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.

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.

Banco Bilbao Vizcaya Argentaria

Market Cap: €76.3b

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

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.

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.

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €73.7b

Engages in the insurance and reinsurance businesses worldwide.

Aon

Market Cap: US$78.8b

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

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.

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.

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.

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.

Bank of Communications

Market Cap: HK$566.1b

Provides commercial banking products and services in China.

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.

National Grid

Market Cap: UK£52.5b

National Grid plc transmits and distributes electricity and gas.

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.

Wuliangye YibinLtd

Market Cap: CN¥492.7b

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

KDDI

Market Cap: JP¥10.0t

Engages in the provision of telecommunications services in Japan 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.

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.

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.

CRH

Market Cap: US$64.3b

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