South African Commercial Services Defensive Blue Chips

Henan Shuanghui Investment & DevelopmentLtd

Market Cap: CN¥88.6b

Henan Shuanghui Investment & Development Co.,Ltd.

Taiwan Cooperative Financial Holding

Market Cap: NT$377.1b

Provides commercial banking, insurance, securities, bills finance, venture capital, asset management, and investment trust services in Taiwan.

Kirin Holdings Company

Market Cap: JP¥1.8t

Engages in food and beverages, alcoholic beverages, pharmaceuticals, and health science businesses.

True Corporation

Market Cap: ฿390.4b

Provides telecommunications and value-added services in Thailand.

Tele2

Market Cap: SEK 114.3b

Provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia.

Itissalat Al-Maghrib (IAM)

Market Cap: د.م109.9b

Provides various telecommunication solutions in Morocco and internationally.

Elia Group

Market Cap: €10.3b

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

Universal Health Services

Market Cap: US$12.1b

Through its subsidiaries, owns and operates acute care hospitals, and outpatient and behavioral health care facilities.

Zegona Communications

Market Cap: UK£8.9b

Provides integrated telecommunications services in Spain.

Tata Consumer Products

Market Cap: ₹1.1t

Produces, distributes, and trades in food products in India, the United States, the United Kingdom, and internationally.

Banco Santander-Chile

Market Cap: CL$11.7t

Provides commercial and retail banking products and services in Chile.

Hua Hong Semiconductor

Market Cap: HK$93.7b

An investment holding company, engages in the manufacture and sale of semiconductor products in China, North America, Asia, Europe, and Japan.

Israel Discount Bank

Market Cap: ₪39.9b

Provides various banking and financial services in Israel, Europe, and North America.

Maplebear

Market Cap: US$11.9b

Maplebear Inc., doing business as Instacart, engages in the provision of online grocery shopping services to households in North America.

Aegon

Market Cap: €10.1b

Provides insurance, pensions, retirement, and asset management services in the Americas, the Netherlands, the United Kingdom, and internationally.

Emirates Integrated Telecommunications Company PJSC

Market Cap: د.إ43.5b

Provides mobile, fixed services, broadband connectivity, and IPTV solutions to homes and businesses in the United Arab Emirates.

Arab National Bank

Market Cap: ر.س44.4b

Provides various banking products and services in the Kingdom of Saudi Arabia, Other GCC and the Middle East, Europe, North America, Latin America, Southeast Asia, and internationally.

James Hardie Industries

Market Cap: AU$17.9b

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

Shanghai Rural Commercial Bank

Market Cap: CN¥84.0b

Provides a range of banking products and services to individual and corporate customers in China.

Rockchip Electronics

Market Cap: CN¥83.9b

Operates as a fabless IC design company in China.

American Financial Group

Market Cap: US$11.6b

An insurance holding company, provides specialty property and casualty insurance products in the United States.

Osaka Gas

Market Cap: JP¥1.7t

Provides gas, electricity, and other energy products and services in Japan and internationally.

BB Seguridade Participações

Market Cap: R$62.6b

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

Jentech Precision Industrial

Market Cap: NT$350.9b

Manufactures and sells precision molds worldwide.

Kioxia Holdings

Market Cap: JP¥1.7t

Engages in the development, production and sale of flash memory and solid state drives (SSDs) in Japan and internationally.

China Resources Beer (Holdings)

Market Cap: HK$89.8b

An investment holding company, manufactures, distributes, and sells alcoholic beverages in Mainland China.

Ooredoo Q.P.S.C

Market Cap: ر.ق41.7b

Provides telecommunications services in Qatar, rest of the Middle East, Asia, and North Africa region.

Baloise Holding

Market Cap: CHF 9.1b

Primarily engages in the insurance and banking businesses in Switzerland, Germany, Belgium, and Luxembourg.

China Zheshang Bank

Market Cap: HK$89.0b

Provides various commercial banking products and services in Mainland China.

Telecom Italia

Market Cap: €9.7b

Engages in the fixed and mobile telecommunications services in Italy and internationally.

Anhui Gujing Distillery

Market Cap: CN¥81.2b

Engages in the production and sale of distilled wine in the People’s Republic of China and internationally.

InnoScience (Suzhou) Technology Holding

Market Cap: HK$88.4b

InnoScience (Suzhou) Technology Holding Co., Ltd.

RenaissanceRe Holdings

Market Cap: US$11.3b

Provides reinsurance and insurance products in the United States and internationally.

Globe Life

Market Cap: US$11.3b

Through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle- and middle-income families in the United States.

Orkla

Market Cap: NOK 113.0b

Operates as an industrial investment company within brands and consumer-oriented businesses in Norway, Sweden, Denmark, Finland, Iceland, the Baltics, rest of Europe, and internationally.

First Horizon

Market Cap: US$11.3b

Operates as the bank holding company for First Horizon Bank that provides various financial services.