Italian Utilities Defensive Blue Chips

ASM International

Market Cap: €43.8b

Engages in the research, development, manufacturing, marketing, and servicing of equipment and materials used to produce semiconductor devices in the United States, Europe, and Asia.

Credo Technology Group Holding

Market Cap: US$49.5b

Provides various high-speed connectivity solutions for optical and electrical Ethernet and PCIe applications in the United States, Taiwan, Mainland China, Hong Kong, and other international markets.

MetaX Integrated Circuits (Shanghai)

Market Cap: CN¥336.1b

MetaX Integrated Circuits (Shanghai) Co., Ltd.

Sberbank of Russia

Market Cap: ₽3.0t

Sberbank of Russia, together with its subsidiaries, provides corporate and retail banking products and services to individuals, small businesses, corporate clients, and financial institutions.

HOYA

Market Cap: JP¥8.0t

A med-tech company, provides high-tech and medical products in the Japan, Asia, the Americas, Europe, and internationally.

Wal-Mart de México. de

Market Cap: Mex$862.1b

Owns and operates self-service stores in Mexico and Central America.

Swiss Re

Market Cap: CHF 39.1b

Provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide.

Orange

Market Cap: €42.3b

Operates as a telecommunications operator in France and internationally.

Ambev

Market Cap: R$247.3b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, soft drinks, malt and food, and other beverages in Brazil, Central America and Caribbean, Latin America South, and Canada.

Kuwait Finance House K.S.C.P

Market Cap: د.ك14.8b

Provides Islamic banking products and services in the Middle East, Europe, and internationally.

Coca-Cola Europacific Partners

Market Cap: €41.8b

Produces, distributes, and sells a range of non-alcoholic ready-to-drink beverages.

Microchip Technology

Market Cap: US$47.6b

Develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.

Humana

Market Cap: US$47.4b

Provides medical and specialty insurance products in the United States.

Commerzbank

Market Cap: €41.4b

Provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, and Asia.

Heineken

Market Cap: €41.4b

Heineken N.V. brews and sells beer and cider in Europe, the Americas, Africa, the Middle East, and the Asia Pacific.

Endesa

Market Cap: €41.0b

Engages in the generation, distribution, and sale of electricity in Spain, Portugal, France, Germany, the United Kingdom, Switzerland, Luxembourg, the Netherlands, Singapore, Italy, Morocco, and internationally.

Diageo

Market Cap: UK£34.8b

Engages in the production, marketing, and distribution of alcoholic beverages in North America, Europe, the Asia Pacific, Latin America and Caribbean, and Africa.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ169.6b

Provides telecommunications services, media, and related equipment in the United Arab Emirates and internationally.

Moore Threads Technology

Market Cap: CN¥313.0b

Engages in the development of GPU chips and related products.

RWE

Market Cap: €40.0b

Generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally.

Disco

Market Cap: JP¥7.4t

Manufactures and sells precision cutting, grinding, and polishing machines in Japan and internationally.

Danske Bank

Market Cap: DKK 297.2b

Provides various banking products and services to corporate, institutional, and international clients.

IDEXX Laboratories

Market Cap: US$45.0b

Develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally.

Siemens Healthineers

Market Cap: €39.3b

Through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers in Germany, the United States, rest of Europe, CIS, Africa, the Middle East, the Americas, the Asia Pacific, Japan, and China.

Cathay Financial Holding

Market Cap: NT$1.4t

Through its subsidiaries, provides various financial products and services in Taiwan, rest of Asia, and internationally.

DNB Bank

Market Cap: NOK 435.2b

Provides financial services to individuals and businesses in Norway and internationally.

Montage Technology

Market Cap: CN¥301.3b

An integrated circuit (IC) design company, provides IC-based solutions for cloud computing and AI infrastructure in the People’s Republic of China.

Sun Life Financial

Market Cap: CA$62.9b

A financial services company, provides asset management, wealth, insurance and health solutions to individual and institutional customers in Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda.

Shanghai Pudong Development Bank

Market Cap: CN¥299.8b

Provides commercial banking products and services in China and internationally.

Qatar National Bank (Q.P.S.C.)

Market Cap: ر.ق159.6b

Provides conventional and Islamic banking products and services in Qatar, Europe, North America, rest of GCC countries, and internationally.

Adani Power

Market Cap: ₹4.2t

Engages in the generation, transmission, and sale of electricity under long term power purchase agreements (PPAs), supplemental PPAs, medium and short term PPAs, and on merchant basis in India.

Becton Dickinson

Market Cap: US$43.1b

Develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide.

American International Group

Market Cap: US$43.0b

Provides insurance products for commercial, institutional, and individual customers in North America and internationally.

Keurig Dr Pepper

Market Cap: US$42.8b

Owns, manufactures, and distributors beverages and single serve brewing systems in the United States and internationally.

Swedbank

Market Cap: SEK 414.2b

Provides banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China.

Axis Bank

Market Cap: ₹4.1t

Provides various financial products and services in India and internationally.