Luxembourg Commercial Services Defensive Blue Chips

KDDI

Market Cap: JP¥10.2t

Engages in the provision of mobile telecommunications services in Japan and internationally.

Barito Renewables Energy

Market Cap: Rp1140.5t

Engages in the generation and sale of power through geothermal and wind resources in Indonesia.

Canadian Imperial Bank of Commerce

Market Cap: CA$94.9b

A diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally.

Wuliangye YibinLtd

Market Cap: CN¥488.3b

Manufactures and sells liquor and wine products under the Wuliangye brand in China.

Lloyds Banking Group

Market Cap: UK£49.8b

Provides a range of banking and financial products and services in the United Kingdom and internationally.

Industrial Bank

Market Cap: CN¥481.9b

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

Nongfu Spring

Market Cap: HK$522.3b

Produces and sells packaged drinking water and beverage products primarily in Mainland China.

Nu Holdings

Market Cap: US$66.1b

Provides digital banking platform in Brazil, Mexico, Colombia, the Cayman Islands, and the United States.

ANZ Group Holdings

Market Cap: AU$100.9b

Provides various banking and financial products and services to retail, individuals and business customers in Australia and internationally.

Vistra

Market Cap: US$64.5b

Operates as an integrated retail electricity and power generation company in the United States.

Life Insurance Corporation of India

Market Cap: ₹5.6t

Provides life insurance products in India, Fiji, Mauritius, and the United Kingdom.

Diageo

Market Cap: UK£47.3b

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

Bank Central Asia

Market Cap: Rp1041.4t

Provides banking products and other financial services to individual, corporate, and small and medium enterprise customers in Indonesia and internationally.

Monster Beverage

Market Cap: US$62.8b

Through its subsidiaries, engages in development, marketing, sale, and distribution of energy drink beverages and concentrates in the United States and internationally.

Siemens Healthineers

Market Cap: €53.5b

Through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers worldwide.

Tokyo Electron

Market Cap: JP¥9.2t

Develops, manufactures, and sells semiconductor production equipment in Japan, Europe, North America, Taiwan, China, South Korea, and internationally.

Travelers Companies

Market Cap: US$61.9b

Through its subsidiaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the United States and internationally.

Federal National Mortgage Association

Market Cap: US$61.7b

Provides financing solutions for residential mortgages in the United States.

Assicurazioni Generali

Market Cap: €52.4b

Provides various insurance solutions under the Generali brand in the Americas, Italy, rest of Europe, Africa, the Middle East, Asia, and the Oceania.

Marvell Technology

Market Cap: US$61.4b

Provides data infrastructure semiconductor solutions, spanning the data center core to network edge.

NatWest Group

Market Cap: UK£45.4b

Provides banking and financial products and services in the United Kingdom and internationally.

América Móvil. de

Market Cap: Mex$1.1t

Provides telecommunications services in Latin America and internationally.

Crédit Agricole

Market Cap: €51.6b

Provides retail, corporate, insurance, and investment banking products and services in France and internationally.

Hygon Information Technology

Market Cap: CN¥431.7b

Engages in the research and development of computing chip products and systems in China.

Oversea-Chinese Banking

Market Cap: S$76.0b

Provides financial services in Singapore, Malaysia, Indonesia, Greater China, rest of the Asia Pacific, and internationally.

Shanghai Pudong Development Bank

Market Cap: CN¥421.9b

Shanghai Pudong Development Bank Co., Ltd.

Cencora

Market Cap: US$58.8b

Cencora, Inc. sources and distributes pharmaceutical products in the United States and internationally.

QNB Bank

Market Cap: ₺2.4t

Provides various banking products and services in Turkey.

Japan Tobacco

Market Cap: JP¥8.6t

A tobacco company, manufactures and sells tobacco products, pharmaceuticals, and processed foods in Japan and internationally.

China CITIC Bank

Market Cap: HK$453.0b

Provides various banking products and services in the People’s Republic of China and internationally.

Aflac

Market Cap: US$57.9b

Through its subsidiaries, provides supplemental health and life insurance products.

Saudi National Bank

Market Cap: ر.س214.5b

Through its subsidiaries, provides banking and investment management services in the Kingdom of Saudi Arabia and internationally.

ITC

Market Cap: ₹5.0t

Engages in the fast-moving consumer goods, paperboards, paper and packaging, and agri businesses in India and internationally.

Saudi Telecom

Market Cap: ر.س214.1b

Provides telecommunications, information, media, and digital payment services in the Kingdom of Saudi Arabia and internationally.

Truist Financial

Market Cap: US$56.8b

A financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States.

NXP Semiconductors

Market Cap: US$56.5b

Provides semiconductor products in China, the United States, Germany, Japan, Singapore, South Korea, Mexico, the Netherlands, Taiwan, and internationally.