Moroccan Software Defensive Blue Chips

British American Tobacco Zimbabwe (Holdings)

Market Cap: US$3.5b

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

CGN Power

Market Cap: HK$208.8b

Operates and manages nuclear power stations, sells electricity generated by these stations, and provides related technical services in the People’s Republic of China.

Luzhou LaojiaoLtd

Market Cap: CN¥184.7b

Produces and sells alcoholic products in China and internationally.

Aviva

Market Cap: UK£19.6b

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

W. R. Berkley

Market Cap: US$26.5b

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

Regions Financial

Market Cap: US$26.4b

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

Cincinnati Financial

Market Cap: US$26.4b

Provides property casualty insurance products in the United States.

STERIS

Market Cap: US$25.9b

Provides infection prevention products and services worldwide.

Markel Group

Market Cap: US$25.9b

Through its subsidiaries, engages in the insurance business in the United States and internationally.

Abu Dhabi Islamic Bank PJSC

Market Cap: د.إ94.9b

Provides banking, financing, and investing services in the United Arab Emirates, rest of the Middle East, and internationally.

STMicroelectronics

Market Cap: €21.9b

Designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

China National Nuclear Power

Market Cap: CN¥177.9b

Engages in the investment, development, construction, operation, and management of nuclear power projects in the People's Republic of China.

BNP Paribas Fortis

Market Cap: €21.6b

Provides various financial services in Belgium, Turkey, Luxembourg, and internationally.

ON Semiconductor

Market Cap: US$25.4b

Provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally.

Sigma Healthcare

Market Cap: AU$36.3b

Operates as a retail pharmacy franchisor and pharmaceutical wholesale and distributor to community pharmacies primarily in Australia.

First Solar

Market Cap: US$25.1b

A solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally.

First Citizens BancShares

Market Cap: US$25.1b

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.

KeyCorp

Market Cap: US$25.0b

Operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States.

JD Health International

Market Cap: HK$194.6b

An investment holding company, engages in the operation of an online healthcare platform in the People’s Republic of China.

Brown & Brown

Market Cap: US$24.9b

Brown & Brown, Inc. markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally.

Banco Santander (Brasil)

Market Cap: R$130.6b

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

Federal Home Loan Mortgage

Market Cap: US$24.8b

Operates in the secondary mortgage market in the United States.

Inner Mongolia Yili Industrial Group

Market Cap: CN¥171.5b

Inner Mongolia Yili Industrial Group Co., Ltd.

Hua Hong Semiconductor

Market Cap: HK$192.6b

An investment holding company, engages in the manufacture and sale of semiconductor products in China, North America, Asia, Europe, and Japan.

China Tower

Market Cap: HK$192.1b

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

Huaneng Lancang River Hydropower

Market Cap: CN¥170.5b

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

CLP Holdings

Market Cap: HK$191.5b

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

United Microelectronics

Market Cap: NT$774.2b

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

VERBUND

Market Cap: €20.6b

Generates, trades in, and sells electricity to energy exchange markets, traders, electric utilities and industrial companies, and household and commercial customers in Austria and internationally.

American Water Works Company

Market Cap: US$24.3b

Through its subsidiaries, provides water and wastewater services in the United States.

Dollar Tree

Market Cap: US$24.2b

Operates retail discount stores under the Dollar Tree and Dollar Tree Canada brands in the United States and Canada.

Telefónica

Market Cap: €20.5b

Provides telecommunications services in Europe and Latin America.

Astera Labs

Market Cap: US$24.1b

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

Pernod Ricard

Market Cap: €20.3b

Produces and sells wines and spirits worldwide.

Casey's General Stores

Market Cap: US$24.0b

Operates convenience stores under the Casey's and Casey’s General Store names in the United States.

Public Bank Berhad

Market Cap: RM 94.6b

Provides banking products and services.