Icelandic Software Defensive Blue Chips

Ambev

Market Cap: R$225.2b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, carbonated soft drinks, malt and food, other alcoholic beverages, and non-alcoholic and non-carbonated products in Brazil, Central America and Caribbean, Latin America South, and Canada.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp643.3t

Provides various banking products and services in Indonesia and internationally.

Cambricon Technologies

Market Cap: CN¥282.5b

Research, develops, design, and sells core chips in cloud server, edge computing, and terminal equipment in China.

Veeva Systems

Market Cap: US$39.2b

Provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.

NTPC

Market Cap: ₹3.3t

Primarily engages in the generation and sale of bulk power to state power utilities in India.

DNB Bank

Market Cap: NOK 400.0b

Provides financial services to individuals and businesses in Norway and internationally.

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥276.4b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Federal National Mortgage Association

Market Cap: US$38.3b

Provides financing solutions for residential mortgages in the United States.

KBC Group

Market Cap: €34.0b

Provides banking, insurance, and asset management services primarily for retail, private banking, small and medium sized enterprises, and mid-cap clients in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

Heidelberg Materials

Market Cap: €33.9b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

Emirates NBD Bank PJSC

Market Cap: د.إ138.3b

Provides corporate, institutional, retail, treasury, and Islamic banking services.

Koninklijke Ahold Delhaize

Market Cap: €33.5b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.

Advantest

Market Cap: JP¥5.4t

Manufactures and sells semiconductors, component test system products, and mechatronics related products in Japan, the Americas, Europe, and Asia.

Orange

Market Cap: €33.5b

Operates as a telecommunications operator in France and internationally.

JAPAN POST BANK

Market Cap: JP¥5.4t

Provides various banking products and services to retail and corporate clients in Japan and internationally.

Hannover Rück

Market Cap: €33.3b

Provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally.

Intact Financial

Market Cap: CA$51.8b

Through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ135.0b

Generates, transmits, and distributes electricity for residential, commercial, industrial, and government customers primarily in Dubai.

Fubon Financial Holding

Market Cap: NT$1.1t

Provides various financial services in Taiwan, Asia, and internationally.

ResMed

Market Cap: US$36.2b

Develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets.

Hartford Insurance Group

Market Cap: US$35.8b

Provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally.

Standard Chartered

Market Cap: UK£26.9b

Provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas.

Sun Life Financial

Market Cap: CA$49.9b

A financial services company, provides asset management, wealth, insurance and health solutions to individual and institutional customers in Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda.

Consolidated Edison

Market Cap: US$35.8b

Through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥255.6b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Cardinal Health

Market Cap: US$35.4b

Operates as a healthcare services and products company in the United States, Canada, Europe, Asia, and internationally.

National Bank of Canada

Market Cap: CA$49.3b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

Vulcan Materials

Market Cap: US$35.2b

Produces and supplies construction aggregates in the United States.

Monolithic Power Systems

Market Cap: US$35.2b

Designs, develops, markets, and sells semiconductor-based power electronics solutions for the storage and computing, automotive, enterprise data, consumer, communications, and industrial markets.

MS&AD Insurance Group Holdings

Market Cap: JP¥5.1t

An insurance holding company, provides insurance and financial services worldwide.

Sysco

Market Cap: US$34.5b

Through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally.

Fairfax Financial Holdings

Market Cap: CA$47.8b

Through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in the United States, Canada, the Middle East, Asia, and internationally.

China Unicom (Hong Kong)

Market Cap: HK$267.4b

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

DexCom

Market Cap: US$33.9b

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

Arch Capital Group

Market Cap: US$33.9b

Provides insurance, reinsurance, and mortgage insurance products in the United States, Canada, Bermuda, the United Kingdom, Europe, and Australia.

Skandinaviska Enskilda Banken

Market Cap: SEK 329.7b

Provides corporate, retail, investment, and private banking services.