Luxembourg Software Defensive Blue Chips

Bank of Hangzhou

Market Cap: CN¥110.8b

Provides various banking products and services for individuals, corporate, and small and micro businesses in China.

National Bank of Greece

Market Cap: €13.4b

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

FinecoBank Banca Fineco

Market Cap: €13.3b

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

Shanghai United Imaging Healthcare

Market Cap: CN¥109.5b

Shanghai United Imaging Healthcare Co., Ltd.

Santander Bank Polska

Market Cap: zł55.9b

Provides various banking products and services for individuals, small or medium-sized enterprises, corporate clients, and public sector institutions.

Grupo Financiero Inbursa. de

Market Cap: Mex$271.6b

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

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥108.6b

Provides platform-based custom silicon and semiconductor IP licensing services in China and internationally.

Banco Comercial Português

Market Cap: €13.2b

Engages in the provision of various banking and financial products and services in Portugal and internationally.

Xi'an ESWIN Material Technology

Market Cap: CN¥107.6b

Xi'an ESWIN Material Technology Co., Ltd.

Metro

Market Cap: CA$21.2b

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

Asahi Group Holdings

Market Cap: JP¥2.4t

Manufactures and sells beer, alcohol and non-alcohol beverages, and food products in Japan, Europe, Oceania, and Southeast Asia.

Bank Polska Kasa Opieki

Market Cap: zł54.7b

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

Hippo Valley Estates

Market Cap: US$2.0b

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

Britannia Industries

Market Cap: ₹1.4t

Manufactures and sells various food products in India and internationally.

East West Bancorp

Market Cap: US$15.3b

Operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States.

Piotech

Market Cap: CN¥105.7b

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

SDIC Power Holdings

Market Cap: CN¥105.4b

Engages in the electricity generation business in China.

Raiffeisen Bank International

Market Cap: €12.8b

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

Aier Eye Hospital Group

Market Cap: CN¥105.0b

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

Huaneng Power International

Market Cap: HK$117.7b

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

Punjab National Bank

Market Cap: ₹1.4t

Provides various banking and financial products and services in India and internationally.

Telecom Italia

Market Cap: €12.7b

Engages in the fixed and mobile telecommunications services in Italy and internationally.

Jerónimo Martins SGPS

Market Cap: €12.7b

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

Canara Bank

Market Cap: ₹1.4t

Provides various banking products and services in India and internationally.

Wens Foodstuff Group

Market Cap: CN¥104.1b

Operates as an agricultural and animal husbandry company in China.

Woori Financial Group

Market Cap: ₩21.6t

Operates as a commercial bank which provides various financial services to individual, business, and institutional customers in Korea.

SCB X

Market Cap: ฿463.0b

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

Bankinter

Market Cap: €12.6b

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

Elia Group

Market Cap: €12.6b

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

Winbond Electronics

Market Cap: NT$463.5b

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.

Tokyo GasLtd

Market Cap: JP¥2.3t

Engages in the production, supply, and sale of city gas and LNG in Japan.

Performance Food Group

Market Cap: US$14.7b

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

ASR Nederland

Market Cap: €12.4b

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

Turkiye Garanti Bankasi

Market Cap: ₺635.5b

Provides various banking products and services in Turkey.

Hua Nan Financial Holdings

Market Cap: NT$459.3b

Provides financial services in Taiwan and internationally.

Pinnacle Financial Partners

Market Cap: US$14.6b

Operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States.