Czech Commercial Services Defensive Blue Chips

United Overseas Bank

Market Cap: S$57.7b

Provides banking products and services worldwide.

Aeon

Market Cap: JP¥6.7t

Operates in the retail industry in Japan, China, ASEAN countries, and internationally.

American International Group

Market Cap: US$43.7b

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

National Bank of Canada

Market Cap: CA$61.3b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

Axis Bank

Market Cap: ₹3.8t

Provides various financial products and services in India and internationally.

Heineken

Market Cap: €37.3b

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

Orange

Market Cap: €36.8b

Operates as a telecommunications operator in France and internationally.

CBZ Holdings

Market Cap: US$5.4b

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

Kroger

Market Cap: US$42.2b

Operates as a food and drug retailer in the United States.

Target

Market Cap: US$42.1b

Operates as a general merchandise retailer in the United States.

Fubon Financial Holding

Market Cap: NT$1.3t

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

Commerzbank

Market Cap: €35.9b

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.

Heidelberg Materials

Market Cap: €35.9b

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

NAURA Technology Group

Market Cap: CN¥290.5b

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

QNB Bank

Market Cap: ₺1.7t

Provides various banking products and services in Turkey.

Public Service Enterprise Group

Market Cap: US$40.2b

Through its subsidiaries, operates in electric and gas utility, and nuclear generation businesses in the United States.

Erste Group Bank

Market Cap: €34.9b

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

JAPAN POST BANK

Market Cap: JP¥6.2t

Provides financial products and services in Japan and internationally.

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.

Coca-Cola Europacific Partners

Market Cap: €34.2b

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

Great-West Lifeco

Market Cap: CA$54.7b

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

Muyuan Foods

Market Cap: CN¥274.8b

Operates in the hog industry in China.

Tesco

Market Cap: UK£29.3b

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

Vulcan Materials

Market Cap: US$38.3b

Produces and supplies construction aggregates in the United States.

DNB Bank

Market Cap: NOK 384.7b

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

Kioxia Holdings

Market Cap: JP¥5.8t

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

Endesa

Market Cap: €32.8b

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.

Skandinaviska Enskilda Banken

Market Cap: SEK 357.8b

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

Swisscom

Market Cap: CHF 30.3b

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

Huadian New Energy Group

Market Cap: CN¥267.4b

Engages in the power generation business in China.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ137.0b

Generates, transmits, and distributes electricity for residential, commercial, industrial, and government customers primarily in Dubai.

China Unicom (Hong Kong)

Market Cap: HK$287.6b

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

Martin Marietta Materials

Market Cap: US$37.0b

A natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally.

Ambev

Market Cap: R$198.2b

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.

Danske Bank

Market Cap: DKK 239.2b

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

Koninklijke Ahold Delhaize

Market Cap: €31.8b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.