Malawian Utilities Defensive Blue Chips

ACWA Power

Market Cap: ر.س161.2b

Engages in the investment, development, operation, and maintenance of power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia, the Middle East, Asia, and Africa.

UltraTech Cement

Market Cap: ₹3.6t

Primarily engages in the manufacture and sale of clinker, cement, and related products in India.

Cambricon Technologies

Market Cap: CN¥297.2b

Research, develops, design, and sells core chips in cloud server, edge computing, and terminal equipment in China.

KBC Group

Market Cap: €35.7b

Provides banking, insurance, and asset management services primarily for retail, private banking, small and medium sized enterprises, and mid-cap clients in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

National Bank of Canada

Market Cap: CA$56.7b

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

Standard Chartered

Market Cap: UK£30.7b

Provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas.

Commerzbank

Market Cap: €35.3b

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.

Heidelberg Materials

Market Cap: €34.8b

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

ResMed

Market Cap: US$40.3b

Develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets.

Orange

Market Cap: €34.7b

Operates as a telecommunications operator in France and internationally.

JAPAN POST BANK

Market Cap: JP¥5.9t

Provides various banking products and services to retail and corporate clients in Japan and internationally.

Intact Financial

Market Cap: CA$54.4b

Through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally.

Shenzhen Mindray Bio-Medical Electronics

Market Cap: CN¥282.0b

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Sysco

Market Cap: US$38.9b

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.

Huadian New Energy Group

Market Cap: CN¥277.4b

Engages in the power generation business in China.

Axis Bank

Market Cap: ₹3.3t

Provides various financial products and services in India and internationally.

Fairfax Financial Holdings

Market Cap: CA$52.3b

Through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in the United States, Canada, the Middle East, Asia, and internationally.

Fubon Financial Holding

Market Cap: NT$1.1t

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

Hershey

Market Cap: US$37.9b

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

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ138.5b

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

DNB Bank

Market Cap: NOK 382.8b

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

Cardinal Health

Market Cap: US$37.5b

Operates as a healthcare services and products company in the United States, Canada, Europe, Asia, and internationally.

Microchip Technology

Market Cap: US$37.4b

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

China Unicom (Hong Kong)

Market Cap: HK$293.1b

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

NTPC

Market Cap: ₹3.2t

Primarily engages in the generation and sale of bulk power to state power utilities in India.

Hannover Rück

Market Cap: €32.0b

Provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally.

Tesco

Market Cap: UK£27.6b

Operates as a grocery retailer in the United Kingdom, Republic of Ireland, the Czech Republic, Slovakia, and Hungary.

Consolidated Edison

Market Cap: US$36.8b

Through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States.

Telstra Group

Market Cap: AU$56.3b

Engages in the provision of telecommunications and information services to businesses, government, and individuals in Australia and internationally.

Muyuan Foods

Market Cap: CN¥262.6b

Operates in the hog industry in China.

Ambev

Market Cap: R$203.6b

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.

Swisscom

Market Cap: CHF 29.2b

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

Vulcan Materials

Market Cap: US$36.3b

Produces and supplies construction aggregates in the United States.

Koninklijke Ahold Delhaize

Market Cap: €31.3b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp593.6t

Provides various banking products and services in Indonesia and internationally.

GE HealthCare Technologies

Market Cap: US$35.6b

Engages in the development, manufacture, and marketing of products, services, and complementary digital solutions used in the diagnosis, treatment, and monitoring of patients in the United States, Canada, and internationally.