Belgian Software Defensive Blue Chips

ING Groep

Market Cap: €62.5b

Provides various banking products and services in the Netherlands, Belgium, Germany, rest of Europe, and internationally.

Monster Beverage

Market Cap: US$70.2b

Through its subsidiaries, engages in development, marketing, sale, and distribution of energy drink beverages and concentrates in the United States and internationally.

Lloyds Banking Group

Market Cap: UK£52.9b

Provides a range of banking and financial products and services for retail and commercial customers in the United Kingdom.

Barclays

Market Cap: UK£52.6b

Provides various financial services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia.

Cigna Group

Market Cap: US$69.1b

Provides insurance and related products and services in the United States.

Kioxia Holdings

Market Cap: JP¥10.9t

Engages in the development, production and sale of flash memory and solid state drives (SSDs) in Japan and internationally.

CRH

Market Cap: US$68.1b

Provides building materials solutions in Ireland, the United States, the United Kingdom, rest of Europe, and internationally.

Japan Tobacco

Market Cap: JP¥10.8t

A tobacco company, engages in the manufacture and sale of tobacco products in Japan and internationally.

Aon

Market Cap: US$67.2b

Operates as a professional services firm in the United States, rest of the Americas, the United Kingdom, Ireland, rest of Europe, the Middle East, Africa, and the Asia Pacific.

Semiconductor Manufacturing International

Market Cap: HK$525.6b

An investment holding company, engages in the manufacture, testing, and sale of integrated circuits wafer and various compound semiconductors in the United States, China, and Eurasia.

Saudi National Bank

Market Cap: ر.س249.0b

Through its subsidiaries, provides banking and investment management services in the Kingdom of Saudi Arabia and internationally.

Nu Holdings

Market Cap: US$66.0b

Provides digital banking platform in Brazil, Mexico, Colombia, the Cayman Islands, and the United States.

Nongfu Spring

Market Cap: HK$508.3b

Produces and sells packaged drinking water and beverage products primarily in Mainland China.

KDDI

Market Cap: JP¥10.3t

Engages in the provision of mobile telecommunications services in Japan and internationally.

Singapore Telecommunications

Market Cap: S$82.5b

Provides telecommunication services to consumers and small businesses in Singapore, Australia, and internationally.

SoftBank

Market Cap: JP¥10.2t

Provides mobile communications and fixed-line telecommunications and ISP services in Japan.

China CITIC Bank

Market Cap: CN¥440.7b

Provides various banking products and services in the People’s Republic of China and internationally.

Elevance Health

Market Cap: US$63.2b

Operates as a health benefits company in the United States.

Sempra

Market Cap: US$62.6b

Engages in the regulated utilities business in the United States and Mexico.

Travelers Companies

Market Cap: US$61.7b

Through its subsidiaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the United States, Canada, and internationally.

Cambricon Technologies

Market Cap: CN¥425.7b

Engages in the research, development, design, and sale of core AI chips for terminal devices in China.

Cencora

Market Cap: US$60.8b

Cencora, Inc. sources and distributes pharmaceutical products in the United States and internationally.

Wuliangye YibinLtd

Market Cap: CN¥401.6b

Manufactures and sells liquor and wine products and related auxiliary products under the Wuliangye brand in China.

Assicurazioni Generali

Market Cap: €50.3b

Provides various insurance solutions under the Generali brand in the Americas, Italy, rest of Europe, Africa, the Middle East, Asia, and the Oceania.

Industrial Bank

Market Cap: CN¥395.5b

Provides banking products and services in the People’s Republic of China.

HOYA

Market Cap: JP¥9.1t

A med-tech company, provides high-tech and medical products internationally.

NatWest Group

Market Cap: UK£43.0b

Provides banking and financial products and services in the United Kingdom and internationally.

Saudi Telecom

Market Cap: ر.س212.1b

Provides telecommunications, information, media, and digital payment services in the Kingdom of Saudi Arabia and internationally.

Manulife Financial

Market Cap: CA$78.4b

Provides financial products and services in the United States, Canada, Asia, and internationally.

JAPAN POST BANK

Market Cap: JP¥8.9t

Provides financial products and services in Japan and internationally.

Nordea Bank Abp

Market Cap: €48.6b

Offers banking products and services for individuals, families, and businesses in Sweden, Finland, Norway, Denmark, and internationally.

Infineon Technologies

Market Cap: €48.6b

Develops, manufactures, and markets semiconductors and semiconductor-based solutions in Germany, Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, the Asia-Pacific, Japan, the United States, and the Americas.

E.ON

Market Cap: €48.5b

Operates as an energy company in Germany, the United Kingdom, Sweden, the Netherlands, rest of Europe, and internationally.

Wal-Mart de México. de

Market Cap: Mex$1.0t

Owns and operates self-service stores in Mexico and Central America.

Truist Financial

Market Cap: US$55.3b

A financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States.

Crédit Agricole

Market Cap: €48.0b

Provides retail and corporate banking, insurance, and investment banking products and services in France, Italy, rest of the European Union, rest of Europe, North America, Central and South America, Africa, the Middle East, the Asia Pacific, and Japan.