Moroccan Software Defensive Blue Chips

Cellnex Telecom

Market Cap: €20.4b

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

Hana Financial Group

Market Cap: ₩34.3t

Through its subsidiaries, provides financial services in South Korea.

Terna

Market Cap: €20.2b

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

Brown & Brown

Market Cap: US$23.8b

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

Sumitomo Mitsui Trust Group

Market Cap: JP¥3.7t

Operates as a trust bank in Japan and internationally.

MTN Group

Market Cap: R376.6b

Provides mobile telecommunications services in South Africa, Nigeria, South and East Africa, West and Central Africa, and the Middle East and North Africa.

Bunge Global

Market Cap: US$23.7b

Operates as an agribusiness and food company worldwide.

Coca-Cola HBC

Market Cap: UK£17.5b

Engages in the production, sale, and distribution of non-alcoholic ready-to-drink beverages under franchise in Switzerland, West Coast of Ireland, Central and Eastern Europe, Nigeria, and internationally.

Labcorp Holdings

Market Cap: US$23.7b

Provides laboratory services.

Heineken Holding

Market Cap: €20.0b

Engages in brewing and selling beer and cider in the Netherlands, Europe, the Americas, Africa & Middle East, Asia Pacific and internationally.

CIMB Group Holdings Berhad

Market Cap: RM 91.4b

Provides various banking products and services in Malaysia and internationally.

QBE Insurance Group

Market Cap: AU$32.9b

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

First Citizens BancShares

Market Cap: US$23.3b

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.

JD Health International

Market Cap: HK$182.0b

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

Yihai Kerry Arawana Holdings

Market Cap: CN¥159.7b

Engages in the agriculture and food processing businesses in China.

Coca-Cola FEMSA. de

Market Cap: US$23.2b

A franchise bottler, produces, markets, sells, and distributes Coca-Cola trademark beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Brazil, Argentina, and Uruguay.

Quest Diagnostics

Market Cap: US$23.0b

Provides diagnostic testing and services in the United States and internationally.

Pernod Ricard

Market Cap: €19.5b

Produces and sells wines and spirits worldwide.

KeyCorp

Market Cap: US$22.9b

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

SBI Life Insurance

Market Cap: ₹2.1t

Operates as a private life insurance company in India.

Banco BPM

Market Cap: €19.3b

Provides banking and financial products and services to individual, business, and corporate customers in Italy.

Loews

Market Cap: US$22.5b

Through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally.

Tyson Foods

Market Cap: US$22.3b

Operates as a food company worldwide.

Riyad Bank

Market Cap: ر.س83.4b

Provides banking and investment services in the Kingdom of Saudi Arabia.

China United Network Communications

Market Cap: CN¥152.6b

Provides telecommunication services in the People’s Republic of China.

AIB Group

Market Cap: €18.7b

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

Dr. Sulaiman Al Habib Medical Services Group

Market Cap: ر.س82.5b

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

Federal Home Loan Mortgage

Market Cap: US$21.9b

Operates in the secondary mortgage market in the United States.

Banco de Chile

Market Cap: CL$18.8t

Operates as a commercial bank that provides banking services in Chile.

Astera Labs

Market Cap: US$21.9b

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

Credo Technology Group Holding

Market Cap: US$21.8b

Provides various high-speed connectivity solutions for optical and electrical Ethernet, and PCIe applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally.

NN Group

Market Cap: €18.3b

A financial services company, provides life and non-life insurance products in the Netherlands and internationally.

Koninklijke KPN

Market Cap: €18.2b

Provides telecommunications and information technology (IT) services in the Netherlands.

OmniVision Integrated Circuits Group

Market Cap: CN¥146.7b

OmniVision Integrated Circuits Group, Inc.

US Foods Holding

Market Cap: US$21.3b

US Foods Holding Corp., together with its subsidiaries, markets, sells, and distributes fresh, frozen, and dry food and non-food products to foodservice customers in the United States.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$108.4b

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