Malawian Consumer Services Defensive Blue Chips

Hua Nan Financial Holdings

Market Cap: NT$548.2b

Provides financial services in Taiwan and internationally.

National Bank of Greece

Market Cap: €14.6b

Provides banking, financial products, and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom, and internationally.

James Hardie Industries

Market Cap: AU$24.1b

Engages in the manufacture and sale of fiber cement, fiber gypsum, and cement bonded boards in the United States, Australia, Europe, and New Zealand.

FinecoBank Banca Fineco

Market Cap: €14.4b

Provides banking, credit, trading and investment services in Italy.

Powszechny Zaklad Ubezpieczen

Market Cap: zł62.0b

Provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.

SDIC Power Holdings

Market Cap: CN¥112.5b

Engages in the electricity generation business in China.

Mashreqbank PSC

Market Cap: د.إ61.3b

Provides various banking and financial services to individuals and corporates.

ASR Nederland

Market Cap: €14.2b

Provides insurance, pensions, and mortgages products and services for consumers, businesses, and employers in the Netherlands.

Power Assets Holdings

Market Cap: HK$129.7b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, Canada, mainland China, Netherlands, New Zealand, Thailand, the United States, and internationally.

Kansai Electric Power Company

Market Cap: JP¥2.6t

Engages in electricity, heat supply, telecommunication, and gas supply in Japan.

Performance Food Group

Market Cap: US$16.5b

Through its subsidiaries, markets and distributes food and food-related products in North America.

Great Eastern Holdings

Market Cap: S$21.0b

An investment holding company, provides insurance products in Singapore, Malaysia, and rest of Asia.

Banco Santander-Chile

Market Cap: CL$15.0t

Provides commercial and retail banking products and services in Chile.

BIWIN Storage Technology

Market Cap: CN¥109.3b

Engages in the research and development, design, packaging, testing, production, and sales of semiconductor memory.

Airtel Africa

Market Cap: UK£11.9b

Provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$83.7b

Provides basic and environmental sanitation services in the São Paulo State, Brazil.

mBank

Market Cap: zł59.8b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

Admiral Group

Market Cap: UK£11.9b

A financial services company, provides insurance and personal lending products in the United Kingdom, France, Italy, and Spain.

KGI Financial Holding

Market Cap: NT$516.0b

Operates as a financial company in Taiwan and internationally.

ageas

Market Cap: €13.8b

Engages in insurance business.

MPI

Market Cap: NT$514.9b

Manufactures, processes, repairs, imports/exports, and trades in semiconductor manufacturing and testing equipment in Taiwan, China, the United States, Singapore, Korea, and internationally.

Banco de Crédito e Inversiones

Market Cap: CL$14.8t

Provides various banking products and services in Chile, the United States, and Peru.

Hippo Valley Estates

Market Cap: US$2.1b

Together with its subsidiary, Chiredzi Township (Private) Limited, engages in the growing and milling of sugar cane in Zimbabwe and internationally.

Emirates Islamic Bank PJSC

Market Cap: د.إ58.9b

Provides banking products and services financing and investing instruments in the United Arab Emirates and internationally.

OmniVision Integrated Circuits Group

Market Cap: CN¥107.8b

Engages in the design, development, and sale of integrated circuits and computer software and hardware in China and internationally.

Elia Group

Market Cap: €13.7b

Develops and operates as a transmission system operator in Belgium and Germany.

Reinsurance Group of America

Market Cap: US$16.0b

Provides life and health, and asset-intensive reinsurance in the United States, Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia.

JD Health International

Market Cap: HK$124.1b

An investment holding company, engages in the operation of an online healthcare platform in the People’s Republic of China.

BAWAG Group

Market Cap: €13.5b

Operates as a holding company for BAWAG P.S.K.

Bank of Beijing

Market Cap: CN¥106.1b

Provides various banking services to individuals and corporates in China.

Pinnacle Financial Partners

Market Cap: US$15.7b

Operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States.

African Distillers

Market Cap: US$2.0b

Manufactures, distributes, and markets wines, spirits, ready-to-drink (RTDs), and ciders in Zimbabwe.

ING Bank Slaski

Market Cap: zł58.0b

Provides various banking products and services for retail clients and businesses in Poland.

Grupo Financiero Inbursa. de

Market Cap: Mex$265.6b

Provides various financial products and services to individuals and businesses in Mexico.

SCREEN Holdings

Market Cap: JP¥2.5t

Develops, manufactures, and markets semiconductor production equipment in Japan, Taiwan, South Korea, China, the United States, Europe, and internationally.

Mapfre

Market Cap: €13.4b

Engages in insurance, reinsurance, and financial activities in Spain.