Ugandan Commercial Services Defensive Blue Chips

Abu Dhabi National Energy Company PJSC

Market Cap: د.إ380.0b

Operates as an integrated utility company in the United Arab Emirates, North America, Europe, Africa, and internationally.

Zurich Insurance Group

Market Cap: CHF 81.4b

Provides insurance products and related services in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific.

State Bank of India

Market Cap: ₹8.9t

Provides banking products and services in India and internationally.

CVS Health

Market Cap: US$98.8b

Provides health solutions in the United States.

Altria Group

Market Cap: US$97.7b

Through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States.

Postal Savings Bank of China

Market Cap: HK$751.8b

Provides various banking products and services for retail and corporate customers in the People’s Republic of China.

Tokyo Electron

Market Cap: JP¥14.6t

Develops, manufactures, and sells semiconductor production equipment in Japan, South Korea, Taiwan, China, North America, Europe, and internationally.

Advantest

Market Cap: JP¥14.2t

Manufactures and sells semiconductors, component test systems, and mechatronics-related products in Japan, rest of Asia, the Americas, and Europe.

AXA

Market Cap: €78.6b

Through its subsidiaries, insurance, asset management, and banking services worldwide.

Semiconductor Manufacturing International

Market Cap: HK$699.7b

An investment holding company, engages in the manufacture, testing, and sale of integrated circuits wafer and various compound semiconductors in the United States, China, and Eurasia.

Marsh & McLennan Companies

Market Cap: US$89.6b

A professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide.

Bank of Communications

Market Cap: HK$694.5b

Provides commercial banking products and services in China and internationally.

BNP Paribas

Market Cap: €76.7b

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

Bank of Montreal

Market Cap: CA$123.9b

Engages in the provision of diversified financial services primarily in North America.

Westpac Banking

Market Cap: AU$132.5b

Provides banking and other financial services in Australia, New Zealand, the Pacific Islands, Asia, the Americas, and Europe.

Mizuho Financial Group

Market Cap: JP¥13.2t

Engages in banking, trust banking, securities, and other businesses related to financial services in Japan, the Americas, Europe, Asia/Oceania, and internationally.

China Telecom

Market Cap: HK$659.7b

Provides mobile communications, wireline and satellite communications, internet access, cloud computing and computing power, AI, big data, quantum, ICT integration in the People’s Republic of China.

Bank of Nova Scotia

Market Cap: CA$117.5b

Provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally.

National Australia Bank

Market Cap: AU$126.7b

Provides financial services to individuals and businesses in Australia, New Zealand, Europe, Asia, the United States, and internationally.

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €70.4b

Engages in the insurance and reinsurance businesses worldwide.

Canadian Imperial Bank of Commerce

Market Cap: CA$113.6b

A diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally.

Cambricon Technologies

Market Cap: CN¥558.7b

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

Nongfu Spring

Market Cap: HK$610.1b

Produces and sells packaged drinking water and beverage products primarily in Mainland China.

Barito Renewables Energy

Market Cap: Rp1304.4t

Engages in the generation and sale of power through geothermal and wind resources in Indonesia.

Nu Holdings

Market Cap: US$76.7b

Provides digital banking platform in Brazil, Mexico, Colombia, the Cayman Islands, and the United States.

National Grid

Market Cap: UK£58.0b

Engages in the transmission and distribution of electricity and gas.

ING Groep

Market Cap: €65.3b

Provides various banking products and services in the Netherlands, Belgium, Germany, rest of Europe, and internationally.

CaixaBank

Market Cap: €65.3b

Provides various banking products and financial services in Spain and internationally.

Barclays

Market Cap: UK£57.2b

Provides various financial services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia.

Aon

Market Cap: US$75.3b

A professional services firm, provides a range of risk and human capital solutions worldwide.

Marvell Technology

Market Cap: US$74.5b

Provides data infrastructure semiconductor solutions, spanning the data center core to network edge.

CRH

Market Cap: US$73.4b

Provides building materials solutions in Ireland, the United States, the United Kingdom, rest of Europe, and internationally.

U.S. Bancorp

Market Cap: US$73.2b

A financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States.

Tokio Marine Holdings

Market Cap: JP¥11.3t

Engages in the non-life and life insurance, and financial and general businesses in Japan and internationally.

Elevance Health

Market Cap: US$72.4b

Operates as a health benefits company in the United States.

PNC Financial Services Group

Market Cap: US$72.2b

Operates as a diversified financial services company in the United States.