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10 April 2026
Tempo di lettura 2 MIN
Key Takeaways
The Morningstar® Wide Moat Focus IndexSM (the “Moat Index” or “Index”) underwent its quarterly review on March 20, 2026. The Index systematically targets attractively priced, high quality U.S. companies each quarter, as identified by Morningstar’s equity research analysts. Below are a few highlights from the latest review.
Continued AI uncertainty paired with the evolving fallout on certain sub-industries within tech are helping to drive opportunities within the sector. The Moat Index put NVIDIA at full weight this quarter and AI-darling, Broadcom, also appeared attractive. Other companies in the software space were added to the Index for the first time. Cyber security company, Palo Alto Networks, and data analysis firm, Datadog, were both added amidst pressure on share prices.
Among the 11 companies added to the Index’s sub-portfolio under review in March were five newcomers: Blackstone, Broadcom, Datadog, Fair Isaac and Palo Alto Networks. These companies have maintained wide moat ratings for some time with exception of Blackstone and Datadog, who were upgraded in late 2025. Otherwise, most were trading at relatively attractive levels for the first time in many years.
While software has been a modest overweight relative to the S&P 500 Index, only three stocks were downgraded in Morningstar’s March reassessment of software companies. Adobe, Salesforce and Workday all saw their moat rating downgraded to narrow and began their phase out from the Index this quarter.
Moat Index Sector Shifts Following 1Q 2026 Review
Moat Index Sector Exposure Relative to S&P 500 Index
Moat Index Style Exposure Relative to S&P 500 Index: Value Bias Persists, But Growth Increased
Source: Morningstar. As of 20/03/2026 unless otherwise noted. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.
VanEck Morningstar US Wide Moat UCITS ETF (MOTU) seeks to replicate as closely as possible, before fees and expenses the price and yield performance of the Morningstar®Wide Moat Focus Index™ (MWMFN).
Main Risk Factors: Equity market risk, limited diversification risk. Please refer to the KID and the Prospectus for other important information before investing.
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