Bermudian Utilities Defensive Blue Chips

Montage Technology

Market Cap: CN¥284.5b

An integrated circuit (IC) design company, provides IC-based solutions for cloud computing and AI infrastructure in the People’s Republic of China.

Becton Dickinson

Market Cap: US$41.9b

Develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide.

MS&AD Insurance Group Holdings

Market Cap: JP¥6.7t

An insurance holding company, engages in the provision of insurance and financial services worldwide.

People's Insurance Company (Group) of China

Market Cap: HK$324.3b

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

GLOBALFOUNDRIES

Market Cap: US$41.3b

A semiconductor foundry, provides range of mainstream wafer fabrication services and technologies in the United States, Europe, the Middle East, Africa, and internationally.

Danske Bank

Market Cap: DKK 266.7b

Provides various banking products and services to corporate, institutional, and international clients.

Sun Life Financial

Market Cap: CA$57.1b

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.

MetaX Integrated Circuits (Shanghai)

Market Cap: CN¥277.7b

MetaX Integrated Circuits (Shanghai) Co., Ltd.

Kotak Mahindra Bank

Market Cap: ₹3.9t

Provides a range of banking and financial services to corporate and individual customers in India.

ACWA Power

Market Cap: ر.س152.1b

Engages in the investment, development, operation, and maintenance of power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia, the Middle East, Asia, and Africa.

Telstra Group

Market Cap: AU$57.4b

Provides telecommunications and information services in Australia and internationally.

Advanced Micro-Fabrication Equipment China

Market Cap: CN¥270.1b

Advanced Micro-Fabrication Equipment Inc.

Swedbank

Market Cap: SEK 375.4b

Provides banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China.

Consolidated Edison

Market Cap: US$39.2b

Through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States.

American International Group

Market Cap: US$39.2b

Provides insurance products for commercial, institutional, and individual customers in North America and internationally.

Hon. Precision

Market Cap: NT$1.2t

Engages in the manufacture and sale of machinery and related components, automatic control equipment engineering, and machinery installations in Taiwan.

Bank Central Asia

Market Cap: Rp694.3t

Provides commercial banking and other financial services.

Daiichi Life Group

Market Cap: JP¥6.2t

Through its subsidiaries, provides insurance products in Japan, the United States, and internationally.

Tesco

Market Cap: UK£28.9b

Operates as a grocery retailer in the United Kingdom, Republic of Ireland, the Czech Republic, Slovakia, and Hungary.

Archer-Daniels-Midland

Market Cap: US$38.6b

Provides human and animal nutrition ingredients and solutions in the United States, Switzerland, the Cayman Islands, Brazil, Mexico, Canada, the United Kingdom, and internationally.

Kroger

Market Cap: US$38.6b

Operates as a food and drug retailer in the United States.

Power Corporation of Canada

Market Cap: CA$53.2b

An international management and holding company, provides financial services in North America, Europe, and Asia.

SSE

Market Cap: UK£28.4b

Engages in the generation, transmission, distribution, and supply of electricity.

Fomento Económico Mexicano. de

Market Cap: Mex$658.2b

Through its subsidiaries, operates as a franchise bottler of Coca-Cola trademark beverages worldwide.

Japan Post Holdings

Market Cap: JP¥6.0t

Provides postal, banking, and insurance services in Japan.

Skandinaviska Enskilda Banken

Market Cap: SEK 356.0b

Provides corporate, retail, investment, and private banking services.

ITC

Market Cap: ₹3.6t

Engages in the fast-moving consumer goods, paperboards, paper and packaging, and agri businesses in India and internationally.

Rocket Companies

Market Cap: US$37.3b

A fintech company, engages in the mortgage, real estate, and personal finance businesses in the United States and Canada.

Fairfax Financial Holdings

Market Cap: CA$51.9b

Through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in Canada, the United States, the Middle East and Asia, and internationally.

Sysco

Market Cap: US$37.1b

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.

Hua Hong Grace Semiconductor

Market Cap: HK$287.2b

An investment holding company, engages in the manufacture and sale of semiconductor products in China, North America, Asia, and Europe.

Federal National Mortgage Association

Market Cap: US$36.6b

Provides financing solutions for residential mortgages in the United States.

PG&E

Market Cap: US$36.5b

Through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States.

Banca Monte dei Paschi di Siena

Market Cap: €31.5b

Provides various banking products and services in Italy and internationally.

Koninklijke Ahold Delhaize

Market Cap: €31.5b

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

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ133.0b

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