Moroccan Software Defensive Blue Chips

First Horizon

Market Cap: US$11.5b

Operates as the bank holding company for First Horizon Bank that provides various financial services.

Hormel Foods

Market Cap: US$11.5b

Develops, processes, and distributes various meat, nuts, and other food products to foodservice, convenience store, and commercial customers in the United States and internationally.

Globe Life

Market Cap: US$11.4b

Through its subsidiaries, provides various life and supplemental health insurance products to lower middle- and middle-income families in the United States.

Manila Electric

Market Cap: ₱685.3b

Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines.

King Yuan Electronics

Market Cap: NT$360.7b

Designs, manufactures, sells, tests, and assembles integrated circuits.

Guangxi Guiguan Electric PowerCo.Ltd

Market Cap: CN¥77.2b

Engages in the generation and sale of electricity in China.

KGI Financial Holding

Market Cap: NT$357.3b

Operates as a financial company in Taiwan and internationally.

JCET Group

Market Cap: CN¥76.7b

Provides integrated-circuit back-end and technology services in China, South Korea, the United States, and internationally.

KT&G

Market Cap: ₩16.6t

Engages in the production, distribution, and sale of tobacco products in South Korea, Europe, and internationally.

Hong Leong Bank Berhad

Market Cap: RM 44.5b

Operates as a financial services company in Malaysia and internationally.

China Zheshang Bank

Market Cap: HK$87.5b

Provides corporate and retail banking services in Mainland China.

Sanlam

Market Cap: R182.6b

Provides various financial services in South Africa, Pan-Africa, Asia, and internationally.

China Resources Beer (Holdings)

Market Cap: HK$86.7b

An investment holding company, manufactures, distributes, and sells alcoholic beverages in Mainland China.

SiTime

Market Cap: US$11.1b

Engages in the design, development, and sale of silicon timing systems solutions in Hong Kong, Taiwan, the United States, Singapore, and internationally.

Jiangsu Yanghe Distillery

Market Cap: CN¥75.5b

Offers liquors and wines.

Universal Health Services

Market Cap: US$11.0b

Through its subsidiaries, owns and operates acute care hospitals, and outpatient and behavioral health care facilities in the United States.

AltaGas

Market Cap: CA$15.2b

Operates as an energy infrastructure company in North America.

Busy Ming Group

Market Cap: HK$85.6b

Through its subsidiaries, operates as a food and beverage retailer in China.

Assurant

Market Cap: US$10.9b

Provides protection services to connected devices, homes, and automobiles in North America, Latin America, Europe, and the Asia Pacific.

American Financial Group

Market Cap: US$10.9b

An insurance holding company, provides property and casualty insurance products in the United States.

iA Financial

Market Cap: CA$15.0b

Provides insurance and wealth management services for individual and group basis in Canada and the United States.

GAIL (India)

Market Cap: ₹1.0t

Operates as a natural gas processing and distribution company in India and internationally.

Tsingtao Brewery

Market Cap: CN¥73.6b

Engages in the manufacture and sale of beer products in Mainland China, Hong Kong, Macau, and internationally.

Bank Albilad

Market Cap: ر.س40.4b

Through its subsidiaries, provides various banking products and services in the Kingdom of Saudi Arabia.

Commercial Bank for Investment and Development of Vietnam

Market Cap: ₫283.3t

Provides various banking products and services in Vietnam and internationally.

Zhejiang Zheneng Electric Power

Market Cap: CN¥73.5b

Zhejiang Zheneng Electric Power Co., Ltd.

ACM Research (Shanghai)

Market Cap: CN¥73.5b

Engages in the research, development, production, and sale of semiconductor equipment in China.

Japan Post Insurance

Market Cap: JP¥1.7t

Provides life insurance products and services in Japan.

Vodafone Idea

Market Cap: ₹1.0t

Provides mobile telecommunication services in India.

Bank of Chengdu

Market Cap: CN¥73.0b

Provides various commercial banking products and services in China.

Far EasTone Telecommunications

Market Cap: NT$340.0b

Engages in the provision of telecommunications and digital application services in Taiwan.

Yokohama Financial Group

Market Cap: JP¥1.7t

Provides various banking products and services to small and medium-sized businesses and individuals in Japan and internationally.

Encompass Health

Market Cap: US$10.7b

Operates inpatient rehabilitation hospitals in the United States and Puerto Rico.

BKW

Market Cap: CHF 8.3b

An energy and infrastructure company, plans, builds, and operates infrastructure to produce and supply energy to businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally.

J Sainsbury

Market Cap: UK£7.8b

Engages in the food, general merchandise and clothing retailing, and financial services activities in the United Kingdom.

Komercní banka

Market Cap: Kč219.5b

Provides various retail, corporate, and investment banking services primarily in the Czech Republic, and Central and Eastern Europe.