Norwegian Utilities Defensive Blue Chips

China Telecom

Market Cap: HK$629.9b

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.

National Grid

Market Cap: UK£59.7b

Engages in the transmission and distribution of electricity and gas.

Cigna Group

Market Cap: US$78.3b

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

National Australia Bank

Market Cap: AU$109.2b

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

América Móvil. de

Market Cap: Mex$1.3t

Provides telecommunications services in Latin America and internationally.

Engie

Market Cap: €65.5b

Engages in renewables and decentralized and low-carbon energy networks in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally.

ASE Technology Holding

Market Cap: NT$2.4t

Provides semiconductor manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally.

Lloyds Banking Group

Market Cap: UK£56.4b

Provides a range of banking and financial products and services for retail and commercial customers in the United Kingdom.

Monolithic Power Systems

Market Cap: US$72.4b

Provides semiconductor-based power electronics solutions in China, Taiwan, South Korea, Southeast Asia, Europe, the United States, Japan, and internationally.

NXP Semiconductors

Market Cap: US$72.1b

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

Boston Scientific

Market Cap: US$71.9b

Develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide.

Aon

Market Cap: US$71.8b

Operates as a professional services firm in the United States, rest of the Americas, the United Kingdom, Ireland, rest of Europe, the Middle East, Africa, and the Asia Pacific.

ANZ Group Holdings

Market Cap: AU$101.9b

Engages in the provision of banking and financial products and services to retail and business customers in Australia and internationally.

Assicurazioni Generali

Market Cap: €61.4b

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

Abu Dhabi National Energy Company PJSC

Market Cap: د.إ257.5b

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

Japan Tobacco

Market Cap: JP¥11.2t

A tobacco company, engages in the manufacture and sale of tobacco products in Japan and internationally.

JAPAN POST BANK

Market Cap: JP¥11.0t

Provides financial products and services in Japan and internationally.

NAURA Technology Group

Market Cap: CN¥462.1b

Engages in the research and development, production, sale, and technical services of semiconductors in the People's Republic of China.

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €58.4b

Engages in the insurance and reinsurance businesses worldwide.

CRH

Market Cap: US$66.8b

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

KDDI

Market Cap: JP¥10.5t

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

Manulife Financial

Market Cap: CA$91.4b

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

Travelers Companies

Market Cap: US$64.5b

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, Canada, and internationally.

SoftBank

Market Cap: JP¥10.3t

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

BOC Hong Kong (Holdings)

Market Cap: HK$498.2b

An investment holding company, provides banking and related financial services to corporate and individual customers in Hong Kong, China, and internationally.

Saudi National Bank

Market Cap: ر.س237.8b

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

STMicroelectronics

Market Cap: €54.5b

Designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

NatWest Group

Market Cap: UK£46.6b

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

Truist Financial

Market Cap: US$62.0b

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

Nordea Bank Abp

Market Cap: €53.6b

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

Nongfu Spring

Market Cap: HK$478.0b

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

China CITIC Bank

Market Cap: CN¥408.4b

Provides various banking products and services in the People’s Republic of China and internationally.

Aflac

Market Cap: US$59.6b

Through its subsidiaries, provides supplemental health and life insurance products.

Sempra

Market Cap: US$59.5b

Engages in the regulated utilities business in the United States and Mexico.

Industrial Bank

Market Cap: CN¥397.7b

Provides banking products and services in the People’s Republic of China.

Saudi Telecom

Market Cap: ر.س219.9b

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