Croatian Utilities Defensive Blue Chips

ICICI Lombard General Insurance

Market Cap: ₹1.0t

Provides various general insurance products and services in India.

Acciona

Market Cap: €9.9b

Engages in the energy, infrastructure, and other businesses in Spain and internationally.

Assurant

Market Cap: US$11.4b

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

Encompass Health

Market Cap: US$11.4b

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

China Zheshang Bank

Market Cap: HK$88.7b

Provides various commercial banking products and services in Mainland China.

BDO Unibank

Market Cap: ₱672.0b

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

Chubu Electric Power Company

Market Cap: JP¥1.8t

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

Manila Electric

Market Cap: ₱669.5b

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

British American Tobacco Zimbabwe (Holdings)

Market Cap: US$1.5b

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

Globus Medical

Market Cap: US$11.3b

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

TIM

Market Cap: R$59.8b

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

Tsingtao Brewery

Market Cap: CN¥79.8b

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

Industrial Bank of Korea

Market Cap: ₩16.3t

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

Bank Permata

Market Cap: Rp186.3t

Provides various banking products and services in Indonesia.

SinoPac Financial Holdings

Market Cap: NT$348.5b

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

Marico

Market Cap: ₹987.3b

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

Tower Semiconductor

Market Cap: US$11.1b

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

Italgas

Market Cap: €9.6b

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

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.

BKW

Market Cap: CHF 8.8b

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.

Celsius Holdings

Market Cap: US$11.0b

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

Saputo

Market Cap: CA$15.5b

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

Dino Polska

Market Cap: zł40.1b

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

Bank Albilad

Market Cap: ر.س41.2b

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

Phoenix Financial

Market Cap: ₪35.6b

Provides multi-line insurance products in Israel.

Penumbra

Market Cap: US$11.0b

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

ACM Research (Shanghai)

Market Cap: CN¥77.6b

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

Komercní banka

Market Cap: Kč226.1b

Provides various retail, corporate, and investment banking services primarily in the Czech Republic, and Central and Eastern Europe.

Shree Cement

Market Cap: ₹962.6b

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

Carrefour

Market Cap: €9.4b

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

Buzzi

Market Cap: €9.3b

Manufactures, distributes, and sells cement, ready-mix concrete, and aggregates.

iA Financial

Market Cap: CA$15.2b

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

Old Republic International

Market Cap: US$10.8b

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

Tele2

Market Cap: SEK 102.0b

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

Anhui Gujing Distillery

Market Cap: CN¥76.7b

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

Maplebear

Market Cap: US$10.8b

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