Ukrainian Consumer Retailing Defensive Blue Chips

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ149.4b

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

Intact Financial

Market Cap: CA$55.6b

Through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally.

Orange

Market Cap: €34.9b

Operates as a telecommunications operator in France and internationally.

DNB Bank

Market Cap: NOK 403.8b

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

KBC Group

Market Cap: €34.5b

Provides banking, insurance, and asset management services primarily for retail, private banking, small and medium sized enterprises, and mid-cap clients in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

Seven & i Holdings

Market Cap: JP¥5.6t

Operates convenience stores, superstores, and department stores in Japan, North America, and internationally.

JAPAN POST BANK

Market Cap: JP¥5.6t

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

Koninklijke Ahold Delhaize

Market Cap: €34.0b

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

UltraTech Cement

Market Cap: ₹3.3t

Primarily engages in the manufacture and sale of clinker, cement, and related products in India.

Emirates NBD Bank PJSC

Market Cap: د.إ141.5b

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

Ambev

Market Cap: R$219.3b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, carbonated soft drinks, malt and food, other alcoholic beverages, and non-alcoholic and non-carbonated products in Brazil, Central America and Caribbean, Latin America South, and Canada.

Hannover Rück

Market Cap: €33.6b

Provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally.

National Bank of Canada

Market Cap: CA$52.3b

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

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥273.2b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

NTPC

Market Cap: ₹3.2t

Primarily engages in the generation and sale of bulk power to state power utilities in India.

Advantest

Market Cap: JP¥5.4t

Manufactures and sells semiconductors, component test system products, and mechatronics related products in Japan, the Americas, Europe, and Asia.

Consolidated Edison

Market Cap: US$37.2b

Through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ136.5b

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

Hartford Insurance Group

Market Cap: US$37.0b

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

China Unicom (Hong Kong)

Market Cap: HK$289.2b

An investment holding company, provides telecommunications and related value-added services in the People’s Republic of China.

Chocoladefabriken Lindt & Sprüngli

Market Cap: CHF 30.3b

Engages in the manufacture and sale of chocolate products worldwide.

Cardinal Health

Market Cap: US$36.8b

Operates as a healthcare services and products company in the United States, Canada, Europe, Asia, and internationally.

Sun Life Financial

Market Cap: CA$50.1b

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.

Standard Chartered

Market Cap: UK£27.0b

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

MS&AD Insurance Group Holdings

Market Cap: JP¥5.2t

An insurance holding company, provides insurance and financial services worldwide.

Fubon Financial Holding

Market Cap: NT$1.1t

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

Fairfax Financial Holdings

Market Cap: CA$49.4b

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.

ResMed

Market Cap: US$35.9b

Develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets.

Commerzbank

Market Cap: €31.6b

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.

Swisscom

Market Cap: CHF 29.3b

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

Great-West Lifeco

Market Cap: CA$48.7b

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

Arch Capital Group

Market Cap: US$35.2b

Provides insurance, reinsurance, and mortgage insurance products in the United States, Canada, Bermuda, the United Kingdom, Europe, and Australia.

Vulcan Materials

Market Cap: US$35.0b

Produces and supplies construction aggregates in the United States.

Cambricon Technologies

Market Cap: CN¥251.9b

Research, develops, design, and sells core chips in cloud server, edge computing, and terminal equipment in China.

Telstra Group

Market Cap: AU$54.5b

Engages in the provision of telecommunications and information services to businesses, government, and individuals in Australia and internationally.

Sysco

Market Cap: US$34.9b

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.