Malawian Software Defensive Blue Chips

Banco do Brasil

Market Cap: R$132.8b

Provides banking products and services for individuals, companies, and public sectors in Brazil and internationally.

Banca Monte dei Paschi di Siena

Market Cap: €21.5b

Provides retail and commercial banking services in Italy.

Aviva

Market Cap: UK£18.6b

Provides various insurance, retirement, and wealth products in the United Kingdom, Ireland, Canada, India, and China.

China Tower

Market Cap: HK$193.7b

Provides telecommunication tower infrastructure services in the People's Republic of China.

Snam

Market Cap: €21.4b

Engages in the operation of natural gas transport and storage infrastructure.

Cincinnati Financial

Market Cap: US$24.7b

Provides property casualty insurance products in the United States.

W. R. Berkley

Market Cap: US$24.6b

An insurance holding company, operates as a commercial line writer worldwide.

Nestlé India

Market Cap: ₹2.3t

Engages in the manufacture and sale of food products in India and internationally.

Casey's General Stores

Market Cap: US$24.4b

Operates convenience stores under the Casey's and Casey’s General Store names in the United States.

Citizens Financial Group

Market Cap: US$24.2b

Operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions in the United States.

Telefônica Brasil

Market Cap: R$128.7b

Operates as a mobile telecommunications company in Brazil.

Inner Mongolia Yili Industrial Group

Market Cap: CN¥166.3b

Inner Mongolia Yili Industrial Group Co., Ltd.

GLOBALFOUNDRIES

Market Cap: US$24.0b

A semiconductor foundry, provides range of mainstream wafer fabrication services and technologies in the United States, Europe, the Middle East, Africa, and internationally.

Public Bank Berhad

Market Cap: RM 94.1b

Provides banking products and services.

CLP Holdings

Market Cap: HK$185.9b

An investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia.

BPER Banca

Market Cap: €20.5b

Provides banking products and services for individuals, and businesses and professionals in Italy and internationally.

China Minsheng Banking

Market Cap: CN¥163.9b

Provides banking products and services in the People's Republic of China.

Telenor

Market Cap: NOK 226.9b

Operates as a telecommunication company worldwide.

Markel Group

Market Cap: US$23.6b

Engages in the insurance business in the United States, the United Kingdom, Bermuda, Germany, rest of the European Union, Canada, and the Asia Pacific.

Yihai Kerry Arawana Holdings

Market Cap: CN¥161.6b

Engages in the agriculture and food processing businesses in China.

ON Semiconductor

Market Cap: US$23.3b

Provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally.

Telefónica

Market Cap: €20.1b

Provides telecommunications services in Europe and Latin America.

Banco de Crédito del Perú

Market Cap: S/80.8b

Provides banking products and services to individuals, small and medium-sized enterprises (SME), and companies in Peru, Panama, and the United States.

Dr. Sulaiman Al Habib Medical Services Group

Market Cap: ر.س86.8b

Provides private health and support services in the Kingdom of Saudi Arabia.

Hon. Precision

Market Cap: NT$738.5b

Engages in the manufacture and sale of machinery and related components, automatic control equipment engineering, and machinery installations in Taiwan.

Bunge Global

Market Cap: US$22.9b

Operates as an agribusiness and food company worldwide.

Brown & Brown

Market Cap: US$22.8b

Brown & Brown, Inc. markets and sells insurance products and services in the United States, the United Kingdom, and internationally.

Riyad Bank

Market Cap: ر.س85.6b

Provides banking and investment services in the Kingdom of Saudi Arabia.

United Microelectronics

Market Cap: NT$727.0b

Operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally.

Nanya Technology

Market Cap: NT$725.1b

Research, develops, manufactures, and sells semiconductor products in Taiwan, Japan, Malaysia, China, the United States, Thailand, Germany, Singapore, Poland and internationally.

Qnity Electronics

Market Cap: US$22.6b

Provides materials and solutions to the semiconductor and electronics industries in the United States, rest of Americas, Europe, the Middle East, Africa, Asia Pacific, China, South Korea, Taiwan, and internationally.

Fortum Oyj

Market Cap: €19.5b

Engages in the generation and sale of electricity and heat to private and business customers in Finland, Sweden, Norway, Poland, and internationally.

Sigma Healthcare

Market Cap: AU$32.0b

Operates as a retail pharmacy franchisor and pharmaceutical wholesale and distributor to community pharmacies primarily in Australia.

Luzhou LaojiaoLtd

Market Cap: CN¥154.8b

Produces and sells alcoholic products in China and internationally.

Terna

Market Cap: €19.3b

Provides electricity transmission and dispatching services in Italy, other Euro-area countries, and internationally.

Sumitomo Mitsui Trust Group

Market Cap: JP¥3.5t

Operates as a trust bank in Japan and internationally.