U.S. equities fell in March as oil surged on geopolitical tensions. The Moat Index lagged on no energy exposure, while the SMID Moat Index held up with help from energy and materials.

Supply disruptions from the Iran conflict drove broad commodity gains across energy, agriculture, and metals in Q1 2026.

Gold pulled back amid rising rates and a stronger dollar, but history shows volatility is typical in crises. Strong margins leave miners well positioned if gold stabilizes or moves higher.

VanEck Agribusiness ETF (MOO) tracks the global agribusiness value chain, from fertilizers and farm equipment to food processing and distribution, and the companies shaping the future of food.

The Moat Index added NVIDIA, Broadcom and new names following its quarterly review, as tech dislocations created opportunity, while maintaining a value tilt and notable discount to fair value.