidelberg Materials

Market Cap: €37.6b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

ACWA Power

Market Cap: ر.س160.9b

Engages in the investment, development, operation, and maintenance of power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia, the Middle East, Asia, and Africa.

United Overseas Bank

Market Cap: S$56.0b

Provides banking products and services worldwide.

Monolithic Power Systems

Market Cap: US$42.4b

Designs, develops, markets, and sells semiconductor-based power electronics solutions for the storage and computing, automotive, enterprise data, consumer, communications, and industrial markets in the United States, China, Taiwan, South Korea, Europe, Southeast Asia, Japan, and internationally.

CBZ Holdings

Market Cap: US$5.4b

Provides various banking and financial products and services to retail and corporate customers in Zimbabwe.

Orange

Market Cap: €36.3b

Operates as a telecommunications operator in France and internationally.

NAURA Technology Group

Market Cap: CN¥293.4b

Engages in the research and development, production, sale, and technical services of semiconductors in the People's Republic of China.

Commerzbank

Market Cap: €35.5b

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, Asia, and internationally.

American International Group

Market Cap: US$40.9b

Offers insurance products for commercial, institutional, and individual customers in North America and internationally.

Great-West Lifeco

Market Cap: CA$57.6b

Engages in the life and health insurance, retirement savings, wealth and asset management, and reinsurance businesses in Canada, the United States, and Europe.

FBC Holdings

Market Cap: US$5.3b

Through its subsidiaries, provides commercial and wholesale banking, mortgage financing, micro lending, reinsurance, short-term insurance, and stockbroking services in Zimbabwe.

JAPAN POST BANK

Market Cap: JP¥6.3t

Provides financial products and services in Japan and internationally.

Erste Group Bank

Market Cap: €34.9b

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

Coca-Cola Europacific Partners

Market Cap: €34.8b

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

Fubon Financial Holding

Market Cap: NT$1.3t

Provides various financial services in Taiwan, Asia, and internationally.

QNB Bank

Market Cap: ₺1.7t

Provides various banking products and services in Turkey.

Ambev

Market Cap: R$209.1b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, carbonated soft drinks, malt and food, other alcoholic beverages, and non-alcoholic and non-carbonated products in Brazil, Central America and Caribbean, Latin America South, and Canada.

UltraTech Cement

Market Cap: ₹3.5t

Engages in the manufacture and sale of clinker, cement, ready mix concrete, and related products in India, the United Arab Emirates, Bahrain, and Sri Lanka.

Target

Market Cap: US$39.0b

Operates as a general merchandise retailer in the United States.

Kioxia Holdings

Market Cap: JP¥6.1t

Engages in the development, production and sale of flash memory and solid state drives (SSDs) in Japan and internationally.

DNB

Market Cap: NOK 389.1b

DNB Bank ASA provides financial services to individuals and businesses in Norway and internationally.

Endesa

Market Cap: €32.7b

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.

Vulcan Materials

Market Cap: US$37.6b

Produces and supplies construction aggregates in the United States.

Tesco

Market Cap: UK£28.7b

Operates as a grocery retailer in the United Kingdom, Republic of Ireland, the Czech Republic, Slovakia, and Hungary.

RWE

Market Cap: €32.3b

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

Huadian New Energy Group

Market Cap: CN¥264.9b

Engages in the power generation business in China.

Skandinaviska Enskilda Banken

Market Cap: SEK 354.5b

Provides corporate, retail, investment, and private banking services.

Alcon

Market Cap: CHF 29.9b

Researches, develops, manufactures, distributes, and sells eye care products worldwide.

Fairfax Financial Holdings

Market Cap: CA$52.3b

Through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in the United States, Canada, the Middle East, Asia, and internationally.

Swisscom

Market Cap: CHF 29.9b

Provides telecommunication services primarily in Switzerland, Italy, and internationally.

Hershey

Market Cap: US$37.0b

Engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally.

China Unicom (Hong Kong)

Market Cap: HK$287.0b

An investment holding company, provides telecommunications and related value-added services in the People’s Republic of China.

Hartford Insurance Group

Market Cap: US$36.8b

Provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally.

Danske Bank

Market Cap: DKK 237.4b

Provides various banking products and services to corporate, institutional, and international clients.

Hang Seng Bank

Market Cap: HK$283.6b

Provides various banking and related financial services to individual, corporate, commercial, and small and medium sized enterprise customers in Hong Kong, Mainland China, and internationally.