Norwegian Consumer Services Defensive Blue Chips

Vistra

Market Cap: US$50.9b

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

Hua Hong Grace Semiconductor

Market Cap: HK$391.9b

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

Sberbank of Russia

Market Cap: ₽3.0t

Sberbank of Russia, together with its subsidiaries, provides corporate and retail banking products and services to individuals, small businesses, corporate clients, and financial institutions.

MetaX Integrated Circuits (Shanghai)

Market Cap: CN¥333.7b

MetaX Integrated Circuits (Shanghai) Co., Ltd.

Wal-Mart de México. de

Market Cap: Mex$845.7b

Owns and operates self-service stores in Mexico and Central America.

Kuwait Finance House K.S.C.P

Market Cap: د.ك14.9b

Provides Islamic banking products and services in the Middle East, Europe, and internationally.

Disco

Market Cap: JP¥7.8t

Manufactures and sells precision cutting, grinding, and polishing machines in Japan and internationally.

Ambev

Market Cap: R$247.3b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, soft drinks, malt and food, and other beverages in Brazil, Central America and Caribbean, Latin America South, and Canada.

Orange

Market Cap: €41.8b

Operates as a telecommunications operator in France and internationally.

Swiss Re

Market Cap: CHF 38.4b

Provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide.

Humana

Market Cap: US$47.6b

Provides medical and specialty insurance products in the United States.

Commerzbank

Market Cap: €41.3b

Provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, and Asia.

Coca-Cola Europacific Partners

Market Cap: €41.0b

Produces, distributes, and sells a range of non-alcoholic ready-to-drink beverages.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ171.5b

Provides telecommunications services, media, and related equipment in the United Arab Emirates and internationally.

Endesa

Market Cap: €40.8b

Engages in the generation, distribution, and sale of electricity in Spain, Portugal, France, Germany, the United Kingdom, Switzerland, Luxembourg, the Netherlands, Singapore, Italy, Morocco, and internationally.

RWE

Market Cap: €40.6b

Generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally.

Cerebras Systems

Market Cap: US$46.4b

Operates as an artificial intelligence infrastructure company.

Heineken

Market Cap: €40.5b

Heineken N.V. brews and sells beer and cider in Europe, the Americas, Africa, the Middle East, and the Asia Pacific.

Microchip Technology

Market Cap: US$45.9b

Develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.

Moore Threads Technology

Market Cap: CN¥311.7b

Engages in the development of GPU chips and related products.

Montage Technology

Market Cap: CN¥309.0b

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

Danske Bank

Market Cap: DKK 297.2b

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

Keurig Dr Pepper

Market Cap: US$45.3b

Owns, manufactures, and distributors beverages and single serve brewing systems in the United States and internationally.

Credo Technology Group Holding

Market Cap: US$45.1b

Provides various high-speed connectivity solutions for optical and electrical Ethernet and PCIe applications in the United States, Taiwan, Mainland China, Hong Kong, and other international markets.

Diageo

Market Cap: UK£33.6b

Engages in the production, marketing, and distribution of alcoholic beverages in North America, Europe, the Asia Pacific, Latin America and Caribbean, and Africa.

Rocket Companies

Market Cap: US$44.6b

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

Samsung Life Insurance

Market Cap: ₩67.3t

Engages in the life insurance business to corporate and individual customers in South Korea and internationally.

Siemens Healthineers

Market Cap: €38.9b

Through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers in Germany, the United States, rest of Europe, CIS, Africa, the Middle East, the Americas, the Asia Pacific, Japan, and China.

Cathay Financial Holding

Market Cap: NT$1.4t

Through its subsidiaries, provides various financial products and services in Taiwan, rest of Asia, and internationally.

Adani Power

Market Cap: ₹4.2t

Engages in the generation, transmission, and sale of electricity under long term power purchase agreements (PPAs), supplemental PPAs, medium and short term PPAs, and on merchant basis in India.

Qatar National Bank (Q.P.S.C.)

Market Cap: ر.ق161.2b

Provides conventional and Islamic banking products and services in Qatar, Europe, North America, rest of GCC countries, and internationally.

DNB Bank

Market Cap: NOK 433.4b

Provides financial services to individuals and businesses in Norway and internationally.

Sun Life Financial

Market Cap: CA$62.6b

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.

IDEXX Laboratories

Market Cap: US$44.0b

Develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally.

Axis Bank

Market Cap: ₹4.2t

Provides various financial products and services in India and internationally.

Shanghai Pudong Development Bank

Market Cap: CN¥296.1b

Provides commercial banking products and services in China and internationally.