Serbian Transportation Defensive Blue Chips

Endesa

Market Cap: €42.7b

Engages in the generation, distribution, and sale of electricity in Spain, Portugal, France, Germany, the United Kingdom, Switzerland, Luxembourg, the Netherlands, Singapore, Italy, Morocco, and internationally.

Swiss Re

Market Cap: CHF 39.6b

Provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide.

Heineken

Market Cap: €42.5b

Heineken N.V. brews and sells beer and cider in Europe, the Americas, Africa, the Middle East, and the Asia Pacific.

Ambev

Market Cap: R$247.6b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, soft drinks, malt and food, and other beverages in Brazil, Central America and Caribbean, Latin America South, and Canada.

Advanced Micro-Fabrication Equipment China

Market Cap: CN¥329.5b

Advanced Micro-Fabrication Equipment Inc.

Kuwait Finance House K.S.C.P

Market Cap: د.ك15.1b

Provides Islamic banking products and services in the Middle East, Europe, and internationally.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ177.1b

Provides telecommunications services, media, and related equipment in the United Arab Emirates and internationally.

Vistra

Market Cap: US$48.2b

Operates as an integrated retail electricity and power generation company in the United States.

Siemens Healthineers

Market Cap: €41.5b

Through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers in Germany, the United States, rest of Europe, CIS, Africa, the Middle East, the Americas, the Asia Pacific, Japan, and China.

United Microelectronics

Market Cap: NT$1.5t

Operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally.

STMicroelectronics

Market Cap: €40.7b

Designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Shanghai Pudong Development Bank

Market Cap: CN¥316.7b

Provides commercial banking products and services in China and internationally.

PICC Property and Casualty

Market Cap: HK$364.8b

Engages in property and casualty insurance business in People’s Republic of China.

Becton Dickinson

Market Cap: US$46.4b

Develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide.

DNB Bank

Market Cap: NOK 441.3b

Provides financial services to individuals and businesses in Norway and internationally.

Commerzbank

Market Cap: €40.1b

Provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, and Asia.

Danske Bank

Market Cap: DKK 299.5b

Provides various banking products and services to corporate, institutional, and international clients.

Cathay Financial Holding

Market Cap: NT$1.5t

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

Sun Life Financial

Market Cap: CA$64.5b

A financial services company, provides asset management, wealth, insurance and health solutions to individual and institutional customers in Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda.

RWE

Market Cap: €39.7b

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

Skandinaviska Enskilda Banken

Market Cap: SEK 432.0b

Provides corporate, retail, investment, and private banking services.

Wuliangye YibinLtd

Market Cap: CN¥302.8b

Manufactures and sells liquor and wine products and related auxiliary products under the Wuliangye brand in China.

People's Insurance Company (Group) of China

Market Cap: HK$351.1b

An investment holding company, offers insurance products and services in the People’s Republic of China and Hong Kong.

Swedbank

Market Cap: SEK 425.8b

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

MS&AD Insurance Group Holdings

Market Cap: JP¥7.1t

An insurance holding company, engages in the provision of insurance and financial services worldwide.

ASM International

Market Cap: €38.6b

Engages in the research, development, manufacturing, marketing, and servicing of equipment and materials used to produce semiconductor devices in the United States, Europe, and Asia.

IDEXX Laboratories

Market Cap: US$44.1b

Develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally.

Humana

Market Cap: US$43.9b

Provides medical and specialty insurance products in the United States.

China Pacific Insurance (Group)

Market Cap: CN¥294.6b

Provides insurance products to in the People’s Republic of China.

Daiichi Life Group

Market Cap: JP¥6.9t

Through its subsidiaries, provides insurance products in Japan, the United States, and internationally.

Keurig Dr Pepper

Market Cap: US$42.8b

Owns, manufactures, and distributors beverages and single serve brewing systems in the United States and internationally.

Bank Central Asia

Market Cap: Rp777.0t

Provides commercial banking and other financial services.

Adani Power

Market Cap: ₹4.1t

Engages in the generation, transmission, and sale of electricity under long term power purchase agreements (PPAs), supplemental PPAs, medium and short term PPAs, and on merchant basis in India.

American International Group

Market Cap: US$42.5b

Provides insurance products for commercial, institutional, and individual customers in North America and internationally.

KB Financial Group

Market Cap: ₩59.8t

Provides financial products and services in South Korea, the United States, New Zealand, China, Cambodia, the United Kingdom, Indonesia, and internationally.

Qatar National Bank (Q.P.S.C.)

Market Cap: ر.ق150.8b

Provides conventional and Islamic banking products and services in Qatar, Europe, North America, rest of GCC countries, and internationally.