Mexican Software Defensive Blue Chips

PICC Property and Casualty

Market Cap: HK$365.7b

Engages in property and casualty insurance business in People’s Republic of China.

American International Group

Market Cap: US$46.7b

Offers insurance products for commercial, institutional, and individual customers in North America and internationally.

Commerzbank

Market Cap: €39.6b

Provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, Asia, and internationally.

Heidelberg Materials

Market Cap: €39.3b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

Heineken

Market Cap: €38.6b

Heineken N.V. brews and sells beer and cider in the Americas, Europe, Africa, the Middle East, and the Asia Pacific.

United Overseas Bank

Market Cap: S$58.2b

Provides banking products and services worldwide.

Great-West Lifeco

Market Cap: CA$61.8b

Engages in the life and health insurance, retirement savings, wealth and asset management, and reinsurance businesses in Canada, the United States, and Europe.

Kuwait Finance House K.S.C.P

Market Cap: د.ك13.8b

Provides Islamic banking products and services in the Middle East, Europe, and internationally.

Orange

Market Cap: €37.9b

Operates as a telecommunications operator in France and internationally.

Target

Market Cap: US$44.4b

Operates as a general merchandise retailer in the United States.

Monolithic Power Systems

Market Cap: US$44.3b

Designs, develops, markets, and sells semiconductor-based power electronics solutions for the storage and computing, automotive, enterprise data, consumer, communications, and industrial markets in the United States, China, Taiwan, South Korea, Europe, Southeast Asia, Japan, and internationally.

Aeon

Market Cap: JP¥6.9t

Operates in the retail industry in Japan, China, ASEAN countries, and internationally.

Axis Bank

Market Cap: ₹3.9t

Provides various financial products and services in India and internationally.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ157.6b

Provides telecommunications services, media, and related equipment in the United Arab Emirates and internationally.

Fubon Financial Holding

Market Cap: NT$1.3t

Provides various financial services in Taiwan, Asia, and internationally.

Fairfax Financial Holdings

Market Cap: CA$57.7b

Through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in the United States, Canada, the Middle East, Asia, and internationally.

Skandinaviska Enskilda Banken

Market Cap: SEK 385.3b

Provides corporate, retail, investment, and private banking services.

Coca-Cola Europacific Partners

Market Cap: €35.1b

Produces, distributes, and sells a range of non-alcoholic ready to drink beverages.

Danske Bank

Market Cap: DKK 261.7b

Provides various banking products and services to corporate, institutional, and international clients.

DNB Bank

Market Cap: NOK 411.4b

Provides financial services to individuals and businesses in Norway and internationally.

Moore Threads Technology

Market Cap: CN¥286.3b

Engages in the development of GPU chips and related products.

Kroger

Market Cap: US$39.7b

Operates as a food and drug retailer in the United States.

Ambev

Market Cap: R$216.1b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, carbonated soft drinks, malt and food, other alcoholic beverages, and non-alcoholic and non-carbonated products in Brazil, Central America and Caribbean, Latin America South, and Canada.

Prudential

Market Cap: UK£29.2b

Through its subsidiaries, provides life and health insurance, and asset management solutions to individuals in Asia and Africa.

Alcon

Market Cap: CHF 31.1b

Researches, develops, manufactures, distributes, and sells eye care products worldwide.

Swedbank

Market Cap: SEK 361.0b

Provides various banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China.

Muyuan Foods

Market Cap: CN¥273.2b

Operates in the hog industry in China.

Hartford Insurance Group

Market Cap: US$38.7b

Provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally.

Vulcan Materials

Market Cap: US$38.6b

Produces and supplies construction aggregates in the United States.

Martin Marietta Materials

Market Cap: US$38.4b

A natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally.

UltraTech Cement

Market Cap: ₹3.4t

Engages in the manufacture and sale of clinker, cement, ready mix concrete, and related products in India, the United Arab Emirates, Bahrain, and Sri Lanka.

RWE

Market Cap: €32.3b

Generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally.

Tesco

Market Cap: UK£28.2b

Operates as a grocery retailer in the United Kingdom, Republic of Ireland, the Czech Republic, Slovakia, and Hungary.

GE HealthCare Technologies

Market Cap: US$38.0b

Engages in the development, manufacture, and marketing of products, services, and complementary digital solutions used in the diagnosis, treatment, and monitoring of patients in the United States, Canada, and internationally.

Hannover Rück

Market Cap: €32.1b

Provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally.

Swisscom

Market Cap: CHF 29.8b

Provides telecommunication services primarily in Switzerland, Italy, and internationally.