Qatari Software Defensive Blue Chips

Swiss Re

Market Cap: CHF 37.6b

Provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide.

Kotak Mahindra Bank

Market Cap: ₹4.2t

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

ITC

Market Cap: ₹4.2t

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

Erste Group Bank

Market Cap: €40.0b

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

United Overseas Bank

Market Cap: S$59.5b

Provides banking products and services worldwide.

Monolithic Power Systems

Market Cap: US$45.9b

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.

Kuwait Finance House K.S.C.P

Market Cap: د.ك13.9b

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

Heineken

Market Cap: €38.8b

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

Moore Threads Technology

Market Cap: CN¥312.2b

Engages in the development of GPU chips and related products.

Commerzbank

Market Cap: €38.2b

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.

Great-West Lifeco

Market Cap: CA$61.2b

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

Orange

Market Cap: €37.7b

Operates as a telecommunications operator in France and internationally.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ161.1b

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

Axis Bank

Market Cap: ₹3.9t

Provides various financial products and services in India and internationally.

Kioxia Holdings

Market Cap: JP¥6.9t

Engages in the development, production and sale of flash memory and solid state drives (SSDs) in Japan and internationally.

Skandinaviska Enskilda Banken

Market Cap: SEK 391.1b

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

American International Group

Market Cap: US$42.0b

Offers insurance products for commercial, institutional, and individual customers in North America 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$56.6b

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.

Danske Bank

Market Cap: DKK 257.6b

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

Swedbank

Market Cap: SEK 368.3b

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.

DNB Bank

Market Cap: NOK 403.5b

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

RWE

Market Cap: €34.2b

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

GE HealthCare Technologies

Market Cap: US$39.8b

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.

Microchip Technology

Market Cap: US$39.7b

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

Coca-Cola Europacific Partners

Market Cap: €34.1b

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

Ambev

Market Cap: R$212.7b

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.

Vulcan Materials

Market Cap: US$39.5b

Produces and supplies construction aggregates in the United States.

Veeva Systems

Market Cap: US$39.5b

Provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.

Prudential

Market Cap: UK£29.4b

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

Alcon

Market Cap: CHF 31.3b

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

UltraTech Cement

Market Cap: ₹3.5t

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.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ142.5b

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

Martin Marietta Materials

Market Cap: US$38.5b

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

Hartford Insurance Group

Market Cap: US$38.4b

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

Aeon

Market Cap: JP¥6.0t

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