Croatian Software Defensive Blue Chips

Aeon

Market Cap: JP¥4.0t

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

BT Group

Market Cap: UK£18.6b

Provides communications products and services in the United Kingdom, Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Markel Group

Market Cap: US$24.8b

Engages in the insurance business in the United States, the United Kingdom, Bermuda, Germany, rest of the European Union, Canada, and the Asia Pacific.

BE Semiconductor Industries

Market Cap: €21.6b

Develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries in the Netherlands, Switzerland, Austria, Singapore, Malaysia, and internationally.

Tower Semiconductor

Market Cap: US$24.7b

An independent semiconductor foundry, provides technology, development, and process platforms for integrated circuits in the United States, Japan, rest of Asia, and Europe.

Mediobanca Banca di Credito Finanziario

Market Cap: €21.5b

Provides various banking products and services in Italy, Other European countries, the United States, Asia, and internationally.

MACOM Technology Solutions Holdings

Market Cap: US$24.6b

Provides analog semiconductor solutions for use in wireless and wireline applications across the radio frequency (RF), microwave, millimeter wave, and lightwave spectrum.

Technoprobe

Market Cap: €21.4b

Produces and sells electronic circuits in Italy, Asia, the United States, and rest of Europe.

China Unicom (Hong Kong)

Market Cap: HK$190.9b

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

Snam

Market Cap: €21.1b

Engages in the operation of natural gas transport and storage infrastructure.

First Solar

Market Cap: US$24.1b

A solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally.

CLP Holdings

Market Cap: HK$189.1b

An investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia.

National Bank of KuwaitK.P

Market Cap: د.ك7.5b

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.

Loews

Market Cap: US$24.0b

Through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally.

Principal Financial Group

Market Cap: US$23.9b

Provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide.

First Citizens BancShares

Market Cap: US$23.9b

Operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally.

Quest Diagnostics

Market Cap: US$23.9b

Provides diagnostic testing and services in the United States.

Dollar Tree

Market Cap: US$23.8b

Operates retail discount stores under the Dollar Tree and Dollar Tree Canada brands in the United States and Canada.

Brown & Brown

Market Cap: US$23.7b

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

Terna

Market Cap: €20.7b

Provides electricity transmission and dispatching services in Italy, other Euro-area countries, and internationally.

Labcorp Holdings

Market Cap: US$23.5b

Provides laboratory services.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp420.1t

Provides various banking products and services in Indonesia and internationally.

Constellation Brands

Market Cap: US$23.5b

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

Inner Mongolia Yili Industrial Group

Market Cap: CN¥158.6b

Inner Mongolia Yili Industrial Group Co., Ltd.

Public Bank Berhad

Market Cap: RM 95.3b

Provides banking products and services.

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥157.5b

Provides platform-based custom silicon and semiconductor IP licensing services in China and internationally.

US Foods Holding

Market Cap: US$23.0b

US Foods Holding Corp., together with its subsidiaries, markets, sells, and distributes fresh, frozen, and dry food and non-food products to foodservice customers in the United States.

Telefónica

Market Cap: €20.0b

Provides telecommunications services in Spain, Brazil, Germany, and the United Kingdom.

NN Group

Market Cap: €19.9b

A financial services company, provides life and non-life insurance products in the Netherlands and internationally.

Coca-Cola FEMSA. de

Market Cap: US$22.6b

A franchise bottler, produces, markets, sells, and distributes Coca-Cola trademarked beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Brazil, Argentina, and Uruguay.

Sigma Healthcare

Market Cap: AU$32.4b

Operates as a retail pharmacy franchisor and pharmaceutical wholesale and distributor to community pharmacies primarily in Australia.

Entegris

Market Cap: US$22.4b

Provides advanced materials and process solutions for the semiconductor and other high-technology industries in North America, Taiwan, South Korea, Japan, China, Europe, and Southeast Asia.

VERBUND

Market Cap: €19.5b

Generates, trades, and sells electricity in Austria, Germany, France, Romania, Spain, and Luxembourg.

Banco do Brasil

Market Cap: R$114.1b

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

Hana Financial Group

Market Cap: ₩33.6t

Through its subsidiaries, provides financial services in South Korea, Hong Kong, Singapore, the United States, Japan, China, Indonesia, the United Kingdom, Canada, and internationally.

Unipol Assicurazioni

Market Cap: €19.0b

Provides insurance products and services primarily in Italy.