Pakistani Software Defensive Blue Chips

Holcim

Market Cap: CHF 38.2b

Provides building materials and solutions worldwide.

Sberbank of Russia

Market Cap: ₽3.0t

Sberbank of Russia, together with its subsidiaries, provides corporate and retail banking products and services to individuals, small businesses, corporate clients, and financial institutions.

ASE Technology Holding

Market Cap: NT$1.5t

Provides semiconductor manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally.

National Bank of Canada

Market Cap: CA$67.0b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

Ambev

Market Cap: R$255.3b

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

Erste Group Bank

Market Cap: €40.7b

Provides a range of banking and other financial services to retail, corporate, and public sector customers.

Teradyne

Market Cap: US$47.8b

Designs, develops, manufactures, and sells automated test systems and robotics products in the United States, Asia Pacific, Europe, the Middle East, and Africa.

Shanghai Pudong Development Bank

Market Cap: CN¥329.4b

Shanghai Pudong Development Bank Co., Ltd.

Swisscom

Market Cap: CHF 36.6b

Provides telecommunication services in Switzerland, Italy, and internationally.

PICC Property and Casualty

Market Cap: HK$370.6b

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

Axis Bank

Market Cap: ₹4.3t

Provides various financial products and services in India and internationally.

Kotak Mahindra Bank

Market Cap: ₹4.2t

Provides a range of banking and financial services to corporate and individual customers in India.

Coca-Cola Europacific Partners

Market Cap: €39.4b

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

ITC

Market Cap: ₹4.2t

Engages in the fast-moving consumer goods, paperboards, paper and packaging, and agri businesses in India and internationally.

DNB Bank

Market Cap: NOK 435.3b

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

Kuwait Finance House K.S.C.P

Market Cap: د.ك14.1b

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

Hershey

Market Cap: US$45.1b

Engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally.

Kroger

Market Cap: US$45.1b

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

Federal National Mortgage Association

Market Cap: US$44.1b

Provides financing solutions for residential mortgages in the United States.

Edwards Lifesciences

Market Cap: US$44.0b

Provides products and technologies to treat advanced cardiovascular diseases in the United States, Europe, Japan, and internationally.

SSE

Market Cap: UK£32.1b

Engages in the generation, transmission, distribution, and supply of electricity.

RWE

Market Cap: €36.8b

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

Swedbank

Market Cap: SEK 390.8b

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.

Danske Bank

Market Cap: DKK 274.4b

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

Sysco

Market Cap: US$43.4b

Through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally.

Vulcan Materials

Market Cap: US$43.3b

Produces and supplies construction aggregates in the United States.

Aeon

Market Cap: JP¥6.6t

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

Commerzbank

Market Cap: €36.5b

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.

Tesco

Market Cap: UK£31.4b

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

Microchip Technology

Market Cap: US$42.5b

Develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.

UltraTech Cement

Market Cap: ₹3.8t

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.

Skandinaviska Enskilda Banken

Market Cap: SEK 379.9b

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

American International Group

Market Cap: US$42.0b

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

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ153.0b

Generates, transmits, and distributes electricity for residential, commercial, industrial, and government customers primarily in Dubai.

MS&AD Insurance Group Holdings

Market Cap: JP¥6.4t

An insurance holding company, engages in the provision of insurance and financial services worldwide.

Koninklijke Ahold Delhaize

Market Cap: €35.2b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.