Kuwaiti Software Defensive Blue Chips

National Bank of Greece

Market Cap: €14.6b

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

Hua Nan Financial Holdings

Market Cap: NT$545.4b

Provides financial services in Taiwan and internationally.

Powszechny Zaklad Ubezpieczen

Market Cap: zł62.3b

Provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.

Mashreqbank PSC

Market Cap: د.إ61.6b

Provides various banking and financial services to individuals and corporates.

FinecoBank Banca Fineco

Market Cap: €14.3b

Provides banking, credit, trading and investment services in Italy.

Lattice Semiconductor

Market Cap: US$16.7b

Develops and sells semiconductor, silicon-based and silicon-enabling, evaluation boards, and development hardware products in Asia, Europe, and the Americas.

Power Assets Holdings

Market Cap: HK$130.7b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, Canada, mainland China, Netherlands, New Zealand, Thailand, the United States, and internationally.

SDIC Power Holdings

Market Cap: CN¥111.6b

Engages in the electricity generation business in China.

Woori Financial Group

Market Cap: ₩23.1t

Operates as a bank which provides various financial services in Korea, China, the United States, the United Kingdom, Japan, and internationally.

BIWIN Storage Technology

Market Cap: CN¥110.7b

Engages in the research and development, design, packaging, testing, production, and sales of semiconductor memory.

Banco Santander-Chile

Market Cap: CL$15.1t

Provides commercial and retail banking products and services in Chile.

ASR Nederland

Market Cap: €14.0b

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

Admiral Group

Market Cap: UK£12.0b

A financial services company, provides insurance and personal lending products in the United Kingdom, France, Italy, and Spain.

Performance Food Group

Market Cap: US$16.3b

Through its subsidiaries, markets and distributes food and food-related products in North America.

Airtel Africa

Market Cap: UK£11.9b

Provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa.

Elia Group

Market Cap: €13.9b

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

KGI Financial Holding

Market Cap: NT$516.0b

Operates as a financial company in Taiwan and internationally.

ageas

Market Cap: €13.8b

Engages in insurance business.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$83.7b

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

Great Eastern Holdings

Market Cap: S$20.5b

An investment holding company, provides insurance products in Singapore, Malaysia, and rest of Asia.

Banco de Crédito e Inversiones

Market Cap: CL$14.8t

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

Hippo Valley Estates

Market Cap: US$2.1b

Together with its subsidiary, Chiredzi Township (Private) Limited, engages in the growing and milling of sugar cane in Zimbabwe and internationally.

Emirates Islamic Bank PJSC

Market Cap: د.إ58.9b

Provides banking products and services financing and investing instruments in the United Arab Emirates and internationally.

mBank

Market Cap: zł59.0b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

Hua Xia Bank

Market Cap: CN¥107.1b

Provides commercial banking services in China and Hong Kong.

Bank of Beijing

Market Cap: CN¥107.0b

Provides various banking services to individuals and corporates in China.

OmniVision Integrated Circuits Group

Market Cap: CN¥106.6b

Engages in the design, development, and sale of integrated circuits and computer software and hardware in China and internationally.

African Distillers

Market Cap: US$2.0b

Manufactures, distributes, and markets wines, spirits, ready-to-drink (RTDs), and ciders in Zimbabwe.

Reinsurance Group of America

Market Cap: US$15.7b

Provides life and health, and asset-intensive reinsurance in the United States, Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia.

Grupo Financiero Inbursa. de

Market Cap: Mex$265.6b

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

Mapfre

Market Cap: €13.4b

Engages in insurance, reinsurance, and financial activities in Spain.

SCREEN Holdings

Market Cap: JP¥2.5t

Develops, manufactures, and markets semiconductor production equipment in Japan, Taiwan, South Korea, China, the United States, Europe, and internationally.

ING Bank Slaski

Market Cap: zł57.7b

Provides various banking products and services for retail clients and businesses in Poland.

BAWAG Group

Market Cap: €13.3b

Operates as a holding company for BAWAG P.S.K.

SCB X

Market Cap: ฿510.1b

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

Varun Beverages

Market Cap: ₹1.5t

Manufactures, bottles, sells, and distributes beverages under the PepsiCo brands in India, Sri Lanka, Nepal, Zambia, Morocco, Zimbabwe, the Democratic Republic of Congo, Mozambique, South Africa, Lesotho, Eswatini, Namibia, and Botswana.