Serbian Software Defensive Blue Chips

Everest Group

Market Cap: US$13.7b

Through its subsidiaries, provides reinsurance and insurance products in the United States, Europe, and internationally.

Lattice Semiconductor

Market Cap: US$13.7b

Develops and sells semiconductor, silicon-based and silicon-enabling, evaluation boards, and development hardware products in Asia, Europe, and the Americas.

Krung Thai Bank

Market Cap: ฿422.8b

Engages in commercial banking business in Thailand and internationally.

Absa Group

Market Cap: R217.1b

Provides retail and business banking, corporate and investment banking, insurance, financial, and wealth management products and services in South Africa and internationally.

Indus Towers

Market Cap: ₹1.2t

A telecom infrastructure company, engages in the operation and maintenance of wireless communication towers and related infrastructures for various telecom service providers in India, Nigeria, Uganda, and Zambia.

Emirates Integrated Telecommunications Company PJSC

Market Cap: د.إ49.9b

Provides mobile, fixed services, broadband connectivity, and IPTV solutions to homes and businesses in the United Arab Emirates.

RenaissanceRe Holdings

Market Cap: US$13.5b

Provides reinsurance and insurance products in the United States and internationally.

Vodafone Idea

Market Cap: ₹1.2t

Provides mobile telecommunication services in India.

First Financial Holding

Market Cap: NT$423.5b

Through its subsidiaries, provides various financial products and services in Taiwan, Asia, America, Europe, Oceania, and internationally.

Fresenius Medical Care

Market Cap: €11.3b

Provides dialysis and related services for individuals with renal diseases in Germany, the United States, and internationally.

Budweiser Brewing Company APAC

Market Cap: HK$104.9b

An investment holding company, engages in brewing and distribution of beer in South Korea, Japan, New Zealand, China, India, Vietnam, and internationally.

Orkla

Market Cap: NOK 127.4b

Operates as an industrial investment company within brands and consumer-oriented businesses in Norway, Sweden, Denmark, Finland, Iceland, the Baltics, rest of Europe, and internationally.

Olympus

Market Cap: JP¥2.0t

Manufactures and sells medical equipment in Japan, America, the Middle East, Asia, and Oceania.

Uni-President Enterprises

Market Cap: NT$417.1b

Produces and sells food products in Taiwan and internationally.

Mashreqbank PSC

Market Cap: د.إ48.8b

Provides various banking and financial services to individuals and corporates.

Sanlam

Market Cap: R212.2b

Provides various financial solutions to individual, business, and institutional clients in South Africa, rest of Africa, Asia, and internationally.

HANMI Semiconductor

Market Cap: ₩19.2t

Manufactures and sells semiconductor equipment in South Korea and internationally.

Penumbra

Market Cap: US$13.3b

Designs, develops, manufactures, and markets medical devices in the United States and internationally.

Henan Shuanghui Investment & DevelopmentLtd

Market Cap: CN¥91.5b

Henan Shuanghui Investment & Development Co.,Ltd.

CNA Financial

Market Cap: US$13.2b

An insurance holding company, primarily provides commercial property and casualty insurance products in the United States, Canada, the United Kingdom, Continental Europe, and internationally.

Piotech

Market Cap: CN¥91.4b

Engages in the research and development, production, sales, and technical services of high-end semiconductor special equipment in China.

Align Technology

Market Cap: US$13.2b

Provides Invisalign clear aligners, Vivera retainers, and iTero intraoral scanners and services in the United States, Switzerland, and internationally.

BJ's Wholesale Club Holdings

Market Cap: US$13.2b

Operates membership warehouse clubs on the eastern half of the United States.

Nova

Market Cap: US$13.2b

Engages in the design, development, production, and sale of process control systems used in the manufacture of semiconductors in Taiwan, the United States, China, Korea, and internationally.

Severn Trent

Market Cap: UK£9.6b

Provides water and wastewater services in the United Kingdom.

Carrefour

Market Cap: €11.1b

Operates as a food retailer in France, Spain, Italy, Belgium, Poland, Romania, Brazil, Argentina, the Middle East, Africa, and Asia.

IDBI Bank

Market Cap: ₹1.2t

Provides banking and financial solutions to retail and corporate customers in India.

Adani Energy Solutions

Market Cap: ₹1.2t

Generates, transmits, and distributes power in India.

Italgas

Market Cap: €11.0b

Engages in the distribution of natural gas in Italy, Greece, and Other European Union countries.

Helvetia Baloise Holding

Market Cap: CHF 10.0b

Engages in life and non-life insurance, and reinsurance business in Switzerland, Germany, Austria, Spain, Italy, France, and internationally.

bioMérieux

Market Cap: €11.0b

Develops, manufactures, and markets in vitro diagnostic solutions for infectious diseases in France, Europe, Africa, the Middle East, North and South America, the Asia Pacific, and internationally.

SinoPac Financial Holdings

Market Cap: NT$407.9b

Through its subsidiaries, provides banking, securities, investment, leasing, and venture capital services worldwide.

Indian Bank

Market Cap: ₹1.2t

Provides various banking products and services.

T&D Holdings

Market Cap: JP¥2.0t

Through its subsidiaries, provides insurance products and services in Japan.

Saputo

Market Cap: CA$17.6b

Produces, markets, and distributes dairy products in Canada, the United States, Australia, Argentina, and the United Kingdom.

TIM

Market Cap: R$67.6b

Engages in the telecommunications sector in Brazil.