Belgian Software Defensive Blue Chips

Sberbank of Russia

Market Cap: ₽3.0t

Sberbank of Russia, together with its subsidiaries, provides corporate and retail banking products and services to individuals, small businesses, corporate clients, and financial institutions.

Target

Market Cap: US$48.0b

Operates as a general merchandise retailer in the United States.

National Bank of Canada

Market Cap: CA$64.9b

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

Orange

Market Cap: €39.7b

Operates as a telecommunications operator in France and internationally.

Disco

Market Cap: JP¥7.4t

Manufactures and sells precision cutting, grinding, and polishing machines in Japan and internationally.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ171.0b

Provides telecommunications services, media, and related equipment in the United Arab Emirates and internationally.

Kuwait Finance House K.S.C.P

Market Cap: د.ك14.2b

Provides Islamic banking products and services in the Middle East, Europe, and internationally.

Swiss Re

Market Cap: CHF 36.3b

Provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide.

Kotak Mahindra Bank

Market Cap: ₹4.2t

Provides a range of banking and financial services to corporate and individual customers in India.

PICC Property and Casualty

Market Cap: HK$352.1b

Engages in property and casualty insurance business in People’s Republic of China.

Commerzbank

Market Cap: €38.3b

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.

Skandinaviska Enskilda Banken

Market Cap: SEK 400.1b

Provides corporate, retail, investment, and private banking services.

Heineken

Market Cap: €37.6b

Heineken N.V. brews and sells beer and cider in the Americas, Europe, Africa, the Middle East, and the Asia Pacific.

ITC

Market Cap: ₹4.1t

Engages in the fast-moving consumer goods, paperboards, paper and packaging, and agri businesses in India and internationally.

Swedbank

Market Cap: SEK 392.7b

Provides various banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China.

RWE

Market Cap: €36.6b

Generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally.

Axis Bank

Market Cap: ₹3.9t

Provides various financial products and services in India and internationally.

Great-West Lifeco

Market Cap: CA$58.7b

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

ASE Technology Holding

Market Cap: NT$1.3t

Provides semiconductor manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally.

Ambev

Market Cap: R$223.1b

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.

Moore Threads Technology

Market Cap: CN¥290.7b

Engages in the development of GPU chips and related products.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ153.0b

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

DNB Bank

Market Cap: NOK 408.3b

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

Danske Bank

Market Cap: DKK 262.5b

Provides various banking products and services to corporate, institutional, and international clients.

Microchip Technology

Market Cap: US$41.2b

Develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.

ASM International

Market Cap: €34.9b

Engages in the research, development, manufacture, marketing, and servicing of equipment and materials used to produce semiconductor devices in Europe, the United States, and Asia.

Coca-Cola Europacific Partners

Market Cap: €34.9b

Produces, distributes, and sells a range of non-alcoholic ready to drink beverages.

Kroger

Market Cap: US$40.5b

Operates as a food and drug retailer in the United States.

Fubon Financial Holding

Market Cap: NT$1.3t

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

Alcon

Market Cap: CHF 31.8b

Researches, develops, manufactures, distributes, and sells eye care products worldwide.

Prudential

Market Cap: UK£29.6b

Through its subsidiaries, provides life and health insurance, and asset management solutions to individuals in Asia and Africa.

Hershey

Market Cap: US$39.8b

Engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally.

UltraTech Cement

Market Cap: ₹3.6t

Engages in the manufacture and sale of clinker, cement, ready mix concrete, and related products in India, the United Arab Emirates, Bahrain, and Sri Lanka.

Vulcan Materials

Market Cap: US$39.5b

Produces and supplies construction aggregates in the United States.

Swisscom

Market Cap: CHF 31.2b

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

Aeon

Market Cap: JP¥6.2t

Operates in the retail industry in Japan, China, ASEAN countries, and internationally.