Icelandic Transportation Defensive Blue Chips

UltraTech Cement

Market Cap: ₹3.5t

Engages in the manufacture and sale of clinker, cement, ready mix concrete, and related products in India, the United Arab Emirates, Bahrain, and Sri Lanka.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ133.0b

Generates, transmits, and distributes electricity for residential, commercial, industrial, and government customers primarily in Dubai.

M&T Bank

Market Cap: US$36.2b

Operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that provides retail and commercial banking products and services in the United States.

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna

Market Cap: zł136.1b

Provides various banking products and services in Poland and internationally.

Koninklijke Ahold Delhaize

Market Cap: €31.4b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.

Kroger

Market Cap: US$35.8b

Operates as a food and drug retailer in the United States.

Federal National Mortgage Association

Market Cap: US$35.6b

Provides financing solutions for residential mortgages in the United States.

ABN AMRO Bank

Market Cap: €31.2b

Provides various banking products and financial services to retail, private, and corporate banking clients in the Netherlands, rest of Europe, the United States, Asia, and internationally.

Prudential

Market Cap: UK£26.6b

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

Hon. Precision

Market Cap: NT$1.2t

Engages in the manufacture and sale of machinery and related components, automatic control equipment engineering, and machinery installations in Taiwan.

Arch Capital Group

Market Cap: US$35.4b

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

Vodafone Group

Market Cap: UK£26.3b

Provides telecommunication services in Germany, the United Kingdom, rest of Europe, Turkey, and South Africa.

Hershey

Market Cap: US$34.8b

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

Bank Leumi le-Israel B.M

Market Cap: ₪106.4b

Provides banking and financial services for households, small and medium enterprises, and corporations in Israel, the United Kingdom, and internationally.

Heidelberg Materials

Market Cap: €30.0b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

Hannover Rück

Market Cap: €29.8b

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

Piotech

Market Cap: CN¥228.9b

Engages in the research and development, production, sales, and technical services of semiconductor equipment in China.

ON Semiconductor

Market Cap: US$33.7b

Provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally.

CEZ a. s

Market Cap: Kč712.3b

Engages in the generation, distribution, trade, and sale of electricity, heat, thermal energy and other commodities in Central Europe.

Shinhan Financial Group

Market Cap: ₩49.6t

Provides financial products and services in South Korea, Vietnam, and Japan.

Alcon

Market Cap: CHF 27.2b

Researches, develops, manufactures, distributes, and sells eye care products worldwide.

Martin Marietta Materials

Market Cap: US$33.2b

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

Advanced Info Service

Market Cap: ฿1.1t

Operates as a telecommunications company primarily in Thailand.

Chunghwa Telecom

Market Cap: NT$1.1t

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

Capitec Bank Holdings

Market Cap: R543.4b

Through its subsidiaries, provides various banking products and services in South Africa.

Muyuan Foods Group

Market Cap: CN¥221.7b

Operates as a pork company in the hog farming industry in China.

Talanx

Market Cap: €28.6b

Provides insurance and reinsurance products and services worldwide.

BPER Banca

Market Cap: €28.5b

Engages in the provision of banking products and services for individuals, and businesses and professionals in Italy and internationally.

Centene

Market Cap: US$32.5b

Operates as a managed care company that provides programs and services to under-insured families, and commercial organizations in the United States.

Swiss Life Holding

Market Cap: CHF 26.4b

Provides life, pensions, and financial solutions for private and corporate clients.

Malayan Banking Berhad

Market Cap: RM 132.3b

Provides commercial banking and related financial products and services.

Veeva Systems

Market Cap: US$32.1b

Provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.

Casey's General Stores

Market Cap: US$32.1b

Operates convenience stores under the Casey's and Casey’s General Store names in the United States.

Resona Holdings

Market Cap: JP¥5.2t

Through its subsidiaries, engages in the provision retail and commercial banking products and services in Japan and internationally.

Standard Bank Group

Market Cap: R520.7b

Provides financial products and services in South Africa and internationally.

Ping An Bank

Market Cap: CN¥213.1b

Provides commercial banking products and services for individual and corporate customers, government agencies, institutions, and other small businesses in China and internationally.