Serbian Materials Defensive Blue Chips

Etihad Etisalat

Market Cap: ر.س49.2b

Through its subsidiaries, establishes and operates mobile wireless telecommunication and fiber optic networks in the Kingdom of Saudi Arabia.

iA Financial

Market Cap: CA$18.1b

Provides insurance and wealth management services for individual and group basis in Canada and the United States.

Eastroc Beverage (Group)

Market Cap: CN¥88.0b

Engages in the manufacturing and distribution of beverages in the People’s Republic of China.

Carrefour

Market Cap: €11.2b

Operates as a food retailer in France, Spain, Belgium, Poland, Romania, Brazil, Argentina, the Middle East, Africa, Asia, and internationally.

Enpara Bank

Market Cap: ₺623.3b

Provides banking services and products in Turkey.

Fidelity National Financial

Market Cap: US$13.0b

Provides various insurance products in the United States.

Osaka Gas

Market Cap: JP¥2.1t

Provides natural gas, electricity, and other energy products and services in Japan and internationally.

Erie Indemnity

Market Cap: US$13.0b

Operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States.

Yokohama Financial Group

Market Cap: JP¥2.1t

Provides various banking products and services to small and medium-sized businesses and individuals in Japan and internationally.

Banque Cantonale Vaudoise

Market Cap: CHF 10.5b

Engages in the provision of various financial services in Vaud Canton and rest of Switzerland, the European Union, North America, and internationally.

Henan Shuanghui Investment & DevelopmentLtd

Market Cap: CN¥87.1b

Henan Shuanghui Investment & Development Co.,Ltd.

Almarai

Market Cap: ر.س48.4b

Operates as an integrated consumer food and beverage company in Saudi Arabia, other Gulf Cooperation Council countries, and internationally.

Penumbra

Market Cap: US$12.9b

Designs, develops, manufactures, and markets medical devices in the United States and internationally.

Dangote Cement

Market Cap: ₦17.3t

Engages in the preparation, manufacturing, distribution, and sale of cement and related products in Nigeria.

Webster Financial

Market Cap: US$12.8b

Operates as the bank holding company for Webster Bank, National Association that provides various financial products and services to businesses, individuals, and families in the United States.

Brown-Forman

Market Cap: US$12.7b

Manufactures, distills, bottles, imports, exports, markets, and sells a variety of alcohol beverages.

Smith & Nephew

Market Cap: UK£9.3b

Develops, manufactures, markets, and sells medical devices and services in the United Kingdom, the United States, and internationally.

Semtech

Market Cap: US$12.6b

Provides semiconductor, Internet of Things systems, and cloud connectivity service solutions in the Asia- Pacific, North America, and Europe.

J. M. Smucker

Market Cap: US$12.6b

Manufactures and markets branded food and beverage products worldwide.

BrightSpring Health Services

Market Cap: US$12.6b

Operates as a home and community-based healthcare services platform in the United States.

CP ALL

Market Cap: ฿414.4b

Operates convenience stores under the 7-Eleven name to other retailers primarily in Thailand, Malaysia, and internationally.

Fresenius Medical Care

Market Cap: €10.8b

Provides dialysis and related services for individuals with renal diseases in Germany, the United States, and internationally.

MTN Nigeria Communications

Market Cap: ₦16.9t

Provides broadband fixed wireless access, telecommunication, and mobile financial services to consumer, commercial, and institutional customers in Nigeria.

Tokyo GasLtd

Market Cap: JP¥2.0t

Engages in the production, supply, and sale of city gas and LNG in Japan.

Taiwan Cooperative Financial Holding

Market Cap: NT$399.4b

Provides banking, insurance, securities, bills finance, investment trust, asset management, and capital management services in Taiwan.

Jerónimo Martins SGPS

Market Cap: €10.7b

Operates in the food distribution sector in Portugal, Poland, Colombia, Slovakia, and internationally.

Coca-Cola Consolidated

Market Cap: US$12.4b

Manufactures, markets, and distributes nonalcoholic beverages in the United States.

Shanghai Rural Commercial Bank

Market Cap: CN¥83.4b

Engages in commercial banking business in China.

First Horizon

Market Cap: US$12.3b

Operates as the bank holding company for First Horizon Bank that provides various financial services.

Indian Bank

Market Cap: ₹1.2t

Provides various banking products and services.

Canara Bank

Market Cap: ₹1.2t

Provides various banking products and services in India and internationally.

HDFC Life Insurance

Market Cap: ₹1.2t

Engages in the provision of individual and group insurance solutions in India.

Align Technology

Market Cap: US$12.2b

Provides Invisalign clear aligners, Vivera retainers, and iTero intraoral scanners and services in the United States, Switzerland, and internationally.

American Financial Group

Market Cap: US$12.2b

An insurance holding company, provides property and casualty insurance products in the United States.

China Resources Microelectronics

Market Cap: CN¥81.8b

Engages in the manufacture and sale of semiconductors in China and internationally.

Tele2

Market Cap: SEK 115.3b

Provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia.