Serbian Telecom Defensive Blue Chips

Kellanova

Market Cap: US$28.6b

Manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and Africa.

Naturgy Energy Group

Market Cap: €25.2b

Engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of gas.

Japan Post Holdings

Market Cap: JP¥4.1t

Provides postal, banking, and insurance services in Japan.

Malayan Banking Berhad

Market Cap: RM 120.8b

Provides commercial banking and related financial products and services.

Terumo

Market Cap: JP¥4.1t

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

Swedbank

Market Cap: SEK 270.6b

Provides various banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China.

Cellnex Telecom

Market Cap: €24.8b

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

Prudential

Market Cap: UK£21.1b

Through its subsidiaries, provides life and health insurance, and asset management solutions to individuals in Asia and Africa.

Pernod Ricard

Market Cap: €24.5b

Produces and sells wines and spirits worldwide.

RWE

Market Cap: €24.4b

Generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally.

Sampo Oyj

Market Cap: €24.4b

Provides non-life insurance products and services in Finland, Sweden, Norway, Denmark, Estonia, Lithuania, Latvia, Spain, Gibraltar, Germany, the Netherlands, France, and the United Kingdom.

Bank Mandiri (Persero)

Market Cap: Rp462.0t

Provides various banking products and services to individuals and businesses in Indonesia, Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia, England, and the Cayman Islands.

M&T Bank

Market Cap: US$27.7b

Operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that provides retail and commercial banking products and services in the United States.

Advanced Info Service

Market Cap: ฿904.2b

Operates as a telecommunications and technology company primarily in Thailand.

Fresenius SE KGaA

Market Cap: €24.0b

A health care company, provides products and services for chronically ill patients.

National Bank of KuwaitK.P

Market Cap: د.ك8.4b

Provides financial and investment services and solutions to individual, corporate, and institutional clients in Kuwait, the Middle East, North Africa, Europe, the United Kingdom, and internationally.

Cathay Financial Holding

Market Cap: NT$824.4b

Through its subsidiaries, provides various financial products and services in Taiwan, rest of Asia, and internationally.

Veolia Environnement

Market Cap: €23.7b

Designs and provides water, waste, and energy management solutions.

Poste Italiane

Market Cap: €23.6b

Provides postal, logistics, and financial and insurance products and services in Italy.

Hang Seng Bank

Market Cap: HK$207.8b

Provides various banking and related financial services to individual, corporate, commercial, and small and medium sized enterprise customers in Hong Kong, Mainland China, and internationally.

Dai-ichi Life Holdings

Market Cap: JP¥3.8t

Through its subsidiaries, engages in the provision of insurance products in Japan, the United States, and internationally.

Nestlé India

Market Cap: ₹2.3t

Manufactures and sells food products in India and internationally.

China National Nuclear Power

Market Cap: CN¥191.9b

Invests in, develops, constructs, operates, and manages nuclear power projects in the People's Republic of China.

Aeon

Market Cap: JP¥3.8t

Operates in the retail industry in Japan, China, ASEAN countries, and internationally.

Svenska Handelsbanken

Market Cap: SEK 250.4b

Provides various banking products and services for private and corporate customers primarily in Sweden, the United Kingdom, Norway, the Netherlands, and internationally.

Inner Mongolia Yili Industrial Group

Market Cap: CN¥187.6b

Inner Mongolia Yili Industrial Group Co., Ltd.

China Tower

Market Cap: HK$201.4b

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

Bank of Jiangsu

Market Cap: CN¥186.4b

Provides various banking products and services in China.

Dr. Sulaiman Al Habib Medical Services Group

Market Cap: ر.س96.6b

Provides private health and ancillary services.

Atmos Energy

Market Cap: US$25.7b

Engages in the regulated natural gas distribution, and pipeline and storage businesses in the United States.

Woolworths Group

Market Cap: AU$39.7b

Operates retail stores in Australia and New Zealand.

Microchip Technology

Market Cap: US$25.7b

Engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.

Luzhou LaojiaoLtd

Market Cap: CN¥185.3b

Provides liquor products in China.

VERBUND

Market Cap: €22.4b

Generates, trades, and sells electricity to energy exchange markets, traders, electric utilities and industrial companies, and households and commercial customers.

George Weston

Market Cap: CA$34.6b

Provides food and drug retailing, and financial services in Canada.

SSE

Market Cap: UK£18.8b

Engages in the generation, transmission, distribution, and supply of electricity.