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Fresh off of its worst performing month of 2021 (September, -4.65%), the S&P 500 Index posted its best monthly return in October to finish the month at 7.01%. The S&P 500 Index also finished the month at an all-time high, fueled by earnings strength and surging large cap growth stocks. Driven largely by stock selection and to a lesser degree its growth underweight, the Morningstar® Wide Moat Focus IndexSM (the “Moat Index” or “Index”) lagged the S&P 500 Index with a 3.69% return in October.
The Index’ lack of exposure to Tesla (narrow moat rating) and underweight to Microsoft were two of the leading drivers of Index underperformance in October. However, its overweight to several stocks drove the majority of its underperformance. The following are a few of those companies along with several bright spots.
Source: Morningstar. Data as of 10/31/2021. Past performance is no guarantee of future results. Individual company and index performance is not illustrative of fund performance. For fund performance current to the most recent month-end, visit vaneck.com.
The Western Union Co. (WU)
Moat Sources: Cost Advantages; Intangible AssetsMorningstar Valuation: 30% DiscountOctober Total Return: -9.89%
“The biggest potential threat to Western Union's moat is a shift to alternative methods of transferring money. If these methods were to transform the industry, we could be forced to revisit our wide moat rating. In our opinion, these methods will grow in time to represent a meaningful part of the industry, but are unlikely to have a material impact on Western Union's competitive position for the foreseeable future. A nearer-term issue is an industry shift toward transactions funded by bank accounts and credit or debit cards, but Western Union has been investing heavily in these areas, and we believe it has positioned itself to maintain its overall share as these methods grow in importance.” Brett Horn, Senior Equity Analyst, Morningstar.
Polaris Inc. (PII)
Moat Sources: Intangible Assets; Cost AdvantagesMorningstar Valuation: 34% DiscountOctober Total Return: -3.94%
Intel Corp. (INTC)
Moat Sources: Cost Advantages; Intangible Assets Morningstar Valuation: 25% DiscountOctober Total Return: -8.03%
Gilead Sciences (GILD)
Moat Sources: Intangible AssetsMorningstar Valuation: 20% DiscountOctober Total Return: -7.12%
Aspen Technology Inc. (AZPN)
Moat Sources: Switching Costs; Intangible Assets Morningstar Valuation: 2% DiscountOctober Total Return: 27.60%
Tyler Technologies Inc. (TYL)
Moat Sources: Switching Costs; Intangible Assets Morningstar Valuation: 6% DiscountOctober Total Return: 18.44%
Merck & Co. Inc. (MRK)
Moat Sources: Intangible Assets Morningstar Valuation: 6% DiscountOctober Total Return: 17.23%
Intercontinental Exchange (ICE)
Moat Sources: Cost Advantages; Intangible Assets Morningstar Valuation: 10% PremiumOctober Total Return: 20.59%
Source of all data: Morningstar. As of 31 October 2021.
VanEck Vectors Morningstar US Wide Moat UCITS ETF (MOAT) seeks to replicate as closely as possible, before fees and expenses the price and yield performance of the Morningstar Wide Moat Focus Index.
Effective 20 June 2016, Morningstar implemented several changes to the Morningstar Wide Moat Focus Index construction rules. Among other changes, the index increased its constituent count from 20 stocks to at least 40 stocks and modified its rebalance and reconstitution methodology. These changes may result in more diversified exposure, lower turnover and longer holding periods for index constituents than under the rules in effect prior to this date.
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This information originates from VanEck (Europe) GmbH which has been appointed as distributor of VanEck products in Europe by the Management Company VanEck Asset Management B.V., incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM). VanEck (Europe) GmbH with registered address at Kreuznacher Str. 30, 60486 Frankfurt, Germany, is a financial services provider regulated by the Federal Financial Supervisory Authority in Germany (BaFin). The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. VanEck (Europe) GmbH and its associated and affiliated companies (together “VanEck”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of VanEck. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. All indices mentioned are measures of common market sectors and performance. It is not possible to invest directly in an index.
VanEck Vectors Morningstar US Wide Moat UCITS ETF (the “Fund”) is a sub-fund of VanEck Vectors® UCITS ETFs plc., organised under the laws of Ireland, managed by VanEck Investments Ltd. VanEck Investments Ltd delegated the investment management of the Fund to Van Eck Associates Corporation, an investment manager regulated by the U.S. Securities and Exchange commission (SEC). Any investment decision must be made on the basis of the prospectus and the key investor information document (“KIID”), which is available at www.vaneck.com. These are available in English and certain other languages at www.vaneck.com or can be requested free of charge from VanEck Investments Ltd or from the relevant local information agent details of whom to be found on www.vaneck.com. The Fund is registered with the Central Bank of Ireland and tracks an equity index.
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The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
S&P 500® Index: consists of 500 widely held common stocks covering the leading industries of the U.S. economy. Morningstar® Wide Moat Focus IndexTM consists of at least 40 U.S. companies identified as having sustainable, competitive advantages, and whose stocks are the most attractively priced, according to Morningstar.
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