Taiwanese Software Defensive Blue Chips

People's Insurance Company (Group) of China

Market Cap: HK$308.4b

An investment holding company, provides insurance products and services in the People’s Republic of China and Hong Kong.

Intact Financial

Market Cap: CA$54.3b

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

Hannover Rück

Market Cap: €34.2b

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

Orange

Market Cap: €33.7b

Operates as a telecommunications operator in France and internationally.

IDEXX Laboratories

Market Cap: US$38.0b

Develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally.

Veeva Systems

Market Cap: US$37.8b

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

Fubon Financial Holding

Market Cap: NT$1.2t

Provides various financial services in Taiwan, Asia, and internationally.

Koninklijke Ahold Delhaize

Market Cap: €33.0b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.

DNB Bank

Market Cap: NOK 387.9b

Provides financial services to individuals and businesses in Norway and internationally.

KBC Group

Market Cap: €32.7b

Provides banking, insurance, and asset management services primarily for retail, private banking, small and medium sized enterprises, and mid-cap clients in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥265.7b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ134.0b

Generates, transmits, and distributes electricity for residential, commercial, industrial, and government customers primarily in Dubai.

Federal National Mortgage Association

Market Cap: US$36.2b

Provides financing solutions for residential mortgages in the United States.

Heidelberg Materials

Market Cap: €31.9b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

Prudential Financial

Market Cap: US$36.0b

Provides insurance, investment management, and other financial products and services in the United States, Japan and internationally.

China Pacific Insurance (Group)

Market Cap: CN¥260.7b

Provides insurance products to individual and institutional customers in the People’s Republic of China.

Emirates NBD Bank PJSC

Market Cap: د.إ130.8b

Provides corporate, institutional, retail, treasury, and Islamic banking services.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp580.0t

Provides various banking products and services in Indonesia and internationally.

Great-West Lifeco

Market Cap: CA$48.8b

Engages in the life and health insurance, retirement savings, wealth and asset management, and reinsurance businesses in Canada, the United States, and Europe.

China Unicom (Hong Kong)

Market Cap: HK$271.4b

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

JAPAN POST BANK

Market Cap: JP¥5.1t

Provides various banking products and services to retail and corporate clients in Japan and internationally.

Vulcan Materials

Market Cap: US$34.8b

Produces and supplies construction aggregates in the United States.

Cardinal Health

Market Cap: US$34.7b

Operates as a healthcare services and products company in the United States, Canada, Europe, Asia, and internationally.

ResMed

Market Cap: US$34.7b

Develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets.

Hartford Insurance Group

Market Cap: US$34.6b

Provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally.

Swisscom

Market Cap: CHF 28.4b

Provides telecommunication services primarily in Switzerland, Italy, and internationally.

National Bank of Canada

Market Cap: CA$47.4b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥249.0b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

Standard Chartered

Market Cap: UK£25.8b

Provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas.

Sysco

Market Cap: US$34.0b

Through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally.

MS&AD Insurance Group Holdings

Market Cap: JP¥4.9t

An insurance holding company, provides insurance and financial services worldwide.

Hershey

Market Cap: US$33.9b

Engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally.

Kraft Heinz

Market Cap: US$33.7b

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

Chocoladefabriken Lindt & Sprüngli

Market Cap: CHF 27.9b

Engages in the manufacture and sale of chocolate products worldwide.

Sun Life Financial

Market Cap: CA$46.5b

A financial services company, provides asset management, wealth, insurance and health solutions to individual and institutional customers in Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda.

Telstra Group

Market Cap: AU$52.3b

Engages in the provision of telecommunications and information services to businesses, government, and individuals in Australia and internationally.