While many economists have warned about the growing risk of a recession this year, one investment expert said Canadians should be looking to add recession-proof names like food companies to their portfolios.

In an interview with BNN Bloomberg on Tuesday, Laura Lau, senior vice-president and chief investment officer with Brompton Group, said food companies are typically able to pass along increased costs to consumers, which makes them great to hold if investors are worried about an economic slowdown.

Lau said while Russia’s attack on Ukraine, supply chain issues and higher commodity costs have impacted food businesses, some of these stocks, like The Hershey Co., are still trading close to all-time highs.

As of late-morning trading on Feb. 28, the snack company was trading at US$240.18, which is a record high for the stock.

“What I like about it [Hershey] is they're mostly, of course, chocolate, candy and also you know salty snacks,” she said.

“So we've seen even with higher prices people are still buying candy, chocolate, and salty snacks. They are not willing to give that [up] you know, they are addictive.”

Lau added that snack companies like Hershey also benefit from holidays such as Valentine’s Day, Easter and Halloween. As well, she flagged that the company is “expanding production to get rid of those supply chain issues” that have emerged during COVID-19 and “reinvesting in those brands,” so she expects growth to continue at the snack company.

In addition to Hershey (HSY), Lau recommends U.K.-based grocery retailer Tesco PLC (TSCO) and Japanese food product company Ajinomoto Co., Inc. (2802) as her top hot picks.

Lau and her family members do not own any of the stocks mentioned above, but her firm owns all three.

Check out the full video at the top of the article to learn more.