Latvian Commercial Services Defensive Blue Chips

China United Network Communications

Market Cap: CN¥172.0b

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

Inner Mongolia Yili Industrial Group

Market Cap: CN¥171.9b

Inner Mongolia Yili Industrial Group Co., Ltd.

First Solar

Market Cap: US$24.1b

A solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally.

New China Life Insurance

Market Cap: CN¥171.2b

Provides life insurance products and services to individuals and institutions in China.

Yihai Kerry Arawana Holdings

Market Cap: CN¥171.1b

Engages in the agriculture and food processing businesses in China.

Huaneng Lancang River Hydropower

Market Cap: CN¥170.1b

Engages in the development, construction, operation, and management of hydropower projects.

Markel Group

Market Cap: US$23.9b

Through its subsidiaries, engages in the insurance business in the United States and internationally.

STERIS

Market Cap: US$23.8b

Provides infection prevention products and services worldwide.

ASE Technology Holding

Market Cap: NT$719.8b

Provides semiconductor manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally.

OTP Bank Nyrt

Market Cap: Ft7.8t

Provides commercial banking services to individuals, municipalities, corporations, and enterprises.

Regions Financial

Market Cap: US$23.4b

A financial holding company, provides various banking and related products and services to individual and corporate customers.

Banco do Brasil

Market Cap: R$124.2b

Provides banking products and services for individuals, companies, and public sectors in Brazil and internationally.

Labcorp Holdings

Market Cap: US$23.2b

Provides laboratory services.

George Weston

Market Cap: CA$32.4b

Provides food and drug retailing, and financial services in Canada.

Capitec Bank Holdings

Market Cap: R396.9b

Through its subsidiaries, provides various banking products and services in South Africa.

Teradyne

Market Cap: US$23.0b

Designs, develops, manufactures, and sells automated test systems and robotics products in the United States, Asia Pacific, Europe, the Middle East, and Africa.

Resona Holdings

Market Cap: JP¥3.4t

Through its subsidiaries, engages in the provision retail and commercial banking products and services in Japan and internationally.

Citizens Financial Group

Market Cap: US$22.7b

Operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions in the United States.

Sigma Healthcare

Market Cap: AU$34.4b

Operates as a pharmaceutical wholesaler, distributor, and pharmacy franchisor in Australia and internationally.

Banca Monte dei Paschi di Siena

Market Cap: €19.3b

Provides retail and commercial banking services in Italy.

Kioxia Holdings

Market Cap: JP¥3.3t

Engages in the development, production and sale of flash memory and solid state drives (SSDs) in Japan and internationally.

First Citizens BancShares

Market Cap: US$22.6b

Operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally.

Telenor

Market Cap: NOK 225.0b

Operates as a telecommunication company worldwide.

Standard Bank Group

Market Cap: R388.5b

Provides financial products and services in South Africa and internationally.

BPER Banca

Market Cap: €19.0b

Provides banking products and services for individuals, and businesses and professionals in Italy and internationally.

Renesas Electronics

Market Cap: JP¥3.3t

Researches, develops, designs, manufactures, sells, and services semiconductors in Japan, China, rest of Asia, Europe, North America, and internationally.

Banco BPM

Market Cap: €19.0b

Provides banking and financial products and services to individual, business, and corporate customers in Italy.

Riyad Bank

Market Cap: ر.س83.3b

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

Eastroc Beverage(Group)

Market Cap: CN¥158.0b

Engages in the research and development, production, and sales of beverages in China.

Dollar General

Market Cap: US$21.9b

A discount retailer, provides various merchandise products in the southern, southwestern, midwestern, and eastern United States.

Abu Dhabi Islamic Bank PJSC

Market Cap: د.إ80.3b

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

Pro Medicus

Market Cap: AU$32.8b

A healthcare informatics company, engages in the development and supply of healthcare imaging software, and radiology information (RIS) system software and services to hospitals, imaging centers, and health care groups in Australia, North America, and Europe.

Insulet

Market Cap: US$21.5b

Develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes in the United States and internationally.

Hua Hong Semiconductor

Market Cap: HK$167.1b

An investment holding company, engages in the manufacture and sale of semiconductor products in China, North America, Asia, Europe, and Japan.

Woolworths Group

Market Cap: AU$32.4b

Operates retail stores in Australia and New Zealand.

CLP Holdings

Market Cap: HK$163.8b

An investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia.