Serbian Utilities Defensive Blue Chips

Fresenius SE KGaA

Market Cap: €24.2b

A health care company, provides products and services for chronically ill patients in North America, Europe, the Asia-Pacific, Latin America, and Africa.

Chocoladefabriken Lindt & Sprüngli

Market Cap: CHF 22.3b

Engages in the development, manufacture, and sale of chocolate products worldwide.

China National Nuclear Power

Market Cap: CN¥184.5b

Engages in the investment, construction, operation, and management of nuclear power projects in the People's Republic of China.

Amrize

Market Cap: CHF 22.1b

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

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥184.1b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Regions Financial

Market Cap: US$27.0b

A financial holding company, provides various banking and related products and services to individual and corporate customers.

PPL

Market Cap: US$27.0b

Provides electricity and natural gas to approximately 3.6 million customers in the United States.

Aviva

Market Cap: UK£20.1b

Provides various insurance, retirement, and wealth products in the United Kingdom, Ireland, Canada, India, and China.

TS Financial Holding

Market Cap: NT$871.5b

Provides various financial products and services.

Avenue Supermarts

Market Cap: ₹2.6t

Engages in the business of organized retail and operating supermarkets under the D-Mart brand name in India.

Banco BPM

Market Cap: €23.4b

Provides banking and financial products and services to individual, business, and corporate customers in Italy.

QBE Insurance Group

Market Cap: AU$37.9b

Engages in underwriting general insurance and reinsurance risks in the Australia Pacific, North America, and internationally.

Huadian New Energy Group

Market Cap: CN¥179.8b

Engages in the power generation business in China.

Tower Semiconductor

Market Cap: US$26.4b

An independent semiconductor foundry, provides technology, development, and process platforms for integrated circuits in the United States, Japan, rest of Asia, and Europe.

American Water Works Company

Market Cap: US$26.4b

Through its subsidiaries, provides water and wastewater services in the United States.

China Everbright Bank

Market Cap: CN¥178.5b

Provides a range of financial products and services to corporations and government agencies, retail customers, and individuals in Mainland China, Hong Kong, Luxembourg, Macao, Seoul, and Sydney.

New China Life Insurance

Market Cap: CN¥177.9b

Provides life insurance products and services to individuals and institutions in China.

Koninklijke Philips

Market Cap: €23.0b

Operates as a health technology company in North America, the Greater China, and internationally.

Barito Renewables Energy

Market Cap: Rp468.2t

Generates and sells power through geothermal and wind resources in Indonesia.

BT Group

Market Cap: UK£19.4b

Provides communications products and services in the United Kingdom, Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Helvetia Baloise Holding

Market Cap: CHF 21.0b

Engages in life and non-life insurance, and reinsurance business.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp462.3t

Provides various banking products and services in Indonesia and internationally.

EnBW Energie Baden-Württemberg

Market Cap: €22.5b

Operates as an integrated energy company in Germany, Rest of Europe, and internationally.

China Unicom (Hong Kong)

Market Cap: HK$201.6b

An investment holding company, provides telecommunications and related value-added services in the People’s Republic of China.

Banco de Crédito del Perú

Market Cap: S/86.7b

Provides banking products and services to individuals, small and medium-sized enterprises (SME), and companies in Peru, Panama, and the United States.

KeyCorp

Market Cap: US$25.4b

Operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States.

Inner Mongolia Yili Industrial Group

Market Cap: CN¥171.2b

Inner Mongolia Yili Industrial Group Co., Ltd.

China Jushi

Market Cap: CN¥170.7b

Manufactures and sells fiberglass and related products in China and internationally.

MTN Group

Market Cap: R410.3b

Provides mobile telecommunications services in South Africa, Nigeria, South and East Africa, West and Central Africa, and the Middle East and North Africa.

Mediobanca Banca di Credito Finanziario

Market Cap: €21.8b

Provides various banking products and services in Italy, Other European countries, the United States, Asia, and internationally.

AIB Group

Market Cap: €21.8b

Provides banking and financial products and services to personal, business, and corporate customers in the Republic of Ireland, the United Kingdom, and internationally.

CLP Holdings

Market Cap: HK$193.9b

An investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia.

Public Bank Berhad

Market Cap: RM 100.9b

Provides banking products and services.

Markel Group

Market Cap: US$24.7b

Engages in the insurance business in the United States, the United Kingdom, Bermuda, Germany, rest of the European Union, Canada, and the Asia Pacific.

Principal Financial Group

Market Cap: US$24.6b

Provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide.

QNB Bank

Market Cap: ₺1.1t

Provides various banking and financial services in Turkey.