Malawian Utilities Defensive Blue Chips

Metro

Market Cap: CA$19.6b

Through its subsidiaries, operates as a retailer, franchisor, distributor, and manufacturer in the food and pharmaceutical sectors in Canada.

Anhui Conch Cement

Market Cap: CN¥93.7b

Manufactures, sells, and trades in clinker and cement products in China and internationally.

Kerry Group

Market Cap: €11.9b

Provides taste and nutrition solutions.

Union Bank of India

Market Cap: ₹1.3t

Provides banking products and services in India.

Tongfu MicroelectronicsLtd

Market Cap: CN¥93.4b

Provides integrated circuit (IC) encapsulation test services in China and internationally.

Gjensidige Forsikring

Market Cap: NOK 131.7b

Provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia.

Reinsurance Group of America

Market Cap: US$13.8b

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

Asahi Group Holdings

Market Cap: JP¥2.2t

Manufactures and sells beer, alcohol and non-alcohol beverages, and food products in Japan, Europe, Oceania, and Southeast Asia.

Mashreqbank PSC

Market Cap: د.إ50.6b

Provides various banking and financial services to individuals and corporates.

Shanghai United Imaging Healthcare

Market Cap: CN¥92.9b

Shanghai United Imaging Healthcare Co., Ltd.

Suncorp Group

Market Cap: AU$19.5b

Provides insurance products to retail, corporate, and commercial customers in Australia and New Zealand.

Uni-President Enterprises

Market Cap: NT$433.5b

Engages in the manufacture and sale of beverages and instant noodles in Taiwan, China, and Southeast Asia.

Tryg

Market Cap: DKK 88.5b

Engages in the provision of insurance products and services to private, small and medium sized commercial, and corporate customers in Denmark, the United States, rest of Nordic, Luxembourg, the United Kingdom, and internationally.

Hormel Foods

Market Cap: US$13.6b

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

China Resources Microelectronics

Market Cap: CN¥91.4b

Engages in the manufacture and sale of semiconductors in China and internationally.

Carrefour

Market Cap: €11.6b

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

Chubu Electric Power Company

Market Cap: JP¥2.2t

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

Eastroc Beverage (Group)

Market Cap: CN¥90.9b

Engages in the manufacturing and distribution of beverages in the People’s Republic of China.

Kirin Holdings Company

Market Cap: JP¥2.2t

Engages in food and beverages, alcoholic beverages, pharmaceuticals, and health science businesses.

Everest Group

Market Cap: US$13.4b

Together with subsidiaries, provides reinsurance and insurance products in the United States, Europe, and internationally.

DaVita

Market Cap: US$13.4b

Provides kidney dialysis services for patients suffering from chronic kidney failure in the United States.

Piraeus Bank

Market Cap: €11.5b

Provides various banking products and services in Greece, Europe, and internationally.

Tele2

Market Cap: SEK 125.2b

Provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia.

Coloplast

Market Cap: DKK 85.5b

Engages in the development and sale of intimate healthcare products and services in Denmark, the United States, the United Kingdom, France, and internationally.

Cooper Companies

Market Cap: US$13.2b

Develops, manufactures, and markets contact lens wearers.

Britannia Industries

Market Cap: ₹1.3t

Manufactures and sells various food products in India and internationally.

BrightSpring Health Services

Market Cap: US$13.2b

Operates as a home and community-based healthcare services platform in the United States.

McCormick

Market Cap: US$13.2b

Manufactures, markets, and distributes herbs, spices, seasoning mixes, condiments, and other flavorful products to the food industry.

Osaka Gas

Market Cap: JP¥2.1t

Provides gas, electricity, and other energy products and services in Japan and internationally.

HDFC Life Insurance

Market Cap: ₹1.2t

Provides individual and group insurance solutions in India.

Punjab National Bank

Market Cap: ₹1.2t

Provides various banking and financial products and services in India and internationally.

China Resources Power Holdings

Market Cap: HK$102.5b

An investment holding company, invests in, develops, operates, and manages power plants and coal mine projects in the People’s Republic of China.

Hippo Valley Estates

Market Cap: US$1.7b

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

Fisher & Paykel Healthcare

Market Cap: NZ$22.4b

Designs, manufactures, markets, and sells medical device products and systems in North America, Europe, the Asia Pacific, and internationally.

Origin Energy

Market Cap: AU$18.5b

An integrated energy company, engages in the exploration and production of natural gas, electricity generation, wholesale and retail sale of electricity and gas, and sale of liquefied natural gas in Australia and internationally.

Tokyo GasLtd

Market Cap: JP¥2.1t

Engages in the production, supply, and sale of city gas and LNG in Japan.