Polish Software Defensive Blue Chips

Markel Group

Market Cap: US$24.6b

Engages in the insurance business in the United States, the United Kingdom, Bermuda, Germany, rest of the European Union, Canada, and the Asia Pacific.

Winbond Electronics

Market Cap: NT$794.3b

Engages in the research, development, production and sales of integrated circuits, various semiconductor components and other system products.

CLP Holdings

Market Cap: HK$192.8b

An investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia.

First Solar

Market Cap: US$24.5b

A solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally.

Principal Financial Group

Market Cap: US$24.4b

Provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide.

Mediobanca Banca di Credito Finanziario

Market Cap: €21.1b

Provides various banking products and services in Italy, Other European countries, the United States, Asia, and internationally.

Snam

Market Cap: €21.1b

Engages in the operation of natural gas transport and storage infrastructure.

Barito Renewables Energy

Market Cap: Rp438.8t

Generates and sells power through geothermal and wind resources in Indonesia.

Aeon

Market Cap: JP¥3.9t

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

Loews

Market Cap: US$24.1b

Through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally.

MTN Group

Market Cap: R394.1b

Provides mobile telecommunications services in South Africa, Nigeria, South and East Africa, West and Central Africa, and the Middle East and North Africa.

Coca-Cola HBC

Market Cap: UK£17.9b

Engages in the production, sale, and distribution of non-alcoholic ready-to-drink beverages under franchise in Switzerland, West Coast of Ireland, Central and Eastern Europe, Nigeria, and internationally.

First Citizens BancShares

Market Cap: US$24.0b

Operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally.

Tower Semiconductor

Market Cap: US$23.9b

An independent semiconductor foundry, provides technology, development, and process platforms for integrated circuits in the United States, Japan, rest of Asia, and Europe.

National Bank of KuwaitK.P

Market Cap: د.ك7.4b

Provides financial and investment services and solutions to individual, corporate, and institutional clients in Kuwait, the Middle East, North Africa, Europe, the United Kingdom, and internationally.

Lasertec

Market Cap: JP¥3.9t

Engages in the design, manufacture, and sale of inspection and measurement equipment in Japan, South Korea, Taiwan, Other Asia, the United States.

Dollar Tree

Market Cap: US$23.6b

Operates retail discount stores under the Dollar Tree and Dollar Tree Canada brands in the United States and Canada.

Quest Diagnostics

Market Cap: US$23.5b

Provides diagnostic testing and services in the United States.

Brown & Brown

Market Cap: US$23.5b

Brown & Brown, Inc. markets and sells insurance products and services in the United States, the United Kingdom, and internationally.

Terna

Market Cap: €20.5b

Provides electricity transmission and dispatching services in Italy, other Euro-area countries, and internationally.

Labcorp Holdings

Market Cap: US$23.3b

Provides laboratory services.

MACOM Technology Solutions Holdings

Market Cap: US$23.3b

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

Inner Mongolia Yili Industrial Group

Market Cap: CN¥157.2b

Inner Mongolia Yili Industrial Group Co., Ltd.

Public Bank Berhad

Market Cap: RM 94.1b

Provides banking products and services.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp418.6t

Provides various banking products and services in Indonesia and internationally.

Skyverse Technology

Market Cap: CN¥156.3b

Manufactures and sells quality control equipment to enterprises involved in the front-end integrated circuit processes and packaging in China and internationally.

US Foods Holding

Market Cap: US$22.9b

US Foods Holding Corp., together with its subsidiaries, markets, sells, and distributes fresh, frozen, and dry food and non-food products to foodservice customers in the United States.

Sigma Healthcare

Market Cap: AU$33.0b

Operates as a retail pharmacy franchisor and pharmaceutical wholesale and distributor to community pharmacies primarily in Australia.

NN Group

Market Cap: €20.0b

A financial services company, provides life and non-life insurance products in the Netherlands and internationally.

VERBUND

Market Cap: €20.0b

Generates, trades, and sells electricity in Austria, Germany, France, Romania, Spain, and Luxembourg.

Telefónica

Market Cap: €19.8b

Provides telecommunications services in Spain, Brazil, Germany, and the United Kingdom.

Technoprobe

Market Cap: €19.7b

Produces and sells electronic circuits in Italy, Asia, the United States, and rest of Europe.

Constellation Brands

Market Cap: US$22.5b

Produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy.

Coca-Cola FEMSA. de

Market Cap: US$22.3b

A franchise bottler, produces, markets, sells, and distributes Coca-Cola trademarked beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Brazil, Argentina, and Uruguay.

Coles Group

Market Cap: AU$31.7b

Operates as a retailer in Australia.

Hana Financial Group

Market Cap: ₩33.1t

Through its subsidiaries, provides financial services in South Korea, Hong Kong, Singapore, the United States, Japan, China, Indonesia, the United Kingdom, Canada, and internationally.