Norwegian Software Defensive Blue Chips

Straumann Holding

Market Cap: CHF 13.6b

Provides tooth replacement and orthodontic solutions in Switzerland, the United States, China, Germany, Brazil, Japan, France, and internationally.

JBS

Market Cap: US$17.3b

Operates as a protein and food company worldwide.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia

Market Cap: Rp293.2t

Provides information and communications technology, and telecommunications network services worldwide.

McCormick

Market Cap: US$17.2b

Manufactures, markets, and distributes herbs, spices, seasoning mixes, condiments, and other flavorful products to the food industry.

Power Assets Holdings

Market Cap: HK$133.7b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, and internationally.

E.SUN Financial Holding Company

Market Cap: NT$540.2b

Offers various financial banking products and services in Taiwan.

Airtel Africa

Market Cap: UK£12.7b

Provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa.

Insulet

Market Cap: US$16.9b

Develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes in the United States and internationally.

Hologic

Market Cap: US$16.9b

Engages in the development, manufacture, and supply of diagnostics products, medical imaging systems, and surgical products for women's health through early detection and treatment worldwide.

SDIC Power Holdings

Market Cap: CN¥115.1b

Engages in the electricity generation business in China.

Elia Group

Market Cap: €14.4b

Develops and operates as a transmission system operator in Belgium and Germany.

Bank of Beijing

Market Cap: CN¥114.0b

Provides various banking services to individuals and corporates in China.

Rede D'Or São Luiz

Market Cap: R$85.5b

Engages in the provision of hospital services in Brazil.

Uniper

Market Cap: €14.3b

Operates as an energy company in Germany, the United Kingdom, Sweden, the rest of Europe, and internationally.

Bank of Baroda

Market Cap: ₹1.5t

Provides various banking products and services to individuals, government departments, and corporate customers in India and internationally.

Wens Foodstuff Group

Market Cap: CN¥112.7b

Operates as an agricultural and animal husbandry company in China.

Unipol Assicurazioni

Market Cap: €14.1b

Provides insurance products and services primarily in Italy.

MACOM Technology Solutions Holdings

Market Cap: US$16.4b

Provides analog semiconductor solutions for use in wireless and wireline applications across the radio frequency (RF), microwave, millimeter wave, and lightwave spectrum.

NMBZ Holdings

Market Cap: US$2.1b

Provides various banking products and services to corporate and individual customers in Zimbabwe.

Saudi Energy

Market Cap: ر.س60.3b

Generates, transmits, and distributes electricity in the Kingdom of Saudi Arabia.

BE Semiconductor Industries

Market Cap: €13.8b

Develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries in the Netherlands, Switzerland, Austria, Singapore, Malaysia, and internationally.

Varun Beverages

Market Cap: ₹1.5t

Manufactures, bottles, sells, and distributes beverages under the PepsiCo brands in India, Sri Lanka, Nepal, Zambia, Morocco, Zimbabwe, the Democratic Republic of Congo, Mozambique, South Africa, Lesotho, Eswatini, Namibia, and Botswana.

Hua Xia Bank

Market Cap: CN¥110.1b

Provides commercial banking services in China and Hong Kong.

Emirates Islamic Bank PJSC

Market Cap: د.إ58.9b

Provides banking products and services financing and investing instruments in the United Arab Emirates and internationally.

Woori Financial Group

Market Cap: ₩23.5t

Operates as a bank which provides various financial services in Korea, China, the United States, the United Kingdom, Japan, and internationally.

WH Group

Market Cap: HK$124.5b

An investment holding company, produces and sells packaged meats and pork in China, North America, and Europe.

Coloplast

Market Cap: DKK 102.1b

Engages in the development and sale of intimate healthcare products and services in Denmark, the United States, the United Kingdom, France, and internationally.

Tokyo GasLtd

Market Cap: JP¥2.5t

Engages in the production, supply, and sale of city gas and LNG in Japan.

Jentech Precision Industrial

Market Cap: NT$499.5b

Manufactures, processes, and trades in precision tooling, and electronic parts and components in Taiwan and China.

Jerónimo Martins SGPS

Market Cap: €13.5b

Operates in the food distribution and specialized retail sectors in Portugal, Poland, Colombia, and internationally.

Telecom Italia

Market Cap: €13.5b

Engages in the fixed and mobile telecommunications services in Italy and internationally.

Britannia Industries

Market Cap: ₹1.4t

Manufactures and sells various food products in India and internationally.

Huaneng Power International

Market Cap: HK$122.3b

Generates and sells electric power to the regional or provincial grid companies in the People’s Republic of China and internationally.

CEMEX. de

Market Cap: Mex$274.5b

Engages in the production, marketing, distribution, and sale of cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials and services worldwide.

Santander Bank Polska

Market Cap: zł57.0b

Provides various banking products and services for individuals, small or medium-sized enterprises, corporate clients, and public sector institutions.

Banco Santander-Chile

Market Cap: CL$13.8t

Provides commercial and retail banking products and services in Chile.