Luxembourg Commercial Services Defensive Blue Chips

Carrefour

Market Cap: €9.0b

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

Sichuan Chuantou EnergyLtd

Market Cap: CN¥75.3b

Engages in the clean energy business in China.

Sanlam

Market Cap: R183.7b

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

Huadong Medicine

Market Cap: CN¥74.9b

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

Centrica

Market Cap: UK£7.7b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

Krung Thai Bank

Market Cap: ฿336.8b

Engages in commercial banking business in Thailand and internationally.

ICICI Prudential Life Insurance

Market Cap: ₹906.4b

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

Rockchip Electronics

Market Cap: CN¥74.2b

Operates as a fabless IC design company in China.

Chubu Electric Power Company

Market Cap: JP¥1.5t

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

BAWAG Group

Market Cap: €8.8b

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

Indian Bank

Market Cap: ₹900.1b

Provides various banking products and services.

Redeia Corporación

Market Cap: €8.8b

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

Vietnam Commercial Bank for Industry and Trade

Market Cap: ₫269.6t

Provides various banking products and services to individuals, businesses, and organizations in Vietnam and internationally.

Mowi

Market Cap: NOK 104.4b

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

Kinsale Capital Group

Market Cap: US$10.2b

Engages in the provision of property and casualty insurance products in the United States.

M3

Market Cap: JP¥1.5t

Provides medical-related services primarily to physicians and other healthcare professionals through Internet.

Align Technology

Market Cap: US$10.2b

Designs, manufactures, and markets Invisalign clear aligners, Vivera retainers, and iTero intraoral scanners and services in the United States, Switzerland, and internationally.

Banque Cantonale Vaudoise

Market Cap: CHF 8.2b

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

Türkiye Is Bankasi

Market Cap: ₺414.6b

Provides various banking products and services in Turkey.

Far EasTone Telecommunications

Market Cap: NT$304.3b

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

Chongqing Rural Commercial Bank

Market Cap: HK$79.6b

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

Molson Coors Beverage

Market Cap: US$10.1b

Manufactures, markets, and sells beer and other malt beverage products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

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.

Bank Negara Indonesia (Persero)

Market Cap: Rp162.8t

Provides various banking products and services in Indonesia, rest of Asia, New York, and Europe.

Bank Albilad

Market Cap: ر.س37.8b

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

KT&G

Market Cap: ₩14.0t

Engages in the production, distribution, and sale of tobacco products in South Korea, Europe, and internationally.

Vietnam Technological and Commercial Bank

Market Cap: ₫264.9t

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

Suntory Beverage & Food

Market Cap: JP¥1.5t

Engages in manufacture and sale of alcoholic and non-alcoholic beverages, and foods in Japan, Asia-Pacific, Europe, and the Americas.

Indus Towers

Market Cap: ₹878.2b

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