Thai Utilities Defensive Blue Chips

Bank of Hangzhou

Market Cap: CN¥117.1b

Provides various banking products and services in China.

FinecoBank Banca Fineco

Market Cap: €15.0b

Provides banking, credit, trading and investment services in Italy.

Woori Financial Group

Market Cap: ₩24.4t

Operates as a bank which provides various financial services in Korea, China, the United States, the United Kingdom, Japan, and internationally.

National Bank of Greece

Market Cap: €14.8b

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

Federal Home Loan Mortgage

Market Cap: US$16.9b

Operates in the secondary mortgage market in the United States.

Sonova Holding

Market Cap: CHF 13.7b

Manufactures and sells hearing care solutions for children and adults in Switzerland, the United States, rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

CEMEX. de

Market Cap: Mex$290.9b

Engages in the production, marketing, distribution, and sale of cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials and services worldwide.

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥113.2b

Provides platform-based custom silicon and semiconductor IP licensing services in China and internationally.

Powszechny Zaklad Ubezpieczen

Market Cap: zł62.5b

Provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.

OmniVision Integrated Circuits Group

Market Cap: CN¥112.7b

Engages in the design, development, and sale of integrated circuits and computer software and hardware in China and internationally.

Banco Santander-Chile

Market Cap: CL$15.2t

Provides commercial and retail banking products and services in Chile.

Bankinter

Market Cap: €14.4b

Provides various banking products and services to individuals, corporates, and small- and medium-sized enterprises in Spain, Luxembourg, Portugal, and Ireland.

ASR Nederland

Market Cap: €14.4b

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

KGI Financial Holding

Market Cap: NT$536.4b

Operates as a financial company in Taiwan and internationally.

Kansai Electric Power Company

Market Cap: JP¥2.6t

Engages in electricity, heat supply, telecommunication, and gas supply in Japan.

mBank

Market Cap: zł61.6b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

Hippo Valley Estates

Market Cap: US$2.1b

Together with its subsidiary, Chiredzi Township (Private) Limited, engages in the growing and milling of sugar cane in Zimbabwe and internationally.

James Hardie Industries

Market Cap: AU$23.3b

Engages in the manufacture and sale of fiber cement, fiber gypsum, and cement bonded boards in the United States, Australia, Europe, and New Zealand.

SCREEN Holdings

Market Cap: JP¥2.6t

Develops, manufactures, and markets semiconductor production equipment in Japan, Taiwan, South Korea, China, the United States, Europe, and internationally.

Airtel Africa

Market Cap: UK£12.1b

Provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa.

ageas

Market Cap: €14.1b

Engages in insurance business.

BIWIN Storage Technology

Market Cap: CN¥109.9b

Engages in the research and development, design, packaging, testing, production, and sales of semiconductor memory.

Elia Group

Market Cap: €14.1b

Develops and operates as a transmission system operator in Belgium and Germany.

Great Eastern Holdings

Market Cap: S$20.8b

An investment holding company, provides insurance products in Singapore, Malaysia, and rest of Asia.

Pinnacle Financial Partners

Market Cap: US$16.2b

Operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States.

Banco de Crédito e Inversiones

Market Cap: CL$14.7t

Provides various banking products and services in Chile, the United States, and Peru.

Emirates Islamic Bank PJSC

Market Cap: د.إ58.9b

Provides banking products and services financing and investing instruments in the United Arab Emirates and internationally.

JD Health International

Market Cap: HK$125.5b

An investment holding company, engages in the operation of an online healthcare platform in the People’s Republic of China.

Hua Xia Bank

Market Cap: CN¥107.9b

Provides commercial banking services in China and Hong Kong.

BAWAG Group

Market Cap: €13.8b

Operates as a holding company for BAWAG P.S.K.

First Financial Holding

Market Cap: NT$516.2b

Provides various financial products and services in Asia, North America, Oceania, and Europe.

BB Seguridade Participações

Market Cap: R$81.7b

Through its subsidiaries operates in the insurance, pension plans, and bonds, businesses in Brazil.

Power Assets Holdings

Market Cap: HK$124.0b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, Canada, mainland China, Netherlands, New Zealand, Thailand, the United States, and internationally.

Bank of Beijing

Market Cap: CN¥106.3b

Provides various banking services to individuals and corporates in China.

ING Bank Slaski

Market Cap: zł58.7b

Provides various banking products and services for retail clients and businesses in Poland.

Shanghai Iluvatar CoreX Semiconductor

Market Cap: HK$123.1b

Shanghai Iluvatar CoreX Semiconductor Co., Ltd.