Latvian Semiconductors Defensive Blue Chips

Hannover Rück

Market Cap: €34.7b

Provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally.

NTPC

Market Cap: ₹3.3t

Primarily engages in the generation and sale of bulk power to state power utilities in India.

DNB Bank

Market Cap: NOK 402.5b

Provides financial services to individuals and businesses in Norway and internationally.

Ambev

Market Cap: R$223.3b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, carbonated soft drinks, malt and food, other alcoholic beverages, and non-alcoholic and non-carbonated products in Brazil, Central America and Caribbean, Latin America South, and Canada.

Koninklijke Ahold Delhaize

Market Cap: €34.3b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.

Orange

Market Cap: €34.1b

Operates as a telecommunications operator in France and internationally.

IDEXX Laboratories

Market Cap: US$38.1b

Develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally.

Veeva Systems

Market Cap: US$37.9b

Provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.

China Pacific Insurance (Group)

Market Cap: CN¥270.3b

Provides insurance products to individual and institutional customers in the People’s Republic of China.

Emirates NBD Bank PJSC

Market Cap: د.إ136.8b

Provides corporate, institutional, retail, treasury, and Islamic banking services.

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥269.0b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Federal National Mortgage Association

Market Cap: US$36.7b

Provides financing solutions for residential mortgages in the United States.

JAPAN POST BANK

Market Cap: JP¥5.2t

Provides various banking products and services to retail and corporate clients in Japan and internationally.

Cardinal Health

Market Cap: US$36.2b

Operates as a healthcare services and products company in the United States, Canada, Europe, Asia, and internationally.

KBC Group

Market Cap: €31.9b

Provides banking, insurance, and asset management services primarily for retail, private banking, small and medium sized enterprises, and mid-cap clients in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

Hartford Insurance Group

Market Cap: US$36.0b

Provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ131.5b

Generates, transmits, and distributes electricity for residential, commercial, industrial, and government customers primarily in Dubai.

Heidelberg Materials

Market Cap: €31.6b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

ResMed

Market Cap: US$35.5b

Develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp589.1t

Provides various banking products and services in Indonesia and internationally.

Great-West Lifeco

Market Cap: CA$48.9b

Engages in the life and health insurance, retirement savings, wealth and asset management, and reinsurance businesses in Canada, the United States, and Europe.

Vulcan Materials

Market Cap: US$35.3b

Produces and supplies construction aggregates in the United States.

China Unicom (Hong Kong)

Market Cap: HK$273.9b

An investment holding company, provides telecommunications and related value-added services in the People’s Republic of China.

Fubon Financial Holding

Market Cap: NT$1.1t

Provides various financial services in Taiwan, Asia, and internationally.

Arch Capital Group

Market Cap: US$34.8b

Provides insurance, reinsurance, and mortgage insurance products in the United States, Canada, Bermuda, the United Kingdom, Europe, and Australia.

National Bank of Canada

Market Cap: CA$47.9b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥249.2b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Hershey

Market Cap: US$34.4b

Engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally.

Swisscom

Market Cap: CHF 28.3b

Provides telecommunication services primarily in Switzerland, Italy, and internationally.

MS&AD Insurance Group Holdings

Market Cap: JP¥4.9t

An insurance holding company, provides insurance and financial services worldwide.

Power Grid Corporation of India

Market Cap: ₹2.9t

An electric power transmission utility, engages in the transmission of power in India and internationally.

Fairfax Financial Holdings

Market Cap: CA$47.1b

Through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in the United States, Canada, the Middle East, Asia, and internationally.

Imperial Brands

Market Cap: UK£25.6b

Manufactures, imports, markets, and sells tobacco and tobacco-related products in Europe, the Americas, Africa, the Asia, Australasia, and internationally.

Chocoladefabriken Lindt & Sprüngli

Market Cap: CHF 28.0b

Engages in the manufacture and sale of chocolate products worldwide.

Fomento Económico Mexicano. de

Market Cap: Mex$667.3b

Through its subsidiaries, operates as a bottler of Coca-Cola trademark beverages.

Sysco

Market Cap: US$33.9b

Through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally.