As promised, this is the first bi-annual dividend list (started only in 2017!) with the first list out earlier this year. As usual, the criteria have not changed over the years and we have used three year average ROE, 4 year average free cashflow and EBIT margin. The dividend yield is cut at 3% and we have 54 interesting names.

They are ranked by market cap. With the largest being P&G at c.USD 220bn. This is the world's largest consumer staples company. While huge in absolute size, it pales in comparison with the internet giants at USD 600-800bn market cap. Apple, the world's largest company today stands at $842bn while Amazon and Alibaba is about $500bn market cap each. Both Amazon and Alibaba has never manufactured anything.

The first part of this list also featured some drugs and tobacco companies. The ...