Malawian Utilities Defensive Blue Chips

SinoPac Financial Holdings

Market Cap: NT$359.4b

Through its subsidiaries, provides banking, securities, investment, leasing, and venture capital services worldwide.

HKT Trust and HKT

Market Cap: HK$89.4b

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.

Ooredoo Q.P.S.C

Market Cap: ر.ق41.8b

Provides telecommunications services in Qatar, rest of the Middle East, Asia, and North Africa region.

Saputo

Market Cap: CA$15.9b

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

James Hardie Industries

Market Cap: AU$17.2b

Engages in the manufacture and sale of fiber cement, fiber gypsum, and cement bonded boards in the United States, Australia, Europe, and New Zealand.

China Zheshang Bank

Market Cap: HK$88.3b

Provides various commercial banking products and services in Mainland China.

Industrial Bank of Korea

Market Cap: ₩16.7t

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

Apollo Hospitals Enterprise

Market Cap: ₹1.0t

Provides healthcare services in India.

Encompass Health

Market Cap: US$11.3b

Provides post-acute healthcare services in the United States and Puerto Rico.

IDBI Bank

Market Cap: ₹1.0t

Provides banking and financial solutions to retail and corporate customers in India.

Align Technology

Market Cap: US$11.3b

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

United Spirits

Market Cap: ₹1.0t

Manufactures, sells, and distributes alcoholic beverages and other allied spirits in India and internationally.

Manila Electric

Market Cap: ₱663.9b

Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines.

China Resources Beer (Holdings)

Market Cap: HK$87.3b

An investment holding company, manufactures, distributes, and sells alcoholic beverages in Mainland China.

First Horizon

Market Cap: US$11.2b

Operates as the bank holding company for First Horizon Bank that provides various financial services.

Alibaba Health Information Technology

Market Cap: HK$87.1b

An investment holding company, engages in the pharmaceutical direct sales, pharmaceutical e-commerce platform, and healthcare and digital services businesses in Mainland China and Hong Kong.

Acciona

Market Cap: €9.6b

Engages in the energy, infrastructure, and other businesses in Spain and internationally.

Assurant

Market Cap: US$11.2b

Provides protection services to connected devices, homes, and automobiles in North America, Latin America, Europe, and the Asia Pacific.

Baloise Holding

Market Cap: CHF 9.0b

Primarily engages in the insurance and banking businesses in Switzerland, Germany, Belgium, and Luxembourg.

ACM Research (Shanghai)

Market Cap: CN¥78.4b

Engages in the research, development, production, and sale of semiconductor equipment in China.

BDO Unibank

Market Cap: ₱655.0b

Provides various banking products and services to individuals and corporations in the Philippines and internationally.

Chubu Electric Power Company

Market Cap: JP¥1.7t

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

American Financial Group

Market Cap: US$11.1b

An insurance holding company, provides specialty property and casualty insurance products in the United States.

Carrefour

Market Cap: €9.5b

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

Severn Trent

Market Cap: UK£8.3b

Provides water and wastewater services in the United Kingdom.

iA Financial

Market Cap: CA$15.3b

Provides insurance and wealth management services for individual and group basis in Canada and the United States.

T&D Holdings

Market Cap: JP¥1.7t

Through its subsidiaries, provides insurance products and services in Japan.

Phoenix Financial

Market Cap: ₪35.4b

Provides multi-line insurance products in Israel.

Rambus

Market Cap: US$10.9b

Manufactures and sells semiconductor products in the United States, South Korea, Singapore, and internationally.

BKW

Market Cap: CHF 8.8b

An international energy and infrastructure company, plans, builds, and operates infrastructure to produce and supply energy to businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally.

Italgas

Market Cap: €9.4b

Engages in the distribution of natural gas in Italy, Greece, and Other European Union countries.

Buzzi

Market Cap: €9.4b

Manufactures, distributes, and sells cement, ready-mix concrete, and natural aggregates.

Tele2

Market Cap: SEK 102.4b

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

Banque Saudi Fransi

Market Cap: ر.س40.8b

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

BAWAG Group

Market Cap: €9.3b

Operates as a holding company for BAWAG P.S.K.

Hippo Valley Estates

Market Cap: US$1.4b

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