Tunisian Utilities Defensive Blue Chips

Standard Chartered

Market Cap: UK£33.1b

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

Edwards Lifesciences

Market Cap: US$44.1b

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

Kuwait Finance House K.S.C.P

Market Cap: د.ك13.5b

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

ACWA Power

Market Cap: ر.س164.0b

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.

Emirates NBD Bank PJSC

Market Cap: د.إ159.2b

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

Heineken

Market Cap: €37.2b

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

National Bank of Canada

Market Cap: CA$58.9b

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

Orange

Market Cap: €36.1b

Operates as a telecommunications operator in France and internationally.

Axis Bank

Market Cap: ₹3.7t

Provides various financial products and services in India and internationally.

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥292.7b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Fubon Financial Holding

Market Cap: NT$1.3t

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

Commerzbank

Market Cap: €35.3b

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.

UltraTech Cement

Market Cap: ₹3.6t

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.

Public Service Enterprise Group

Market Cap: US$40.6b

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

ResMed

Market Cap: US$40.6b

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.

Target

Market Cap: US$40.5b

Operates as a general merchandise retailer in the United States.

Muyuan Foods

Market Cap: CN¥285.7b

Operates in the hog industry in China.

JAPAN POST BANK

Market Cap: JP¥6.1t

Provides various banking products and services to retail and corporate clients in Japan and internationally.

DNB Bank

Market Cap: NOK 405.4b

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

Vulcan Materials

Market Cap: US$40.0b

Produces and supplies construction aggregates in the United States.

Coca-Cola Europacific Partners

Market Cap: €34.3b

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

CBZ Holdings

Market Cap: US$5.1b

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

Heidelberg Materials

Market Cap: €34.0b

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

Fairfax Financial Holdings

Market Cap: CA$55.3b

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.

Hershey

Market Cap: US$39.0b

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

Tesco

Market Cap: UK£28.9b

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

Great-West Lifeco

Market Cap: CA$53.7b

Engages in the life and health insurance, retirement savings, wealth and asset management, and reinsurance businesses in Canada, the United States, and Europe.

Martin Marietta Materials

Market Cap: US$38.2b

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

Disco

Market Cap: JP¥5.8t

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

Federal Home Loan Mortgage

Market Cap: US$38.0b

Operates in the secondary mortgage market in the United States.

Swisscom

Market Cap: CHF 30.4b

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

Skandinaviska Enskilda Banken

Market Cap: SEK 361.0b

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

Erste Group Bank

Market Cap: €32.4b

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

Astera Labs

Market Cap: US$37.5b

Designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ137.5b

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

Koninklijke Ahold Delhaize

Market Cap: €32.2b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.