Icelandic Software Defensive Blue Chips

Metro

Market Cap: CA$20.3b

Through its subsidiaries, operates as a retailer, franchisor, distributor, and manufacturer in the food and pharmaceutical sectors in Canada.

Smith & Nephew

Market Cap: UK£10.9b

Develops, manufactures, markets, and sells medical devices and services in the United Kingdom, the United States, and internationally.

ASR Nederland

Market Cap: €12.6b

Provides insurance, pensions, and mortgages products and services for consumers, entrepreneurs, and employers in the Netherlands.

Turkiye Garanti Bankasi

Market Cap: ₺651.8b

Provides various banking products and services in Turkey.

S.P.E.E.H. Hidroelectrica

Market Cap: RON 63.6b

Produces and supplies hydro, wind, and energy electricity in Romania.

Kerry Group

Market Cap: €12.4b

Provides taste and nutrition solutions.

Winbond Electronics

Market Cap: NT$465.8b

Engages in the design, development, manufacture, and marketing of very large scale integration integrated circuits (ICs) for various microelectronic applications in Asia, the Americas, Europe, and internationally.

Kasikornbank

Market Cap: ฿457.3b

Provides commercial banking products and services in Thailand and internationally.

Canara Bank

Market Cap: ₹1.3t

Provides various banking products and services in India and internationally.

Ambuja Cements

Market Cap: ₹1.3t

Manufactures, markets, and sells cement and related products to individual homebuilders, developers, infrastructure projects, masons and contractors, professionals, and architects and engineers in India.

Xi'an ESWIN Material Technology

Market Cap: CN¥101.3b

Xi'an ESWIN Material Technology Co., Ltd.

Tryg

Market Cap: DKK 91.7b

Engages in the provision of insurance products and services to private, small and medium sized commercial, and corporate customers in Denmark, the United States, rest of Nordic, Luxembourg, the United Kingdom, and internationally.

Brookfield Renewable

Market Cap: US$14.6b

Owns and operates a portfolio of renewable power and sustainable solution assets.

Gjensidige Forsikring

Market Cap: NOK 137.8b

Provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia.

True Corporation

Market Cap: ฿449.2b

Provides telecommunications and value-added services in Thailand.

Brookfield Wealth Solutions

Market Cap: US$14.4b

Through its subsidiaries, provides retirement services, wealth protection products, and capital solutions to individuals and institutions.

Performance Food Group

Market Cap: US$14.4b

Through its subsidiaries, engages in the marketing and distribution of food and food-related products in North America.

Reinsurance Group of America

Market Cap: US$14.4b

Provides reinsurance and financial solutions.

Aier Eye Hospital Group

Market Cap: CN¥99.5b

Operates as a ophthalmology chain medical company in China, Hong Kong, Europe, the United States, and Southeast Asia.

Huaneng Power International

Market Cap: HK$111.7b

Generates and sells electric power to the regional or provincial grid companies in the People’s Republic of China and internationally.

Fisher & Paykel Healthcare

Market Cap: NZ$23.5b

Designs, manufactures, markets, and sells medical device products and systems in North America, Europe, the Asia Pacific, and internationally.

Tele2

Market Cap: SEK 126.3b

Provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia.

Erie Indemnity

Market Cap: US$14.1b

Operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States.

Mapfre

Market Cap: €11.8b

Engages in the investment, insurance, property, financial, and services businesses in Spain.

Etihad Etisalat

Market Cap: ر.س52.7b

Through its subsidiaries, establishes and operates mobile wireless telecommunication and fiber optic networks in the Kingdom of Saudi Arabia.

Olympus

Market Cap: JP¥2.2t

Manufactures and sells medical equipment in Japan, America, the Middle East, Asia, and Oceania.

ageas

Market Cap: €11.8b

Engages in insurance business.

CP ALL

Market Cap: ฿434.4b

Operates and franchises convenience stores under the 7-Eleven name to other retailers primarily in Thailand, Malaysia, and internatinally.

BB Seguridade Participações

Market Cap: R$72.5b

Through its subsidiaries operates in the insurance, pension plans, and bonds, businesses in Brazil.

Budweiser Brewing Company APAC

Market Cap: HK$108.7b

An investment holding company, engages in brewing and distribution of beer in South Korea, Japan, New Zealand, China, India, Vietnam, and internationally.

Align Technology

Market Cap: US$13.8b

Provides Invisalign clear aligners, Vivera retainers, and iTero intraoral scanners and services in the United States, Switzerland, and internationally.

Phoenix Financial

Market Cap: ₪42.5b

Provides multi-line insurance products in Israel.

Nova

Market Cap: US$13.7b

Engages in the design, development, production, and sale of process control systems used in the manufacture of semiconductors in Taiwan, the United States, China, Korea, and internationally.

Brown-Forman

Market Cap: US$13.7b

Manufactures, distills, bottles, imports, exports, markets, and sells a variety of alcohol beverages.

Vodafone Idea

Market Cap: ₹1.2t

Provides mobile telecommunication services in India.

Zimre Holdings

Market Cap: US$1.8b

Provides insurance, reinsurance, reassurance, and property management and development services in Zimbabwe, Botswana, Malawi, Mozambique, and Zambia.