Estonia Commercial Services Defensive Blue Chips

KGI Financial Holding

Market Cap: NT$320.7b

Engages in the commercial banking, securities, venture capital, and insurance businesses in Taiwan and internationally.

Bharti Hexacom

Market Cap: ₹915.4b

Provides mobile services, fixed-line telephone, and broadband services to end consumers and business customers under the Airtel brand in India.

Bunge Global

Market Cap: US$10.6b

Operates as an agribusiness and food company worldwide.

Carrefour

Market Cap: €9.3b

Operates as a food retailer in France, Spain, Italy, Belgium, Poland, Romania, Brazil, Argentina, the Middle East, Africa, and Asia.

Novatek Microelectronics

Market Cap: NT$314.0b

Engages in research and development, manufacture, and sale of integrated circuit chips for speech, communication, computer peripheral, LCD driver IC system, embedded MCU, DSP, and system applications in Taiwan, Asia, and internationally.

Sysmex

Market Cap: JP¥1.5t

Engages in the development, manufacture, and sale of diagnostic instruments, reagents, and related software in Japan.

Enel Américas

Market Cap: CL$9.9t

Generates, transmits, and distributes electricity in Brazil, Colombia, Central America, Argentina, and Peru.

Israel Discount Bank

Market Cap: ₪36.7b

Provides various banking and financial services in Israel, Europe, and North America.

Skyworks Solutions

Market Cap: US$10.4b

Designs, develops, manufactures, and markets proprietary semiconductor products in the United States, China, South Korea, Taiwan, Europe, the Middle East, Africa, and the rest of Asia-Pacific.

Far EasTone Telecommunications

Market Cap: NT$311.9b

Engages in the provision of telecommunications and digital application services in Taiwan.

Bangkok Dusit Medical Services

Market Cap: ฿341.7b

Operates hospitals in Thailand and internationally.

Banca Monte dei Paschi di Siena

Market Cap: €9.2b

Engages in the provision of retail and commercial banking services in Italy.

Tele2

Market Cap: SEK 99.5b

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

ING Bank Slaski

Market Cap: zł38.8b

Together with our subsidiaries, provides various banking products and services for retail clients and businesses in Poland.

Centrica

Market Cap: UK£7.7b

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

Itissalat Al-Maghrib (IAM)

Market Cap: د.م95.7b

Provides various telecommunication solutions in Morocco and internationally.

Giga Device Semiconductor

Market Cap: CN¥74.6b

A fabless company, engages in development of memory technologies, microcontrollers (MCUs), sensor, analog products, and solutions.

China Resources Beer (Holdings)

Market Cap: HK$81.3b

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

CEMEX. de

Market Cap: Mex$201.0b

Engages in the production, marketing, distribution, and sale of cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials and services worldwide.

Bank Albilad

Market Cap: ر.س38.8b

Through its subsidiaries, provides various banking products and services in the Kingdom of Saudi Arabia.

DaVita

Market Cap: US$10.3b

Provides kidney dialysis services for patients suffering from chronic kidney failure in the United States.

Anhui Gujing Distillery

Market Cap: CN¥74.1b

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

Sanlam

Market Cap: R185.0b

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

Penumbra

Market Cap: US$10.3b

Designs, develops, manufactures, and markets medical devices in the United States and internationally.

American Financial Group

Market Cap: US$10.3b

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

Celcomdigi Berhad

Market Cap: RM 43.6b

An investment holding company, provides mobile communication services and related products in Malaysia.

Woori Financial Group

Market Cap: ₩14.1t

Operates as a commercial bank that provides a range of financial services to individual, business, and institutional customers in Korea.

Marks and Spencer Group

Market Cap: UK£7.6b

Operates various retail stores.

Bank Negara Indonesia (Persero)

Market Cap: Rp167.3t

Provides various banking products and services in Indonesia, rest of Asia, New York, and Europe.

First Horizon

Market Cap: US$10.2b

Operates as the bank holding company for First Horizon Bank that provides various financial services.

Campbell's

Market Cap: US$10.2b

Manufactures and markets food and beverage products in the United States and internationally.

Assurant

Market Cap: US$10.1b

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

Osaka Gas

Market Cap: JP¥1.5t

Provides gas, electricity, and other energy products and services in Japan and internationally.

Suntory Beverage & Food

Market Cap: JP¥1.4t

Engages in manufacture and sale of alcoholic and non-alcoholic beverages, and foods in Japan, Asia-Pacific, Europe, and the Americas.

Raiffeisen Bank International

Market Cap: €8.8b

Offers banking services to corporate, private, and institutional customers.

Waaree Energies

Market Cap: ₹855.8b

Manufactures and exports solar photovoltaic modules for residential, commercial, industrial, and institutional projects.