Belgian Software Defensive Blue Chips

American Financial Group

Market Cap: US$10.7b

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

China Resources Beer (Holdings)

Market Cap: HK$83.1b

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

Adani Energy Solutions

Market Cap: ₹976.3b

Generates, transmits, and distributes power in India.

Dino Polska

Market Cap: zł37.8b

Operates a network of medium-sized grocery supermarkets under the Dino brand in Poland.

Shree Cement

Market Cap: ₹974.2b

Engages in the manufacture and sale of cement and clinker in India and internationally.

Buzzi

Market Cap: €9.0b

Manufactures, distributes, and sells cement, ready-mix concrete, and natural aggregates.

Bank Permata

Market Cap: Rp179.8t

Provides various banking products and services in Indonesia.

Unigroup Guoxin Microelectronics

Market Cap: CN¥73.9b

Unigroup Guoxin Microelectronics Co., Ltd.

Enel Américas

Market Cap: CL$9.2t

Generates, transmits, and distributes electricity in Brazil, Colombia, Central America, Argentina, and Peru.

BKW

Market Cap: CHF 8.3b

An international energy and infrastructure company, plans, builds, and operates infrastructure to produce and supply energy to businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally.

Max Healthcare Institute

Market Cap: ₹964.7b

Provides medical and healthcare services in India.

Onto Innovation

Market Cap: US$10.5b

Engages in the design, development, manufacture, and support of process control tools that performs optical metrology and inspection worldwide.

Marico

Market Cap: ₹961.8b

Manufactures and sells branded consumer products in India, Bangladesh, Vietnam, and internationally.

Alpha Bank

Market Cap: €8.9b

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

Maplebear

Market Cap: US$10.5b

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

Tsingtao Brewery

Market Cap: CN¥72.7b

Engages in the production, distribution, wholesale, and retail sale of beer products in Mainland China, Hong Kong, Macau, and internationally.

Chandra Daya Investasi

Market Cap: Rp176.6t

Operates as an infrastructure investment holding company.

Itissalat Al-Maghrib (IAM)

Market Cap: د.م94.9b

Provides various telecommunication solutions in Morocco and internationally.

KT&G

Market Cap: ₩15.0t

Engages in the production, distribution, and sale of tobacco products in South Korea, Europe, and internationally.

Bank of the Philippine Islands

Market Cap: ₱612.9b

Provides various financial products and services to retail and corporate clients in the Philippines.

Molina Healthcare

Market Cap: US$10.4b

Provides managed healthcare services to low-income families and individuals under the Medicaid and Medicare programs and through the state insurance marketplaces in the United States.

Taiwan Mobile

Market Cap: NT$325.1b

Provides wireless communication services in Taiwan, the Republic of China, and internationally.

Bank Albilad

Market Cap: ر.س38.8b

Through its subsidiaries, provides various banking products and services in the Kingdom of Saudi Arabia.

Webster Financial

Market Cap: US$10.3b

Operates as the bank holding company for Webster Bank, National Association that provides various financial products and services to businesses, individuals, and families in the United States.

United Spirits

Market Cap: ₹946.5b

Manufactures, sells, and distributes alcoholic beverages and other allied spirits in India and internationally.

Magnum Ice Cream

Market Cap: €8.7b

Engages in ice cream business.

Bangkok Dusit Medical Services

Market Cap: ฿317.8b

Operates hospitals in Thailand and internationally.

Far EasTone Telecommunications

Market Cap: NT$322.4b

Engages in the provision of telecommunications and digital application services in Taiwan.

Millicom International Cellular

Market Cap: US$10.3b

Provides cable and mobile services in Latin America.

Baxter International

Market Cap: US$10.2b

Through its subsidiaries, provides a portfolio of healthcare products in the United States.

Yokohama Financial Group

Market Cap: JP¥1.6t

Provides various banking products and services to small and medium-sized businesses and individuals in Japan and internationally.

Boubyan Bank K.S.C.P

Market Cap: د.ك3.1b

Provides various banking products and services in Kuwait, the Middle East, North Africa, Europe, the United Kingdom, and internationally.

BUA Foods

Market Cap: ₦14.4t

Processes, manufactures, produces, and distributes food materials in Nigeria.

Bank Negara Indonesia (Persero)

Market Cap: Rp171.4t

Provides various banking products and services in Indonesia, rest of Asia, New York, and Europe.

Ensign Group

Market Cap: US$10.1b

Provides skilled nursing, senior living, and rehabilitative services.

ICICI Prudential Life Insurance

Market Cap: ₹924.8b

Provides life insurance, annuity, pension, and health insurance products to individuals and groups in India.