Swedish Software Defensive Blue Chips

Airtel Africa

Market Cap: UK£12.0b

Provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa.

NMBZ Holdings

Market Cap: US$2.1b

Provides various banking products and services to corporate and individual customers in Zimbabwe.

WH Group

Market Cap: HK$126.9b

An investment holding company, produces and sells packaged meats and pork in China, North America, and Europe.

Asahi Group Holdings

Market Cap: JP¥2.5t

Manufactures and sells beer, alcohol and non-alcohol beverages, and food products in Japan, Europe, Oceania, and Southeast Asia.

Samsung Fire & Marine Insurance

Market Cap: ₩23.4t

Provides non-life insurance products and services in South Korea, China, Indonesia, Vietnam, Singapore, the United States, and the United Kingdom.

Raiffeisen Bank International

Market Cap: €13.6b

Offers banking services to corporate, private, and institutional customers.

East West Bancorp

Market Cap: US$16.1b

Operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States.

Israel Discount Bank

Market Cap: ₪49.6b

Provides various banking and financial services in Israel, Europe, and North America.

Unipol Assicurazioni

Market Cap: €13.5b

Provides insurance products and services primarily in Italy.

Emirates Islamic Bank PJSC

Market Cap: د.إ58.9b

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

Cooper Companies

Market Cap: US$16.0b

Develops, manufactures, and markets contact lens wearers.

Britannia Industries

Market Cap: ₹1.4t

Manufactures and sells various food products in India and internationally.

Jerónimo Martins SGPS

Market Cap: €13.3b

Operates in the food distribution and specialized retail sectors in Portugal, Poland, Colombia, and internationally.

Saudi Electricity

Market Cap: ر.س59.1b

Generates, transmits, and distributes electricity in the Kingdom of Saudi Arabia.

Grupo Financiero Inbursa. de

Market Cap: Mex$269.9b

Provides various financial products and services to individuals and businesses in Mexico.

National Bank of Greece

Market Cap: €13.1b

Provides financial products and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom.

Hua Xia Bank

Market Cap: CN¥107.1b

Provides commercial banking services in China and Hong Kong.

Fidelity National Financial

Market Cap: US$15.5b

Provides various insurance products in the United States.

Banco de Crédito e Inversiones

Market Cap: CL$13.3t

Provides various banking products and services in Chile, United States, and Peru.

Turkiye Garanti Bankasi

Market Cap: ₺675.4b

Provides various banking products and services in Turkey.

Performance Food Group

Market Cap: US$15.4b

Through its subsidiaries, engages in the marketing and distribution of food and food-related products in North America.

Smith & Nephew

Market Cap: UK£11.3b

Develops, manufactures, markets, and sells medical devices and services in the United Kingdom, the United States, and internationally.

Sonova Holding

Market Cap: CHF 11.8b

Manufactures and sells hearing care solutions for children and adults in Switzerland, the United States, rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Hua Nan Financial Holdings

Market Cap: NT$481.5b

Provides financial services in Taiwan and internationally.

SCB X

Market Cap: ฿474.8b

Engages banking, consumer and digital finance, and platform and technology businesses in Thailand and internationally.

S.P.E.E.H. Hidroelectrica

Market Cap: RON 65.2b

Produces and supplies hydro, wind, and energy electricity in Romania.

Winbond Electronics

Market Cap: NT$474.8b

Engages in the design, development, manufacture, and marketing of very large scale integration integrated circuits (ICs) for various microelectronic applications in Asia, the Americas, Europe, and internationally.

Metro

Market Cap: CA$20.6b

Through its subsidiaries, operates as a retailer, franchisor, distributor, and manufacturer in the food and pharmaceutical sectors in Canada.

Banco Comercial Português

Market Cap: €12.7b

Engages in the provision of various banking and financial products and services in Portugal and internationally.

Union Bank of India

Market Cap: ₹1.4t

Provides banking products and services in India.

Punjab National Bank

Market Cap: ₹1.4t

Provides various banking and financial products and services in India and internationally.

Tower Semiconductor

Market Cap: US$15.0b

An independent semiconductor foundry, provides technology, development, and process platforms for integrated circuits in the United States, Japan, rest of Asia, and Europe.

Shanghai United Imaging Healthcare

Market Cap: CN¥103.3b

Shanghai United Imaging Healthcare Co., Ltd.

James Hardie Industries

Market Cap: AU$21.2b

Engages in the manufacture and sale of fiber cement, fiber gypsum, and cement bonded boards in the United States, Australia, Europe, and New Zealand.

China Jushi

Market Cap: CN¥103.0b

Engages in the manufacture and sale of fiberglass and related products in China and internationally.

Kerry Group

Market Cap: €12.5b

Provides taste and nutrition solutions.