Italian Software Defensive Blue Chips

Huaneng Lancang River Hydropower

Market Cap: CN¥177.2b

Engages in the development, construction, operation, and management of hydropower and new energy power generation projects.

Nestlé India

Market Cap: ₹2.4t

Engages in the manufacture and sale of food products in India and internationally.

Montage Technology

Market Cap: CN¥175.9b

An integrated circuit (IC) design company, provides IC-based solutions for cloud computing and AI infrastructure in the People’s Republic of China.

Banco de Crédito del Perú

Market Cap: S/86.9b

Provides banking products and services to individuals, small and medium-sized enterprises (SME), and companies in Peru, Panama, and the United States.

Aviva

Market Cap: UK£19.0b

Provides various insurance, retirement, and wealth products in the United Kingdom, Ireland, Canada, India, and China.

Astera Labs

Market Cap: US$25.5b

Designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure.

Dollar General

Market Cap: US$25.5b

A discount retailer, provides various merchandise products in the southern, southwestern, midwestern, and eastern United States.

Telefónica

Market Cap: €21.6b

Provides telecommunications services in Europe and Latin America.

New China Life Insurance

Market Cap: CN¥172.9b

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

Bank Mandiri (Persero)

Market Cap: Rp435.5t

Provides various banking products and services to individuals and businesses in Indonesia, Singapore, Malaysia, Hong Kong, Timor Leste, Shanghai, England, and the Cayman Islands.

Cincinnati Financial

Market Cap: US$25.1b

Provides property casualty insurance products in the United States.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥169.4b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Veeva Systems

Market Cap: US$24.7b

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

DexCom

Market Cap: US$24.6b

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

W. R. Berkley

Market Cap: US$24.6b

An insurance holding company, operates as a commercial line writer worldwide.

United Microelectronics

Market Cap: NT$779.9b

Operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally.

Telenor

Market Cap: NOK 231.4b

Operates as a telecommunication company worldwide.

Terna

Market Cap: €20.7b

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

Markel Group

Market Cap: US$24.2b

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

China Tower

Market Cap: HK$189.3b

Provides telecommunication tower infrastructure services in the People's Republic of China.

Inner Mongolia Yili Industrial Group

Market Cap: CN¥164.8b

Inner Mongolia Yili Industrial Group Co., Ltd.

CLP Holdings

Market Cap: HK$188.9b

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

Bunge Global

Market Cap: US$24.0b

Operates as an agribusiness and food company worldwide.

Banco Santander (Brasil)

Market Cap: R$120.0b

Provides various banking products and services to individuals, small and medium enterprises, and corporate customers in Brazil and internationally.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$119.6b

Provides basic and environmental sanitation services in the São Paulo State, Brazil.

QBE Insurance Group

Market Cap: AU$33.7b

Engages in underwriting general insurance and reinsurance risks in the Australia Pacific, North America, and internationally.

AIB Group

Market Cap: €20.3b

Provides banking and financial products and services to personal, business, and corporate customers in the Republic of Ireland, the United Kingdom, and internationally.

Hon. Precision

Market Cap: NT$755.6b

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

Cellnex Telecom

Market Cap: €20.2b

Engages in the management of terrestrial telecommunications infrastructures in France, Italy, the United Kingdom, Spain, Poland, the Netherlands, Portugal, Switzerland, Denmark, Sweden, Ireland, and Austria.

Fortum Oyj

Market Cap: €20.1b

Engages in the generation and sale of electricity and heat to private and business customers in Finland, Sweden, Norway, Poland, and internationally.

Regions Financial

Market Cap: US$23.5b

A financial holding company, provides various banking and related products and services to individual and corporate customers.

Dr. Sulaiman Al Habib Medical Services Group

Market Cap: ر.س87.9b

Provides private health and support services in the Kingdom of Saudi Arabia.

Lasertec

Market Cap: JP¥3.7t

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

First Citizens BancShares

Market Cap: US$23.2b

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.

Federal Home Loan Mortgage

Market Cap: US$23.2b

Operates in the secondary mortgage market in the United States.

China Minsheng Banking

Market Cap: CN¥158.1b

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