Qatari Materials Defensive Blue Chips

China Telecom

Market Cap: HK$741.2b

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.

Enel

Market Cap: €80.8b

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

AIA Group

Market Cap: HK$717.0b

Provides life insurance based financial services in Hong Kong.

Intel

Market Cap: US$90.7b

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

McKesson

Market Cap: US$90.6b

Provides healthcare services in the United States and internationally.

HCA Healthcare

Market Cap: US$89.6b

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

Nippon Telegraph and Telephone

Market Cap: JP¥12.7t

Operates as a telecommunications company in Japan and internationally.

Banco Bilbao Vizcaya Argentaria

Market Cap: €75.4b

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

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.

CVS Health

Market Cap: US$84.9b

Provides health solutions in the United States.

Elevance Health

Market Cap: US$84.8b

Operates as a health benefits company in the United States.

Cigna Group

Market Cap: US$83.5b

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

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €72.0b

Engages in the insurance and reinsurance businesses worldwide.

State Bank of India

Market Cap: ₹7.1t

Provides banking products and services in India and internationally.

Arthur J. Gallagher

Market Cap: US$81.0b

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

Tokio Marine Holdings

Market Cap: JP¥11.4t

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

Tokyo Electron

Market Cap: JP¥11.3t

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.

National Australia Bank

Market Cap: AU$118.3b

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

Bank of Montreal

Market Cap: CA$104.6b

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.

Bank of Communications

Market Cap: HK$587.8b

Provides commercial banking products and services in China.

Postal Savings Bank of China

Market Cap: HK$585.0b

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

Westpac Banking

Market Cap: AU$112.8b

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

SoftBank

Market Cap: JP¥10.4t

Engages in the telecommunication and information technology businesses in Japan.

Industrial Bank

Market Cap: CN¥506.0b

Provides banking services in the People’s Republic of 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.

National Grid

Market Cap: UK£51.2b

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.

PNC Financial Services Group

Market Cap: US$68.5b

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

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$92.5b

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

Bank Central Asia

Market Cap: Rp1097.1t

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

U.S. Bancorp

Market Cap: US$66.5b

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

KDDI

Market Cap: JP¥9.3t

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

Wuliangye YibinLtd

Market Cap: CN¥459.3b

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

Canadian Imperial Bank of Commerce

Market Cap: CA$87.5b

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.