Malawian Software Defensive Blue Chips

bioMérieux

Market Cap: €11.1b

Develops, manufactures, and markets in vitro diagnostic solutions for infectious diseases in France, Europe, Africa, the Middle East, North and South America, the Asia Pacific, and internationally.

Kerry Group

Market Cap: €11.1b

Provides taste and nutrition solutions.

BB Seguridade Participações

Market Cap: R$66.7b

Through its subsidiaries operates in the insurance, pension plans, and bonds, businesses in Brazil.

Erie Indemnity

Market Cap: US$12.7b

Operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States.

Indian Bank

Market Cap: ₹1.2t

Provides various banking products and services.

RenaissanceRe Holdings

Market Cap: US$12.7b

Provides reinsurance and insurance products in the United States and internationally.

Budweiser Brewing Company APAC

Market Cap: HK$99.0b

An investment holding company, engages in brewing and distribution of beer in South Korea, Japan, New Zealand, China, India, Vietnam, and internationally.

Severn Trent

Market Cap: UK£9.5b

Provides water and wastewater services in the United Kingdom.

Banque Saudi Fransi

Market Cap: ر.س47.4b

Provides banking and financial services for individuals and businesses in the Kingdom of Saudi Arabia and internationally.

Fidelity National Financial

Market Cap: US$12.6b

Provides various insurance products in the United States.

CNA Financial

Market Cap: US$12.6b

An insurance holding company, primarily provides commercial property and casualty insurance products in the United States, Canada, the United Kingdom, Continental Europe, and internationally.

Pinnacle Financial Partners

Market Cap: US$12.6b

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.

Brookfield Wealth Solutions

Market Cap: US$12.6b

Through its subsidiaries, provides retirement services, wealth protection products, and capital solutions to individuals and institutions.

African Distillers

Market Cap: US$1.6b

Manufactures, distributes, and markets branded wines, spirits, and ciders in Zimbabwe.

Hormel Foods

Market Cap: US$12.5b

Develops, processes, and distributes various meat, nuts, and other food products to foodservice, convenience store, and commercial customers in the United States and internationally.

Carrefour

Market Cap: €10.9b

Operates as a food retailer in France, Spain, Italy, Belgium, Poland, Romania, Brazil, Argentina, the Middle East, Africa, and Asia.

Fresenius Medical Care

Market Cap: €10.9b

Provides dialysis and related services for individuals with renal diseases in Germany, the United States, and internationally.

Uni-President Enterprises

Market Cap: NT$397.7b

Produces and sells food products in Taiwan and internationally.

Saputo

Market Cap: CA$17.0b

Produces, markets, and distributes dairy products in Canada, the United States, Australia, Argentina, and the United Kingdom.

ASPEED Technology

Market Cap: NT$396.7b

Operates as a fabless integrated circuit (IC) design company in Taiwan, China, the United States, and internationally.

Centrica

Market Cap: UK£9.3b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

Industrial Bank of Korea

Market Cap: ₩18.4t

Operates as a small and medium-sized enterprise (SME) financing bank in Korea and internationally.

Emirates Integrated Telecommunications Company PJSC

Market Cap: د.إ45.3b

Provides mobile, fixed services, broadband connectivity, and IPTV solutions to homes and businesses in the United Arab Emirates.

Shanghai Rural Commercial Bank

Market Cap: CN¥85.0b

Engages in commercial banking business in China.

Indus Towers

Market Cap: ₹1.1t

A telecom infrastructure company, engages in the operation and maintenance of wireless communication towers and related infrastructures for various telecom service providers in India, Nigeria, Uganda, and Zambia.

Insurance Australia Group

Market Cap: AU$17.1b

Insurance Australia Group Limited underwrites general insurance products and provides investment management services in Australia and New Zealand.

Mowi

Market Cap: NOK 117.3b

A seafood company, produces and sells Atlantic salmon products worldwide.

Ensign Group

Market Cap: US$12.0b

Provides skilled nursing, senior living, and rehabilitative services.

Mashreqbank PSC

Market Cap: د.إ44.1b

Provides various banking and financial services to individuals and corporates.

HKT Trust and HKT

Market Cap: HK$93.7b

An investment holding company, engages in the provision of technology, and satellite-and network-based telecommunications and related services in Hong Kong, Mainland China, and internationally.

Chubu Electric Power Company

Market Cap: JP¥1.9t

Engages in the generation, transmission, distribution, and retail of electricity in Japan and internationally.

TIM

Market Cap: R$62.6b

Engages in the telecommunications sector in Brazil.

Unum Group

Market Cap: US$11.9b

Provides financial protection benefit solutions in the United States, the United Kingdom, and Poland.

Align Technology

Market Cap: US$11.9b

Provides Invisalign clear aligners, Vivera retainers, and iTero intraoral scanners and services in the United States, Switzerland, and internationally.

Orkla

Market Cap: NOK 115.5b

Operates as an industrial investment company within brands and consumer-oriented businesses in Norway, Sweden, Denmark, Finland, Iceland, the Baltics, rest of Europe, and internationally.

Millicom International Cellular

Market Cap: US$11.9b

Provides cable and mobile services in Latin America.