Hungarian Software Defensive Blue Chips

China Unicom (Hong Kong)

Market Cap: HK$191.7b

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

KeyCorp

Market Cap: US$24.4b

Operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States.

Suzhou Centec Communications

Market Cap: CN¥164.4b

Engages in the research, design, and sale of Ethernet switching chips and related products in China and internationally.It offers ethernet switch and ethernet transceiver PHY silicon; and ethernet switches, as well as network operation systems.

First Solar

Market Cap: US$24.4b

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

Principal Financial Group

Market Cap: US$24.4b

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

Inner Mongolia Yili Industrial Group

Market Cap: CN¥163.8b

Inner Mongolia Yili Industrial Group Co., Ltd.

Terumo

Market Cap: JP¥3.9t

Engages in the manufacture and sale of medical products and equipment in Japan, Europe, China, the United States, Asia, and internationally.

Aeon

Market Cap: JP¥3.9t

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

Sigma Healthcare

Market Cap: AU$34.3b

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

New China Life Insurance

Market Cap: CN¥162.7b

Provides life insurance products and services to individuals and institutions in China.

US Foods Holding

Market Cap: US$24.0b

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.

Brown & Brown

Market Cap: US$23.8b

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

MACOM Technology Solutions Holdings

Market Cap: US$23.7b

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

BNP Paribas Fortis

Market Cap: €20.5b

Provides various financial services in Belgium, Turkey, Luxembourg, and internationally.

Unipol Assicurazioni

Market Cap: €20.4b

Provides insurance products and services primarily in Italy.

Raiffeisen Bank International

Market Cap: €20.4b

Offers banking services to corporate, retail, and institutional customers.

NN Group

Market Cap: €20.4b

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

Uniper

Market Cap: €20.2b

Operates as an energy company in Germany, the United Kingdom, Sweden, the rest of Europe, and internationally.

Loews

Market Cap: US$23.1b

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

Global Unichip

Market Cap: NT$742.4b

Engages in the research and development, production, testing, and sale of embedded memory and logic components, analog components, cell libraries, and EDA tools for various IC applications.

Abu Dhabi Islamic Bank PJSC

Market Cap: د.إ84.8b

Provides banking, financing, and investing services in the United Arab Emirates, rest of the Middle East, and internationally.

Coca-Cola FEMSA. de

Market Cap: US$23.1b

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

STERIS

Market Cap: US$23.1b

Provides infection prevention products and services in the United States, Ireland, and internationally.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥154.4b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Constellation Brands

Market Cap: US$22.9b

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

Markel Group

Market Cap: US$22.8b

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

Terna

Market Cap: €19.8b

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

Lasertec

Market Cap: JP¥3.6t

Engages in the design, manufacture, and sale of inspection and measurement equipment in Japan, South Korea, Taiwan, Other Asia, the United States.

Technoprobe

Market Cap: €19.7b

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

VERBUND

Market Cap: €19.7b

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

ASPEED Technology

Market Cap: NT$727.3b

Operates as a fabless integrated circuit (IC) design company in Taiwan, China, the United States, and internationally.

Coca-Cola HBC

Market Cap: UK£16.8b

Engages in the production, sale, and distribution of non-alcoholic ready-to-drink beverages under franchise in Switzerland, West Coast of Ireland, Central and Eastern Europe, Nigeria, and internationally.

Coles Group

Market Cap: AU$31.7b

Operates as a retailer in Australia.

QNB Bank

Market Cap: ₺1.1t

Provides various banking and financial services in Turkey.

BE Semiconductor Industries

Market Cap: €19.0b

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

Heineken Holding

Market Cap: €19.0b

Engages in brewing and selling beer and cider in the Netherlands, Europe, the Americas, Africa & Middle East, Asia Pacific and internationally.