Luxembourg Utilities Defensive Blue Chips

Telecom Italia

Market Cap: €16.3b

Engages in the fixed and mobile telecommunications services and products for individuals, households, and supports small and medium-sized enterprises in Italy and internationally.

IHH Healthcare Berhad

Market Cap: RM 76.6b

An investment holding company, provides healthcare services in Singapore, Malaysia, India, Greater China, Japan, Türkiye and Europe, and internationally.

Straumann Holding

Market Cap: CHF 15.0b

Provides tooth replacement and orthodontic solutions in Switzerland, the United States, China, Germany, Brazil, Japan, France, and internationally.

Abu Dhabi Islamic Bank PJSC

Market Cap: د.إ68.6b

Provides banking, financing, and investing services in the United Arab Emirates, rest of the Middle East, and internationally.

Bank of Ireland Group

Market Cap: €16.2b

Provides banking and other financial services in the Republic of Ireland, the United Kingdom, and internationally.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$96.5b

Provides basic and environmental sanitation services in the São Paulo State, Brazil.

Luzhou LaojiaoLtd

Market Cap: CN¥125.8b

Produces and sells alcoholic products in China and internationally.

Wilson Bank Holding

Market Cap: US$18.4b

Operates as the bank holding company for Wilson Bank and Trust that provides various banking services to consumers, professionals, small businesses, and municipalities in the United States.

CK Infrastructure Holdings

Market Cap: HK$144.4b

An infrastructure company, invests in, develops, and operates infrastructure businesses in Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand, Canada, and the United States.

Adani Energy Solutions

Market Cap: ₹1.8t

Generates, transmits, and distributes power in India.

NMBZ Holdings

Market Cap: US$2.4b

Provides various banking products and services to corporate and individual customers in Zimbabwe.

Varun Beverages

Market Cap: ₹1.8t

Manufactures, bottles, sells, and distributes beverages under the PepsiCo brands in India, Sri Lanka, Nepal, Zambia, Morocco, Zimbabwe, the Democratic Republic of Congo, Mozambique, South Africa, Lesotho, Eswatini, Namibia, and Botswana.

Pernod Ricard

Market Cap: €15.9b

Produces and sells wines and spirits worldwide.

Federal Home Loan Mortgage

Market Cap: US$18.3b

Operates in the secondary mortgage market in the United States.

Saudi Awwal Bank

Market Cap: ر.س68.4b

Provides banking and financial services in the Kingdom of Saudi Arabia.

Associated British Foods

Market Cap: UK£13.6b

Engages in the food, ingredients, and retail businesses worldwide.

Raiffeisen Bank International

Market Cap: €15.7b

Offers banking services to corporate, retail, and institutional customers.

HANMI Semiconductor

Market Cap: ₩27.6t

Manufactures and sells semiconductor equipment in South Korea and internationally.

SBI Life Insurance

Market Cap: ₹1.7t

Operates as a private life insurance company in India.

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥120.8b

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

Bank of Hangzhou

Market Cap: CN¥120.4b

Provides various banking products and services in China.

East West Bancorp

Market Cap: US$17.6b

Operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States.

Mizrahi Tefahot Bank

Market Cap: ₪52.2b

Provides various banking services in Israel and internationally.

Amkor Technology

Market Cap: US$17.6b

Provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, and the Asia Pacific.

Huaneng Power International

Market Cap: HK$137.0b

Generates and sells electric power to the regional or provincial grid companies in the People’s Republic of China, the Islamic Republic of Pakistan, and internationally.

S.P.E.E.H. Hidroelectrica

Market Cap: RON 79.2b

Produces and supplies electricity from hydroelectric and wind sources in Romania.

SiTime

Market Cap: US$17.4b

Engages in the design, development, and sale of silicon timing systems solutions in Hong Kong, Taiwan, the United States, Singapore, and internationally.

Global Unichip

Market Cap: NT$550.1b

Engages in the research and development, production, testing, and sale of embedded memory and logic components, analog components, cell libraries, and EDA tools for various IC applications.

Zimmer Biomet Holdings

Market Cap: US$17.3b

Operates as a medical technology company worldwide.

Samsung Fire & Marine Insurance

Market Cap: ₩26.6t

Provides non-life insurance products and services in South Korea, China, Indonesia, Vietnam, Singapore, the United States, and the United Kingdom.

Vodacom Group

Market Cap: R285.9b

Provides communications products and services.

E.SUN Financial Holding Company

Market Cap: NT$547.5b

Offers various financial banking products and services in Taiwan.

Shanghai Iluvatar CoreX Semiconductor

Market Cap: HK$135.0b

Shanghai Iluvatar CoreX Semiconductor Co., Ltd.

Wilmar International

Market Cap: S$22.2b

Operates as an agribusiness company in Singapore, the People's Republic of China, Indonesia, Malaysia, Australia, Europe, South Africa, Nigeria, Vietnam, India, and internationally.

CEMEX. de

Market Cap: Mex$298.9b

Engages in the production, marketing, distribution, and sale of cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials and services worldwide.

Airtel Africa

Market Cap: UK£12.7b

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