Bermudian Materials Defensive Blue Chips

Teradyne

Market Cap: US$59.7b

Engages in the design, development, manufacture, and sale of automated test systems and robotics products in the United States, Asia Pacific, Europe, the Middle East, and Africa.

Aflac

Market Cap: US$59.3b

Through its subsidiaries, provides supplemental health and life insurance products.

Saudi Telecom

Market Cap: ر.س221.2b

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

Nu Holdings

Market Cap: US$58.8b

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

Crédit Agricole

Market Cap: €50.6b

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.

Industrial Bank

Market Cap: CN¥393.8b

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

National Bank of Canada

Market Cap: CA$80.3b

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

Arthur J. Gallagher

Market Cap: US$56.8b

Provides insurance and reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals worldwide.

Allstate

Market Cap: US$56.5b

Provides property and casualty, and other insurance products in the United States and Canada.

Standard Chartered

Market Cap: UK£42.0b

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

MetLife

Market Cap: US$56.4b

A financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide.

E.ON

Market Cap: €48.1b

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

Alimentation Couche-Tard

Market Cap: CA$77.5b

Operates and licenses convenience stores in North America, Europe, and Asia.

Loblaw Companies

Market Cap: CA$77.3b

A food and pharmacy company, provides grocery, pharmacy and healthcare services, health and beauty products, apparel, general merchandise, financial services, and wireless mobile products and services in Canada and the United States.

HOYA

Market Cap: JP¥8.8t

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

ASM International

Market Cap: €47.6b

Engages in the research, development, manufacturing, marketing, and servicing of equipment and materials used to produce semiconductor devices in the United States, Europe, and Asia.

Orange

Market Cap: €47.4b

Operates as a telecommunications operator in France and internationally.

Cencora

Market Cap: US$54.8b

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

Singapore Telecommunications

Market Cap: S$70.0b

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

Disco

Market Cap: JP¥8.7t

Manufactures and sells precision cutting, grinding, and polishing machines in Japan and internationally.

Fubon Financial Holding

Market Cap: NT$1.7t

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

Great-West Lifeco

Market Cap: CA$74.5b

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

Life Insurance Corporation of India

Market Cap: ₹5.1t

Provides life insurance products in India, Fiji, Mauritius, and the United Kingdom.

United Microelectronics

Market Cap: NT$1.7t

Operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally.

KBC Group

Market Cap: €45.5b

Provides banking, insurance, and asset management services in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

First Abu Dhabi Bank P.J.S.C

Market Cap: د.إ192.9b

Provides various banking products and services in the United Arab Emirates, Europe, Arab countries, the Americas, Asia, and internationally.

FBC Holdings

Market Cap: US$6.7b

Through its subsidiaries, provides commercial and wholesale banking, mortgage financing, micro lending, reinsurance, short-term insurance, and stockbroking services in Zimbabwe.

Wal-Mart de México. de

Market Cap: Mex$893.1b

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

Cardinal Health

Market Cap: US$51.8b

Operates as a healthcare services and products company in the United States and internationally.

Ambev

Market Cap: R$259.1b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, soft drinks, malt and food, and other beverages in Brazil, Central America and Caribbean, Latin America South, and Canada.

Microchip Technology

Market Cap: US$50.4b

Develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.

Entergy

Market Cap: US$50.3b

Engages in the production and retail distribution of electricity in the United States.

GigaDevice Semiconductor

Market Cap: CN¥340.0b

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

Holcim

Market Cap: CHF 40.0b

Provides building materials and solutions in Europe, Latin America, and Asia, Middle East, and Africa.

Danone

Market Cap: €43.0b

Operates in the food and beverage industry in Europe, Ukraine, North America, China, North Asia, the Oceania, Latin America, rest of Asia, Africa, Turkey, the Middle East, and the Commonwealth of Independent States.

Cerebras Systems

Market Cap: US$49.8b

Operates as an artificial intelligence infrastructure company.