Portuguese Software Defensive Blue Chips

China Telecom

Market Cap: HK$742.2b

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.

Intel

Market Cap: US$93.7b

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

Enel

Market Cap: €80.7b

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

McKesson

Market Cap: US$91.2b

Provides healthcare services in the United States and internationally.

HCA Healthcare

Market Cap: US$90.7b

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

Bank of Communications

Market Cap: HK$703.6b

Provides commercial banking products and services in China.

AIA Group

Market Cap: HK$702.4b

Provides life insurance based financial services in Hong Kong.

Nippon Telegraph and Telephone

Market Cap: JP¥12.8t

Operates as a telecommunications company in Japan and internationally.

Mondelez International

Market Cap: US$85.9b

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: €74.0b

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

Elevance Health

Market Cap: US$84.9b

Operates as a health benefits company in the United States.

CVS Health

Market Cap: US$84.6b

Provides health solutions in the United States.

Cigna Group

Market Cap: US$84.0b

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

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €71.9b

Engages in the insurance and reinsurance businesses worldwide.

Arthur J. Gallagher

Market Cap: US$81.2b

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

State Bank of India

Market Cap: ₹7.0t

Provides banking products and services in India and internationally.

Tokio Marine Holdings

Market Cap: JP¥11.3t

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

National Australia Bank

Market Cap: AU$119.5b

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

Bank of Montreal

Market Cap: CA$105.1b

Provides diversified financial services primarily in North America.

Aon

Market Cap: US$75.8b

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

Tokyo Electron

Market Cap: JP¥11.0t

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.

Westpac Banking

Market Cap: AU$114.8b

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

Postal Savings Bank of China

Market Cap: HK$584.7b

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

SoftBank

Market Cap: JP¥10.5t

Engages in the telecommunication and information technology businesses in Japan.

Industrial Bank

Market Cap: CN¥503.7b

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

PNC Financial Services Group

Market Cap: US$69.3b

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

National Grid

Market Cap: UK£51.3b

Engages in the transmission and distribution of electricity and gas.

Mizuho Financial Group

Market Cap: JP¥9.9t

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

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.

Life Insurance Corporation of India

Market Cap: ₹5.9t

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

Bank of Nova Scotia

Market Cap: CA$92.6b

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

U.S. Bancorp

Market Cap: US$67.4b

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 Central Asia

Market Cap: Rp1081.7t

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

Marvell Technology

Market Cap: US$64.6b

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

KDDI

Market Cap: JP¥9.3t

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

Canadian Imperial Bank of Commerce

Market Cap: CA$87.6b

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.