Serbian Telecom Defensive Blue Chips

ACM Research (Shanghai)

Market Cap: CN¥141.5b

Engages in the research, development, production, and sale of semiconductor equipment in China.

Tenet Healthcare

Market Cap: US$21.1b

Operates as a diversified healthcare services company in the United States.

Heineken Holding

Market Cap: €18.4b

Engages in brewing and selling beer and cider in the Netherlands, Europe, the Americas, Africa & Middle East, Asia Pacific and internationally.

Banco de Chile

Market Cap: CL$20.0t

Provides commercial banking services in Chile.

MACOM Technology Solutions Holdings

Market Cap: US$21.1b

Provides analog semiconductor solutions for use in wireless and wireline applications across the radio frequency (RF), microwave, millimeter wave, and lightwave spectrum.

Terumo

Market Cap: JP¥3.3t

Engages in the manufacture and sale of medical products and equipment in Japan, Europe, China, the United States, Asia, and internationally.

First Solar

Market Cap: US$21.1b

A solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally.

CK Infrastructure Holdings

Market Cap: HK$165.2b

An infrastructure company, invests in, develops, and operates infrastructure businesses in Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand, Canada, and the United States.

Dollar Tree

Market Cap: US$21.0b

Operates retail discount stores under the Dollar Tree and Dollar Tree Canada brands in the United States and Canada.

Amrize

Market Cap: CHF 17.2b

Engages in the provision of various building solutions for infrastructure, commercial, and residential construction markets in North America and Canada.

Coca-Cola HBC

Market Cap: UK£15.6b

Engages in the production, sale, and distribution of non-alcoholic ready-to-drink beverages under franchise in Switzerland, West Coast of Ireland, Central and Eastern Europe, Nigeria, and internationally.

Banco de Sabadell

Market Cap: €18.2b

Provides banking products and services in Spain, the United Kingdom, and Mexico.

Sigma Healthcare

Market Cap: AU$29.1b

Operates as a retail pharmacy franchisor and pharmaceutical wholesale and distributor to community pharmacies in Australia, and internationally.

Kansai Electric Power Company

Market Cap: JP¥3.2t

Engages in electricity, heat supply, telecommunication, and gas supply in Japan.

Hua Nan Financial Holdings

Market Cap: NT$655.7b

Provides financial services in Taiwan and internationally.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥137.6b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Mizrahi Tefahot Bank

Market Cap: ₪62.3b

Provides various banking services in Israel and internationally.

Yihai Kerry Arawana Holdings

Market Cap: CN¥136.4b

Engages in the agriculture and food processing businesses in China.

Skyverse Technology

Market Cap: CN¥136.2b

Manufactures and sells quality control equipment to enterprises involved in the front-end integrated circuit processes and packaging in China and internationally.

Constellation Brands

Market Cap: US$20.3b

Produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy.

CIMB Group Holdings Berhad

Market Cap: RM 82.7b

Provides various banking products and services in Malaysia and internationally.

Bank of Shanghai

Market Cap: CN¥135.6b

Provides various banking products and services in China.

US Foods Holding

Market Cap: US$20.2b

US Foods Holding Corp., together with its subsidiaries, markets, sells, and distributes fresh, frozen, and dry food and non-food products to foodservice customers in the United States.

China Tower

Market Cap: HK$158.4b

Provides telecommunication tower infrastructure services in the People's Republic of China.

Banco Comercial Português

Market Cap: €17.5b

Engages in the provision of various banking and financial products and services in Portugal and internationally.

Suzhou Centec Communications

Market Cap: CN¥134.1b

Engages in the research, design, and sale of Ethernet switching chips and related products in China and internationally.It offers ethernet switch and ethernet transceiver PHY silicon; and ethernet switches, as well as network operation systems.

STERIS

Market Cap: US$20.0b

Provides infection prevention products and services in the United States, Ireland, and internationally.

Arca Continental. de

Market Cap: Mex$341.4b

Produces, distributes, and sells soft drinks in Mexico, Argentina, Ecuador, Peru, the United States, and internationally.

China United Network Communications

Market Cap: CN¥132.2b

Provides telecommunication services in the People’s Republic of China.

Samsung Fire & Marine Insurance

Market Cap: ₩27.0t

Provides non-life insurance products and services in South Korea, China, Indonesia, Vietnam, Singapore, the United States, and the United Kingdom.

Woori Financial Group

Market Cap: ₩26.9t

Operates as a bank which provides various financial services in Korea, China, the United States, the United Kingdom, Japan, and internationally.

Alinma Bank

Market Cap: ر.س73.5b

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

Cellnex Telecom

Market Cap: €17.0b

Engages in the management of terrestrial telecommunications infrastructures in France, Italy, the United Kingdom, Spain, Poland, the Netherlands, Portugal, Switzerland, Denmark, Sweden, Ireland, and Austria.

Telefônica Brasil

Market Cap: R$98.9b

Operates as a mobile telecommunications company in Brazil.

Bank Polska Kasa Opieki

Market Cap: zł73.3b

A commercial bank, provides banking products and services to retail and corporate clients in Poland.

Eurobank

Market Cap: €16.9b

Provides retail, corporate and private banking, asset management, treasury and capital market, and other services in Greece, Bulgaria, Cyprus, and Luxembourg.