Icelandic Utilities Defensive Blue Chips

ACM Research (Shanghai)

Market Cap: CN¥145.3b

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

BNP Paribas Fortis

Market Cap: €18.4b

Provides various financial services in Belgium, Turkey, Luxembourg, and internationally.

Banco Santander (Brasil)

Market Cap: R$110.6b

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

Suzhou Centec Communications

Market Cap: CN¥144.1b

Engages in the research, design, and sale of Ethernet switching chips and related products in China and internationally.It offers ethernet switch and ethernet transceiver PHY silicon; and ethernet switches, as well as network operation systems.

CK Infrastructure Holdings

Market Cap: HK$167.6b

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.

CIMB Group Holdings Berhad

Market Cap: RM 86.0b

Provides various banking products and services in Malaysia and internationally.

Banco de Chile

Market Cap: CL$19.4t

Provides commercial banking services in Chile.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥142.9b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Banco de Sabadell

Market Cap: €18.2b

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

Bank of Ireland Group

Market Cap: €18.1b

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

Fortum Oyj

Market Cap: €17.9b

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

China Tower

Market Cap: HK$163.4b

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

Bank of Shanghai

Market Cap: CN¥140.2b

Provides various banking products and services in China.

Technoprobe

Market Cap: €17.9b

Produces and sells electronic circuits in Italy, Asia, the United States, and rest of Europe.

Cellnex Telecom

Market Cap: €17.7b

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.

Tyson Foods

Market Cap: US$20.5b

Operates as a food company worldwide.

NMBZ Holdings

Market Cap: US$2.6b

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

Banco do Brasil

Market Cap: R$105.2b

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

MACOM Technology Solutions Holdings

Market Cap: US$20.4b

Provides analog semiconductor solutions for use in wireless and wireline applications across the radio frequency (RF), microwave, millimeter wave, and lightwave spectrum.

Pernod Ricard

Market Cap: €17.4b

Produces and sells wines and spirits worldwide.

Alinma Bank

Market Cap: ر.س75.6b

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

Mizrahi Tefahot Bank

Market Cap: ₪60.2b

Provides various banking services in Israel and internationally.

Erste Bank Polska

Market Cap: zł74.3b

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

Yihai Kerry Arawana Holdings

Market Cap: CN¥134.3b

Engages in the agriculture and food processing businesses in China.

Adani Energy Solutions

Market Cap: ₹1.9t

Generates, transmits, and distributes power in India.

China United Network Communications

Market Cap: CN¥132.9b

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

ASPEED Technology

Market Cap: NT$628.5b

Operates as a fabless integrated circuit (IC) design company in Taiwan, China, the United States, and internationally.

Hwatsing Technology

Market Cap: CN¥132.1b

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

JCET Group

Market Cap: CN¥132.1b

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

Associated British Foods

Market Cap: UK£14.4b

Engages in the food, ingredients, and retail businesses worldwide.

BE Semiconductor Industries

Market Cap: €16.8b

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

Lasertec

Market Cap: JP¥3.1t

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

Telenor

Market Cap: NOK 182.4b

Operates as a telecommunication company worldwide.

Carlsberg

Market Cap: DKK 124.9b

Produces and markets beer, soft drinks, and other beverage products in Western Europe, Asia, Central and Eastern Europe, India, and internationally.

E.SUN Financial Holding Company

Market Cap: NT$617.0b

Offers various financial banking products and services in Taiwan.

Zimmer Biomet Holdings

Market Cap: US$19.3b

Operates as a medical technology company worldwide.