Italian Software Defensive Blue Chips

Zurich Insurance Group

Market Cap: CHF 86.2b

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

State Bank of India

Market Cap: ₹9.4t

Provides banking products and services in India and internationally.

BNP Paribas

Market Cap: €88.8b

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

Al Rajhi Banking and Investment

Market Cap: ر.س383.8b

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

CVS Health

Market Cap: US$102.1b

Provides health solutions in the United States.

McKesson

Market Cap: US$101.8b

Provides healthcare services in the United States and internationally.

Advantest

Market Cap: JP¥15.7t

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

Abu Dhabi National Energy Company PJSC

Market Cap: د.إ364.3b

Operates as an integrated utility company in the United Arab Emirates, North America, Europe, Africa, and internationally.

Mizuho Financial Group

Market Cap: JP¥15.2t

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

AXA

Market Cap: €82.6b

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

Semiconductor Manufacturing International

Market Cap: HK$747.4b

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.

NFiniTi

Market Cap: US$95.5b

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

Bank of Montreal

Market Cap: CA$131.5b

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

Altria Group

Market Cap: US$94.5b

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

Postal Savings Bank of China

Market Cap: HK$718.8b

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

Bank of Nova Scotia

Market Cap: CA$127.1b

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

Marsh & McLennan Companies

Market Cap: US$91.8b

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

Barclays

Market Cap: UK£67.2b

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

Westpac Banking

Market Cap: AU$130.4b

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

Nu Holdings

Market Cap: US$86.9b

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

CaixaBank

Market Cap: €74.1b

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

U.S. Bancorp

Market Cap: US$86.3b

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

CRH

Market Cap: US$86.0b

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

Canadian Imperial Bank of Commerce

Market Cap: CA$118.2b

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.

National Australia Bank

Market Cap: AU$127.1b

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

PNC Financial Services Group

Market Cap: US$84.6b

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

Bank of Communications

Market Cap: HK$654.4b

Provides commercial banking products and services in China and internationally.

ING Groep

Market Cap: €71.9b

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

Cambricon Technologies

Market Cap: CN¥583.2b

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

Elevance Health

Market Cap: US$80.8b

Operates as a health benefits company in the United States.

China Telecom

Market Cap: HK$625.1b

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.

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €68.2b

Engages in the insurance and reinsurance businesses worldwide.

Lloyds Banking Group

Market Cap: UK£59.0b

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

National Grid

Market Cap: UK£58.1b

Engages in the transmission and distribution of electricity and gas.

Barito Renewables Energy

Market Cap: Rp1280.9t

Engages in the generation and sale of power through geothermal and wind resources in Indonesia.

Marvell Technology

Market Cap: US$76.5b

Provides data infrastructure semiconductor solutions, spanning the data center core to network edge.