Serbian Utilities Defensive Blue Chips

Henan Shijia Photons Technology

Market Cap: CN¥76.6b

Henan Shijia Photons Technology Co., Ltd.

Max Healthcare Institute

Market Cap: ₹1.1t

Provides medical and healthcare services in India.

Marico

Market Cap: ₹1.1t

Manufactures and sells branded consumer products in India, Bangladesh, Vietnam, and internationally.

ASMPT

Market Cap: HK$88.1b

An investment holding company, engages in the design, manufacture, and marketing of machines, tools, and materials used in the semiconductor and electronics assembly industries internationally.

Budweiser Brewing Company APAC

Market Cap: HK$87.9b

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

Caixa Seguridade Participações

Market Cap: R$58.0b

Provides insurance products in Brazil and internationally.

Industrial Bank of Korea

Market Cap: ₩17.1t

Operates as a small and medium-sized enterprise (SME) financing bank in Korea and internationally.

Ambuja Cements

Market Cap: ₹1.1t

Manufactures, markets, and sells cement and related products to individual home builders, developers, institutional clients, masons, contractors, architects, and construction professionals in India.

Harel Insurance Investments & Financial Services

Market Cap: ₪32.9b

Offers insurance and financial services in Israel, Europe, and internationally.

Alchip Technologies

Market Cap: NT$352.2b

Engages in the research, design, development, and manufacturing of application specific integrated circuits and system on a chip in the United States, China, Japan, Taiwan, and internationally.

BJ's Wholesale Club Holdings

Market Cap: US$11.1b

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

American Financial Group

Market Cap: US$11.1b

An insurance holding company, provides property and casualty insurance products in the United States.

Hong Leong Bank Berhad

Market Cap: RM 45.4b

Operates as a financial services company in Malaysia and internationally.

Manila Electric

Market Cap: ₱666.1b

Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines.

Silicon Motion Technology

Market Cap: US$10.9b

Designs, develops, and markets NAND flash controllers for solid-state storage devices and related devices in China, Japan, Singapore, Taiwan, Korea, the United States, and internationally.

Skyworks Solutions

Market Cap: US$10.9b

Develops, manufactures, and markets analog and mixed-signal semiconductor products and solutions in the United States, Taiwan, China, South Korea, Europe, the Middle East, Africa, and the Asia Pacific.

Rockchip Electronics

Market Cap: CN¥73.4b

Operates as a fabless IC design company focusing on Intelligent IoT in China.

King Yuan Electronics

Market Cap: NT$343.0b

Designs, manufactures, sells, tests, and assembles integrated circuits.

Quebecor

Market Cap: CA$15.3b

Engages in the telecommunications, media, and sports and entertainment businesses in Canada.

Olympus

Market Cap: JP¥1.7t

Engages in the manufacture and sale of medical equipment in Japan, America, the Middle East, Asia, and Oceania.

Beijing Huafeng Test & Control TechnologyLtd

Market Cap: CN¥72.9b

Beijing Huafeng Test & Control Technology Co.,Ltd.

WinWay Technology

Market Cap: NT$340.6b

Designs, processes, and sells optoelectronic product test fixtures, integrated circuit test interfaces, and fixtures and their components in Taiwan, the Americas, China, Asia, Europe, and Canada.

Chiba Bank

Market Cap: JP¥1.7t

Provides banking products and services in Japan and internationally.

Alpha Bank

Market Cap: €9.3b

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

Chongqing Rural Commercial Bank

Market Cap: HK$83.2b

Provides banking and related financial services in the People’s Republic of China.

United Nova TechnologyLtd

Market Cap: CN¥71.5b

Manufactures and markets power discrete and modules in China and internationally.

Mowi

Market Cap: NOK 102.3b

A seafood company, produces and sells Atlantic salmon products worldwide.

Sichuan Chuantou EnergyLtd

Market Cap: CN¥71.3b

Engages in the clean energy business in China.

Interconexión Eléctrica E.S.P

Market Cap: Col$36.0t

Engages in the electric power, roads, and ICT and telecommunications business activities.

Lotus Bakeries

Market Cap: €9.1b

Provides various snack products in Belgium and internationally.

Maplebear

Market Cap: US$10.5b

Maplebear Inc., doing business as Instacart, operates as a technology and enablement partner for the grocery industry in the United States and internationally.

Wintrust Financial

Market Cap: US$10.4b

A financial holding company, provides community-oriented, personal, and commercial banking services in the United States.

Hunan Goke MicroelectronicsLtd

Market Cap: CN¥70.3b

Engages in the research and development of integrated circuit chip related products in China.

Centrica

Market Cap: UK£7.8b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

Fervo Energy

Market Cap: US$10.3b

Operates as a geothermal energy developer, builds, owns, and operates geothermal power facilities.

Mora Telematika Indonesia

Market Cap: Rp184.4t

Operates as a telecommunications infrastructure and network provider in Indonesia and Singapore.