Moroccan Commercial Services Defensive Blue Chips

Commerzbank

Market Cap: €37.6b

Provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, Asia, and internationally.

Target

Market Cap: US$43.6b

Operates as a general merchandise retailer in the United States.

ACWA Power

Market Cap: ر.س163.4b

Engages in the investment, development, operation, and maintenance of power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia, the Middle East, Asia, and Africa.

Kuwait Finance House K.S.C.P

Market Cap: د.ك13.3b

Provides Islamic banking products and services in the Middle East, Europe, and internationally.

Emirates NBD Bank PJSC

Market Cap: د.إ157.9b

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

Orange

Market Cap: €36.9b

Operates as a telecommunications operator in France and internationally.

UltraTech Cement

Market Cap: ₹3.7t

Engages in the manufacture and sale of clinker, cement, ready mix concrete, and related products in India, the United Arab Emirates, Bahrain, and Sri Lanka.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ155.0b

Provides telecommunications services, media, and related equipment in the United Arab Emirates and internationally.

Standard Chartered

Market Cap: UK£31.5b

Provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas.

Heidelberg Materials

Market Cap: €35.9b

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

Muyuan Foods

Market Cap: CN¥293.9b

Operates in the hog industry in China.

Public Service Enterprise Group

Market Cap: US$41.1b

Through its subsidiaries, operates in electric and gas utility, and nuclear generation businesses in the United States.

National Bank of Canada

Market Cap: CA$56.6b

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

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥292.9b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Coca-Cola Europacific Partners

Market Cap: €34.6b

Produces, distributes, and sells a range of non-alcoholic ready to drink beverages.

ResMed

Market Cap: US$40.2b

Develops, manufactures, distributes, and markets medical devices and cloud-based software applications to diagnose, treat, and manage respiratory disorders in the United States and internationally.

Monolithic Power Systems

Market Cap: US$40.0b

Designs, develops, markets, and sells semiconductor-based power electronics solutions for the storage and computing, automotive, enterprise data, consumer, communications, and industrial markets in the United States, China, Taiwan, South Korea, Europe, Southeast Asia, Japan, and internationally.

Alcon

Market Cap: CHF 31.7b

Researches, develops, manufactures, distributes, and sells eye care products worldwide.

DNB Bank

Market Cap: NOK 390.3b

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

Fairfax Financial Holdings

Market Cap: CA$53.5b

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.

Fubon Financial Holding

Market Cap: NT$1.2t

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

CBZ Holdings

Market Cap: US$5.0b

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

Sysco

Market Cap: US$38.5b

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.

Vulcan Materials

Market Cap: US$38.5b

Produces and supplies construction aggregates in the United States.

NAURA Technology Group

Market Cap: CN¥273.1b

Engages in the research and development, production, sale, and technical services of semiconductors in the People's Republic of China.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ138.5b

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

Tesco

Market Cap: UK£28.0b

Operates as a grocery retailer in the United Kingdom, Republic of Ireland, the Czech Republic, Slovakia, and Hungary.

Swisscom

Market Cap: CHF 30.1b

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

Rocket Companies

Market Cap: US$37.4b

Provides spanning mortgage, real estate, and personal finance services in the United States and Canada.

Hershey

Market Cap: US$37.3b

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

Hartford Insurance Group

Market Cap: US$37.2b

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

Martin Marietta Materials

Market Cap: US$37.2b

A natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally.

Axis Bank

Market Cap: ₹3.3t

Provides various financial products and services in India and internationally.

FBC Holdings

Market Cap: US$4.8b

Through its subsidiaries, provides commercial and wholesale banking, mortgage financing, micro lending, reinsurance, short-term insurance, and stockbroking services in Zimbabwe.

Skandinaviska Enskilda Banken

Market Cap: SEK 349.9b

Provides corporate, retail, investment, and private banking services.

NTPC

Market Cap: ₹3.3t

Operates as an integrated power company in India.