Podstawowe założenia modelu DCF:

Średni wzrost przychodów (CAGR) w latach 2024-2033:	1.6%
Średni wzrost przychodów (CAGR) za poprzednie 2014-2023:	2.3%
Średni wzrost przychodów (CAGR) w najbliższych 5 latach (2024-2028):	1.2%
Średni wzrost przychodów (CAGR) za ostatnie 5 lat (2024-2028):	2.3%
Marża EBIT w okresie terminalnym (TV):	14.0 %
Beta:	1.0
Koszt kapitału (WACC):	6.4%

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index	2024P	2025P	2026P	2027P	2028P	2029P	2030P	2031P	2032P	2033P	TV
Przychód (mln)	28 171	28 453	28 737	29 025	29 315	29 901	30 499	31 109	31 731	32 366	32 851
Ebit (%)	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	14.0
EBIT (mln)	3 605	3 670	3 707	3 744	3 781	3 857	3 964	4 044	4 125	4 207	4 454
Amtortyzacja	1 267	1 280	1 293	1 306	1 319	1 345	1 372	1 399	1 427	1 456	1 485
Capex	-1 162	-1 174	-1 185	-1 197	-1 209	-1 233	-1 258	-1 283	-1 309	-1 335	1 485
Δ Kapitału obr.	-55	-16	149	-149	29	31	-6	-6	-6	-7	-7
FCFF	2 708	2 716	2 577	2 903	2 751	2 805	2 921	2 980	3 040	3 101	3 155
Wartość bieżąca	2 585	2 455	2 190	2 320	2 067	1 857	1 797	1 703	1 615	1 531	35 814
FCFF (%)	9.6	9.5	9.0	10.0	9.4	9.4	9.6	9.6	9.6	9.6	0.0
symbol	BN.PA	BN.PA	BN.PA	BN.PA	BN.PA	BN.PA	BN.PA	BN.PA	BN.PA	BN.PA	BN.PA
id	761	764	767	769	772	776	780	797	801	805	810

Brak modelowania Monte Carlo

Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np. EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń oraz jest prostsza w zastosowaniu. Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np. przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).

	EV/EBITDA TTM	P/E TTM	P/B TTM
Mediana dla branży	8.3	18.6	1.6
Danone S.A.	6.1	21.6	2.5
Mediana / Danone S.A.	1.4	0.9	0.7

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Pozostałe spółki z branży Packaged Foods

Nazwa firmy	Symbol	Kapitalizacja (mln $)	EV/EBITDA	P/E	P/B	Giełda
Bonduelle SCA	BON.PA	305	-21.7	-0.6	0.1	Paris
Humble Group AB (publ)	HUMBLE.ST	360	2.4	31.1	0.7	Stockholm Stock Exchange
Jiangsu Hengshun Vinegar-Industry Co.,Ltd	600305.SS	1,180	46.8	65.8	2.5	Shanghai
Hatsun Agro Product Limited	HATSUN.NS	2,454	18.5	75.8	12.3	National Stock Exchange of India
Shenguan Holdings (Group) Limited	0829.HK	130	13.1	36.5	0.4	HKSE
Anjoy Foods Group Co., Ltd.	603345.SS	3,006	11.7	15.0	1.6	Shanghai
Fuji Oil Holdings Inc.	2607.T	1,670	1.0	111.4	1.2	Tokyo
Savencia SA	0DTK.L	1,035	0.9	8.7	0.5	London Stock Exchange
Dongwon F&B Co., Ltd.	049770.KS	620	0.8	7.2	0.8	KSE
PT Indofood CBP Sukses Makmur Tbk	ICBP.JK	7,430	6.5	16.4	2.5	Jakarta Stock Exchange
Campbell Soup Company	CPB	9,236	1.8	20.3	2.4	New York Stock Exchange
Kawan Food Berhad	7216.KL	92	8.7	14.9	1.1	Kuala Lumpur
Yihai International Holding Ltd.	1579.HK	1,701	11.2	16.5	2.7	HKSE
GFPT Public Company Limited	GFPT.BK	374	2.6	5.6	0.6	Thailand
Able Global Berhad	7167.KL	109	3.7	6.8	0.9	Kuala Lumpur
Bridgford Foods Corporation	BRID	69	-20.4	-9.4	0.6	NASDAQ Global Market
SOLBAR NINGBO PROTEIN TECH CO L	603231.SS	310	13.8	25.8	1.7	Shanghai
BRF S.A.	BRFS	5,915	1.7	8.5	2.0	New York Stock Exchange
ADF Foods Limited	ADFFOODS.NS	348	26.6	42.8	6.1	National Stock Exchange of India
Lian Hwa Foods Corporation	1231.TW	1,328	20.6	39.9	5.9	Taiwan
Fortune Ng Fung Food (Hebei) Co.,Ltd	600965.SS	572	25.4	76.4	1.8	Shanghai
COFCO Joycome Foods Limited	1610.HK	1,057	1.4	14.1	0.8	HKSE
Pilgrim's Pride Corporation	PPC	10,656	4.5	8.8	3.4	NASDAQ Global Select
Iceland Seafood International hf.	ICESEA.IC	126	0.4	31.1	1.5	Iceland
Midsona AB (publ)	MSON-A.ST	125	7.0	31.8	0.4	Stockholm Stock Exchange
Vedan International (Holdings) Limited	2317.HK	122	3.1	7.3	0.4	HKSE
Daesang Corporation	001685.KS	598	-0.1	8.3	0.6	KSE
Guoquan Food (Shanghai) Co Ltd	2517.HK	1,254	26.6	49.3	2.9	HKSE
Yamazaki Baking Co., Ltd.	2212.T	4,294	7.0	17.8	1.6	Tokyo
Yantai China Pet Foods Co., Ltd.	002891.SZ	2,278	26.1	37.5	6.3	Shenzhen
PT Malindo Feedmill Tbk	MAIN.JK	95	0.7	3.3	0.6	Jakarta Stock Exchange
Camil Alimentos S.A.	CAML3.SA	306	-1.2	7.8	0.5	São Paulo
Lotus Health Group Company	600186.SS	1,541	30.8	40.8	5.9	Shanghai
Nomad Foods Limited	NOMD	2,675	1.0	10.3	0.9	New York Stock Exchange
Raisio plc	RAIKV.HE	435	11.2	21.2	1.5	Helsinki
SKM Egg Products Export (India) Limited	SKMEGGPROD.BO	90	10.8	22.3	2.5	Bombay Stock Exchange
KOIKE-YA Inc.	2226.T	346	9.7	19.9	2.7	Tokyo
Central Garden & Pet Company	CENT	2,312	4.5	20.9	1.7	NASDAQ Global Select
Nichirei Corporation	2871.T	3,081	6.3	18.8	1.8	Tokyo
The Bombay Burmah Trading Corporation, Limited	BBTC.BO	1,624	3.7	12.5	2.5	Bombay Stock Exchange
Fujicco Co., Ltd.	2908.T	304	12.0	47.5	0.7	Tokyo
Zhejiang Huatong Meat Products Co., Ltd.	002840.SZ	1,172	8.5	27.2	3.0	Shenzhen
KRBL Limited	KRBL.NS	1,081	12.3	19.6	1.8	National Stock Exchange of India
Gujarat Ambuja Exports Limited	GAEL.BO	596	10.7	20.4	1.7	Bombay Stock Exchange
Pickles Holdings Co.,Ltd.	2935.T	82	4.9	11.9	0.6	Tokyo
Shandong Fengxiang Co., Ltd	9977.HK	395	4.6	20.3	0.8	HKSE
First Pacific Company Limited	0142.HK	3,255	-2.5	5.4	0.8	HKSE
Sarveshwar Foods Limited	SARVESHWAR.NS	97	7.0	31.8	2.8	National Stock Exchange of India
Wafrah for Industry and Development Company	2100.SR	178	40.3	-601.3	2.8	Saudi
McCormick & Company, Incorporated	MKC	19,161	11.2	24.7	3.4	New York Stock Exchange
Ajinomoto (Malaysia) Bhd	2658.KL	186	11.3	15.9	1.0	Kuala Lumpur
USANA Health Sciences, Inc.	USNA	565	7.9	16.6	1.1	New York Stock Exchange
Kriti Nutrients Limited	KRITINUT.NS	64	9.9	14.9	2.6	National Stock Exchange of India
Del Monte Pacific Limited	D03.SI	113	-9.0	-0.7	4.6	Stock Exchange of Singapore
President Bakery Public Company Limited	PB.BK	730	11.3	15.6	1.8	Thailand
Seneca Foods Corporation	SENEA	706	2.8	17.1	1.1	NASDAQ Global Select
Ingredion Incorporated	INGR	8,562	6.4	13.7	2.1	New York Stock Exchange
Chubu Shiryo Co., Ltd.	2053.T	329	7.4	14.0	0.7	Tokyo
Savola Group Company	2050.SR	2,053	0.2	0.8	1.6	Saudi
Conagra Brands, Inc.	CAG	9,107	3.7	7.9	1.0	New York Stock Exchange
Hormel Foods Corporation	HRL	16,018	10.7	21.5	2.0	New York Stock Exchange
Farm Fresh Berhad	5306.KL	791	15.8	31.5	4.8	Kuala Lumpur
Hainan Jingliang Holdings Co., Ltd.	000505.SZ	649	182.7	279.2	1.4	Shenzhen
PT Mayora Indah Tbk	MYOR.JK	2,780	9.9	17.6	2.6	Jakarta Stock Exchange
Shenzhen Cereals Holdings Co., Ltd.	000019.SZ	1,053	12.1	22.5	1.6	Shenzhen
Guangdong Haid Group Co., Limited	002311.SZ	12,963	14.0	19.0	3.8	Shenzhen
Herbalife Nutrition Ltd.	HLF	945	-2.0	3.4	-1.3	New York Stock Exchange
Thai Union Group Public Company Limited	TU-R.BK	1,461	-1.9	9.4	0.9	Thailand
Nature's Sunshine Products, Inc.	NATR	275	10.2	27.2	1.7	NASDAQ Capital Market
ORIOR AG	ORON.SW	96	0.3	-2.2	2.5	Swiss Exchange
Bell Food Group AG	BELL.SW	1,957	2.0	12.7	1.0	Swiss Exchange
Danone S.A.	BN.PA	55,848	6.1	21.7	2.5	Paris
Tianjin Guifaxiang 18th Street Mahua Food Co.,Ltd.	002820.SZ	302	61.1	163.5	2.6	Shenzhen
Kewpie Corporation	2809.T	3,664	11.0	19.4	1.7	Tokyo
TECON BIOLOGY Co.LTD	002100.SZ	1,209	7.4	12.3	1.2	Shenzhen
China Feihe Limited	6186.HK	5,269	8.6	11.0	1.5	HKSE
Zydus Wellness Limited	ZYDUSWELL.NS	1,547	33.1	38.4	2.3	National Stock Exchange of India
By-health Co., Ltd.	300146.SZ	2,762	31.2	51.2	1.7	Shenzhen
Daesang Corporation	001680.KS	595	-0.1	8.3	0.6	KSE
Foshan Haitian Flavouring and Food Company Ltd.	603288.SS	29,961	29.0	32.2	6.5	Shanghai
Health and Happiness (H&H) International Holdings Limited	1112.HK	905	-0.7	23.1	1.1	HKSE
BRC Inc.	BRCC	348	-8,556.5	-11.3	11.4	New York Stock Exchange
China Starch Holdings Limited	3838.HK	163	1.8	2.4	0.3	HKSE
Lifeway Foods, Inc.	LWAY	380	27.2	36.4	5.0	NASDAQ Global Market
Paranovus Entertainment Technology Ltd.	PAVS	56	-3.2	-0.5	1.5	NASDAQ Capital Market
MEGMILK SNOW BRAND Co.,Ltd.	2270.T	1,247	4.4	13.3	0.8	Tokyo
Synlait Milk Limited	SM1.AX	218	7.9	-0.6	0.2	Australian Securities Exchange
McCormick & Company, Incorporated	0JZS.L	19,117	11.5	24.6	3.6	London Stock Exchange
Daesang Holdings Co., Ltd.	084695.KS	283	-1.3	31.3	0.5	KSE
Labixiaoxin Snacks Group Limited	1262.HK	59	-0.6	-4.5	2.0	HKSE
PT Buyung Poetra Sembada Tbk	HOKI.JK	52	285.2	-19.2	1.4	Jakarta Stock Exchange
TreeHouse Foods, Inc.	THS	1,010	-2.7	148.0	0.7	New York Stock Exchange
Manorama Industries Limited	MANORAMA.NS	1,080	45.3	85.1	20.3	National Stock Exchange of India
Warabeya Nichiyo Holdings Co., Ltd.	2918.T	308	2.0	17.1	0.8	Tokyo
Darling Ingredients Inc.	DAR	5,670	7.2	34.2	1.4	New York Stock Exchange
Dong Suh Companies Inc.	026960.KS	2,174	29.1	20.3	1.8	KSE
Zhe Jiang Li Zi Yuan Food Co.,Ltd.	605337.SS	683	13.3	21.1	2.7	Shanghai
Lee Feed Mill Public Company Limited	LEE.BK	68	9.4	15.1	0.8	Thailand
High Liner Foods Incorporated	HLF.TO	387	1.3	6.8	1.0	Toronto Stock Exchange
Yihai Kerry Arawana Holdings Co., Ltd	300999.SZ	22,716	15.9	63.2	1.7	Shenzhen
Central Garden & Pet Company	CENTA	2,335	4.5	20.9	1.7	NASDAQ Global Select
Hindustan Foods Limited	HNDFDS.BO	774	19.2	60.8	7.5	Bombay Stock Exchange
Thaitheparos Public Company Limited	SAUCE.BK	420	14.7	18.0	4.0	Thailand
NittoBest Corporation	2877.T	62	0.8	24.1	0.6	Tokyo
PT Indofood Sukses Makmur Tbk	INDF.JK	4,424	1.7	8.1	1.1	Jakarta Stock Exchange
DXN Holdings Bhd.	5318.KL	591	5.0	7.6	2.0	Kuala Lumpur
The J. M. Smucker Company	SJM	11,306	-69.0	-9.2	1.9	New York Stock Exchange
Tenfu (Cayman) Holdings Company Limited	6868.HK	432	8.9	22.5	1.8	HKSE
Anji Foodstuff Co., Ltd	603696.SS	358	54.4	60.1	3.9	Shanghai
Dutch Lady Milk Industries Berhad	3026.KL	415	13.2	18.5	3.3	Kuala Lumpur
J-Oil Mills, Inc.	2613.T	455	3.2	9.7	0.6	Tokyo
Gujarat Ambuja Exports Limited	GAEL.NS	595	10.7	20.4	1.7	National Stock Exchange of India
Thai Wah Public Company Limited	TWPC.BK	58	2.1	-28.0	0.4	Thailand
The National Agricultural Development Company	6010.SR	1,737	7.2	8.3	1.5	Saudi
AFC-HD AMS Life Science Co., Ltd.	2927.T	84	-0.0	8.3	0.9	Tokyo
Ros Agro PLC	AGRO.ME	1,438	-0.4	4.0	0.5	Moscow Stock Exchange
SunOpta Inc.	SOY.TO	741	6.8	-49.3	4.8	Toronto Stock Exchange
Almarai Company	2280.SR	12,757	6.7	19.9	2.4	Saudi
Bright Dairy & Food Co.,Ltd	600597.SS	1,647	21.6	17.5	1.2	Shanghai
Bega Cheese Limited	BGA.AX	1,029	6.4	46.7	1.5	Australian Securities Exchange
Srinanaporn Marketing Public Company Limited	SNNP.BK	286	8.0	14.3	3.4	Thailand
Fwusow Industry Co., Ltd.	1219.TW	171	3.8	29.4	1.1	Taiwan
The Bombay Burmah Trading Corporation, Limited	BBTC.NS	1,624	3.7	12.5	2.5	National Stock Exchange of India
Bubs Australia Limited	BUB.AX	99	-10.8	-15.5	3.9	Australian Securities Exchange
M. Dias Branco S.A. Indústria e Comércio de Alimentos	MDIA3.SA	1,479	5.5	15.0	1.1	São Paulo
Fine Foods & Pharmaceuticals N.T.M. S.p.A.	FF.MI	231	5.1	21.1	1.5	Milan
Global Bio-chem Technology Group Company Limited	0809.HK	96	-19.0	1.0	-0.4	HKSE
Marfrig Global Foods S.A.	MRFG3.SA	3,520	-2.9	7.0	7.0	São Paulo
Public Joint Stock Company "Cherkizovo Group"	GCHE.ME	1,765	0.6	4.3	1.2	Moscow Stock Exchange
Freshpet, Inc.	FRPT	3,454	40.1	220.9	3.3	NASDAQ Global Market
Nissin Foods Holdings Co.,Ltd.	2897.T	5,645	8.3	15.6	1.8	Tokyo
Lam Soon (Hong Kong) Limited	0411.HK	320	10.0	9.7	0.8	HKSE
Hindustan Foods Limited	HNDFDS.NS	775	19.2	60.8	7.5	National Stock Exchange of India
XIAMEN YAN PALACE BIRD'S NEST INDUS	1497.HK	395	12.5	17.6	3.8	HKSE
Hagoromo Foods Corporation	2831.T	209	6.9	12.7	0.8	Tokyo
Conagra Brands, Inc.	0I2P.L	9,071	0.5	27.6	1.0	London Stock Exchange
The Kraft Heinz Company	KHC	32,926	4.9	12.6	0.7	NASDAQ Global Select
Charoen Pokphand Enterprise (Taiwan) Co., Ltd.	1215.TW	1,253	5.2	16.3	3.6	Taiwan
DaChan Food (Asia) Limited	3999.HK	80	1.8	9.5	0.3	HKSE
Above Food Ingredients Inc. Common Stock	ABVE	138	-11.2	155.4	1.1	NASDAQ
PT Garudafood Putra Putri Jaya Tbk	GOOD.JK	813	8.5	21.3	3.5	Jakarta Stock Exchange
Nisshin Seifun Group Inc.	2002.T	3,353	6.8	14.4	1.0	Tokyo
Yamami Company	2820.T	216	8.1	22.4	3.2	Tokyo
Thai Vegetable Oil Public Company Limited	TVO.BK	629	6.3	8.7	1.8	Thailand
John B. Sanfilippo & Son, Inc.	JBSS	779	6.5	14.0	2.2	NASDAQ Global Select
Mama's Creations, Inc.	MAMA	348	41.7	79.2	13.2	NASDAQ Capital Market
Raisio plc	RAIVV.HE	440	11.2	21.2	1.5	Helsinki
JDE Peet's N.V.	JDEP.AS	13,701	5.0	21.0	1.1	Amsterdam
Valsoia S.p.A.	VLS.MI	140	14.7	20.8	1.4	Milan
Tate & Lyle plc	TATE.L	3,106	4.8	16.2	1.5	London Stock Exchange
Nestlé S.A.	NESN.SW	245,069	7.4	18.4	5.6	Swiss Exchange
Midsona AB (publ)	MSON-B.ST	124	7.0	31.8	0.4	Stockholm Stock Exchange
Jamieson Wellness Inc.	JWEL.TO	1,056	10.2	27.2	3.0	Toronto Stock Exchange
Adani Wilmar Limited	AWL.BO	4,143	13.6	29.0	3.8	Bombay Stock Exchange
Sime Darby Plantation Berhad	5285.KL	7,769	5.3	12.5	1.6	Kuala Lumpur
Laird Superfood, Inc.	LSF	72	-24.9	-72.5	5.2	American Stock Exchange
Zhejiang Yiming Food Co., Ltd.	605179.SS	1,131	61.6	281.7	8.1	Shanghai
Namchow Holdings Co., Ltd.	1702.TW	349	2.1	13.2	0.9	Taiwan
SAJO SEAFOOD Co.,Ltd	014710.KS	103	1.6	12.1	0.6	KSE
NH Foods Ltd.	2282.T	3,290	3.9	18.4	0.9	Tokyo
CJ Seafood Corporation	011150.KS	77	4.1	30.2	1.4	KSE
Kameda Seika Co.,Ltd.	2220.T	579	7.0	15.9	1.1	Tokyo
Nongshim Holdings Co.,Ltd.	072710.KS	283	4.2	5.3	0.3	KSE
First Milling Co.	2283.SR	824	4.8	12.1	3.2	Saudi
Parag Milk Foods Limited	PARAGMILK.BO	353	8.7	26.8	3.1	Bombay Stock Exchange
Hantech Bio-Technology Co., Ltd.	1294.TWO	68	10.0	13.2	2.4	Taipei Exchange
Fleury Michon SA	ALFLE.PA	127	-1.0	2.2	0.5	Paris
House Foods Group Inc.	2810.T	1,838	10.9	21.9	0.9	Tokyo
PT Pratama Abadi Nusa Industri Tbk	PANI.JK	14,229	192.7	433.5	11.2	Jakarta Stock Exchange
Tata Consumer Products Limited	TATACONSUM.BO	12,592	42.4	84.7	5.4	Bombay Stock Exchange
Farmsco	036580.KS	78	-13.8	-2.1	0.7	KSE
Malee Group Public Company Limited	MALEE.BK	105	3.3	13.3	1.4	Thailand
Prataap Snacks Limited	DIAMONDYD.NS	294	78.4	-74.0	3.7	National Stock Exchange of India
Gokul Agro Resources Limited	GOKULAGRO.BO	553	8.4	19.5	4.6	Bombay Stock Exchange
Great Wall Enterprise Co., Ltd.	1210.TW	1,784	4.0	14.8	2.2	Taiwan
Thai Union Group Public Company Limited	THYG.F	1,471	-1.6	8.7	0.9	Frankfurt Stock Exchange
Riken Vitamin Co., Ltd.	4526.T	553	6.2	8.8	1.0	Tokyo
Three-A Resources Berhad	0012.KL	82	6.2	8.6	0.7	Kuala Lumpur
Morinaga Milk Industry Co., Ltd.	2264.T	1,841	4.6	50.2	1.0	Tokyo
Baladna Q.P.S.C.	BLDN.QA	716	0.8	13.8	1.1	Qatar
ARIAKE JAPAN Co., Ltd.	2815.T	1,455	22.6	26.4	1.7	Tokyo
LT Foods Limited	LTFOODS.BO	2,019	15.3	28.9	4.5	Bombay Stock Exchange
ALBIS Co.,Ltd.	7475.T	172	4.8	15.8	0.8	Tokyo
Meiji Holdings Co., Ltd.	2269.T	5,645	6.4	16.5	1.1	Tokyo
Samyang Foods Co., Ltd.	003230.KS	7,516	18.4	34.3	11.6	KSE
Ausnutria Dairy Corporation Ltd	1717.HK	532	5.6	28.3	0.7	HKSE
Yukiguni Maitake Co., Ltd.	1375.T	298	6.3	29.5	3.6	Tokyo
Ebro Foods, S.A.	EBRO.MC	3,105	3.5	8.9	1.1	Madrid Stock Exchange
Greencore Group plc	GNC.L	1,379	6.2	23.5	2.4	London Stock Exchange
Makarony Polskie S.A.	MAK.WA	58	4.4	6.7	1.2	Warsaw Stock Exchange
Taokaenoi Food & Marketing Public Company Limited	TKN.BK	255	8.8	12.9	3.5	Thailand
The Kraft Heinz Company	KHNZ.DE	32,865	3.8	12.5	0.7	Frankfurt Stock Exchange
Heritage Foods Limited	HERITGFOOD.BO	531	12.8	24.3	4.7	Bombay Stock Exchange
GRM Overseas Limited	GRMOVER.BO	263	18.5	37.0	5.3	Bombay Stock Exchange
Asian Sea Corporation Public Company Limited	ASIAN.BK	177	4.1	7.1	0.9	Thailand
Taokaenoi Food & Marketing Public Company Limited	TKN-R.BK	255	8.8	12.9	3.5	Thailand
Eagle Cold Storage Enterprise Co., Ltd.	8905.TWO	120	11.8	27.3	1.2	Taipei Exchange
Tehmag Foods Corporation	1264.TWO	391	9.5	15.0	3.7	Taipei Exchange
Anpario plc	ANP.L	88	11.9	16.0	1.8	London Stock Exchange
Uni-President Enterprises Corp.	1216.TW	16,634	3.3	24.0	3.4	Taiwan
Kriti Nutrients Limited	KRITINUT.BO	65	9.9	14.9	2.6	Bombay Stock Exchange
Clover Corporation Limited	CLV.AX	59	12.9	20.1	1.3	Australian Securities Exchange
SKM Egg Products Export (India) Limited	SKMEGGPROD.NS	90	10.8	22.3	2.5	National Stock Exchange of India
Patanjali Foods Limited	PATANJALI.NS	8,169	34.8	54.0	6.2	National Stock Exchange of India
Nestlé India Limited	NESTLEIND.BO	27,675	47.5	74.3	59.4	Bombay Stock Exchange
Microbio Co., Ltd.	4128.TWO	485	-14.3	-13.0	1.5	Taipei Exchange
The Hain Celestial Group, Inc.	0J2I.L	141	-72.9	-0.8	0.2	London Stock Exchange
KRBL Limited	KRBL.BO	1,081	12.3	19.6	1.8	Bombay Stock Exchange
Ve Wong Corporation	1203.TW	329	7.8	17.7	1.5	Taiwan
PRG Corporation Public Company Limited	PRG.BK	171	10.4	12.2	0.6	Thailand
Hormel Foods Corporation	0J5Z.L	16,150	10.7	21.5	2.0	London Stock Exchange
Agrana Beteiligungs AG	AGR.VI	857	4.2	-167.8	0.6	Vienna
Danone S.A.	BSN.DE	51,100	6.1	21.7	2.5	Frankfurt Stock Exchange
Vitasoy International Holdings Limited	0345.HK	1,266	15.4	79.9	3.1	HKSE
Angel Yeast Co., Ltd	600298.SS	4,228	12.8	22.2	2.7	Shanghai
The Simply Good Foods Company	SMPL	3,291	13.3	22.7	1.8	NASDAQ Capital Market
Hatsun Agro Product Limited	HATSUN.BO	2,462	18.5	75.8	12.3	Bombay Stock Exchange
Taisun Enterprise Co., Ltd.	1218.TW	314	11.8	12.0	0.7	Taiwan
Tai Roun Products Co.,Ltd.	1220.TW	82	9.7	18.4	1.0	Taiwan
Standard Foods Corporation	1227.TW	981	11.1	18.0	1.5	Taiwan
Zad Holding Company Q.P.S.C.	ZHCD.QA	1,152	14.9	20.3	2.8	Qatar
Ichimasa Kamaboko Co., Ltd.	2904.T	91	2.0	16.3	0.9	Tokyo
Lien Hwa Industrial Holdings Corporation	1229.TW	2,809	17.2	20.5	1.7	Taiwan
Oyang Corporation	006090.KS	71	0.4	15.3	0.4	KSE
Lotus Bakeries NV	0F4O.L	7,238	26.0	40.7	7.9	London Stock Exchange
Glanbia plc	GLB.L	3,778	11.6	25.7	1.6	London Stock Exchange
Silla Co.,Ltd	004970.KS	119	5.5	9.6	0.3	KSE
McCormick & Company, Incorporated	MKC-V	19,078	11.2	24.7	3.4	New York Stock Exchange
Hilton Food Group plc	HFG.L	1,042	2.6	19.7	2.5	London Stock Exchange
Kellogg Company	KEL.DE	27,686	9.3	20.0	7.1	Frankfurt Stock Exchange
The Nisshin OilliO Group,Ltd.	2602.T	1,094	2.8	12.7	0.9	Tokyo
Campbell Soup Company	0HST.L	9,251	1.8	20.3	2.4	London Stock Exchange
Thai Coconut Public Company Limited	COCOCO.BK	350	12.8	20.7	3.0	Thailand
China Mengniu Dairy Company Limited	2319.HK	8,393	5.4	14.4	1.5	HKSE
Thai Union Group Public Company Limited	TU.BK	1,369	-1.9	9.4	0.9	Thailand
Lian Fa International Dining Business Corp.	2756.TWO	107	24.6	58.3	6.1	Taipei Exchange
Lancaster Colony Corporation	LANC	4,763	17.0	28.0	4.8	NASDAQ Global Select
Scandi Standard AB (publ)	SCST.ST	631	4.5	22.5	2.4	Stockholm Stock Exchange
Science in Sport plc	SIS.L	104	29.3	-16.3	2.4	London Stock Exchange
Südzucker AG	SZU.DE	2,376	1.0	-26.2	0.6	Frankfurt Stock Exchange
Tata Consumer Products Limited	TATACONSUM.NS	12,588	42.4	84.7	5.4	National Stock Exchange of India
Jiahe Foods Industry Co., Ltd.	605300.SS	876	88.4	129.6	1.9	Shanghai
Kyokuyo Co., Ltd.	1301.T	364	-1.5	8.0	0.8	Tokyo
CCL Products (India) Limited	CCL.NS	1,351	17.7	37.4	5.9	National Stock Exchange of India
Britannia Industries Limited	BRITANNIA.BO	16,055	41.7	63.4	31.7	Bombay Stock Exchange
PT Nippon Indosari Corpindo Tbk	ROTI.JK	286	7.9	14.9	2.0	Jakarta Stock Exchange
ORIOR AG	0QM6.L	95	0.3	-2.2	2.5	London Stock Exchange
Ganyuan Foods Co., Ltd.	002991.SZ	727	14.5	15.5	3.0	Shenzhen
Unicafe Inc.	2597.T	83	12.2	22.8	1.9	Tokyo
Lacto Japan Co., Ltd.	3139.T	264	2.1	11.1	1.4	Tokyo
Deoleo, S.A.	OLE.MC	102	-2.5	-3.5	0.5	Madrid Stock Exchange
Utz Brands, Inc.	UTZ	1,209	1.5	43.8	1.7	New York Stock Exchange
Beyond Meat, Inc.	BYND	268	6.5	-1.7	-0.5	NASDAQ Global Select
Shandong Delisi Food Co., Ltd.	002330.SZ	415	343.4	-80.5	1.3	Shenzhen
Jalles Machado S/A	JALL3.SA	194	-1.6	-19.2	0.5	São Paulo
Qingdao Richen Foods Co., Ltd.	603755.SS	356	27.9	37.3	3.5	Shanghai
PT Tunas Baru Lampung Tbk	TBLA.JK	302	-3.5	6.7	0.6	Jakarta Stock Exchange
Bioxyne Limited	BXN.AX	63	29.9	41.2	12.8	Australian Securities Exchange
Euro India Fresh Foods Limited	EIFFL.NS	68	40.1	103.3	8.0	National Stock Exchange of India
Lamb Weston Holdings, Inc.	LW	6,913	2.5	18.9	4.3	New York Stock Exchange
Flowers Foods, Inc.	FLO	3,258	2.2	14.3	2.3	New York Stock Exchange
Xinjiang Guannong Fruit & Antler Co.,Ltd.	600251.SS	864	35.3	41.7	1.6	Shanghai
Parag Milk Foods Limited	PARAGMILK.NS	353	8.7	26.8	3.1	National Stock Exchange of India
PT Budi Starch & Sweetener Tbk	BUDI.JK	62	-2.5	19.4	0.7	Jakarta Stock Exchange
Zhengzhou Qianweiyangchu Food Co., Ltd.	001215.SZ	376	23.7	39.2	1.5	Shenzhen
YanKer shop Food Co.,Ltd	002847.SZ	2,695	20.9	30.6	10.5	Shenzhen
LifeVantage Corporation	LFVN	163	10.7	17.5	4.7	NASDAQ Capital Market
Zuming Bean Products Co., Ltd	003030.SZ	328	-35.4	-55.3	2.3	Shenzhen
L.D.C. S.A.	LOUP.PA	3,466	9.7	13.2	1.4	Paris
Lerøy Seafood Group ASA	LSG.OL	2,727	6.0	15.4	1.4	Oslo Stock Exchange
Yutaka Foods Corporation	2806.T	95	12.5	25.7	0.6	Tokyo
Bell Food Group AG	0RFX.L	1,941	2.0	12.7	1.0	London Stock Exchange
J&J Snack Foods Corp.	JJSF	2,245	13.4	29.6	2.4	NASDAQ Global Select
Heritage Foods Limited	HERITGFOOD.NS	531	12.8	24.3	4.7	National Stock Exchange of India
Happy Belly Food Group Inc.	HBFG.CN	101	-145.8	-54.8	59.3	Canadian Securities Exchange
The J. M. Smucker Company	0L7F.L	11,345	3.8	-44.1	1.6	London Stock Exchange
Exotic Food Public Company Limited	XO.BK	237	10.4	12.0	4.8	Thailand
Wonder Pets Enterprises Corporation	6968.TWO	102	3.8	28.5	3.0	Taipei Exchange
Savencia SA	SAVE.PA	1,044	0.9	8.7	0.5	Paris
Zhou Hei Ya International Holdings Company Limited	1458.HK	651	21.3	49.7	1.3	HKSE
JDE Peet's N.V.	JDEP.VI	13,746	5.0	21.0	1.1	Vienna
Westrock Coffee Company, LLC	WEST	618	-15.5	-7.3	1.8	NASDAQ Global Market
Beijing Sanyuan Foods Co., Ltd.	600429.SS	963	41.5	100.9	1.4	Shanghai
L.D.C. S.A.	0RJ6.L	3,866	7.2	11.7	1.5	London Stock Exchange
Shandong Oriental Ocean Sci-Tech Co., Ltd.	002086.SZ	816	-33.4	-33.4	4.7	Shenzhen
Jiangxi Huangshanghuang Group Food Co., Ltd.	002695.SZ	928	68.1	128.3	2.4	Shenzhen
Sanquan Food Co., Ltd.	002216.SZ	1,358	13.5	18.6	2.1	Shenzhen
PT Salim Ivomas Pratama Tbk	SIMP.JK	522	1.7	5.0	0.4	Jakarta Stock Exchange
Eggriculture Foods Ltd.	8609.HK	75	7.9	10.4	1.5	HKSE
Gambol Pet Group Co., Ltd.	301498.SZ	5,115	42.9	53.6	8.4	Shenzhen
Tasty Bite Eatables Limited	TASTYBITE.NS	327	39.0	110.0	9.0	National Stock Exchange of India
WEILONG Delicious Global Holdings Ltd	9985.HK	3,910	16.5	25.5	4.5	HKSE
Nippn Corporation	2001.T	1,147	4.2	7.7	0.8	Tokyo
Kitoku Shinryo Co., Ltd.	2700.T	115	2.1	1.3	0.2	Tokyo
Rock Field Co., Ltd.	2910.T	267	18.6	51.9	1.4	Tokyo
Nestlé India Limited	NESTLEIND.NS	27,668	47.5	74.3	59.4	National Stock Exchange of India
Starzen Company Limited	8043.T	436	1.8	5.3	0.7	Tokyo
Jia Jie Biomedical Co., Ltd.	4109.TWO	64	8.9	8.5	1.1	Taipei Exchange
Shandong Bailong Chuangyuan Bio-Tech Co., Ltd.	605016.SS	1,307	29.8	26.6	4.1	Shanghai
Naturhouse Health, S.A.	NTH.MC	126	10.9	13.9	3.4	Madrid Stock Exchange
Shinobu Foods Products Co., Ltd.	2903.T	118	6.1	18.5	1.2	Tokyo
CJ Cheiljedang Corporation	097950.KS	2,689	-1.5	55.2	0.5	KSE
St.Cousair Co., Ltd.	2937.T	100	17.7	43.2	3.0	Tokyo
SunWay Biotech Co., LTD.	1271.TWO	124	17.5	30.7	1.1	Taipei Exchange
Daesang Holdings Co., Ltd.	084690.KS	285	-1.3	31.3	0.5	KSE
TTET Union Corporation	1232.TW	821	12.4	18.0	4.0	Taiwan
What's Cooking Group NV/SA	WHATS.BR	229	3.6	15.4	1.4	Brussels
Apetit Oyj	APETIT.HE	103	6.4	11.4	0.8	Helsinki
Mukka Proteins Limited	MUKKA.NS	105	5.1	19.6	2.1	National Stock Exchange of India
Want Want China Holdings Limited	0151.HK	8,333	10.0	14.5	3.9	HKSE
Maple Leaf Foods Inc.	MFI.TO	2,744	3.7	39.7	2.4	Toronto Stock Exchange
Thai Vegetable Oil Public Company Limited	TVO-R.BK	629	6.3	8.7	1.8	Thailand
Chen Ke Ming Food Manufacturing Co., Ltd.	002661.SZ	495	5.6	17.9	1.4	Shenzhen
Tropical Canning (Thailand) Public Company Limited	TC.BK	52	3.0	5.3	0.6	Thailand
SHINSEGAE FOOD Inc.	031440.KS	115	-0.9	13.4	0.5	KSE
Foods & Inns Ltd	FOODSIN.BO	99	3.3	19.7	1.5	Bombay Stock Exchange
Nanfang Black Sesame Group Co., Ltd.	000716.SZ	635	20.0	59.9	1.8	Shenzhen
Sichuan Teway Food Group Co.,Ltd	603317.SS	1,688	23.1	23.2	2.6	Shanghai
Marudai Food Co., Ltd.	2288.T	299	3.5	8.1	0.7	Tokyo
BellRing Brands, Inc.	BRBR	7,391	14.4	26.6	-29.4	New York Stock Exchange
Chacha Food Company, Limited	002557.SZ	1,525	13.2	16.3	2.0	Shenzhen
PT Ultrajaya Milk Industry & Trading Company Tbk	ULTJ.JK	831	10.2	12.4	1.8	Jakarta Stock Exchange
CCL Products (India) Limited	CCL.BO	1,350	17.7	37.4	5.9	Bombay Stock Exchange
PT Cisarua Mountain Dairy Tbk	CMRY.JK	2,285	17.4	23.1	5.2	Jakarta Stock Exchange
Tingyi (Cayman Islands) Holding Corp.	0322.HK	8,260	5.9	15.9	4.2	HKSE
Thai President Foods Public Company Limited	TFMAMA.BK	1,970	9.0	14.8	1.8	Thailand
Beyond Meat, Inc.	0Q3.DE	268	6.5	-1.7	-0.4	Frankfurt Stock Exchange
Feedone Co., Ltd.	2060.T	272	2.3	7.5	0.7	Tokyo
Select Harvests Limited	SHV.AX	346	2.8	314.9	1.0	Australian Securities Exchange
Chaman Lal Setia Exports Limited	CLSEL.NS	194	10.7	16.6	2.3	National Stock Exchange of India
Prataap Snacks Limited	DIAMONDYD.BO	295	78.4	-74.0	3.7	Bombay Stock Exchange
Baiyang Investment Group, Inc.	002696.SZ	295	30.4	-313.8	1.6	Shenzhen
CNFC Overseas Fisheries Co.,Ltd	000798.SZ	398	12.4	-31.5	8.3	Shenzhen
Shandong Longda Meishi Co., Ltd.	002726.SZ	858	49.1	-1,381.2	4.1	Shenzhen
Sajodaerim Corporation	003960.KS	269	-0.5	5.2	0.5	KSE
Modern Mills for Food Products Co.	2284.SR	711	6.5	12.5	10.0	Saudi
SPC Samlip Co., Ltd.	005610.KS	329	0.4	5.3	1.0	KSE
PT Wilmar Cahaya Indonesia Tbk.	CEKA.JK	100	4.7	4.4	0.8	Jakarta Stock Exchange
Miko NV	MIKO.BR	74	-0.2	-5.5	0.5	Brussels
Patanjali Foods Limited	PATANJALI.BO	8,179	34.8	54.0	6.2	Bombay Stock Exchange
Mewah International Inc.	MV4.SI	298	-1.9	7.7	0.4	Stock Exchange of Singapore
Global Food Creators Co., Ltd.	7559.T	75	27.0	27.5	0.6	Tokyo
Harim Holdings Co., Ltd.	003380.KQ	729	-4.5	10.6	0.3	KOSDAQ
IOI Corporation Berhad	1961.KL	5,552	9.2	16.5	2.0	Kuala Lumpur
BASE FOOD Inc.	2936.T	176	134.2	236.5	24.8	Tokyo
Korea Industrial Co., Ltd.	002140.KS	52	-1.0	12.5	0.7	KSE
Cranswick plc	CWK.L	3,776	9.6	21.5	2.9	London Stock Exchange
Lotus Bakeries NV	LOTB.BR	7,257	26.0	40.7	7.9	Brussels
Bakkavor Group plc	BAKK.L	1,716	6.1	23.0	2.1	London Stock Exchange
Orkla ASA	ORK.OL	10,727	7.5	17.1	2.3	Oslo Stock Exchange
Associated British Foods plc	ABF.L	20,901	4.8	12.2	1.5	London Stock Exchange
Premier Foods plc	PFD.L	2,182	6.5	13.5	1.2	London Stock Exchange
Skåne-möllan AB (publ)	SKMO.ST	81	39.5	53.1	4.8	Stockholm Stock Exchange
Aker BioMarine AS	AKBM.OL	677	13.8	5.2	5.4	Oslo Stock Exchange
Ajinomoto Co., Inc.	2802.T	26,675	18.6	57.2	5.4	Tokyo
QAF Limited	Q01.SI	390	14.3	21.1	1.0	Stock Exchange of Singapore
Ebara Foods Industry,Inc.	2819.T	166	11.2	17.7	0.7	Tokyo
Ridley Corporation Limited	RIC.AX	686	10.2	23.6	2.9	Australian Securities Exchange
Avanti Feeds Limited	AVANTIFEED.NS	1,187	12.8	19.4	3.7	National Stock Exchange of India
Lerøy Seafood Group ASA	Z1L.F	2,715	6.0	15.3	1.4	Frankfurt Stock Exchange
Zydus Wellness Limited	ZYDUSWELL.BO	1,548	33.1	38.4	2.3	Bombay Stock Exchange
Kikkoman Corporation	2801.T	8,278	13.5	19.9	2.4	Tokyo
Agape ATP Corporation	ATPC	65	-27.7	-5.0	0.5	NASDAQ Capital Market
Sempio Foods Company	248170.KS	89	1.2	17.1	0.5	KSE
PIETRO Co., Ltd.	2818.T	80	20.3	205.0	1.9	Tokyo
Guangdong Yantang Dairy Co., Ltd.	002732.SZ	372	19.2	25.8	1.7	Shenzhen
Vadilal Industries Limited	VADILALIND.BO	444	14.3	25.4	5.5	Bombay Stock Exchange
Nichimo Co., Ltd.	8091.T	125	-1.4	7.0	0.6	Tokyo
SunOpta Inc.	STKL	739	6.1	-49.1	4.8	NASDAQ Global Select
Sarveshwar Foods Limited	SARVESHWAR.BO	97	7.0	31.8	2.8	Bombay Stock Exchange
Halwani Bros. Co. Ltd.	6001.SR	402	9.4	24.5	4.9	Saudi
Daehan Flour Mills Co.,Ltd	001130.KS	189	0.1	5.8	0.3	KSE
Unibel S.A.	UNBL.PA	2,874	4.0	37.0	2.0	Paris
Tarczynski S.A.	TAR.WA	384	2.1	13.1	2.1	Warsaw Stock Exchange
Chung Hwa Food Industrial Co., Ltd.	4205.TWO	292	17.7	21.4	3.9	Taipei Exchange
Bull-Dog Sauce Co., Ltd.	2804.T	165	14.3	39.5	1.1	Tokyo
Midsona AB (publ)	9KF.F	113	10.4	28.8	0.4	Frankfurt Stock Exchange
Agrana Beteiligungs AG	AGB2.DE	861	4.2	-167.8	0.6	Frankfurt Stock Exchange
Beingmate Co., Ltd.	002570.SZ	911	35.4	53.0	4.1	Shenzhen
Horizon Food Co.	9564.SR	66	23.7	24.4	2.4	Saudi
We Can Medicines Co., Ltd.	6929.TWO	50	1.7	-20.8	1.3	Taipei Exchange
HaiXin Foods Co.,Ltd	002702.SZ	290	-77.1	-51.9	2.2	Shenzhen
Choheung Corporation	002600.KS	67	-6.2	215.1	0.7	KSE
Manorama Industries Limited	MANORAMA.BO	1,076	45.3	85.1	20.3	Bombay Stock Exchange
Yoshimura Food Holdings K.K.	2884.T	133	0.6	10.6	1.8	Tokyo
Nippon Suisan Kaisha, Ltd.	1332.T	1,833	1.2	10.7	1.0	Tokyo
JDE Peet's N.V.	JDE.DE	13,735	5.0	21.0	1.1	Frankfurt Stock Exchange
Ahjikan Co., Ltd.	2907.T	64	2.4	6.1	0.5	Tokyo
Mrs. Bectors Food Specialities Limited	BECTORFOOD.NS	1,104	33.5	65.1	8.0	National Stock Exchange of India
Glanbia plc	GL9.IR	3,664	11.6	25.7	1.6	Irish
Kerry Group plc	KRZ.IR	18,510	15.6	33.3	2.4	Irish
Daodaoquan Grain and Oil Co.,Ltd.	002852.SZ	535	8.4	18.6	1.7	Shenzhen
Asian Alliance International Public Company Limited	AAI.BK	287	7.5	9.3	1.8	Thailand
Sajo Industries Company Limited	007160.KS	187	-2.5	39.2	0.5	KSE
Sato Foods Co., Ltd.	2923.T	243	5.8	20.7	1.6	Tokyo
KENKO Mayonnaise Co.,Ltd.	2915.T	186	5.3	8.1	0.7	Tokyo
Shanghai Maling Aquarius Co.,Ltd	600073.SS	970	8.8	24.2	1.4	Shanghai
Toyo Suisan Kaisha, Ltd.	2875.T	6,512	12.9	15.4	2.0	Tokyo
AOHATA Corporation	2830.T	195	26.9	106.5	2.2	Tokyo
Nihon Shokuhin Kako Co., Ltd.	2892.T	109	1.2	10.6	0.6	Tokyo
Tingyi (Cayman Islands) Holding Corp.	910322.TW	8,145	8.5	11.1	2.1	Taiwan
PT Diamond Food Indonesia Tbk	DMND.JK	302	8.5	14.1	0.8	Jakarta Stock Exchange
PT Mulia Boga Raya Tbk	KEJU.JK	202	16.1	20.3	4.1	Jakarta Stock Exchange
Sirio Pharma Co., Ltd.	300791.SZ	982	13.0	16.6	2.1	Shenzhen
Shanghai Menon Animal Nutrition Technology Co., Ltd.	301156.SZ	373	54.1	55.7	3.7	Shenzhen
Beyond Meat, Inc.	0Q3.F	266	6.5	-1.7	-0.4	Frankfurt Stock Exchange
Guilin Seamild Foods Co., Ltd	002956.SZ	674	27.8	33.9	3.1	Shenzhen
Saint Jean Groupe Société anonyme	SABE.PA	74	3.7	31.1	0.8	Paris
Vadilal Industries Limited	VADILALIND.NS	444	14.3	25.4	5.5	National Stock Exchange of India
Gokul Agro Resources Limited	GOKULAGRO.NS	554	8.4	19.5	4.6	National Stock Exchange of India
Como Co.,Ltd.	2224.T	73	24.2	258.6	5.4	Tokyo
Cofco Sugar Holding CO.,LTD.	600737.SS	2,958	8.6	14.7	1.8	Shanghai
Nakamuraya Co., Ltd.	2204.T	120	7.7	20.3	0.7	Tokyo
Binggrae Co., Ltd.	005180.KS	533	2.4	8.0	1.1	KSE
WK Kellogg Co	KLG	2,004	8.0	35.0	6.1	New York Stock Exchange
Nestlé (Malaysia) Berhad	4707.KL	4,183	21.2	46.6	33.1	Kuala Lumpur
PT FKS Food Sejahtera Tbk	AISA.JK	87	6.0	15.1	1.3	Jakarta Stock Exchange
Shenzhen Kingsino Technology Co.,Ltd.	002548.SZ	437	3.3	59.4	2.3	Shenzhen
Suzhou Weizhixiang Food Co., Ltd.	605089.SS	468	32.8	38.1	2.7	Shanghai
STI Foods Holdings,Inc.	2932.T	156	6.7	14.4	2.8	Tokyo
Beyond Oil Ltd.	BOIL.CN	143	-30.9	-23.2	28.7	Canadian Securities Exchange
Natural Food International Holding Limited	1837.HK	210	9.8	8.2	1.0	HKSE
Hainan Jingliang Holdings Co., Ltd.	200505.SZ	614	188.3	77.3	0.4	Shenzhen
Qingdao Foods CO.,LTD.	001219.SZ	377	23.9	27.5	2.6	Shenzhen
Formosa Oilseed Processing Co., Ltd.	1225.TW	234	5.2	18.9	1.9	Taiwan
Bikaji Foods International Limited	BIKAJI.NS	2,199	54.6	94.2	13.7	National Stock Exchange of India
Jiajia Food Group Co.,Ltd	002650.SZ	951	-35.7	-28.4	3.5	Shenzhen
General Mills, Inc.	GIS	27,440	3.6	13.7	3.0	New York Stock Exchange
Britannia Industries Limited	BRITANNIA.NS	16,036	41.7	63.4	31.7	National Stock Exchange of India
Grupo Bimbo, S.A.B. de C.V.	BIMBOA.MX	11,588	0.8	18.3	1.7	Mexico
Atria Oyj	ATRAV.HE	452	1.5	8.7	0.9	Helsinki
HMA Agro Industries Limited	HMAAGRO.NS	176	5.9	17.4	1.9	National Stock Exchange of India
Haitai Confectionery&Foods Co.,ltd.	101530.KS	143	-0.1	6.6	0.7	KSE
LT Foods Limited	LTFOODS.NS	2,030	15.3	28.9	4.5	National Stock Exchange of India
Nongshim Co., Ltd.	004370.KS	1,706	4.8	16.0	0.9	KSE
Qianhe Condiment and Food Co., Ltd.	603027.SS	1,676	20.3	23.3	3.2	Shanghai
Cobram Estate Olives Limited	CBO.AX	671	10.7	48.2	3.2	Australian Securities Exchange
Three Squirrels Inc.	300783.SZ	1,465	22.6	31.0	3.4	Shenzhen
Indofood Agri Resources Ltd.	5JS.SI	359	1.0	7.0	0.4	Stock Exchange of Singapore
Synlait Milk Limited	SML.NZ	230	-2.2	-3.8	0.4	NZSE
GFPT Public Company Limited	GFPT-R.BK	374	2.6	5.6	0.6	Thailand
PT Mahkota Group Tbk	MGRO.JK	153	2.5	-1,535.4	6.0	Jakarta Stock Exchange
i-Tail Corporation Public Company Limited	ITC.BK	1,167	9.3	10.9	1.5	Thailand
PT Citra Borneo Utama Tbk	CBUT.JK	194	3.0	41.0	3.1	Jakarta Stock Exchange
Premium Brands Holdings Corporation	PBH.TO	2,962	1.5	34.3	2.3	Toronto Stock Exchange
Mrs. Bectors Food Specialities Limited	BECTORFOOD.BO	1,101	33.5	65.1	8.0	Bombay Stock Exchange
Itoham Yonekyu Holdings Inc.	2296.T	1,883	6.8	21.4	1.0	Tokyo
CJ Seafood Corporation	011155.KS	76	4.1	30.2	1.4	KSE
Gruma, S.A.B. de C.V.	GRUMAB.MX	6,193	4.1	11.4	3.1	Mexico
Henan Shuanghui Investment & Development Co.,Ltd.	000895.SZ	12,103	11.1	17.9	3.9	Shenzhen
Royal Group Co.,Ltd.	002329.SZ	473	-2.8	-5.2	3.8	Shenzhen
Wei Chuan Foods Corporation	1201.TW	279	2.4	19.2	1.1	Taiwan
Wenzhou Yuanfei pet toy products Co., Ltd.	001222.SZ	411	16.4	22.4	2.5	Shenzhen
PT Cerestar Indonesia Tbk	TRGU.JK	90	-5.3	-3.9	0.4	Jakarta Stock Exchange
Springsnow Food Group Co., Ltd.	605567.SS	291	27.2	77.5	1.8	Shanghai
Petpal Pet Nutrition Technology Co., Ltd.	300673.SZ	527	14.3	23.7	2.0	Shenzhen
Zhongjing Food Co., Ltd.	300908.SZ	596	22.8	24.8	2.4	Shenzhen
Sajodongaone Co.,Ltd	008040.KS	114	0.7	7.1	0.6	KSE
Rokko Butter Co., Ltd.	2266.T	164	8.1	39.4	0.8	Tokyo
Gopal Snacks Limited	GOPAL.NS	526	40.4	238.7	11.2	National Stock Exchange of India
XIANGPIAOPIAO Food Co.,Ltd	603711.SS	782	28.0	24.4	1.5	Shanghai
WH Group Limited	0288.HK	12,982	3.6	8.1	1.2	HKSE
Ligao Foods Co.Ltd	300973.SZ	1,074	17.8	27.6	2.9	Shenzhen
SDIC Zhonglu Fruit Juice Co.,Ltd.	600962.SS	770	33.9	115.9	6.0	Shanghai
Bestore Co.,Ltd	603719.SS	759	-113.6	-38.0	2.5	Shanghai
BRF S.A.	BRFS3.SA	5,866	1.7	8.6	2.0	São Paulo
OBA MAKARNACILIK	OBAMS.IS	662	-1,988.5	195.8	2.5	Istanbul Stock Exchange
Emmi AG	EMMN.SW	5,049	7.1	18.4	4.1	Swiss Exchange
AAK AB (publ.)	AAK.ST	6,941	11.2	19.0	3.4	Stockholm Stock Exchange
Namyang Dairy Products Co., Ltd	003920.KS	349	4.6	75.6	0.9	KSE
Ezaki Glico Co., Ltd.	2206.T	1,934	13.5	52.8	1.1	Tokyo
Borealis Foods Inc.	BRLS	71	-2.7	-3.4	-14.7	NASDAQ Capital Market
Ocean One Holding Ltd.	8476.HK	136	30.1	36.0	3.9	HKSE
Bikaji Foods International Limited	BIKAJI.BO	2,189	54.6	94.2	13.7	Bombay Stock Exchange
Grupo Herdez, S.A.B. de C.V.	HERDEZ.MX	980	1.8	12.4	2.1	Mexico
Agro Tech Foods Limited	ATFL.NS	344	93.8	338.3	3.9	National Stock Exchange of India
New Hope Dairy Co., Ltd.	002946.SZ	1,988	13.7	25.4	4.5	Shenzhen
Kibun Foods Inc.	2933.T	168	0.9	9.7	1.2	Tokyo
Kerry Group plc	KYGA.L	17,198	15.6	33.3	2.4	London Stock Exchange
B&G Foods, Inc.	BGS	326	49.5	-1.5	0.6	New York Stock Exchange
Miyoshi Oil & Fat Co., Ltd.	4404.T	132	1.7	9.8	0.6	Tokyo
Maeil Dairies Co., Ltd.	267980.KQ	201	1.2	7.0	0.5	KOSDAQ
NSL Foods Public Company Limited	NSL.BK	303	11.2	16.8	4.8	Thailand
R&B Food Supply Public Company Limited	RBF.BK	238	10.2	18.3	1.6	Thailand
Guangdong Jialong Food Co., Ltd.	002495.SZ	340	99.3	99.3	2.2	Shenzhen
Sempio Company	007540.KS	74	0.9	12.7	0.3	KSE
Kadoya Sesame Mills Incorporated	2612.T	224	10.0	14.2	0.9	Tokyo
Panda Dairy Corporation	300898.SZ	463	30.9	37.1	3.3	Shenzhen
EASY HOLDINGS Co., Ltd.	035810.KQ	177	-2.6	18.1	0.4	KOSDAQ
Post Holdings, Inc.	POST	5,937	-0.3	16.8	1.6	New York Stock Exchange
Zhongyin Babi Food Co., Ltd.	605338.SS	604	13.3	15.9	1.9	Shanghai
Chongqing Fuling Zhacai Group Co., Ltd.	002507.SZ	2,059	18.6	18.4	1.6	Shenzhen
Chalkis Health Industry Co., Ltd	000972.SZ	323	-7.8	-9.5	-67.1	Shenzhen
ADF Foods Limited	ADFFOODS.BO	349	26.6	42.8	6.1	Bombay Stock Exchange
Zhanjiang Guolian Aquatic Products Co., Ltd.	300094.SZ	625	-5.7	-6.1	2.5	Shenzhen
Nissin Foods Company Limited	1475.HK	894	16.9	34.9	1.9	HKSE
CSPC Innovation Pharmaceutical Co., Ltd.	300765.SZ	10,910	-234.6	-1,496.2	21.1	Shenzhen
HMA Agro Industries Limited	HMAAGRO.BO	176	5.9	17.4	1.9	Bombay Stock Exchange
Xiwang Foodstuffs Co.,Ltd.	000639.SZ	496	-6.1	-7.3	1.2	Shenzhen
The Hain Celestial Group, Inc.	HAIN	140	-0.7	-0.5	0.2	NASDAQ Global Select
Loulis Food Ingredients S.A.	KYLO.AT	75	1.3	12.2	0.6	Athens
PT Estika Tata Tiara Tbk	BEEF.JK	141	8.0	15.4	6.7	Jakarta Stock Exchange
PT Campina Ice Cream Industry, Tbk.	CAMP.JK	76	8.1	15.1	1.3	Jakarta Stock Exchange
GRM Overseas Limited	GRMOVER.NS	263	18.5	37.0	5.3	National Stock Exchange of India
V V Food & Beverage Co.,Ltd	600300.SS	775	13.0	17.2	1.7	Shanghai
ARYZTA AG	ARYN.SW	2,478	4.1	16.4	4.7	Swiss Exchange
Shanghai Hi-Road Food Technology Co., Ltd.	300915.SZ	459	37.5	28.8	1.5	Shenzhen
CJ Cheiljedang Corporation	097955.KS	2,864	-1.5	32.0	0.3	KSE
Inner Mongolia Yili Industrial Group Co., Ltd.	600887.SS	24,724	13.8	24.0	3.0	Shanghai
The a2 Milk Company Limited	A2M.AX	3,645	27.9	35.3	4.5	Australian Securities Exchange
Wakou Shokuhin Co., Ltd.	2813.T	63	4.7	7.8	1.1	Tokyo
Saputo Inc.	SAP.TO	8,635	11.3	-67.7	1.7	Toronto Stock Exchange
AGV Products Corporation	1217.TW	181	2.3	45.2	0.7	Taiwan
The Torigoe Co., Ltd.	2009.T	141	11.5	20.0	0.6	Tokyo
YouYou Foods Co., Ltd.	603697.SS	730	25.4	31.3	2.8	Shanghai
Natori Co., Ltd.	2922.T	170	8.4	18.7	1.0	Tokyo
Ottogi Corporation	007310.KS	1,009	2.0	11.4	0.7	KSE
Haoxiangni Health Food Co.,Ltd.	002582.SZ	516	-2,809.7	-96.6	1.2	Shenzhen
Shandong Xiantan Co., Ltd.	002746.SZ	733	17.5	19.8	1.1	Shenzhen
S&B Foods Inc.	2805.T	512	6.6	10.1	0.9	Tokyo
General Mills, Inc.	GRM.DE	27,309	3.2	12.2	3.1	Frankfurt Stock Exchange
Shanghai Milkground Food Tech Co., Ltd	600882.SS	2,036	37.8	93.7	3.2	Shanghai
Agro Tech Foods Limited	ATFL.BO	343	93.8	338.3	3.9	Bombay Stock Exchange
Jinzai Food Group Co.,Ltd.	003000.SZ	788	16.0	19.7	3.8	Shenzhen
Juewei Food Co., Ltd.	603517.SS	1,297	22.3	53.3	1.5	Shanghai
JBS S.A.	JBSS3.SA	15,515	-5.5	3.5	0.4	São Paulo
Namchow Food Group (Shanghai) Co., Ltd.	605339.SS	1,013	37.1	46.1	2.0	Shanghai
Yantai Shuangta Food Co., Ltd.	002481.SZ	948	55.6	110.6	2.6	Shenzhen
PT Sekar Laut Tbk	SKLT.JK	73	5.6	9.9	1.6	Jakarta Stock Exchange
Calbee, Inc.	2229.T	2,301	8.5	16.4	1.7	Tokyo
Kanemi Co., Ltd.	2669.T	212	14.2	16.2	1.1	Tokyo
Delica Foods Holdings Co., Ltd.	3392.T	65	1.4	17.9	1.1	Tokyo
DDC Enterprise Limited	DDC	53	-2.0	0.0	0.0	American Stock Exchange
Namyang Dairy Products Co., Ltd	003925.KS	325	4.6	75.6	0.9	KSE
Shandong Huifa Foodstuff Co.,Ltd.	603536.SS	314	53.5	-78.9	5.6	Shanghai
Kagome Co., Ltd.	2811.T	1,768	5.5	16.5	1.5	Tokyo
Foods & Inns Ltd	FOODSIN.NS	99	3.3	19.7	1.5	National Stock Exchange of India
Shiyue Daotian Group Co., Ltd.	9676.HK	1,215	20.0	37.8	2.2	HKSE
Kri-Kri Milk Industry S.A.	KRI.AT	702	13.8	17.3	4.5	Athens
Joyvio Food Co., Ltd	300268.SZ	263	-1.2	-1.9	-3.5	Shenzhen