Italian Software Defensive Blue Chips

British American Tobacco Zimbabwe (Holdings)

Market Cap: US$2.0b

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

bioMérieux

Market Cap: €13.2b

Develops, manufactures, and markets in vitro diagnostic solutions for infectious diseases in France, Europe, Africa, the Middle East, North and South America, the Asia Pacific, and internationally.

Canara Bank

Market Cap: ₹1.4t

Provides various banking products and services in India and internationally.

JBS

Market Cap: US$15.5b

Operates as a protein and food company worldwide.

Mapfre

Market Cap: €13.2b

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

Bank Polska Kasa Opieki

Market Cap: zł55.4b

A commercial bank, provides banking products and services to retail and corporate clients in Poland.

Power Assets Holdings

Market Cap: HK$120.1b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, and internationally.

Metro

Market Cap: CA$21.1b

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

Jerónimo Martins SGPS

Market Cap: €13.0b

Operates in the food distribution and specialized retail sectors in Portugal, Poland, Colombia, and internationally.

SCB X

Market Cap: ฿478.1b

Engages banking, consumer and digital finance, and platform and technology businesses in Thailand and internationally.

Tryg

Market Cap: DKK 97.4b

Provides insurance products and services for private and corporate customers, and small and medium-sized businesses in Denmark, Sweden, the United Kingdom, and Norway.

Huaneng Power International

Market Cap: HK$118.3b

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

Eurobank

Market Cap: €12.9b

Provides retail, corporate and private banking, asset management, treasury, capital market, and other services in Greece, Bulgaria, Cyprus, and Luxembourg.

Banco Santander-Chile

Market Cap: CL$13.7t

Provides commercial and retail banking products and services in Chile.

Fidelity National Financial

Market Cap: US$15.1b

Provides various insurance products in the United States.

SDIC Power Holdings

Market Cap: CN¥105.3b

Engages in the electricity generation business in China.

Pro Medicus

Market Cap: AU$22.5b

A healthcare informatics company, engages in the development and supply of healthcare imaging software, and radiology information (RIS) system software and services to hospitals, imaging centers, and health care groups in Australia, North America, and Europe.

ASR Nederland

Market Cap: €12.8b

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

Bankinter

Market Cap: €12.8b

Provides various banking products and services to individuals, corporates, and small- and medium-sized enterprises in Spain, Luxembourg, Portugal, and Ireland.

Wilmar International

Market Cap: S$19.2b

Operates as an agribusiness company in the People's Republic of China, South East Asia, India, Europe, Australia, New Zealand, Africa, and internationally.

Aier Eye Hospital Group

Market Cap: CN¥103.9b

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

Gjensidige Forsikring

Market Cap: NOK 149.0b

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

Erie Indemnity

Market Cap: US$14.7b

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

Grupo Financiero Inbursa. de

Market Cap: Mex$263.0b

Provides various financial products and services to individuals and businesses in Mexico.

Kasikornbank

Market Cap: ฿458.2b

Provides commercial banking products and services in Thailand and internationally.

National Bank of Greece

Market Cap: €12.4b

Provides financial products and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom.

Turkiye Garanti Bankasi

Market Cap: ₺622.9b

Provides various banking products and services in Turkey.

Elia Group

Market Cap: €12.3b

Develops and operates as a transmission system operator in Belgium and Germany.

Banco de Crédito e Inversiones

Market Cap: CL$13.0t

Provides various banking products and services in Chile, United States, and Peru.

Brookfield Wealth Solutions

Market Cap: US$14.4b

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

Raiffeisen Bank International

Market Cap: €12.3b

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

Olympus

Market Cap: JP¥2.2t

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

WH Group

Market Cap: HK$111.2b

An investment holding company, produces and sells packaged meats and pork in China, North America, and Europe.

Piotech

Market Cap: CN¥99.2b

Engages in the research and development, production, sales, and technical services of high-end semiconductor special equipment in China.

BE Semiconductor Industries

Market Cap: €12.1b

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

Mashreqbank PSC

Market Cap: د.إ52.1b

Provides various banking and financial services to individuals and corporates.