Lithuanian Commercial Services Defensive Blue Chips

Encompass Health

Market Cap: US$11.6b

Provides post-acute healthcare services in the United States and Puerto Rico.

Baloise Holding

Market Cap: CHF 9.3b

Primarily engages in the insurance and banking businesses in Switzerland, Germany, Belgium, and Luxembourg.

HKT Trust and HKT

Market Cap: HK$89.7b

An investment holding company, engages in the provision of technology, and satellite-and network-based telecommunications and related services in Hong Kong, Mainland China, and internationally.

Banque Saudi Fransi

Market Cap: ر.س43.1b

Provides banking and financial services for individuals and businesses in the Kingdom of Saudi Arabia and internationally.

Dino Polska

Market Cap: zł42.1b

Operates a network of medium-sized grocery supermarkets under the Dino brand in Poland.

Bank Albilad

Market Cap: ر.س42.8b

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

Bank Permata

Market Cap: Rp190.0t

Provides various banking products and services in Indonesia.

China Zheshang Bank

Market Cap: HK$88.6b

Provides various commercial banking products and services in Mainland China.

ICICI Lombard General Insurance

Market Cap: ₹1.0t

Provides various general insurance products and services in India.

United Spirits

Market Cap: ₹1.0t

Manufactures, sells, and distributes alcoholic beverages and other allied spirits in India and internationally.

British American Tobacco Zimbabwe (Holdings)

Market Cap: US$1.5b

Together with subsidiaries, manufactures, distributes, and sells cigarettes in Zimbabwe.

Assurant

Market Cap: US$11.2b

Provides protection services to connected devices, homes, and automobiles in North America, Latin America, Europe, and the Asia Pacific.

Globus Medical

Market Cap: US$11.2b

A medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally.

SinoPac Financial Holdings

Market Cap: NT$347.2b

Through its subsidiaries, provides banking, securities, investment, leasing, and venture capital services worldwide.

CSI Solar

Market Cap: CN¥79.6b

Designs, processes, produces, and sells solar modules and photovoltaic systems in China and internationally.

Sanlam

Market Cap: R191.7b

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

Tsingtao Brewery

Market Cap: CN¥79.5b

Engages in the production, distribution, wholesale, and retail sale of beer products in Mainland China, Hong Kong, Macau, and internationally.

Shanghai Electric Power

Market Cap: CN¥79.4b

Engages in the integration of clean energy, new energy, smart energy technology research and development and application, modern energy supply, and services in China and internationally.

TIM

Market Cap: R$59.0b

A telecommunications company, provides mobile, fixed, long-distance, data transmission, and broadband services in Brazil.

BKW

Market Cap: CHF 8.9b

An international energy and infrastructure company, plans, builds, and operates infrastructure to produce and supply energy to businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally.

Chubu Electric Power Company

Market Cap: JP¥1.7t

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

Industrial Bank of Korea

Market Cap: ₩16.1t

Operates as a small and medium-sized enterprise (SME) financing bank in Korea and internationally.

Shree Cement

Market Cap: ₹977.4b

Engages in the manufacture and sale of cement and clinker in India and internationally.

Tele2

Market Cap: SEK 104.8b

Provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia.

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥78.2b

Provides platform-based custom silicon and semiconductor IP licensing services in China and internationally.

Italgas

Market Cap: €9.5b

Engages in the distribution of natural gas in Italy, Greece, and Other European Union countries.

Far EasTone Telecommunications

Market Cap: NT$338.9b

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

Phoenix Financial

Market Cap: ₪35.2b

Provides multi-line insurance products in Israel.

Itissalat Al-Maghrib (IAM)

Market Cap: د.م101.1b

Provides various telecommunication solutions in Morocco and internationally.

Anhui Gujing Distillery

Market Cap: CN¥77.4b

Engages in the production and sale of distilled wine in the People’s Republic of China and internationally.

Hippo Valley Estates

Market Cap: US$1.4b

Together with its subsidiary, Chiredzi Township (Private) Limited, engages in the growing and milling of sugar cane in Zimbabwe and internationally.

Chongqing Rural Commercial Bank

Market Cap: HK$83.9b

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

Lumen Technologies

Market Cap: US$10.8b

A networking company, provides integrated products and services to business and mass customers in the United States and internationally.

Taiwan Mobile

Market Cap: NT$334.2b

Provides wireless communication services in Taiwan, the Republic of China, and internationally.

Waaree Energies

Market Cap: ₹953.6b

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

Carrefour

Market Cap: €9.3b

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