Norwegian Materials Defensive Blue Chips

Emirates NBD Bank PJSC

Market Cap: د.إ181.3b

Engages in the provision of corporate, institutional, retail, treasury, and Islamic banking services.

Renesas Electronics

Market Cap: JP¥7.9t

Engages in the design, research, development, manufacturing, sale, and service of semiconductors in Japan, China, rest of Asia, Europe, North America, and internationally.

United Overseas Bank

Market Cap: S$63.1b

Provides banking products and services worldwide.

Danone

Market Cap: €42.3b

Operates in the food and beverage industry in Europe, Ukraine, North America, China, North Asia, the Oceania, Latin America, rest of Asia, Africa, Turkey, the Middle East, and the Commonwealth of Independent States.

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.

Fifth Third Bancorp

Market Cap: US$47.7b

Operates as the bank holding company for Fifth Third Bank, National Association that provides a range of financial products and services in the United States.

Microchip Technology

Market Cap: US$47.7b

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

Shanghai Pudong Development Bank

Market Cap: CN¥322.1b

Provides commercial banking products and services in China 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.

Erste Group Bank

Market Cap: €40.4b

Provides a range of banking and other financial services to retail, corporate, and public sector customers.

Vistra

Market Cap: US$46.7b

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

Cathay Financial Holding

Market Cap: NT$1.5t

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

Endesa

Market Cap: €39.8b

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.

Wuliangye YibinLtd

Market Cap: CN¥310.2b

Manufactures and sells liquor and wine products and related auxiliary products under the Wuliangye brand in China.

Samsung Life Insurance

Market Cap: ₩69.2t

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

Adani Power

Market Cap: ₹4.3t

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.

Diageo

Market Cap: UK£33.5b

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

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ164.9b

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

Commerzbank

Market Cap: €38.7b

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.

Swiss Re

Market Cap: CHF 35.5b

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

China Pacific Insurance (Group)

Market Cap: CN¥300.8b

Provides insurance products to in the People’s Republic of China.

Siemens Healthineers

Market Cap: €38.4b

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.

Axis Bank

Market Cap: ₹4.2t

Provides various financial products and services in India and internationally.

PICC Property and Casualty

Market Cap: HK$345.9b

Engages in property and casualty insurance business in People’s Republic of China.

Heineken

Market Cap: €38.0b

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

IDEXX Laboratories

Market Cap: US$43.9b

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

Credo Technology Group Holding

Market Cap: US$43.8b

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

Humana

Market Cap: US$43.8b

Provides medical and specialty insurance products in the United States.

Coca-Cola Europacific Partners

Market Cap: €37.6b

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

ON Semiconductor

Market Cap: US$43.2b

Provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally.

DNB Bank

Market Cap: NOK 411.3b

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

Keurig Dr Pepper

Market Cap: US$43.1b

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

SJ Semiconductor

Market Cap: CN¥290.9b

Operates as an integrated circuit wafer-level advanced packaging and testing company in China and internationally.

People's Insurance Company (Group) of China

Market Cap: HK$335.7b

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

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

Market Cap: ر.ق154.9b

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

Moore Threads Technology

Market Cap: CN¥287.0b

Engages in the development of GPU chips and related products.