Serbian Utilities Defensive Blue Chips

GigaDevice Semiconductor

Market Cap: CN¥335.5b

Engages in the research, development, technical support, and sale of memory, microcontrollers, sensors, and analog chips.

Sberbank of Russia

Market Cap: ₽3.0t

Sberbank of Russia, together with its subsidiaries, provides corporate and retail banking products and services to individuals, small businesses, corporate clients, and financial institutions.

Swiss Re

Market Cap: CHF 39.8b

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

Edwards Lifesciences

Market Cap: US$48.9b

Provides products and technologies to treat advanced cardiovascular diseases in the United States, Europe, Japan, and internationally.

Wal-Mart de México. de

Market Cap: Mex$850.5b

Owns and operates self-service stores in Mexico and Central America.

Endesa

Market Cap: €42.4b

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.

Ambev

Market Cap: R$245.0b

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.

ASM International

Market Cap: €41.9b

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.

Humana

Market Cap: US$47.8b

Provides medical and specialty insurance products in the United States.

Heineken

Market Cap: €41.6b

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

Kuwait Finance House K.S.C.P

Market Cap: د.ك14.7b

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

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ173.4b

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

Diageo

Market Cap: UK£35.1b

Engages in the production, marketing, and distribution of alcoholic beverages in North America, Europe, the Asia Pacific, Latin America and Caribbean, and Africa.

Coca-Cola Europacific Partners

Market Cap: €41.0b

Produces, distributes, and sells a range of non-alcoholic ready-to-drink beverages.

RWE

Market Cap: €40.9b

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

Commerzbank

Market Cap: €39.9b

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.

Renesas Electronics

Market Cap: JP¥7.3t

Engages in the design, research, development, manufacturing, sale, and service of semiconductors in Japan, China, rest of Asia, Europe, North America, and internationally.

Siemens Healthineers

Market Cap: €39.4b

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.

Bank Central Asia

Market Cap: Rp801.8t

Provides commercial banking and other financial services.

Moore Threads Technology

Market Cap: CN¥302.8b

Engages in the development of GPU chips and related products.

Danske Bank

Market Cap: DKK 292.9b

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

People's Insurance Company (Group) of China

Market Cap: HK$350.5b

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

Sun Life Financial

Market Cap: CA$62.9b

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.

Disco

Market Cap: JP¥7.2t

Manufactures and sells precision cutting, grinding, and polishing machines in Japan and internationally.

IDEXX Laboratories

Market Cap: US$44.5b

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

DNB Bank

Market Cap: NOK 427.8b

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

Adani Power

Market Cap: ₹4.2t

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.

Shanghai Pudong Development Bank

Market Cap: CN¥298.1b

Provides commercial banking products and services in China and internationally.

Microchip Technology

Market Cap: US$43.7b

Develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.

Cathay Financial Holding

Market Cap: NT$1.4t

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

Skandinaviska Enskilda Banken

Market Cap: SEK 413.8b

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

Wuliangye YibinLtd

Market Cap: CN¥288.7b

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

Becton Dickinson

Market Cap: US$42.6b

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.

China Pacific Insurance (Group)

Market Cap: CN¥287.6b

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

American International Group

Market Cap: US$42.3b

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

MS&AD Insurance Group Holdings

Market Cap: JP¥6.9t

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