Ukrainian Consumer Retailing Defensive Blue Chips

Emirates NBD Bank PJSC

Market Cap: د.إ147.8b

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

DNB Bank

Market Cap: NOK 403.7b

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

Orange

Market Cap: €35.0b

Operates as a telecommunications operator in France and internationally.

Intact Financial

Market Cap: CA$54.5b

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

KBC Group

Market Cap: €34.4b

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.

Veeva Systems

Market Cap: US$38.8b

Provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.

UltraTech Cement

Market Cap: ₹3.3t

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

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥278.8b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Ambev

Market Cap: R$220.4b

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.

NTPC

Market Cap: ₹3.3t

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

Seven & i Holdings

Market Cap: JP¥5.6t

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

Koninklijke Ahold Delhaize

Market Cap: €34.1b

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

Hannover Rück

Market Cap: €33.5b

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

China Unicom (Hong Kong)

Market Cap: HK$295.9b

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

JAPAN POST BANK

Market Cap: JP¥5.5t

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

Consolidated Edison

Market Cap: US$37.5b

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

Hartford Insurance Group

Market Cap: US$37.2b

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

Cardinal Health

Market Cap: US$36.9b

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

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ135.0b

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

National Bank of Canada

Market Cap: CA$50.6b

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

Advantest

Market Cap: JP¥5.3t

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

Fairfax Financial Holdings

Market Cap: CA$50.5b

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.

Sun Life Financial

Market Cap: CA$50.2b

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.

Fubon Financial Holding

Market Cap: NT$1.1t

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

Chocoladefabriken Lindt & Sprüngli

Market Cap: CHF 29.8b

Engages in the manufacture and sale of chocolate products worldwide.

ResMed

Market Cap: US$36.1b

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

Heidelberg Materials

Market Cap: €31.9b

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

Standard Chartered

Market Cap: UK£26.6b

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

Vulcan Materials

Market Cap: US$35.7b

Produces and supplies construction aggregates in the United States.

Swisscom

Market Cap: CHF 29.3b

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

Commerzbank

Market Cap: €31.3b

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.

Cambricon Technologies

Market Cap: CN¥254.5b

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

Arch Capital Group

Market Cap: US$35.3b

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

Sysco

Market Cap: US$35.0b

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.

Foshan Haitian Flavouring and Food

Market Cap: CN¥251.7b

Foshan Haitian Flavouring and Food Company Ltd.

Great-West Lifeco

Market Cap: CA$48.3b

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