Icelandic Transportation Defensive Blue Chips

Heineken Holding

Market Cap: €18.9b

Engages in brewing and selling beer and cider in the Netherlands, Europe, the Americas, Africa & Middle East, Asia Pacific and internationally.

Lasertec

Market Cap: JP¥3.5t

Engages in the design, manufacture, and sale of inspection and measurement equipment in Japan, South Korea, Taiwan, Other Asia, the United States.

Bunge Global

Market Cap: US$21.8b

Operates as an agribusiness and food company worldwide.

ACM Research (Shanghai)

Market Cap: CN¥147.2b

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

BE Semiconductor Industries

Market Cap: €18.9b

Develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries in the Netherlands, Switzerland, Austria, Singapore, Malaysia, and internationally.

Bank Mandiri (Persero)

Market Cap: Rp389.2t

Provides various banking products and services to individuals and businesses in Indonesia, Singapore, Malaysia, Hong Kong, Timor Leste, Shanghai, England, and the Cayman Islands.

China Minsheng Banking

Market Cap: CN¥145.5b

Provides banking products and services in the People's Republic of China.

Tenet Healthcare

Market Cap: US$21.6b

Operates as a diversified healthcare services company in the United States.

Riyad Bank

Market Cap: ر.س80.9b

Provides banking and investment services in the Kingdom of Saudi Arabia.

Dr. Sulaiman Al Habib Medical Services Group

Market Cap: ر.س80.7b

Provides private health and support services in the Kingdom of Saudi Arabia.

Banco Santander (Brasil)

Market Cap: R$112.1b

Provides various banking products and services to individuals, small and medium enterprises, and corporate customers in Brazil and internationally.

SiTime

Market Cap: US$21.4b

Engages in the design, development, and sale of silicon timing systems solutions in Hong Kong, Taiwan, the United States, Singapore, and internationally.

Cellnex Telecom

Market Cap: €18.3b

Engages in the management of terrestrial telecommunications infrastructures in France, Italy, the United Kingdom, Spain, Poland, the Netherlands, Portugal, Switzerland, Denmark, Sweden, Ireland, and Austria.

CIMB Group Holdings Berhad

Market Cap: RM 85.9b

Provides various banking products and services in Malaysia and internationally.

MKS

Market Cap: US$21.0b

Provides foundational technology solutions to semiconductor manufacturing, electronics and packaging, and specialty industrial applications in the United States, China, South Korea, Japan, Taiwan, Singapore, and internationally.

JCET Group

Market Cap: CN¥140.8b

Provides integrated-circuit back-end and technology services in China, South Korea, the United States, and internationally.

China Tower

Market Cap: HK$162.7b

Provides telecommunication tower infrastructure services in the People's Republic of China.

Adani Energy Solutions

Market Cap: ₹2.0t

Generates, transmits, and distributes power in India.

Mizrahi Tefahot Bank

Market Cap: ₪61.0b

Provides various banking services in Israel and internationally.

Fortum Oyj

Market Cap: €17.8b

Engages in the generation and sale of electricity and heat to private and business customers in Finland, Sweden, Norway, Poland, and internationally.

Bank of Ireland Group

Market Cap: €17.8b

Provides banking and other financial services in the Republic of Ireland, the United Kingdom, and internationally.

Banco de Sabadell

Market Cap: €17.8b

Provides banking products and services in Spain, the United Kingdom, and Mexico.

CK Infrastructure Holdings

Market Cap: HK$161.6b

An infrastructure company, invests in, develops, and operates infrastructure businesses in Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand, Canada, and the United States.

Banco de Chile

Market Cap: CL$18.8t

Provides commercial banking services in Chile.

Bank of Nanjing

Market Cap: CN¥138.2b

Engages in the provision of various financial products and services in China.

Tyson Foods

Market Cap: US$20.4b

Operates as a food company worldwide.

Erste Bank Polska

Market Cap: zł75.0b

Provides various banking products and services for individuals, small or medium-sized enterprises, corporate clients, and public sector institutions.

Pernod Ricard

Market Cap: €17.4b

Produces and sells wines and spirits worldwide.

China United Network Communications

Market Cap: CN¥135.7b

Provides telecommunication services in the People’s Republic of China.

Banco do Brasil

Market Cap: R$104.9b

Provides banking products and services for individuals, companies, and public sectors in Brazil and internationally.

Straumann Holding

Market Cap: CHF 16.3b

Provides tooth replacement and orthodontic solutions in Switzerland, the United States, China, Germany, Brazil, Japan, France, and internationally.

Yihai Kerry Arawana Holdings

Market Cap: CN¥135.0b

Engages in the agriculture and food processing businesses in China.

Bank of Shanghai

Market Cap: CN¥133.8b

Provides various banking products and services in China.

Alinma Bank

Market Cap: ر.س74.0b

Provides banking and investment services in the Kingdom of Saudi Arabia.

MPI

Market Cap: NT$631.0b

Manufactures, processes, repairs, imports/exports, and trades in semiconductor manufacturing and testing equipment in Taiwan, China, the United States, Singapore, Korea, and internationally.

Luzhou LaojiaoLtd

Market Cap: CN¥131.6b

Produces and sells alcoholic products in China and internationally.