Brazilian Software Defensive Blue Chips

China Unicom (Hong Kong)

Market Cap: HK$236.2b

An investment holding company, provides telecommunications and related value-added services in the People’s Republic of China.

Naturgy Energy Group

Market Cap: €25.2b

Engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of gas.

Amrize

Market Cap: CHF 23.0b

Engages in the provision of various building solutions for infrastructure, commercial, and residential construction markets in North America.

Sampo Oyj

Market Cap: €24.9b

Provides non-life insurance products and services in Finland, Sweden, Norway, Denmark, Estonia, Lithuania, Latvia, Spain, Gibraltar, Germany, the Netherlands, France, and the United Kingdom.

Foshan Haitian Flavouring and Food

Market Cap: CN¥204.7b

Foshan Haitian Flavouring and Food Company Ltd.

Bank of Ningbo

Market Cap: CN¥201.7b

Provides various personal and business banking products and services in the People's Republic of China.

Shinhan Financial Group

Market Cap: ₩41.5t

Provides financial products and services in South Korea and internationally.

NRG Energy

Market Cap: US$28.7b

Operates as an energy and home services company in the United States and Canada.

National Bank of KuwaitK.P

Market Cap: د.ك8.8b

Provides financial and investment services and solutions to individual, corporate, and institutional clients in Kuwait, the Middle East, North Africa, Europe, the United Kingdom, and internationally.

DexCom

Market Cap: US$28.6b

A medical device company, focuses on the design, development, and commercialization of continuous glucose monitoring (CGM) systems in the United States and internationally.

Hua Hong Semiconductor

Market Cap: HK$222.2b

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

Renesas Electronics

Market Cap: JP¥4.3t

Researches, develops, designs, manufactures, sells, and services semiconductors in Japan, China, rest of Asia, Europe, North America, and internationally.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥196.7b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Adani Power

Market Cap: ₹2.6t

Engages in the generation, transmission, and sale of electricity under long term power purchase agreements (PPAs), supplemental PPAs, medium and short term PPAs, and on merchant basis in India.

Constellation Brands

Market Cap: US$28.0b

Produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy.

BPER Banca

Market Cap: €23.4b

Provides banking products and services for individuals, and businesses and professionals in Italy and internationally.

Kraft Heinz

Market Cap: US$27.9b

Manufactures and markets food and beverage products in North America and internationally.

Koninklijke Philips

Market Cap: €23.2b

Operates as a health technology company in North America, the Greater China, and internationally.

Credicorp

Market Cap: US$27.7b

Provides various financial, insurance, and health services and products in Peru and internationally.

China Everbright Bank

Market Cap: CN¥192.3b

Provides a range of financial products and services to corporations and government agencies, retail customers, and individuals in Mainland China, Hong Kong, Luxembourg, Macao, Seoul, and Sydney.

Montage Technology

Market Cap: CN¥192.0b

An integrated circuit (IC) design company, provides IC-based solutions for cloud computing and data center markets in the People’s Republic of China.

Astera Labs

Market Cap: US$27.6b

Designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure.

Nanya Technology

Market Cap: NT$858.3b

Research, develops, manufactures, and sells semiconductor products in Taiwan, Japan, Malaysia, China, the United States, Thailand, Germany, Singapore, Poland and internationally.

Nestlé India

Market Cap: ₹2.5t

Engages in the manufacture and sale of food products in India and internationally.

Veolia Environnement

Market Cap: €22.8b

Designs and provides water, waste, and energy management solutions.

Atmos Energy

Market Cap: US$27.3b

Engages in the regulated natural gas distribution, and pipeline and storage businesses in the United States.

Huntington Bancshares

Market Cap: US$27.2b

Operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services in the United States.

George Weston

Market Cap: CA$36.6b

Provides food and drug retailing, and financial services in Canada.

Bank Mandiri (Persero)

Market Cap: Rp448.9t

Provides various banking products and services to individuals and businesses in Indonesia, Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia, England, and the Cayman Islands.

Banco do Brasil

Market Cap: R$139.3b

Provides banking products and services for individuals, companies, and public sectors in Brazil and internationally.

Citizens Financial Group

Market Cap: US$26.8b

Operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions in the United States.

Brown & Brown

Market Cap: US$26.8b

Brown & Brown, Inc. markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally.

EnBW Energie Baden-Württemberg

Market Cap: €22.3b

Operates as an integrated energy company in Germany, Rest of Europe, and internationally.

Resona Holdings

Market Cap: JP¥4.0t

Through its subsidiaries, engages in the provision retail and commercial banking products and services in Japan and internationally.

JD Health International

Market Cap: HK$206.2b

An investment holding company, engages in the operation of an online healthcare platform in the People’s Republic of China.

Aviva

Market Cap: UK£19.0b

Provides various insurance, retirement, and wealth products in the United Kingdom, Ireland, Canada, and internationally.