Icelandic Utilities Defensive Blue Chips

Piraeus Financial Holdings

Market Cap: €8.9b

Provides banking products and services in Greece and internationally.

Redeia Corporación

Market Cap: €8.9b

Engages in the electricity transmission, and system operation and management of the transmission network for the electricity system in Spain and internationally.

Huadong Medicine

Market Cap: CN¥74.3b

Engages in the wholesale and retail of pharmaceutical products in China and internationally.

Bank Albilad

Market Cap: ر.س38.8b

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

MACOM Technology Solutions Holdings

Market Cap: US$10.3b

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

Airtel Africa

Market Cap: UK£7.7b

Provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa.

Carrefour

Market Cap: €8.8b

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

Banque Cantonale Vaudoise

Market Cap: CHF 8.3b

Engages in the provision of various financial services in Vaud Canton and rest of Switzerland, the European Union, North America, and internationally.

Far EasTone Telecommunications

Market Cap: NT$304.7b

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

Skyworks Solutions

Market Cap: US$10.2b

Designs, develops, manufactures, and markets semiconductor products in the United States, China, South Korea, Taiwan, Europe, the Middle East, Africa, and the rest of Asia-Pacific.

Vietnam Technological and Commercial Bank

Market Cap: ₫267.4t

Provides personal and corporate banking products and services in Vietnam and internationally.

Alibaba Health Information Technology

Market Cap: HK$79.4b

An investment holding company, engages in the pharmaceutical direct sales, pharmaceutical e-commerce platform, and healthcare and digital services businesses in Mainland China and Hong Kong.

Sanlam

Market Cap: R178.7b

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

Chubu Electric Power Company

Market Cap: JP¥1.5t

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

ICICI Prudential Life Insurance

Market Cap: ₹882.3b

Provides life insurance, annuity, pension, and health insurance products to individuals and groups in India.

Zegona Communications

Market Cap: UK£7.5b

Engages in investing in the telecommunications, media, and technology businesses in Europe.

Boubyan Bank K.S.C.P

Market Cap: د.ك3.1b

Provides various banking products and services in Kuwait, the Middle East, North Africa, Europe, the United Kingdom, and internationally.

BAWAG Group

Market Cap: €8.6b

Operates as a holding company for BAWAG P.S.K.

Mowi

Market Cap: NOK 103.1b

A seafood company, produces and sells Atlantic salmon products worldwide.

Waaree Energies

Market Cap: ₹879.4b

Manufactures and exports solar photovoltaic modules for residential, commercial, industrial, and institutional projects.

Bharti Hexacom

Market Cap: ₹877.5b

Provides mobile services, fixed-line telephone, and broadband services to end consumers under the Airtel brand in India.

Indus Towers

Market Cap: ₹877.0b

A telecom infrastructure company, engages in the operation and maintenance of wireless communication towers and related infrastructures for various telecom service providers in India.

Indian Bank

Market Cap: ₹876.7b

Provides various banking products and services.