Serbian Utilities Defensive Blue Chips

ASR Nederland

Market Cap: €12.4b

Provides insurance, pensions, and mortgages products and services for consumers, entrepreneurs, and employers in the Netherlands.

Montage Technology

Market Cap: CN¥103.8b

An integrated circuits design company, provides IC solutions for cloud computing and data center markets in the People’s Republic of China.

Unipol Assicurazioni

Market Cap: €12.4b

Provides insurance products and services primarily in Italy.

Tenet Healthcare

Market Cap: US$14.4b

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

Jiangsu Yanghe Distillery

Market Cap: CN¥103.6b

Offers liquors and wines.

Power Assets Holdings

Market Cap: HK$113.1b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, and internationally.

British American Tobacco Zimbabwe (Holdings)

Market Cap: US$1.9b

Together with subsidiaries, manufactures, distributes, and sells cigarettes in Zimbabwe.

Wilmar International

Market Cap: S$18.5b

Operates as an agribusiness company in the People's Republic of China, South East Asia, India, Europe, Australia, New Zealand, Africa, and internationally.

Banco de Chile

Market Cap: CL$13.9t

Operates as a commercial bank that provides banking services in Chile.

Suncorp Group

Market Cap: AU$22.0b

Provides insurance and banking products and services to retail, corporate, and commercial customers in Australia and New Zealand.

BJ's Wholesale Club Holdings

Market Cap: US$14.3b

Operates membership warehouse clubs on the eastern half of the United States.

Eurobank Ergasias Services and Holdings

Market Cap: €12.3b

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

Bank of Ireland Group

Market Cap: €12.2b

Provides banking and other financial services in the Republic of Ireland, the United Kingdom, and internationally.

Budweiser Brewing Company APAC

Market Cap: HK$111.7b

An investment holding company, engages in brewing and distribution of beer in South Korea, Japan, New Zealand, China, India, Vietnam, and internationally.

Telia Company

Market Cap: SEK 135.8b

Provides communication services to businesses, individuals, families, and communities in Sweden, Finland, Norway, Denmark, Lithuania, Estonia, and Latvia.

Bank of Baroda

Market Cap: ₹1.2t

Provides various banking products and services to individuals, government departments, and corporate customers in India and internationally.

Fresenius Medical Care

Market Cap: €12.1b

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

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$76.3b

Provides basic and environmental sanitation services in the São Paulo State, Brazil.

Olympus

Market Cap: JP¥2.1t

Manufactures and sells precision machineries and instruments worldwide.

Tata Power

Market Cap: ₹1.2t

Engages in the generation, transmission, distribution, and trading of electricity in India and internationally.

Max Healthcare Institute

Market Cap: ₹1.2t

Provides medical and healthcare services in India.

Cooper Companies

Market Cap: US$13.8b

Develops, manufactures, and markets contact lens wearers.

Everest Group

Market Cap: US$13.8b

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

National Bank of Greece

Market Cap: €11.8b

Provides financial products and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom.

Gjensidige Forsikring

Market Cap: NOK 141.3b

Provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia.

Mashreqbank PSC

Market Cap: د.إ50.4b

Provides various banking and financial services to individuals and corporates.

Hua Nan Financial Holdings

Market Cap: NT$408.6b

Engages in the banking, securities, insurance, venture capital and asset management activities in Taiwan and internationally.

Admiral Group

Market Cap: UK£10.1b

A financial services company, provides insurance and personal lending products in the United Kingdom, France, Italy, Spain, and the United States.

Punjab National Bank

Market Cap: ₹1.2t

Provides various banking and financial products and services in India and internationally.

ageas

Market Cap: €11.7b

Engages in insurance business.

First Financial Holding

Market Cap: NT$405.5b

Through its subsidiaries, provides various in Taiwan, Asia, the United States, and internationally.

SCB X

Market Cap: ฿437.7b

Engages banking, consumer and digital finance, and platform and technology businesses in Thailand and internationally.

Helvetia Holding

Market Cap: CHF 10.9b

Engages in life and non-life insurance, and reinsurance business in Switzerland, Germany, Austria, Spain, Italy, France, and internationally.

East West Bancorp

Market Cap: US$13.4b

Operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States.

BDO Unibank

Market Cap: ₱762.4b

Provides various banking products and services to individuals and corporations in the Philippines and internationally.

Celsius Holdings

Market Cap: US$13.4b

Develops, processes, manufactures, markets, sells, and distributes functional energy drinks in the United States, North America, Europe, the Asia Pacific, and internationally.