Zambian Utilities Defensive Blue Chips

SDIC Power Holdings

Market Cap: CN¥104.5b

Engages in the electricity generation business in China.

Bank of Beijing

Market Cap: CN¥104.4b

Provides various banking services to individuals and corporates in China.

Bank of Baroda

Market Cap: ₹1.4t

Provides various banking products and services to individuals, government departments, and corporate customers in India and internationally.

Krung Thai Bank

Market Cap: ฿510.1b

Engages in commercial banking business in Thailand and internationally.

Hua Xia Bank

Market Cap: CN¥103.6b

Provides commercial banking services in China and Hong Kong.

Kasikornbank

Market Cap: ฿505.5b

Provides commercial banking products and services in Thailand and internationally.

Powszechny Zaklad Ubezpieczen

Market Cap: zł56.9b

Provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.

Semtech

Market Cap: US$15.1b

Provides semiconductor, Internet of Things systems, and cloud connectivity service solutions in the Asia- Pacific, North America, and Europe.

BAWAG Group

Market Cap: €13.2b

Operates as a holding company for BAWAG P.S.K.

ageas

Market Cap: €13.2b

Engages in insurance business.

Huaneng Power International

Market Cap: HK$118.1b

Generates and sells electric power to the regional or provincial grid companies in the People’s Republic of China, the Islamic Republic of Pakistan, and internationally.

Sanan OptoelectronicsLtd

Market Cap: CN¥102.3b

Engages in the research, development, production, and sale of compound semiconductor materials and devices in China and internationally.

James Hardie Industries

Market Cap: AU$21.7b

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

Mapfre

Market Cap: €13.1b

Engages in insurance, reinsurance, and financial activities in Spain.

Dubai Islamic Bank P.J.S.C

Market Cap: د.إ54.8b

Engages in the corporate, retail, and investment banking activities in the United Arab Emirates and internationally.

Pinnacle Financial Partners

Market Cap: US$14.8b

Operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States.

Bankinter

Market Cap: €13.0b

Provides various banking products and services to individuals, corporates, and small- and medium-sized enterprises in Spain, Luxembourg, Portugal, and Ireland.

First Financial Holding

Market Cap: NT$469.5b

Provides various financial products and services in Asia, North America, Oceania, and Europe.

Banco Santander-Chile

Market Cap: CL$13.6t

Provides commercial and retail banking products and services in Chile.

Attijariwafa bank

Market Cap: د.م138.1b

Provides banking products and services for retail, professionals, corporates, and institutional clients in Africa, Europe, and the Middle East.

Rede D'Or São Luiz

Market Cap: R$76.0b

Engages in the provision of hospital services in Brazil.

Kerry Group

Market Cap: €12.8b

Provides taste and nutrition solutions.

SCB X

Market Cap: ฿488.2b

Engages in the banking, consumer and digital finance, and platform and technology businesses in Thailand and internationally.

BB Seguridade Participações

Market Cap: R$75.5b

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

BrightSpring Health Services

Market Cap: US$14.5b

Operates as a home and community-based healthcare services platform in the United States.

Kokusai Electric

Market Cap: JP¥2.3t

Engages in the development, manufacture, sale, repair, and maintenance of semiconductor manufacturing equipment worldwide.

Sonova Holding

Market Cap: CHF 11.6b

Manufactures and sells hearing care solutions for children and adults in Switzerland, the United States, rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Hormel Foods

Market Cap: US$14.3b

Develops, processes, and distributes various meat, nut, and other food products to foodservice, convenience stores, and commercial customers in the United States and internationally.

Brookfield Wealth Solutions

Market Cap: US$14.3b

Through its subsidiaries, provides retirement services, wealth protection products, and capital solutions to individuals and institutions.

Grupo Financiero Inbursa. de

Market Cap: Mex$248.8b

Provides various financial products and services to individuals and businesses in Mexico.

Kirin Holdings Company

Market Cap: JP¥2.3t

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

Unum Group

Market Cap: US$14.2b

Provides financial protection benefit solutions in the United States, the United Kingdom, and Poland.

Emirates Integrated Telecommunications Company PJSC

Market Cap: د.إ52.0b

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

Qatar Islamic Bank (Q.P.S.C.)

Market Cap: ر.ق51.5b

Provides corporate, retail, and investment banking products and services in Qatar and internationally.

Asahi Group Holdings

Market Cap: JP¥2.3t

Manufactures and sells beer, alcohol and non-alcohol beverages, and food products in Japan, Europe, Oceania, and Southeast Asia.

Union Bank of India

Market Cap: ₹1.3t

Provides banking products and services in India.