Serbian Software Defensive Blue Chips

Seven & i Holdings

Market Cap: JP¥5.4t

Operates convenience stores, superstores, and department stores in Japan, North America, and internationally.

Renesas Electronics

Market Cap: JP¥5.4t

Researches, develops, designs, manufactures, sells, and services semiconductors in Japan, China, rest of Asia, Europe, North America, and internationally.

Bank Hapoalim B.M

Market Cap: ₪108.7b

Provides various banking and financial services in Israel and internationally.

QNB Bank

Market Cap: ₺1.5t

Provides various banking and financial services in Turkey.

Dai-ichi Life Holdings

Market Cap: JP¥5.4t

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

Sompo Holdings

Market Cap: JP¥5.4t

Provides property and casualty insurance services in Japan and internationally.

Arch Capital Group

Market Cap: US$35.0b

Provides insurance, reinsurance, and mortgage insurance products in the United States, Canada, Bermuda, the United Kingdom, Europe, and Australia.

Hannover Rück

Market Cap: €29.4b

Provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally.

Intact Financial

Market Cap: CA$46.8b

Through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp572.2t

Provides various banking products and services in Indonesia and internationally.

British American Tobacco Zimbabwe (Holdings)

Market Cap: US$4.4b

Together with subsidiaries, manufactures, distributes, and sells cigarettes in Zimbabwe.

OTP Bank Nyrt

Market Cap: Ft10.9t

Provides commercial banking services to individuals, municipalities, corporations, and enterprises.

Grupo Financiero Banorte. de

Market Cap: Mex$577.8b

Through its subsidiaries, engages in the provision of banking and financial products and services in Mexico and internationally.

NRG Energy

Market Cap: US$33.6b

Operates as an energy and home services company in the United States and Canada.

Fresenius SE KGaA

Market Cap: €28.3b

A health care company, provides products and services for chronically ill patients.

Capitec Bank Holdings

Market Cap: R532.9b

Through its subsidiaries, provides various banking products and services in South Africa.

Abu Dhabi Commercial Bank PJSC

Market Cap: د.إ122.4b

Provides banking products and services in the United Arab Emirates and internationally.

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥228.8b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Shinhan Financial Group

Market Cap: ₩47.9t

Provides financial products and services in South Korea and internationally.

Archer-Daniels-Midland

Market Cap: US$33.0b

Engages in the procurement, transportation, storage, processing, and merchandising of agricultural commodities, ingredients, flavors, and solutions.

Chunghwa Telecom

Market Cap: NT$1.0t

Operates as an integrated telecommunications service provider in Taiwan and internationally.

Amrize

Market Cap: CHF 25.2b

Engages in the provision of various building solutions for infrastructure, commercial, and residential construction markets in North America.

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna

Market Cap: zł114.9b

Provides various banking products and services in Poland and internationally.

Talanx

Market Cap: €27.2b

Provides insurance and reinsurance products and services worldwide.

Svenska Handelsbanken

Market Cap: SEK 287.0b

Provides various banking products and services for private and corporate customers primarily in Sweden, the United Kingdom, Norway, the Netherlands, and internationally.

Invest bank P.S.C

Market Cap: د.إ118.4b

A commercial bank, provides a range of financial products and services to corporate and retail customers in the United Arab Emirates and Lebanon.

Dollar General

Market Cap: US$32.2b

A discount retailer, provides various merchandise products in the southern, southwestern, midwestern, and eastern United States.

Adani Power

Market Cap: ₹2.9t

Engages in the generation, transmission, and sale of electricity under long term power purchase agreements (PPAs), supplemental PPAs, medium and short term PPAs, and on merchant basis in India.

New China Life Insurance

Market Cap: CN¥221.2b

Provides life insurance products and services to individuals and institutions in China.

Ørsted

Market Cap: DKK 200.8b

Owns, develops, constructs, and operates offshore and onshore wind farms, solar farms, and energy storage and combined heat and power (CHP) plants.

Standard Bank Group

Market Cap: R505.3b

Provides financial products and services in South Africa and internationally.

Resona Holdings

Market Cap: JP¥4.9t

Through its subsidiaries, engages in the provision retail and commercial banking products and services in Japan and internationally.

Swiss Life Holding

Market Cap: CHF 24.4b

Provides life, pensions, and financial solutions for private and corporate clients.

CEZ a. s

Market Cap: Kč643.6b

Engages in the generation, distribution, trade, and sale of electricity, heat, thermal energy and other commodities in Western, Central, and Southeastern Europe.

Advanced Micro-Fabrication Equipment China

Market Cap: CN¥216.5b

Advanced Micro-Fabrication Equipment Inc.

Astera Labs

Market Cap: US$31.1b

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