Luxembourg Commercial Services Defensive Blue Chips

Abu Dhabi National Energy Company PJSC

Market Cap: د.إ376.7b

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

AIA Group

Market Cap: HK$799.6b

Provides life insurance based financial services in Hong Kong.

Marsh & McLennan Companies

Market Cap: US$100.5b

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

Al Rajhi Banking and Investment

Market Cap: ر.س372.2b

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

Postal Savings Bank of China

Market Cap: HK$774.5b

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

Econet Wireless Zimbabwe

Market Cap: US$12.3b

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

Intel

Market Cap: US$95.5b

Designs, develops, manufactures, markets, and sells computing and related products and services worldwide.

Enel

Market Cap: €80.7b

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

NTT

Market Cap: JP¥13.5t

Operates as a telecommunications company in Japan and internationally.

HCA Healthcare

Market Cap: US$91.3b

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

China Telecom

Market Cap: HK$711.7b

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.

Bank of Communications

Market Cap: HK$691.6b

Provides commercial banking products and services in China.

State Bank of India

Market Cap: ₹7.6t

Provides banking products and services in India and internationally.

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €72.3b

Engages in the insurance and reinsurance businesses worldwide.

Tokio Marine Holdings

Market Cap: JP¥12.4t

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

CVS Health

Market Cap: US$83.1b

Provides health solutions in the United States.

McKesson

Market Cap: US$82.0b

Provides healthcare services in the United States and internationally.

Bank of Montreal

Market Cap: CA$112.7b

Provides diversified financial services primarily in North America.

Mizuho Financial Group

Market Cap: JP¥11.7t

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

Aon

Market Cap: US$78.4b

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

SoftBank

Market Cap: JP¥11.4t

Engages in the telecommunication and information technology businesses in Japan.

National Australia Bank

Market Cap: AU$116.6b

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

Westpac Banking

Market Cap: AU$115.8b

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

Barito Renewables Energy

Market Cap: Rp1217.4t

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

PNC Financial Services Group

Market Cap: US$75.3b

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

CRH

Market Cap: US$75.3b

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

Cigna Group

Market Cap: US$74.9b

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

Arthur J. Gallagher

Market Cap: US$74.5b

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

MediaTek

Market Cap: NT$2.2t

Engages in the research, development, production, manufacture, and marketing of multimedia integrated circuits (ICs) in Taiwan, rest of Asia, and internationally.

CaixaBank

Market Cap: €62.0b

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

U.S. Bancorp

Market Cap: US$71.2b

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

Barclays

Market Cap: UK£52.4b

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

Vistra

Market Cap: US$71.0b

Operates as an integrated retail electricity and power generation company in the United States.

Bank of Nova Scotia

Market Cap: CA$96.8b

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

ING Groep

Market Cap: €59.9b

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

National Grid

Market Cap: UK£51.2b

Engages in the transmission and distribution of electricity and gas.