Norwegian Software Defensive Blue Chips

China Telecom

Market Cap: HK$593.2b

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.

Cambricon Technologies

Market Cap: CN¥528.0b

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

Elevance Health

Market Cap: US$76.0b

Operates as a health benefits company in the United States.

Oversea-Chinese Banking

Market Cap: S$95.9b

Provides financial services in Singapore, Malaysia, Indonesia, Greater China, rest of the Asia Pacific, and internationally.

Cigna Group

Market Cap: US$72.8b

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

Engie

Market Cap: €60.3b

Operates as an energy company, engages in the renewables and decentralized, low-carbon energy networks, and energy services businesses in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally.

NatWest Group

Market Cap: UK£52.1b

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

Nongfu Spring

Market Cap: HK$559.8b

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

Aon

Market Cap: US$71.6b

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

Saudi National Bank

Market Cap: ر.س266.3b

Through its subsidiaries, provides banking and investment management services in the Kingdom of Saudi Arabia and internationally.

Marvell Technology

Market Cap: US$70.9b

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

Barito Renewables Energy

Market Cap: Rp1160.5t

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

Tokio Marine Holdings

Market Cap: JP¥10.6t

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

Kioxia Holdings

Market Cap: JP¥10.5t

Engages in the development, production and sale of flash memory and solid state drives (SSDs) in Japan and internationally.

Cencora

Market Cap: US$68.2b

Cencora, Inc. sources and distributes pharmaceutical products in the United States and internationally.

Nordea Bank Abp

Market Cap: €55.3b

Offers banking products and services for individuals, families, and businesses in Sweden, Finland, Norway, Denmark, and internationally.

Crédit Agricole

Market Cap: €54.7b

Provides retail and corporate banking, insurance, and investment banking products and services in France, Italy, rest of the European Union, rest of Europe, North America, Central and South America, Africa, the Middle East, the Asia Pacific, and Japan.

América Móvil. de

Market Cap: Mex$1.1t

Provides telecommunications services in Latin America and internationally.

Infineon Technologies

Market Cap: €54.4b

Develops, manufactures, and markets semiconductors and semiconductor-based solutions in Germany, Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, the Asia-Pacific, Japan, the United States, and the Americas.

SoftBank

Market Cap: JP¥9.9t

Provides mobile communications and fixed-line telecommunications and ISP services in Japan.

Japan Tobacco

Market Cap: JP¥9.9t

A tobacco company, manufactures and sells tobacco products, pharmaceuticals, and processed foods in Japan and internationally.

Société Générale Société anonyme

Market Cap: €54.0b

Provides banking and financial services to individuals, corporates, and institutional clients in Europe and internationally.

KDDI

Market Cap: JP¥9.9t

Engages in the provision of mobile telecommunications services in Japan and internationally.

Manulife Financial

Market Cap: CA$85.8b

Provides financial products and services in the United States, Canada, Asia, and internationally.

Truist Financial

Market Cap: US$63.5b

A financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States.

CBZ Holdings

Market Cap: US$8.1b

Provides various banking and financial products and services to retail and corporate customers in Zimbabwe.

JAPAN POST BANK

Market Cap: JP¥9.5t

Provides financial products and services in Japan and internationally.

Arthur J. Gallagher

Market Cap: US$62.2b

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

Wuliangye YibinLtd

Market Cap: CN¥430.0b

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

Travelers Companies

Market Cap: US$61.3b

Through its subsidiaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the United States and internationally.

Assicurazioni Generali

Market Cap: €50.8b

Provides various insurance solutions under the Generali brand in the Americas, Italy, rest of Europe, Africa, the Middle East, Asia, and the Oceania.

NXP Semiconductors

Market Cap: US$60.4b

Provides semiconductor products in China, the United States, Germany, Japan, Singapore, South Korea, Mexico, the Netherlands, Taiwan, and internationally.

China Pacific Insurance (Group)

Market Cap: CN¥414.1b

Provides insurance products to individual and institutional customers in the People’s Republic of China.

Singapore Telecommunications

Market Cap: S$75.3b

Provides telecommunication services to consumers and small businesses in Singapore, Australia, and internationally.

Saudi Telecom

Market Cap: ر.س221.5b

Provides telecommunications, information, media, and digital payment services in the Kingdom of Saudi Arabia and internationally.

FBC Holdings

Market Cap: US$7.6b

Through its subsidiaries, provides commercial and wholesale banking, mortgage financing, micro lending, reinsurance, short-term insurance, and stockbroking services in Zimbabwe.