Spanish Commercial Services Defensive Blue Chips

National Bank of Greece

Market Cap: €11.6b

Provides financial products and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom.

Power Assets Holdings

Market Cap: HK$105.9b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, and internationally.

Hormel Foods

Market Cap: US$13.6b

Develops, processes, and distributes various meat, nuts, and other food products to foodservice, convenience store, and commercial customers in the United States and internationally.

ACM Research (Shanghai)

Market Cap: CN¥96.8b

Engages in the research, development, production, and sale of semiconductor equipment in China and internationally.

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥96.2b

Provides platform-based custom silicon and semiconductor IP licensing services in China and internationally.

Arab National Bank

Market Cap: ر.س50.7b

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.

Mr. Cooper Group

Market Cap: US$13.5b

Operates as a non-bank servicer of residential mortgage loans in the United States.

Hua Nan Financial Holdings

Market Cap: NT$409.9b

Engages in the banking, securities, insurance, venture capital and asset management activities in Taiwan and internationally.

Samsung Fire & Marine Insurance

Market Cap: ₩18.8t

Provides non-life insurance products and services in South Korea, China, Indonesia, Vietnam, Singapore, the United States, and the United Kingdom.

Banco Comercial Português

Market Cap: €11.4b

Engages in the provision of various banking and financial products and services in Portugal and internationally.

Zegona Communications

Market Cap: UK£9.9b

Provides integrated telecommunications services in Spain.

Unum Group

Market Cap: US$13.2b

Provides financial protection benefit solutions in the United States, the United Kingdom, and Poland.

CP ALL

Market Cap: ฿428.5b

Operates and franchises convenience stores under the 7-Eleven name to other retailers primarily in Thailand, Malaysia, and internatinally.

SCB X

Market Cap: ฿427.6b

Engages banking, consumer and digital finance, and platform and technology businesses in Thailand and internationally.

Rockchip Electronics

Market Cap: CN¥94.1b

Operates as a fabless IC design company in China.

ageas

Market Cap: €11.2b

Engages in insurance business.

Powszechny Zaklad Ubezpieczen

Market Cap: zł47.8b

Provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.

FinecoBank Banca Fineco

Market Cap: €11.2b

Provides banking, credit, trading and investment services in Italy.

Mashreqbank PSC

Market Cap: د.إ48.1b

Provides various banking and financial services to individuals and corporates.

NMBZ Holdings

Market Cap: US$1.7b

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

Universal Health Services

Market Cap: US$13.0b

Through its subsidiaries, owns and operates acute care hospitals, and outpatient and behavioral health care facilities.

Insurance Australia Group

Market Cap: AU$19.6b

Insurance Australia Group Limited underwrites general insurance products and provides investment management services in Australia and New Zealand.

Helvetia Holding

Market Cap: CHF 10.3b

Engages in life and non-life insurance, and reinsurance business in Switzerland, Germany, Austria, Spain, Italy, France, and internationally.

GAIL (India)

Market Cap: ₹1.1t

Operates as a natural gas processing and distribution company in India and internationally.

CEMEX. de

Market Cap: Mex$236.5b

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

Hims & Hers Health

Market Cap: US$12.8b

Operates a telehealth platform that connects consumers to licensed healthcare professionals in the United States, the United Kingdom, and internationally.

Encompass Health

Market Cap: US$12.8b

Provides post-acute healthcare services in the United States and Puerto Rico.

Brown-Forman

Market Cap: US$12.8b

Manufactures, distills, bottles, imports, exports, markets, and sells a variety of alcohol beverages.

Tata Consumer Products

Market Cap: ₹1.1t

Produces, distributes, and trades in food products in India, the United States, the United Kingdom, and internationally.

Fisher & Paykel Healthcare

Market Cap: NZ$21.9b

Designs, manufactures, markets, and sells medical device products and systems in North America, Europe, the Asia Pacific, and internationally.

Bank Polska Kasa Opieki

Market Cap: zł46.3b

A commercial bank, provides banking products and services to retail and corporate clients in Poland.

Taiwan Cooperative Financial Holding

Market Cap: NT$388.1b

Provides commercial banking, insurance, securities, bills finance, venture capital, asset management, and investment trust services in Taiwan.

Reinsurance Group of America

Market Cap: US$12.7b

Provides reinsurance and financial solutions.

BDO Unibank

Market Cap: ₱736.0b

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

Elia Group

Market Cap: €10.8b

Develops and operates as a transmission system operator in Belgium and Germany.

S.P.E.E.H. Hidroelectrica

Market Cap: RON 54.7b

Produces and supplies hydro, wind, and energy electricity in Romania.