Portuguese Semiconductors Defensive Blue Chips

China Telecom

Market Cap: HK$751.7b

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.

Enel

Market Cap: €81.6b

Operates as an integrated operator in electricity and gas industries worldwide.

HCA Healthcare

Market Cap: US$91.1b

Through its subsidiaries, owns and operates hospitals and related healthcare entities in the United States.

McKesson

Market Cap: US$90.1b

Provides healthcare services in the United States and internationally.

Intel

Market Cap: US$89.6b

Designs, develops, manufactures, markets, and sells computing and related products and services worldwide.

Nippon Telegraph and Telephone

Market Cap: JP¥12.8t

Operates as a telecommunications company in Japan and internationally.

Banco Bilbao Vizcaya Argentaria

Market Cap: €78.1b

Provides retail banking, wholesale banking, and asset management services primarily in Spain, Mexico, Turkey, South America, rest of Europe, the United States, and Asia.

Arthur J. Gallagher

Market Cap: US$87.8b

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

Mondelez International

Market Cap: US$86.6b

Through its subsidiaries, manufactures, markets, and sells snack food and beverage products in the Latin America, North America, Asia, the Middle East, Africa, and Europe.

AIA Group

Market Cap: HK$671.8b

Provides life insurance based financial services in Hong Kong.

Elevance Health

Market Cap: US$84.9b

Operates as a health benefits company in the United States.

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €74.5b

Engages in the insurance and reinsurance businesses worldwide.

Cigna Group

Market Cap: US$84.2b

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

State Bank of India

Market Cap: ₹7.1t

Provides banking products and services in India and internationally.

Tokio Marine Holdings

Market Cap: JP¥11.5t

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

Aon

Market Cap: US$78.8b

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

CVS Health

Market Cap: US$77.6b

Provides health solutions in the United States.

Bank of Montreal

Market Cap: CA$105.4b

Provides diversified financial services primarily in North America.

Tokyo Electron

Market Cap: JP¥10.6t

Develops, manufactures, and sells semiconductor and flat panel display (FPD) production equipment in Japan, Europe, North America, Taiwan, China, South Korea, Southeast Asia, and internationally.

SoftBank

Market Cap: JP¥10.6t

Engages in the telecommunication and information technology businesses in Japan.

National Australia Bank

Market Cap: AU$114.1b

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

Bank of Communications

Market Cap: HK$566.1b

Provides commercial banking products and services in China.

National Grid

Market Cap: UK£53.2b

National Grid plc transmits and distributes electricity and gas.

Postal Savings Bank of China

Market Cap: HK$559.6b

Provides various banking products and services for retail and corporate customers in the People’s Republic of China.

Bank Central Asia

Market Cap: Rp1158.8t

Provides banking products and other financial services to individual, corporate, and small and medium enterprise customers in Indonesia and internationally.

Life Insurance Corporation of India

Market Cap: ₹6.0t

Provides life insurance products in India, Fiji, Mauritius, and the United Kingdom.

PNC Financial Services Group

Market Cap: US$69.7b

Operates as a diversified financial services company in the United States.

Westpac Banking

Market Cap: AU$107.5b

Provides banking and other financial services in Australia, New Zealand, the Pacific Islands, Asia, the Americas, and Europe.

Mizuho Financial Group

Market Cap: JP¥10.0t

Engages in banking, trust, securities, and other businesses related to financial services in Japan, the Americas, Europe, Asia/Oceania, and internationally.

KDDI

Market Cap: JP¥10.0t

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

Wuliangye YibinLtd

Market Cap: CN¥492.7b

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

MediaTek

Market Cap: NT$2.0t

Engages in the research, development, production, manufacture, and marketing of multimedia integrated circuits (ICs) in Taiwan, rest of Asia, and internationally.

U.S. Bancorp

Market Cap: US$68.1b

A financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States.

Bank of Nova Scotia

Market Cap: CA$90.8b

Provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally.

Industrial Bank

Market Cap: CN¥468.3b

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

Canadian Imperial Bank of Commerce

Market Cap: CA$88.9b

A diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally.