Serbian Materials Defensive Blue Chips

Coloplast

Market Cap: DKK 99.9b

Engages in the development and sale of intimate healthcare products and services in Denmark, the United States, the United Kingdom, France, and internationally.

Hua Xia Bank

Market Cap: CN¥104.9b

Provides commercial banking services in China and Hong Kong.

CEMEX. de

Market Cap: Mex$262.5b

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

Onto Innovation

Market Cap: US$15.5b

Engages in the design, development, manufacture, and support of process control tools that perform macro-defect inspection and metrology in the United States, Taiwan, South Korea, Japan, China, Southeast Asia, Asia, and Europe.

SCB X

Market Cap: ฿508.4b

Engages in the banking, consumer and digital finance, and platform and technology businesses in Thailand and internationally.

Attijariwafa bank

Market Cap: د.م142.1b

Provides banking products and services for retail, professionals, corporates, and institutional clients in Africa, Europe, and the Middle East.

Varun Beverages

Market Cap: ₹1.5t

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.

Asahi Group Holdings

Market Cap: JP¥2.4t

Engages in the manufacture and sale of beer, alcohol and non-alcohol beverages, and food products in Japan, Europe, Oceania, and Southeast Asia.

Phoenix Financial

Market Cap: ₪45.2b

Operates as a financial services company in Israel.

Public Power

Market Cap: €13.0b

Generates, transmits, and distributes electricity in Greece, Romania, Bulgaria, and North Macedonia.

Kerry Group

Market Cap: €13.0b

Provides taste and nutrition solutions.

First Financial Holding

Market Cap: NT$483.2b

Provides various financial products and services in Asia, North America, Oceania, and Europe.

Brookfield Wealth Solutions

Market Cap: US$15.1b

Through its subsidiaries, provides retirement services, wealth protection products, and capital solutions to individuals and institutions.

HANMI Semiconductor

Market Cap: ₩21.0t

Manufactures and sells semiconductor equipment in South Korea and internationally.

Kirin Holdings Company

Market Cap: JP¥2.4t

Engages in food and beverages, alcoholic beverages, pharmaceuticals, and health science businesses.

SK Telecom

Market Cap: ₩20.9t

Engages in the provision of wireless telecommunication services in South Korea.

Grupo Bimbo. de

Market Cap: Mex$253.4b

Produces, distributes, and markets bakery products.

Gjensidige Forsikring

Market Cap: NOK 139.4b

Provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia.

Union Bank of India

Market Cap: ₹1.4t

Provides banking products and services in India.

McCormick

Market Cap: US$14.9b

Manufactures, markets, and distributes herbs, spices, seasoning mixes, condiments, and other flavorful products to the food industry.

Cooper Companies

Market Cap: US$14.8b

Develops, manufactures, and markets contact lens wearers.

Origin Energy

Market Cap: AU$20.8b

An integrated energy company, engages in the exploration and production of natural gas, electricity generation, wholesale and retail sale of electricity and gas, and sale of liquefied natural gas in Australia and internationally.

Pro Medicus

Market Cap: AU$20.8b

A healthcare informatics company, provides medical imaging software and services to hospitals, imaging centers, and health care groups in Australia, Europe, and North America.

GlobalWafers

Market Cap: NT$470.0b

Researches, develops, designs, manufactures and sells semiconductor ingots/wafers in Taiwan and internationally.

Fisher & Paykel Healthcare

Market Cap: NZ$25.0b

Designs, manufactures, markets, and sells medical device products and systems in North America, Europe, the Asia Pacific, and internationally.

Dubai Islamic Bank P.J.S.C

Market Cap: د.إ53.6b

Engages in the corporate, retail, and investment banking activities in the United Arab Emirates and internationally.

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥97.4b

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

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia

Market Cap: Rp256.3t

Provides information and communications technology, and telecommunications network services worldwide.

Tongfu MicroelectronicsLtd

Market Cap: CN¥96.5b

Provides integrated circuit (IC) encapsulation test services in China and internationally.

Piraeus Bank

Market Cap: €12.3b

Provides various banking products and services in Greece, Europe, and internationally.

T&D Holdings

Market Cap: JP¥2.3t

Through its subsidiaries, provides insurance products and services in Japan.

United Utilities Group

Market Cap: UK£10.5b

Provides water and wastewater services in the United Kingdom.

Olympus

Market Cap: JP¥2.3t

Engages in the manufacture and sale of medical equipment in Japan, America, the Middle East, Asia, and Oceania.

Unum Group

Market Cap: US$14.2b

Provides financial protection benefit solutions in the United States, the United Kingdom, and Poland.

Rede D'Or São Luiz

Market Cap: R$73.4b

Engages in the provision of hospital services in Brazil.

Tryg

Market Cap: DKK 90.7b

Engages in the provision of insurance products and services to private, small and medium sized commercial, and corporate customers in Denmark, the United States, rest of Nordic, Luxembourg, the United Kingdom, and internationally.