Malawian Software Defensive Blue Chips

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ182.3b

Provides telecommunications services, media, and related equipment in the United Arab Emirates and internationally.

National Bank of Canada

Market Cap: CA$67.0b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

Sberbank of Russia

Market Cap: ₽3.0t

Sberbank of Russia, together with its subsidiaries, provides corporate and retail banking products and services to individuals, small businesses, corporate clients, and financial institutions.

Heineken

Market Cap: €41.3b

Heineken N.V. brews and sells beer and cider in the Americas, Europe, Africa, the Middle East, and the Asia Pacific.

Shanghai Pudong Development Bank

Market Cap: CN¥339.1b

Shanghai Pudong Development Bank Co., Ltd.

Swiss Re

Market Cap: CHF 37.3b

Provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide.

Teradyne

Market Cap: US$48.6b

Designs, develops, manufactures, and sells automated test systems and robotics products in the United States, Asia Pacific, Europe, the Middle East, and Africa.

ASE Technology Holding

Market Cap: NT$1.5t

Provides semiconductor manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally.

Federal National Mortgage Association

Market Cap: US$47.3b

Provides financing solutions for residential mortgages in the United States.

Kotak Mahindra Bank

Market Cap: ₹4.3t

Provides a range of banking and financial services to corporate and individual customers in India.

PICC Property and Casualty

Market Cap: HK$367.0b

Engages in property and casualty insurance business in People’s Republic of China.

Hershey

Market Cap: US$46.8b

Engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally.

Axis Bank

Market Cap: ₹4.2t

Provides various financial products and services in India and internationally.

Ambev

Market Cap: R$240.0b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, carbonated soft drinks, malt and food, other alcoholic beverages, and non-alcoholic and non-carbonated products in Brazil, Central America and Caribbean, Latin America South, and Canada.

Commerzbank

Market Cap: €38.8b

Provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, Asia, and internationally.

Kuwait Finance House K.S.C.P

Market Cap: د.ك14.0b

Provides Islamic banking products and services in the Middle East, Europe, and internationally.

Heidelberg Materials

Market Cap: €38.1b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

RWE

Market Cap: €38.1b

Generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally.

DNB Bank

Market Cap: NOK 429.2b

Provides financial services to individuals and businesses in Norway and internationally.

Swedbank

Market Cap: SEK 396.5b

Provides various banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China.

Edwards Lifesciences

Market Cap: US$44.6b

Provides products and technologies to treat advanced cardiovascular diseases in the United States, Europe, Japan, and internationally.

Danske Bank

Market Cap: DKK 279.4b

Provides various banking products and services to corporate, institutional, and international clients.

ITC

Market Cap: ₹4.0t

Engages in the fast-moving consumer goods, paperboards, paper and packaging, and agri businesses in India and internationally.

Kroger

Market Cap: US$44.4b

Operates as a food and drug retailer in the United States.

Swisscom

Market Cap: CHF 33.9b

Provides telecommunication services primarily in Switzerland, Italy, and internationally.

Coca-Cola Europacific Partners

Market Cap: €36.5b

Produces, distributes, and sells a range of non-alcoholic ready to drink beverages.

Vulcan Materials

Market Cap: US$43.2b

Produces and supplies construction aggregates in the United States.

Skandinaviska Enskilda Banken

Market Cap: SEK 381.6b

Provides corporate, retail, investment, and private banking services.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ156.5b

Generates, transmits, and distributes electricity for residential, commercial, industrial, and government customers primarily in Dubai.

UltraTech Cement

Market Cap: ₹3.8t

Engages in the manufacture and sale of clinker, cement, ready mix concrete, and related products in India, the United Arab Emirates, Bahrain, and Sri Lanka.

SSE

Market Cap: UK£30.9b

Engages in the generation, transmission, distribution, and supply of electricity.

Martin Marietta Materials

Market Cap: US$42.0b

A natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally.

Microchip Technology

Market Cap: US$41.6b

Develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.

Sysco

Market Cap: US$41.4b

Through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally.

Fubon Financial Holding

Market Cap: NT$1.3t

Provides various financial services in Taiwan, Asia, and internationally.

American International Group

Market Cap: US$40.4b

Offers insurance products for commercial, institutional, and individual customers in North America and internationally.