Malawian Utilities Defensive Blue Chips

China National Nuclear Power

Market Cap: CN¥186.6b

Engages in the investment, construction, operation, and management of nuclear power projects in the People's Republic of China.

Aviva

Market Cap: UK£20.5b

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

Piotech

Market Cap: CN¥185.8b

Engages in the research and development, production, sales, and technical services of semiconductor equipment in China.

PPL

Market Cap: US$27.3b

Provides electricity and natural gas to approximately 3.6 million customers in the United States.

China Everbright Bank

Market Cap: CN¥183.8b

Provides a range of financial products and services to corporations and government agencies, retail customers, and individuals in Mainland China, Hong Kong, Luxembourg, Macao, Seoul, and Sydney.

Chocoladefabriken Lindt & Sprüngli

Market Cap: CHF 22.1b

Engages in the development, manufacture, and sale of chocolate products worldwide.

BT Group

Market Cap: UK£20.2b

Provides communications products and services in the United Kingdom, Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

American Water Works Company

Market Cap: US$27.0b

Through its subsidiaries, provides water and wastewater services in the United States.

GLOBALFOUNDRIES

Market Cap: US$26.9b

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

Qnity Electronics

Market Cap: US$26.8b

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.

Regions Financial

Market Cap: US$26.7b

A financial holding company, provides various banking and related products and services to individual and corporate customers.

Banco BPM

Market Cap: €23.1b

Provides banking and financial products and services to individual, business, and corporate customers in Italy.

China Unicom (Hong Kong)

Market Cap: HK$207.5b

An investment holding company, provides telecommunications and related value-added services in the People’s Republic of China.

Avenue Supermarts

Market Cap: ₹2.5t

Engages in the business of organized retail and operation of supermarkets under the D-Mart brand name in India.

QBE Insurance Group

Market Cap: AU$37.9b

Engages in underwriting general insurance and reinsurance risks in the Australia Pacific, North America, and internationally.

Helvetia Baloise Holding

Market Cap: CHF 21.2b

Engages in life and non-life insurance, and reinsurance business.

Quest Diagnostics

Market Cap: US$26.0b

Provides diagnostic testing and services in the United States.

Huadian New Energy Group

Market Cap: CN¥176.0b

Engages in the power generation business in China.

Inner Mongolia Yili Industrial Group

Market Cap: CN¥175.1b

Inner Mongolia Yili Industrial Group Co., Ltd.

Labcorp Holdings

Market Cap: US$25.8b

Provides laboratory services.

New China Life Insurance

Market Cap: CN¥174.1b

Provides life insurance products and services to individuals and institutions in China.

TS Financial Holding

Market Cap: NT$832.6b

Provides various financial products and services.

AIB Group

Market Cap: €22.3b

Provides banking and financial products and services to personal, business, and corporate customers in the Republic of Ireland, the United Kingdom, and internationally.

Koninklijke Philips

Market Cap: €22.3b

Operates as a health technology company in North America, the Greater China, and internationally.

Markel Group

Market Cap: US$25.5b

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

Mediobanca Banca di Credito Finanziario

Market Cap: €22.2b

Provides various banking products and services in Italy, Other European countries, the United States, Asia, and internationally.

MTN Group

Market Cap: R422.6b

Provides mobile telecommunications services in South Africa, Nigeria, South and East Africa, West and Central Africa, and the Middle East and North Africa.

EnBW Energie Baden-Württemberg

Market Cap: €22.2b

Operates as an integrated energy company in Germany, Rest of Europe, and internationally.

National Bank of KuwaitK.P

Market Cap: د.ك7.9b

Provides financial and investment services and solutions to individual, corporate, and institutional clients in Kuwait, the Middle East, North Africa, Europe, the United Kingdom, and internationally.

CLP Holdings

Market Cap: HK$197.6b

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

First Citizens BancShares

Market Cap: US$24.8b

Operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp450.2t

Provides various banking products and services in Indonesia and internationally.

Coca-Cola HBC

Market Cap: UK£18.5b

Engages in the production, sale, and distribution of non-alcoholic ready-to-drink beverages under franchise in Switzerland, West Coast of Ireland, Central and Eastern Europe, Nigeria, and internationally.

Brown & Brown

Market Cap: US$24.6b

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

Loews

Market Cap: US$24.6b

Through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥165.9b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.