Zambian Software Defensive Blue Chips

Banco Bilbao Vizcaya Argentaria

Market Cap: €85.2b

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$769.2b

Provides life insurance based financial services in Hong Kong.

Sumitomo Mitsui Financial Group

Market Cap: JP¥14.4t

Provides banking, leasing, securities, consumer finance, and other services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania.

Marsh & McLennan Companies

Market Cap: US$97.2b

A professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide.

Postal Savings Bank of China

Market Cap: HK$751.7b

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

Econet Wireless Zimbabwe

Market Cap: US$12.3b

Through its subsidiaries, primarily provides mobile telecommunications and related value added services in Zimbabwe.

Enel

Market Cap: €79.8b

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

China Telecom

Market Cap: HK$712.2b

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.

Bank of Communications

Market Cap: HK$704.7b

Provides commercial banking products and services in China.

McKesson

Market Cap: US$87.4b

Provides healthcare services in the United States and internationally.

NTT

Market Cap: JP¥12.8t

Operates as a telecommunications company in Japan and internationally.

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €74.7b

Engages in the insurance and reinsurance businesses worldwide.

HCA Healthcare

Market Cap: US$85.9b

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

Intel

Market Cap: US$84.5b

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

State Bank of India

Market Cap: ₹7.4t

Provides banking products and services in India and internationally.

Bank of Montreal

Market Cap: CA$110.4b

Provides diversified financial services primarily in North America.

CVS Health

Market Cap: US$79.2b

Provides health solutions in the United States.

Tokio Marine Holdings

Market Cap: JP¥11.6t

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

National Australia Bank

Market Cap: AU$118.5b

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

Aon

Market Cap: US$76.2b

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

Westpac Banking

Market Cap: AU$115.0b

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

Mizuho Financial Group

Market Cap: JP¥11.0t

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

SoftBank

Market Cap: JP¥10.8t

Engages in the telecommunication and information technology businesses in Japan.

PNC Financial Services Group

Market Cap: US$73.2b

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

Arthur J. Gallagher

Market Cap: US$72.9b

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

National Grid

Market Cap: UK£54.0b

Engages in the transmission and distribution of electricity and gas.

MediaTek

Market Cap: NT$2.1t

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

Vistra

Market Cap: US$70.6b

Operates as an integrated retail electricity and power generation company in the United States.

Cigna Group

Market Cap: US$70.0b

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

Tokyo Electron

Market Cap: JP¥10.3t

Develops, manufactures, and sells semiconductor production equipment in Japan, Europe, North America, Taiwan, China, South Korea, and internationally.

Bank of Nova Scotia

Market Cap: CA$95.3b

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$68.5b

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

Industrial Bank

Market Cap: CN¥488.6b

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

CaixaBank

Market Cap: €58.9b

Provides various banking products and financial services in Spain and internationally.

Barclays

Market Cap: UK£51.0b

Provides various financial services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia.

KDDI

Market Cap: JP¥9.9t

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