Norwegian Software Defensive Blue Chips

Fubon Financial Holding

Market Cap: NT$1.2t

Provides various financial services in Taiwan, Asia, and internationally.

Teradyne

Market Cap: US$39.2b

Designs, develops, manufactures, and sells automated test systems and robotics products in the United States, Asia Pacific, Europe, the Middle East, and Africa.

Martin Marietta Materials

Market Cap: US$39.2b

A natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally.

Kroger

Market Cap: US$39.1b

Operates as a food and drug retailer in the United States.

Hershey

Market Cap: US$38.9b

Engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally.

Telstra Group

Market Cap: AU$54.9b

Provides telecommunications and information services in Australia and internationally.

Endesa

Market Cap: €32.4b

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.

ACWA Power

Market Cap: ر.س143.5b

Engages in the investment, development, operation, and maintenance of power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia, the Middle East, Asia, and Africa.

MS&AD Insurance Group Holdings

Market Cap: JP¥5.9t

An insurance holding company, engages in the provision of insurance and financial services worldwide.

Aeon

Market Cap: JP¥5.9t

Operates in the retail industry in Japan, China, ASEAN countries, and internationally.

Grupo Nutresa S. A

Market Cap: Col$138.7t

Operates in the food industry in Colombia, Latin America, and internationally.

Consolidated Edison

Market Cap: US$38.0b

Through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States.

QNB Bank

Market Cap: ₺1.6t

Provides various banking products and services in Turkey.

ResMed

Market Cap: US$37.5b

Develops, manufactures, distributes, and markets medical devices and cloud-based software applications to diagnose, treat, and manage respiratory disorders in the United States and internationally.

Tesco

Market Cap: UK£26.7b

Operates as a grocery retailer in the United Kingdom, Republic of Ireland, the Czech Republic, Slovakia, and Hungary.

Hartford Insurance Group

Market Cap: US$36.4b

Provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally.

Malayan Banking Berhad

Market Cap: RM 142.6b

Provides commercial banking and related financial products and services.

Fairfax Financial Holdings

Market Cap: CA$48.8b

Through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in the United States, Canada, the Middle East, Asia, and internationally.

Hang Seng Bank

Market Cap: US$36.1b

Provides various banking and related financial services to individual, corporate, commercial, and small and medium sized enterprise customers in Hong Kong, Mainland China, and internationally.

GE HealthCare Technologies

Market Cap: US$36.1b

Engages in the development, manufacture, and marketing of products, services, and complementary digital solutions used in the diagnosis, treatment, and monitoring of patients in the United States, Canada, and internationally.

Huadian New Energy Group

Market Cap: CN¥250.7b

Engages in the power generation business in China.

Veeva Systems

Market Cap: US$35.8b

Provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.

Bank Leumi le-Israel B.M

Market Cap: ₪109.7b

Provides banking and financial services for households, small and medium enterprises, and corporations in Israel, the United Kingdom, and internationally.

Muyuan Foods

Market Cap: CN¥246.9b

Operates as a pork company in the hog farming industry in China.

Cathay Financial Holding

Market Cap: NT$1.1t

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

Sun Life Financial

Market Cap: CA$47.3b

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.

Koninklijke Ahold Delhaize

Market Cap: €29.2b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.

Fomento Económico Mexicano. de

Market Cap: Mex$598.6b

Through its subsidiaries, operates as a franchise bottler of Coca-Cola trademark beverages worldwide.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp573.7t

Provides various banking products and services in Indonesia and internationally.

Vodafone Group

Market Cap: UK£24.9b

Provides telecommunication services in Germany, the United Kingdom, rest of Europe, Turkey, and South Africa.

Hannover Rück

Market Cap: €28.7b

Provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally.

Chocoladefabriken Lindt & Sprüngli

Market Cap: CHF 26.1b

Engages in the manufacture and sale of chocolate products worldwide.

Japan Post Holdings

Market Cap: JP¥5.2t

Provides postal, banking, and insurance services in Japan.

Arch Capital Group

Market Cap: US$34.0b

Provides insurance, reinsurance, and mortgage insurance products in the United States, Canada, Bermuda, the United Kingdom, Europe, and Australia.

Seven & i Holdings

Market Cap: JP¥5.2t

Operates convenience stores, superstores, and department stores in Japan, North America, and internationally.

OTP Bank Nyrt

Market Cap: Ft10.8t

Provides commercial banking services to individuals, municipalities, corporations, and enterprises.