Spanish Telecom Defensive Blue Chips

Martin Marietta Materials

Market Cap: US$37.5b

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

Fairfax Financial Holdings

Market Cap: CA$52.0b

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.

Sysco

Market Cap: US$37.0b

Through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally.

Hang Seng Bank

Market Cap: HK$284.1b

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.

China Unicom (Hong Kong)

Market Cap: HK$284.0b

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

Hershey

Market Cap: US$36.4b

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

Telstra Group

Market Cap: AU$55.5b

Provides telecommunications and information services in Australia and internationally.

Endesa

Market Cap: €31.1b

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.

Consolidated Edison

Market Cap: US$36.1b

Through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States.

Hannover Rück

Market Cap: €30.8b

Provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally.

GE HealthCare Technologies

Market Cap: US$35.7b

Engages in the development, manufacture, and marketing of products, services, and complementary digital solutions used in the diagnosis, treatment, and monitoring of patients in the United States, Canada, and internationally.

Adani Power

Market Cap: ₹3.1t

Engages in the generation, transmission, and sale of electricity under long term power purchase agreements (PPAs), supplemental PPAs, medium and short term PPAs, and on merchant basis in India.

Prudential

Market Cap: UK£26.6b

Through its subsidiaries, provides life and health insurance, and asset management solutions to individuals in Asia and Africa.

Danske Bank

Market Cap: DKK 226.8b

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

CBZ Holdings

Market Cap: US$4.6b

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

Ambev

Market Cap: R$189.4b

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.

Hartford Insurance Group

Market Cap: US$35.2b

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

Humana

Market Cap: US$35.0b

Provides medical and specialty insurance products in the United States.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp581.3t

Provides various banking products and services in Indonesia and internationally.

Kioxia Holdings

Market Cap: JP¥5.3t

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

Swedbank

Market Cap: SEK 324.3b

Provides various banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China.

Sun Life Financial

Market Cap: CA$48.0b

A financial services company, provides asset management, wealth, insurance and health solutions to individual and institutional customers in Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda.

Federal Home Loan Mortgage

Market Cap: US$34.2b

Operates in the secondary mortgage market in the United States.

Microchip Technology

Market Cap: US$34.1b

Develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.

RWE

Market Cap: €29.2b

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

Chunghwa Telecom

Market Cap: NT$1.0t

Operates as an integrated telecommunications service provider in Taiwan and internationally.

Intact Financial

Market Cap: CA$46.7b

Through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally.

CEZ a. s

Market Cap: Kč691.4b

Engages in the generation, distribution, trade, and sale of electricity and heat in Western, Central, and Southeastern Europe.

MS&AD Insurance Group Holdings

Market Cap: JP¥5.0t

An insurance holding company, engages in the provision of insurance and financial services worldwide.

Talanx

Market Cap: €27.9b

Provides insurance and reinsurance products and services worldwide.

Fresenius SE KGaA

Market Cap: €27.8b

A health care company, provides products and services for chronically ill patients.

Arch Capital Group

Market Cap: US$32.4b

Provides insurance, reinsurance, and mortgage insurance products in the United States, Canada, Bermuda, the United Kingdom, Europe, and Australia.

Invest bank P.S.C

Market Cap: د.إ118.4b

A commercial bank, provides a range of financial products and services to corporate and retail customers in the United Arab Emirates and Lebanon.

ASM International

Market Cap: €27.6b

Engages in the research, development, manufacture, marketing, and servicing of equipment and materials used to produce semiconductor devices in Europe, the United States, and Asia.

Willis Towers Watson

Market Cap: US$32.0b

Operates as an advisory, broking, and solutions company worldwide.

Seven & i Holdings

Market Cap: JP¥4.9t

Operates convenience stores, superstores, and department stores in Japan, North America, and internationally.