Spanish Software Defensive Blue Chips

Zurich Insurance Group

Market Cap: CHF 81.1b

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

AIA Group

Market Cap: HK$781.7b

Provides life insurance based financial services in Hong Kong.

HCA Healthcare

Market Cap: US$99.7b

Through its subsidiaries, owns and operates hospitals and related healthcare entities in the United States.

AXA

Market Cap: €84.8b

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

Marsh & McLennan Companies

Market Cap: US$99.1b

A professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide.

Econet Wireless Zimbabwe

Market Cap: US$12.7b

Through its subsidiaries, primarily provides mobile telecommunications and related overlay services in Zimbabwe.

Enel

Market Cap: €82.7b

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

CVS Health

Market Cap: US$95.6b

Provides health solutions in the United States.

McKesson

Market Cap: US$95.2b

Provides healthcare services in the United States and internationally.

Postal Savings Bank of China

Market Cap: HK$738.0b

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

China Yangtze Power

Market Cap: CN¥666.8b

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

Bank of Montreal

Market Cap: CA$129.9b

Engages in the provision of diversified financial services primarily in North America.

State Bank of India

Market Cap: ₹8.0t

Provides banking products and services in India and internationally.

National Australia Bank

Market Cap: AU$135.7b

Provides financial services to individuals and businesses in Australia, New Zealand, Europe, Asia, the United States, and internationally.

Westpac Banking

Market Cap: AU$133.9b

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

Tokyo Electron

Market Cap: JP¥12.8t

Develops, manufactures, and sells semiconductor production equipment in Japan, Europe, North America, Taiwan, China, South Korea, and internationally.

NTT

Market Cap: JP¥12.7t

Operates as a telecommunications company in Japan and internationally.

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €70.7b

Engages in the insurance and reinsurance businesses worldwide.

Hygon Information Technology

Market Cap: CN¥586.1b

Engages in the research and development of computing chip products and systems in China.

China Telecom

Market Cap: HK$639.4b

Provides mobile communications, wireline and satellite communications, internet access, cloud computing and computing power, AI, big data, quantum, ICT integration in the People’s Republic of China.

CRH

Market Cap: US$80.4b

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

Mizuho Financial Group

Market Cap: JP¥11.8t

Engages in banking, trust banking, securities, and other businesses related to financial services in Japan, the Americas, Europe, Asia/Oceania, and internationally.

Tokio Marine Holdings

Market Cap: JP¥11.8t

Engages in the non-life and life insurance, and financial and general businesses in Japan and internationally.

Bank of Nova Scotia

Market Cap: CA$111.8b

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

Bank of Communications

Market Cap: HK$620.9b

Provides commercial banking products and services in China and internationally.

Arthur J. Gallagher

Market Cap: US$79.4b

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

Nongfu Spring

Market Cap: HK$609.0b

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

PNC Financial Services Group

Market Cap: US$78.1b

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

Cambricon Technologies

Market Cap: CN¥554.3b

Research, develops, design, and sells core chips in cloud server, edge computing, and terminal equipment in China.

Nu Holdings

Market Cap: US$77.4b

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

Cigna Group

Market Cap: US$76.9b

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

Aon

Market Cap: US$76.9b

A professional services firm, provides a range of risk and human capital solutions worldwide.

CaixaBank

Market Cap: €64.3b

Provides various banking products and financial services in Spain and internationally.

U.S. Bancorp

Market Cap: US$75.2b

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

Advantest

Market Cap: JP¥10.9t

Manufactures and sells semiconductors, component test systems, and mechatronics-related products in Japan, the Americas, Europe, and Asia.

Canadian Imperial Bank of Commerce

Market Cap: CA$104.2b

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.