U.K. Commercial Services Defensive Blue Chips

Conagra Brands

Market Cap: US$10.8b

Operates as a consumer packaged goods food company primarily in the United States.

China Resources Beer (Holdings)

Market Cap: HK$84.3b

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

Celcomdigi Berhad

Market Cap: RM 45.4b

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

James Hardie Industries

Market Cap: AU$16.5b

Engages in the manufacture and sale of fiber cement, fiber gypsum, and cement bonded building products for interior and exterior building construction applications primarily in the United States, Australia, Europe, and New Zealand.

Molson Coors Beverage

Market Cap: US$10.7b

Manufactures, markets, and sells beer and other malt beverage products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

National Bank of Greece

Market Cap: €9.4b

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

Skyworks Solutions

Market Cap: US$10.7b

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.

Baloise Holding

Market Cap: CHF 8.7b

Primarily engages in the insurance and banking businesses in Switzerland, Germany, Belgium, Luxembourg.

Centrica

Market Cap: UK£7.8b

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

Marico

Market Cap: ₹910.5b

Manufactures and sells consumer products in India.

Enel Américas

Market Cap: CL$9.9t

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

Sanlam

Market Cap: R187.3b

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

Assurant

Market Cap: US$10.4b

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

American Financial Group

Market Cap: US$10.4b

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

Carrefour

Market Cap: €9.1b

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

Tele2

Market Cap: SEK 99.5b

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

M3

Market Cap: JP¥1.5t

Provides medical-related services primarily to physicians and other healthcare professionals through Internet.

CEMEX. de

Market Cap: Mex$198.3b

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

Bangkok Dusit Medical Services

Market Cap: ฿335.3b

Operates hospitals in Thailand and internationally.

Bank Albilad

Market Cap: ر.س38.6b

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

Anhui Gujing Distillery

Market Cap: CN¥73.8b

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

Israel Discount Bank

Market Cap: ₪35.8b

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

DaVita

Market Cap: US$10.3b

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

Bunge Global

Market Cap: US$10.3b

Operates as an agribusiness and food company worldwide.

Campbell's

Market Cap: US$10.2b

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

ING Bank Slaski

Market Cap: zł38.2b

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

Far EasTone Telecommunications

Market Cap: NT$305.0b

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

First Horizon

Market Cap: US$10.2b

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

Sysmex

Market Cap: JP¥1.5t

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

Globe Life

Market Cap: US$10.1b

Through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle- and middle-income families in the United States.

Banca Monte dei Paschi di Siena

Market Cap: €8.9b

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

Celsius Holdings

Market Cap: US$10.1b

Develops, processes, manufactures, markets, sells, and distributes functional energy drinks in the United States, North America, Europe, the Asia Pacific, and internationally.

Novatek Microelectronics

Market Cap: NT$301.5b

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.

Marks and Spencer Group

Market Cap: UK£7.4b

Operates various retail stores.

Osaka Gas

Market Cap: JP¥1.4t

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

Doximity

Market Cap: US$10.1b

Operates as a digital platform for medical professionals in the United States.