Moroccan Software Defensive Blue Chips

DaVita

Market Cap: US$11.4b

Provides kidney dialysis services for patients suffering from chronic kidney failure in the United States.

Industrial Bank of Korea

Market Cap: ₩16.1t

Operates as a small and medium-sized enterprise (SME) financing bank in Korea and internationally.

Shizuoka Financial GroupInc

Market Cap: JP¥1.8t

Provides various banking products and services.

Far EasTone Telecommunications

Market Cap: NT$364.2b

Provides mobile telecommunications services in Taiwan and internationally.

Japan Post Insurance

Market Cap: JP¥1.8t

Engages in the provision of life insurance products and services in Japan.

UMB Financial

Market Cap: US$11.2b

Operates as a bank holding company that provides banking services and asset servicing in the United States and internationally.

Popular

Market Cap: US$11.2b

Through its subsidiaries, provides various retail, mortgage, and commercial banking services for individuals and businesses in Puerto Rico, the United States, the British Virgin Islands, the Caribbean, and Latin America.

Guangdong Haid Group

Market Cap: CN¥75.1b

Research, develops, designs, produces, sells, and services animal feed products in China and internationally.

Sanlam

Market Cap: R179.5b

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

BDO Unibank

Market Cap: ₱677.6b

Provides various banking products and services to individuals and corporations in the Philippines and internationally.

Bangkok Bank

Market Cap: ฿365.5b

Provides various commercial banking products and services in Thailand and internationally.

Tata Consumer Products

Market Cap: ₹1.1t

Manufactures, distributes, and trades in food products in India, the United States, the United Kingdom, and internationally.

China Zheshang Bank

Market Cap: HK$86.4b

Provides corporate and retail banking services in Mainland China.

Ambuja Cements

Market Cap: ₹1.0t

Manufactures, markets, and sells cement and related products to individual home builders, developers, institutional clients, masons, contractors, architects, and construction professionals in India.

Safaricom

Market Cap: KSh1.4t

Provides telecommunication services in Kenya and Ethiopia.

Wintrust Financial

Market Cap: US$10.9b

A financial holding company, provides community-oriented, personal, and commercial banking services in the United States.

Sichuan Chuantou EnergyLtd

Market Cap: CN¥73.4b

Engages in the clean energy business in China.

Commercial Bank for Investment and Development of Vietnam

Market Cap: ₫285.7t

Provides various banking products and services in Vietnam and internationally.

Globalstar

Market Cap: US$10.8b

Provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally.

Discovery

Market Cap: R174.9b

Provides various insurance products and services primarily in South Africa and the United Kingdom.

Ryan Specialty Holdings

Market Cap: US$10.8b

Operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers in the United States, Canada, the United Kingdom, rest of Europe, India, Singapore, and internationally.

Konfoong Materials International

Market Cap: CN¥72.6b

Konfoong Materials International Co., Ltd.

Marks and Spencer Group

Market Cap: UK£8.0b

Operates various retail stores.

Glaukos

Market Cap: US$10.7b

An ophthalmic pharmaceutical and medical technology company, develops therapies for the treatment of glaucoma, corneal disorders, and retinal diseases in the United States and internationally.

Budweiser Brewing Company APAC

Market Cap: HK$84.0b

An investment holding company, engages in brewing and distribution of beer in South Korea, Japan, New Zealand, China, India, Vietnam, Southeast Asia, and internationally.

SouthState Bank

Market Cap: US$10.7b

Operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies in the United States.

Caixa Seguridade Participações

Market Cap: R$55.4b

Provides insurance products in Brazil and internationally.

Indus Towers

Market Cap: ₹1.0t

A telecom infrastructure company, engages in the operation and maintenance of wireless communication towers and related infrastructures for various telecom service providers in India, Nigeria, Uganda, and Zambia.

Chongqing Rural Commercial Bank

Market Cap: HK$82.9b

Provides banking and related financial services in the People’s Republic of China.

Quebecor

Market Cap: CA$14.7b

Engages in the telecommunications, media, and sports and entertainment businesses in Canada.

Unicaja Banco

Market Cap: €9.1b

Engages in the retail banking business in Spain.

YTL Power International Berhad

Market Cap: RM 42.8b

An investment holding company, provides electricity, clean water, sewerage system, and telecommunication services in Malaysia, Singapore, the United Kingdom, and internationally.

Rambus

Market Cap: US$10.5b

Manufactures and sells semiconductor products in the United States, South Korea, Singapore, and internationally.

Orkla

Market Cap: NOK 99.3b

Operates as an industrial investment company within brands and consumer-oriented businesses worldwide.

Ensign Group

Market Cap: US$10.4b

Provides skilled nursing, senior living, and rehabilitative services.

Busy Ming Group

Market Cap: HK$81.6b

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