Serbian Software Defensive Blue Chips

Hana Financial Group

Market Cap: ₩35.3t

Through its subsidiaries, provides financial services in South Korea.

Hua Hong Semiconductor

Market Cap: HK$192.1b

An investment holding company, engages in the manufacture and sale of semiconductor products in China, North America, Asia, Europe, and Japan.

Huaneng Lancang River Hydropower

Market Cap: CN¥169.2b

Engages in the development, construction, operation, and management of hydropower and new energy power generation projects.

China Tower

Market Cap: HK$191.2b

Provides telecommunication tower infrastructure services in the People's Republic of China.

Astera Labs

Market Cap: US$24.5b

Designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure.

First Solar

Market Cap: US$24.4b

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

Inner Mongolia Yili Industrial Group

Market Cap: CN¥167.7b

Inner Mongolia Yili Industrial Group Co., Ltd.

Dr. Sulaiman Al Habib Medical Services Group

Market Cap: ر.س90.6b

Provides private health and ancillary services.

American Water Works Company

Market Cap: US$24.1b

Through its subsidiaries, provides water and wastewater services in the United States.

Casey's General Stores

Market Cap: US$24.0b

Operates convenience stores under the Casey's and Casey’s General Store names in the United States.

Labcorp Holdings

Market Cap: US$24.0b

Provides laboratory services.

Qnity Electronics

Market Cap: US$24.0b

Provides materials and solutions to the semiconductor and electronics industries in the United States, rest of Americas, Europe, the Middle East, Africa, Asia Pacific, China, South Korea, Taiwan, and internationally.

STERIS

Market Cap: US$23.9b

Provides infection prevention products and services worldwide.

Heineken Holding

Market Cap: €20.0b

Engages in brewing and selling beer and cider in the Netherlands, Europe, the Americas, Africa & Middle East, Asia Pacific and internationally.

Federal Home Loan Mortgage

Market Cap: US$23.7b

Operates in the secondary mortgage market in the United States.

Coca-Cola FEMSA. de

Market Cap: US$23.7b

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

Bunge Global

Market Cap: US$23.6b

Operates as an agribusiness and food company worldwide.

CIMB Group Holdings Berhad

Market Cap: RM 92.1b

Provides various banking products and services in Malaysia and internationally.

Terna

Market Cap: €19.8b

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

Coca-Cola HBC

Market Cap: UK£17.2b

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.

Yihai Kerry Arawana Holdings

Market Cap: CN¥160.8b

Engages in the agriculture and food processing businesses in China.

Credo Technology Group Holding

Market Cap: US$23.2b

Provides various high-speed connectivity solutions for optical and electrical Ethernet, and PCIe applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally.

Quest Diagnostics

Market Cap: US$23.0b

Provides diagnostic testing and services in the United States and internationally.

Cellnex Telecom

Market Cap: €19.3b

Engages in the management of terrestrial telecommunications infrastructures in Austria, Denmark, Spain, France, Ireland, Italy, the Netherlands, Poland, Portugal, the United Kingdom, Sweden, and Switzerland.

CMS Energy

Market Cap: US$22.8b

Operates as an energy company primarily in Michigan.

AIB Group

Market Cap: €19.2b

Provides banking and financial products and services to retail, business, and corporate customers in the Republic of Ireland, the United Kingdom, and internationally.

Loews

Market Cap: US$22.7b

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

Tyson Foods

Market Cap: US$22.7b

Operates as a food company worldwide.

Brown & Brown

Market Cap: US$22.5b

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

Riyad Bank

Market Cap: ر.س84.4b

Provides banking and investment services in the Kingdom of Saudi Arabia.

MTN Group

Market Cap: R357.3b

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

SBI Life Insurance

Market Cap: ₹2.0t

Operates as a private life insurance company in India.

Banco de Chile

Market Cap: CL$19.1t

Operates as a commercial bank that provides banking services in Chile.

NN Group

Market Cap: €18.6b

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

Mizrahi Tefahot Bank

Market Cap: ₪67.6b

Provides a range of international, commercial, domestic, and personal banking services to individuals and businesses in Israel and internationally.

Banco BPM

Market Cap: €18.5b

Provides banking and financial products and services to individual, business, and corporate customers in Italy.