Thai Insurance Defensive Blue Chips

Kuwait Finance House K.S.C.P

Market Cap: د.ك13.2b

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

ACWA Power

Market Cap: ر.س160.9b

Engages in the investment, development, operation, and maintenance of power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia, the Middle East, Asia, and Africa.

UltraTech Cement

Market Cap: ₹3.7t

Engages in the manufacture and sale of clinker, cement, ready mix concrete, and related products in India, the United Arab Emirates, Bahrain, and Sri Lanka.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ155.8b

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

Emirates NBD Bank PJSC

Market Cap: د.إ155.7b

Provides corporate, institutional, retail, treasury, and Islamic banking services.

Target

Market Cap: US$42.0b

Operates as a general merchandise retailer in the United States.

Commerzbank

Market Cap: €36.0b

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, Asia, and internationally.

Orange

Market Cap: €36.0b

Operates as a telecommunications operator in France and internationally.

Standard Chartered

Market Cap: UK£31.1b

Provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas.

National Bank of Canada

Market Cap: CA$56.7b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

Public Service Enterprise Group

Market Cap: US$40.8b

Through its subsidiaries, operates in electric and gas utility, and nuclear generation businesses in the United States.

Muyuan Foods

Market Cap: CN¥289.0b

Operates in the hog industry in China.

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥288.8b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

ResMed

Market Cap: US$39.7b

Develops, manufactures, distributes, and markets medical devices and cloud-based software applications to diagnose, treat, and manage respiratory disorders in the United States and internationally.

Heidelberg Materials

Market Cap: €34.0b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

Coca-Cola Europacific Partners

Market Cap: €33.9b

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

Monolithic Power Systems

Market Cap: US$39.4b

Designs, develops, markets, and sells semiconductor-based power electronics solutions for the storage and computing, automotive, enterprise data, consumer, communications, and industrial markets in the United States, China, Taiwan, South Korea, Europe, Southeast Asia, Japan, and internationally.

Fairfax Financial Holdings

Market Cap: CA$53.8b

Through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in the United States, Canada, the Middle East, Asia, and internationally.

Vulcan Materials

Market Cap: US$38.6b

Produces and supplies construction aggregates in the United States.

Alcon

Market Cap: CHF 31.1b

Researches, develops, manufactures, distributes, and sells eye care products worldwide.

CBZ Holdings

Market Cap: US$5.0b

Provides various banking and financial products and services to retail and corporate customers in Zimbabwe.

Sysco

Market Cap: US$38.5b

Through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally.

Fubon Financial Holding

Market Cap: NT$1.2t

Provides various financial services in Taiwan, Asia, and internationally.

DNB Bank

Market Cap: NOK 384.1b

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

NAURA Technology Group

Market Cap: CN¥269.5b

Engages in the research and development, production, sale, and technical services of semiconductors in the People's Republic of China.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ138.5b

Generates, transmits, and distributes electricity for residential, commercial, industrial, and government customers primarily in Dubai.

Hershey

Market Cap: US$37.7b

Engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally.

Tesco

Market Cap: UK£28.0b

Operates as a grocery retailer in the United Kingdom, Republic of Ireland, the Czech Republic, Slovakia, and Hungary.

FBC Holdings

Market Cap: US$4.8b

Through its subsidiaries, provides commercial and wholesale banking, mortgage financing, micro lending, reinsurance, short-term insurance, and stockbroking services in Zimbabwe.

Humana

Market Cap: US$37.3b

Provides medical and specialty insurance products in the United States.

Martin Marietta Materials

Market Cap: US$37.2b

A natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally.

Swisscom

Market Cap: CHF 29.9b

Provides telecommunication services primarily in Switzerland, Italy, and internationally.

Axis Bank

Market Cap: ₹3.3t

Provides various financial products and services in India and internationally.

Hartford Insurance Group

Market Cap: US$37.1b

Provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp606.9t

Provides various banking products and services in Indonesia and internationally.

Erste Group Bank

Market Cap: €31.7b

Provides a range of banking and other financial services to retail, corporate, and public sector customers.