Spanish Consumer Retailing Defensive Blue Chips

Sanlam

Market Cap: R194.6b

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

British American Tobacco Zimbabwe (Holdings)

Market Cap: US$1.5b

Together with subsidiaries, manufactures, distributes, and sells cigarettes in Zimbabwe.

Mowi

Market Cap: NOK 114.5b

A seafood company, produces and sells Atlantic salmon products worldwide.

China Zheshang Bank

Market Cap: HK$88.1b

Provides various commercial banking products and services in Mainland China.

Encompass Health

Market Cap: US$11.3b

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

Assurant

Market Cap: US$11.3b

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

Saputo

Market Cap: CA$15.7b

Produces, markets, and distributes dairy products in Canada, the United States, Australia, Argentina, and the United Kingdom.

Globus Medical

Market Cap: US$11.2b

A medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally.

TIM

Market Cap: R$59.4b

A telecommunications company, provides mobile, fixed, long-distance, data transmission, and broadband services in Brazil.

Manila Electric

Market Cap: ₱655.4b

Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines.

SinoPac Financial Holdings

Market Cap: NT$346.6b

Through its subsidiaries, provides banking, securities, investment, leasing, and venture capital services worldwide.

Banque Saudi Fransi

Market Cap: ر.س41.6b

Provides banking and financial services for individuals and businesses in the Kingdom of Saudi Arabia and internationally.

M3

Market Cap: JP¥1.7t

Provides medical-related services to physicians and other healthcare professionals through the internet.

Marico

Market Cap: ₹981.6b

Manufactures and sells branded consumer products in India, Bangladesh, Vietnam, and internationally.

Bank Albilad

Market Cap: ر.س41.6b

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

Tsingtao Brewery

Market Cap: CN¥78.8b

Engages in the production, distribution, wholesale, and retail sale of beer products in Mainland China, Hong Kong, Macau, and internationally.

Italgas

Market Cap: €9.6b

Engages in the distribution of natural gas in Italy, Greece, and Other European Union countries.

Bank Permata

Market Cap: Rp184.5t

Provides various banking products and services in Indonesia.

ACM Research (Shanghai)

Market Cap: CN¥78.6b

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

Chubu Electric Power Company

Market Cap: JP¥1.7t

Engages in the generation, transmission, distribution, and retail of electricity in Japan and internationally.

Industrial Bank of Korea

Market Cap: ₩16.0t

Operates as a small and medium-sized enterprise (SME) financing bank in Korea and internationally.

Penumbra

Market Cap: US$10.9b

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

BKW

Market Cap: CHF 8.7b

An international energy and infrastructure company, plans, builds, and operates infrastructure to produce and supply energy to businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally.

Tower Semiconductor

Market Cap: US$10.8b

An independent semiconductor foundry, provides technology, development, and process platforms for integrated circuits in the United States, Japan, rest of Asia, and Europe.

Anhui Gujing Distillery

Market Cap: CN¥76.9b

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

Dino Polska

Market Cap: zł39.5b

Operates a network of medium-sized grocery supermarkets under the Dino brand in Poland.

iA Financial

Market Cap: CA$15.1b

Provides insurance and wealth management services for individual and group basis in Canada and the United States.

Shree Cement

Market Cap: ₹953.3b

Engages in the manufacture and sale of cement and clinker in India and internationally.

Itissalat Al-Maghrib (IAM)

Market Cap: د.م99.3b

Provides various telecommunication solutions in Morocco and internationally.

Waaree Energies

Market Cap: ₹944.0b

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

Far EasTone Telecommunications

Market Cap: NT$331.7b

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

Maplebear

Market Cap: US$10.6b

Maplebear Inc., doing business as Instacart, engages in the provision of online grocery shopping services to households in North America.

Phoenix Financial

Market Cap: ₪34.8b

Provides multi-line insurance products in Israel.

Hippo Valley Estates

Market Cap: US$1.4b

Together with its subsidiary, Chiredzi Township (Private) Limited, engages in the growing and milling of sugar cane in Zimbabwe and internationally.

Carrefour

Market Cap: €9.2b

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

Old Republic International

Market Cap: US$10.6b

Through its subsidiaries, provides insurance underwriting and related services primarily in the United States and Canada.