Indonesian Software Defensive Blue Chips

British American Tobacco Zimbabwe (Holdings)

Market Cap: US$3.0b

Together with subsidiaries, manufactures, distributes, and sells cigarettes in Zimbabwe.

Sumitomo Mitsui Trust Group

Market Cap: JP¥3.6t

Operates as a trust bank in Japan and internationally.

Casey's General Stores

Market Cap: US$23.2b

Operates convenience stores under the Casey's and Casey’s General Store names in the United States.

China Minsheng Banking

Market Cap: CN¥160.8b

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

Tyson Foods

Market Cap: US$23.1b

Operates as a food company worldwide.

Banco BPM

Market Cap: €19.6b

Provides banking and financial products and services to individual, business, and corporate customers in Italy.

Telefónica

Market Cap: €19.5b

Provides telecommunications services in Europe and Latin America.

Samsung Life Insurance

Market Cap: ₩33.5t

Engages in the life insurance business to corporate and individual customers in South Korea and internationally.

Riyad Bank

Market Cap: ر.س86.3b

Provides banking and investment services in the Kingdom of Saudi Arabia.

Snam

Market Cap: €19.4b

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

Telefônica Brasil

Market Cap: R$120.1b

Operates as a mobile telecommunications company in Brazil.

Yihai Kerry Arawana Holdings

Market Cap: CN¥158.5b

Engages in the agriculture and food processing businesses in China.

Commercial Bank for Foreign Trade of Vietnam

Market Cap: ₫599.9t

Provides banking products and services in Vietnam.

Pernod Ricard

Market Cap: €19.2b

Produces and sells wines and spirits worldwide.

Gulf Development

Market Cap: ฿713.4b

Generates and sells electricity and steam to public and private clients in Thailand and internationally.

Humana

Market Cap: US$22.5b

Provides medical and specialty insurance products in the United States.

Labcorp Holdings

Market Cap: US$22.4b

Provides laboratory services.

Telenor

Market Cap: NOK 214.9b

Operates as a telecommunication company worldwide.

SBI Life Insurance

Market Cap: ₹2.0t

Operates as a private life insurance company in India.

Coca-Cola FEMSA. de

Market Cap: US$22.1b

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

Bunge Global

Market Cap: US$22.0b

Operates as an agribusiness and food company worldwide.

Hon. Precision

Market Cap: NT$693.6b

Engages in the manufacture and sale of machinery and related components, automatic control equipment engineering, and machinery installations in Taiwan.

Loews

Market Cap: US$21.9b

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

Terna

Market Cap: €18.4b

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

China United Network Communications

Market Cap: CN¥150.4b

Provides telecommunication services in the People’s Republic of China.

Credo Technology Group Holding

Market Cap: US$21.7b

Provides various high-speed connectivity solutions for optical and electrical Ethernet, and PCIe applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally.

MTN Group

Market Cap: R342.4b

Provides mobile telecommunications services in South Africa, Nigeria, South and East Africa, West and Central Africa, and the Middle East and North Africa.

Ajinomoto

Market Cap: JP¥3.3t

Engages in the seasonings and foods, frozen foods, and healthcare and other businesses in Japan and internationally.

NN Group

Market Cap: €18.0b

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

OmniVision Integrated Circuits Group

Market Cap: CN¥147.1b

OmniVision Integrated Circuits Group, Inc.

Heineken Holding

Market Cap: €17.9b

Engages in brewing and selling beer and cider in the Netherlands and internationally.

Principal Financial Group

Market Cap: US$21.1b

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

Qnity Electronics

Market Cap: US$21.1b

Provides materials and solutions to the semiconductor and electronics industries in the United States, rest of Americas, Europe, the Middle East, Africa, Asia Pacific, China, South Korea, Taiwan, and internationally.

Centene

Market Cap: US$21.0b

Operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, and commercial organizations in the United States.

Mizrahi Tefahot Bank

Market Cap: ₪64.7b

Provides a range of international, commercial, domestic, and personal banking services to individuals and businesses in Israel and internationally.

CK Infrastructure Holdings

Market Cap: HK$163.0b

An infrastructure company, invests in, develops, and operates infrastructure businesses in Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand, Canada, and the United States.