Bermudian Software Defensive Blue Chips

Bank of Montreal

Market Cap: CA$166.1b

Provides diversified financial services primarily in North America.

Altria Group

Market Cap: US$117.2b

Through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States.

Infineon Technologies

Market Cap: €100.1b

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.

Enel

Market Cap: €99.2b

Operates as an integrated operator in the electricity and gas industries worldwide.

Zurich Insurance Group

Market Cap: CHF 86.0b

Provides insurance products and related services in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific.

Al Rajhi Banking and Investment

Market Cap: ر.س402.3b

Provides banking and investment services in the Kingdom of Saudi Arabia and internationally.

CBZ Holdings

Market Cap: US$13.8b

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

Hygon Information Technology

Market Cap: CN¥715.0b

Engages in the research and development of processors, accelerators, and other computing chip products and systems in China.

Medtronic

Market Cap: US$104.4b

Develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients in the United States, Ireland, and internationally.

Bank of Nova Scotia

Market Cap: CA$146.7b

Provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally.

Canadian Imperial Bank of Commerce

Market Cap: CA$146.2b

A diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally.

ICICI Bank

Market Cap: ₹9.6t

Engages in the provision of various banking and financial services to retail and corporate customers in India and internationally.

CaixaBank

Market Cap: €88.1b

Provides various banking products and services for individuals and businesses in Spain, Portugal, and internationally.

AXA

Market Cap: €87.4b

Through its subsidiaries, insurance, asset management, and banking services worldwide.

State Bank of India

Market Cap: ₹9.5t

Provides banking products and services in India and internationally.

AIA Group

Market Cap: HK$776.5b

Provides life insurance based financial services in Hong Kong.

Semiconductor Manufacturing International

Market Cap: HK$767.7b

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.

China Yangtze Power

Market Cap: CN¥660.6b

Engages in hydropower generation business in China, Portugal, Peru, Brazil, and Pakistan.

Constellation Energy

Market Cap: US$95.7b

Produces and sells energy products and services in the United States.

NFiniTi

Market Cap: US$95.5b

Operates as an alcoholic beverage company that specializes in producing ready-to-drink cocktails across the Western Hemisphere.

PNC Financial Services Group

Market Cap: US$94.2b

Operates as a diversified financial services company in the United States.

EssilorLuxottica Société anonyme

Market Cap: €80.3b

Designs, manufactures, and distributes ophthalmic lenses, frames, sunglasses, and instruments and equipment in North America, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific.

McKesson

Market Cap: US$92.0b

Provides healthcare services in the United States and internationally.

U.S. Bancorp

Market Cap: US$91.7b

A financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States.

Monster Beverage

Market Cap: US$90.9b

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

ING Groep

Market Cap: €78.7b

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

Barclays

Market Cap: UK£68.0b

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

HCA Healthcare

Market Cap: US$88.1b

Through its subsidiaries, provides health care services in the United States.

Bank of Communications

Market Cap: HK$686.7b

Provides commercial banking products and services in China and internationally.

Postal Savings Bank of China

Market Cap: HK$678.6b

Provides various banking products and services for retail and corporate customers in the People’s Republic of China.

Elevance Health

Market Cap: US$86.4b

Operates as a health benefits company in the United States.

Oversea-Chinese Banking

Market Cap: S$110.5b

Provides financial services in Singapore, Malaysia, Indonesia, Greater China, rest of the Asia Pacific, and internationally.

Westpac Banking

Market Cap: AU$121.4b

Provides banking and other financial services in Australia, New Zealand, the Pacific Islands, Asia, the Americas, and Europe.

Tokio Marine Holdings

Market Cap: JP¥13.6t

Engages in the non-life and life insurance, and financial and general businesses in the Americas, Asia and Oceania, Japan, Middle East and Africa, and the United Kingdom and Europe, and internationally.

Comcast

Market Cap: US$84.5b

Operates as a media and technology company worldwide.

ASE Technology Holding

Market Cap: NT$2.6t

Provides semiconductor manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally.