Serbian Software Defensive Blue Chips

China United Network Communications

Market Cap: CN¥151.3b

Provides telecommunication services in the People’s Republic of China.

Eastroc Beverage (Group)

Market Cap: CN¥148.8b

Engages in the manufacturing and distribution of beverages in China, Vietnam, and Malaysia.

Koninklijke KPN

Market Cap: €17.9b

Provides telecommunications and information technology (IT) services in the Netherlands.

Humana

Market Cap: US$21.2b

Provides medical and specialty insurance products in the United States.

OmniVision Integrated Circuits Group

Market Cap: CN¥145.7b

OmniVision Integrated Circuits Group, Inc.

Commercial Bank for Foreign Trade of Vietnam

Market Cap: ₫536.4t

Provides banking products and services in Vietnam.

QBE Insurance Group

Market Cap: AU$29.4b

Engages in underwriting general insurance and reinsurance risks in the Australia Pacific, North America, and internationally.

Coles Group

Market Cap: AU$29.4b

Operates as a retailer in Australia.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia

Market Cap: Rp352.7t

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

CK Infrastructure Holdings

Market Cap: HK$162.5b

An infrastructure company, invests in, develops, and operates infrastructure businesses in Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand, Canada, and the United States.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$107.7b

Provides basic and environmental sanitation services in the São Paulo State, Brazil.

Bank of Shanghai

Market Cap: CN¥142.1b

Provides various banking products and services in China.

Fortum Oyj

Market Cap: €17.3b

Engages in the generation and sale of electricity and heat in Finland, Sweden, the Netherlands, Ireland, Denmark, Belgium, the United Kingdom, Switzerland, Spain, France, Germany, Norway, and internationally.

VeriSilicon Microelectronics (Shanghai)

Market Cap: CN¥141.2b

Provides platform-based custom silicon and semiconductor IP licensing services in China and internationally.

Straumann Holding

Market Cap: CHF 15.7b

Provides tooth replacement and orthodontic solutions worldwide.

Bank of Nanjing

Market Cap: CN¥140.1b

Provides various financial products and services in China.

LONGi Green Energy Technology

Market Cap: CN¥139.7b

Manufactures and sells photovoltaic products in China, Europe, the Asia Pacific, and the United States.

Principal Financial Group

Market Cap: US$20.2b

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

Arca Continental. de

Market Cap: Mex$346.6b

Produces, distributes, and sells soft drinks in Mexico, Argentina, Ecuador, Peru, the United States, and internationally.

Grupo Cibest

Market Cap: Col$73.6t

Provides various banking products and services in Colombia and internationally.

US Foods Holding

Market Cap: US$20.0b

Engages in marketing, sale, and distribution of fresh, frozen, and dry food and non-food products to foodservice customers in the United States.

Kansai Electric Power Company

Market Cap: JP¥3.1t

Engages in electricity, gas and heat supply, and telecommunication and gas supply in Japan.

Terumo

Market Cap: JP¥3.1t

Engages in the manufacture and sale of medical products and equipment in Japan, Europe, China, the United States, Asia, and internationally.

Tenet Healthcare

Market Cap: US$19.9b

Operates as a diversified healthcare services company in the United States.

Centene

Market Cap: US$19.9b

Operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, and commercial organizations in the United States.

Woori Financial Group

Market Cap: ₩28.6t

Operates as a commercial bank which provides various financial services to individual, business, and institutional customers in Korea.

IHH Healthcare Berhad

Market Cap: RM 77.1b

An investment holding company, offers healthcare services in Malaysia, Singapore, Turkey, India, China, Japan, Europe, and internationally.

Telia Company

Market Cap: SEK 174.6b

Provides communication services to businesses, individuals, families, and communities in Sweden, Finland, Norway, Denmark, Lithuania, Estonia, and Latvia.

Alinma Bank

Market Cap: ر.س73.2b

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

Associated British Foods

Market Cap: UK£14.0b

Engages in the food, ingredients, and retail businesses worldwide.

Banco de Sabadell

Market Cap: €16.0b

Provides banking products and services to personal, business, and private customers in Spain and internationally.

TS Financial Holding

Market Cap: NT$596.8b

Provides various financial products and services.

Vodacom Group

Market Cap: R302.4b

Provides communications products and services.

Saudi Awwal Bank

Market Cap: ر.س71.1b

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

Zimmer Biomet Holdings

Market Cap: US$19.0b

Operates as a medical technology company worldwide.

McCormick

Market Cap: US$18.9b

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