Moroccan Consumer Retailing Defensive Blue Chips

Stryker

Market Cap: US$142.7b

Operates as a medical technology company.

Mitsubishi UFJ Financial Group

Market Cap: JP¥20.5t

Operates as the bank holding company, that engages in a range of financial businesses in Japan, the United States, Europe, Asia/Oceania, and internationally.

China Merchants Bank

Market Cap: CN¥1.0t

Provides various banking products and services.

Bharti Airtel

Market Cap: ₹11.2t

Operates as a telecommunications company in India and internationally.

EssilorLuxottica Société anonyme

Market Cap: €115.4b

Designs, manufactures, and distributes ophthalmic lenses, frames, and sunglasses in North America, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific.

Anheuser-Busch InBev

Market Cap: €113.8b

Produces, distributes, exports, markets, and sells beer in North America, Middle Americas, South America, Europe, the Middle East, Africa, and the Asia Pacific.

Citigroup

Market Cap: US$128.9b

A diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions.

Applied Materials

Market Cap: US$122.4b

Engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries.

Arm Holdings

Market Cap: US$120.2b

Arm Holdings plc architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers rely on to develop products.

ICICI Bank

Market Cap: ₹10.2t

Engages in the provision of various banking and financial services to retail and corporate customers in India and internationally.

Ping An Insurance (Group) Company of China

Market Cap: CN¥866.0b

Ping An Insurance (Group) Company of China, Ltd.

China Life Insurance

Market Cap: HK$912.0b

Operates as a life insurance company in the People’s Republic of China.

Chubb

Market Cap: US$114.6b

Provides insurance and reinsurance products worldwide.

Iberdrola

Market Cap: €99.4b

Engages in the generation, production, transmission, distribution, and supply of electricity in Spain, the United Kingdom, the United States, Mexico, Brazil, Germany, France, and Australia.

Toronto-Dominion Bank

Market Cap: CA$154.3b

Provides various financial products and services in Canada, the United States, and internationally.

Marsh & McLennan Companies

Market Cap: US$111.1b

A professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide.

Medtronic

Market Cap: US$108.7b

Develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide.

Banco Santander

Market Cap: €92.4b

Provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide.

Al Rajhi Banking and Investment

Market Cap: ر.س386.0b

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

AXA

Market Cap: €90.4b

Through its subsidiaries, insurance, asset management, and banking services worldwide.

Zurich Insurance Group

Market Cap: CHF 82.9b

Provides insurance products and related services in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific.

Altria Group

Market Cap: US$99.6b

Through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States.

China Yangtze Power

Market Cap: CN¥721.8b

Engages in operation, management, consultation, investment, and financing of hydropower stations in the People’s Republic of China, Portugal, Peru, Brazil, and Pakistan.

Analog Devices

Market Cap: US$96.7b

Engages in the design, manufacture, testing, and marketing of integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia.

Abu Dhabi National Energy Company PJSC

Market Cap: د.إ354.2b

Operates as an integrated utility company in the United Arab Emirates, North America, Europe, Africa, and internationally.

BNP Paribas

Market Cap: €83.9b

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

Elevance Health

Market Cap: US$95.0b

Operates as a health benefits company in the United States.

Intesa Sanpaolo

Market Cap: €83.2b

Provides various financial products and services primarily in Italy.

British American Tobacco

Market Cap: UK£71.0b

Provides tobacco and nicotine products to consumers in the Americas, Europe, the Asia-Pacific, the Middle East, Africa, and the United States.

KLA

Market Cap: US$93.4b

Engages in the design, manufacture, and marketing of process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries worldwide.

Cigna Group

Market Cap: US$92.2b

Provides insurance and related products and services in the United States.

DBS Group Holdings

Market Cap: S$120.6b

Provides commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally.

Lam Research

Market Cap: US$91.7b

Designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits.

China Telecom

Market Cap: HK$710.8b

Provides wireline and mobile telecommunications services primarily in the People’s Republic of China.

UniCredit

Market Cap: €79.4b

Provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe.

Sumitomo Mitsui Financial Group

Market Cap: JP¥13.0t

Provides banking, leasing, securities, consumer finance, and other services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania.