Serbian Software Defensive Blue Chips

Ping An Bank

Market Cap: CN¥214.8b

Provides commercial banking products and services for individual and corporate customers, government agencies, institutions, and other small businesses in China and internationally.

Veeva Systems

Market Cap: US$30.7b

Provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.

Banca Monte dei Paschi di Siena

Market Cap: €25.8b

Provides retail and commercial banking services in Italy.

Bank of Ningbo

Market Cap: CN¥211.0b

Provides various personal and business banking products and services in the People's Republic of China.

STMicroelectronics

Market Cap: €25.7b

Designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Foshan Haitian Flavouring and Food

Market Cap: CN¥210.8b

Foshan Haitian Flavouring and Food Company Ltd.

Power Corporation of Canada

Market Cap: CA$41.2b

An international management and holding company, provides financial services in North America, Europe, and Asia.

Power Grid Corporation of India

Market Cap: ₹2.7t

An electric power transmission utility, engages in the power transmission business in India and internationally.

Naturgy Energy Group

Market Cap: €25.3b

Engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of gas.

Koninklijke Philips

Market Cap: €25.4b

Operates as a health technology company in North America, the Greater China, and internationally.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥207.0b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Hang Seng Bank

Market Cap: US$29.6b

Provides various banking and related financial services to individual, corporate, commercial, and small and medium sized enterprise customers in Hong Kong, Mainland China, and internationally.

Montage Technology

Market Cap: CN¥204.6b

An integrated circuit (IC) design company, provides IC-based solutions for cloud computing and data center markets in the People’s Republic of China.

ABN AMRO Bank

Market Cap: €24.9b

Provides various banking products and financial services to retail, private, and business clients in the Netherlands, rest of Europe, the United States, Asia, and internationally.

Kraft Heinz

Market Cap: US$29.5b

Manufactures and markets food and beverage products in North America and internationally.

MetaX Integrated Circuits (Shanghai)

Market Cap: CN¥203.5b

MetaX Integrated Circuits (Shanghai) Co., Ltd.

BPER Banca

Market Cap: €24.6b

Provides banking products and services for individuals, and businesses and professionals in Italy and internationally.

Citizens Financial Group

Market Cap: US$29.0b

Operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions in the United States.

Atmos Energy

Market Cap: US$28.8b

Engages in the regulated natural gas distribution, and pipeline and storage businesses in the United States.

GigaDevice Semiconductor

Market Cap: CN¥198.6b

Engages in the research, development, technical support, and sale of memory, microcontrollers, and sensors.

Avenue Supermarts

Market Cap: ₹2.6t

Engages in the business of organized retail and operating supermarkets under the D-Mart brand name in India.

Constellation Brands

Market Cap: US$28.7b

Produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy.

Veolia Environnement

Market Cap: €24.1b

Designs and provides water, waste, and energy management solutions.

Sampo Oyj

Market Cap: €23.8b

Provides non-life insurance products and services in Finland, Sweden, Norway, Denmark, Estonia, Lithuania, Latvia, Spain, Gibraltar, Germany, the Netherlands, France, and the United Kingdom.

China Unicom (Hong Kong)

Market Cap: HK$220.6b

An investment holding company, provides telecommunications and related value-added services in the People’s Republic of China.

George Weston

Market Cap: CA$38.2b

Provides food and drug retailing, and financial services in Canada.

Bank Mandiri (Persero)

Market Cap: Rp469.0t

Provides various banking products and services to individuals and businesses in Indonesia, Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia, England, and the Cayman Islands.

China Everbright Bank

Market Cap: CN¥194.3b

Provides a range of financial products and services to corporations and government agencies, retail customers, and individuals in Mainland China, Hong Kong, Luxembourg, Macao, Seoul, and Sydney.

Bank of Jiangsu

Market Cap: CN¥192.5b

Provides various banking products and services in China.

Nestlé India

Market Cap: ₹2.5t

Engages in the manufacture and sale of food products in India and internationally.

Credicorp

Market Cap: US$27.7b

Provides various financial, insurance, and health services and products in Peru and internationally.

Woolworths Group

Market Cap: AU$38.7b

Operates retail stores in Australia and New Zealand.

Willis Towers Watson

Market Cap: US$27.6b

Operates as an advisory, broking, and solutions company worldwide.

Nanya Technology

Market Cap: NT$861.4b

Research, develops, manufactures, and sells semiconductor products in Taiwan, Japan, Malaysia, China, the United States, Thailand, Germany, Singapore, Poland and internationally.

National Bank of KuwaitK.P

Market Cap: د.ك8.4b

Provides financial and investment services and solutions to individual, corporate, and institutional clients in Kuwait, the Middle East, North Africa, Europe, the United Kingdom, and internationally.

Banco do Brasil

Market Cap: R$141.6b

Provides banking products and services for individuals, companies, and public sectors in Brazil and internationally.