Serbian Software Defensive Blue Chips

Hong Leong Bank Berhad

Market Cap: RM 50.8b

Operates as a financial services company in Malaysia and internationally.

SinoPac Financial Holdings

Market Cap: NT$407.9b

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

Carrefour

Market Cap: €10.8b

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

BAWAG Group

Market Cap: €10.8b

Operates as a holding company for BAWAG P.S.K.

Mowi

Market Cap: NOK 121.1b

A seafood company, produces and sells Atlantic salmon products worldwide.

Alibaba Health Information Technology

Market Cap: HK$99.9b

An investment holding company, engages in the pharmaceutical direct sales, pharmaceutical e-commerce platform, and healthcare and digital services businesses in Mainland China and Hong Kong.

BDO Unibank

Market Cap: ₱744.2b

Provides various banking products and services to individuals and corporations in the Philippines and internationally.

Piraeus Bank

Market Cap: €10.7b

Provides various banking products and services in Greece.

Severn Trent

Market Cap: UK£9.3b

Provides water and wastewater services in the United Kingdom.

Orkla

Market Cap: NOK 119.7b

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.

Chubu Electric Power Company

Market Cap: JP¥1.9t

Engages in the generation, transmission, distribution, and retail of electricity in Japan and internationally.

Pro Medicus

Market Cap: AU$17.7b

A healthcare informatics company, engages in the development and supply of healthcare imaging software, and radiology information (RIS) system software and services to hospitals, imaging centers, and health care groups in Australia, North America, and Europe.

mBank

Market Cap: zł44.7b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

Tata Consumer Products

Market Cap: ₹1.1t

Produces, distributes, and trades in food products in India, the United States, the United Kingdom, and internationally.

Ooredoo Q.P.S.C

Market Cap: ر.ق45.7b

Provides telecommunications services in Qatar, rest of the Middle East, Asia, and North Africa region.

HANMI Semiconductor

Market Cap: ₩18.1t

Manufactures and sells semiconductor equipment in South Korea and internationally.

ACM Research (Shanghai)

Market Cap: CN¥86.1b

Engages in the research, development, production, and sale of semiconductor equipment in China.

Lattice Semiconductor

Market Cap: US$12.4b

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

First Horizon

Market Cap: US$12.4b

Operates as the bank holding company for First Horizon Bank that provides various financial services.

Saputo

Market Cap: CA$16.9b

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

Japan Post Insurance

Market Cap: JP¥1.9t

Provides life insurance products and services in Japan.

Suncorp Group

Market Cap: AU$17.4b

Provides insurance products to retail, corporate, and commercial customers in Australia and New Zealand.

Suzhou Maxwell Technologies

Market Cap: CN¥85.2b

Engages in the design, research and development, production, and sale of solar cell production equipment in China.

Acciona

Market Cap: €10.4b

Engages in the energy, infrastructure, and other businesses in Spain and internationally.

Phison Electronics

Market Cap: NT$386.0b

Designs, manufactures, and sells flash memory controllers and peripheral system applications in Asia, the United States, Europe, Australia, and internationally.

Banque Saudi Fransi

Market Cap: ر.س46.0b

Provides banking and financial services for individuals and businesses in the Kingdom of Saudi Arabia and internationally.

KT&G

Market Cap: ₩17.8t

Engages in the production, distribution, and sale of tobacco products in South Korea, Europe, and internationally.

Insurance Australia Group

Market Cap: AU$17.2b

Insurance Australia Group Limited underwrites general insurance products and provides investment management services in Australia and New Zealand.

Yokohama Financial Group

Market Cap: JP¥1.9t

Provides various banking products and services to small and medium-sized businesses and individuals in Japan and internationally.

King Yuan Electronics

Market Cap: NT$383.3b

Engages in the designing, manufacturing, selling, testing, and assembly service of integrated circuits.

GD Power DevelopmentLtd

Market Cap: CN¥83.5b

Operates as a power generation company in China.

Shanghai Rural Commercial Bank

Market Cap: CN¥83.4b

Engages in commercial banking business in China.

Centrica

Market Cap: UK£8.8b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

Jiangsu Yanghe Distillery

Market Cap: CN¥82.9b

Offers liquors and wines.

TIM

Market Cap: R$62.1b

Engages in the telecommunications sector in Brazil.

JCET Group

Market Cap: CN¥82.7b

Provides integrated-circuit manufacturing and technology services in China and internationally.