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Broadening Market Lifts Moat Stocks in June
27 July 2026
Read Time 7 min
As mega-cap tech pulled back in June, the Moat Index gained on semiconductor and cybersecurity strength and the SMID Moat Index rose on AI chips and a notable health care deal.
Key Risks:
Equity-market risk; concentration in technology shares; small-/mid-cap volatility; currency fluctuations; integration of sustainability risks may result in certain investments being avoided or divested, which could limit diversification; index methodology risk - this risk means that if the index changes its rules or which companies are included, it could impact how the fund performs. These factors can lead to significant losses, and past rallies may not be repeated. Complete information on all risks is available in the prospectus and in the KID/KIID, which can be accessed free of charge at vaneck.com. Past performance does not predict future returns.
Key Takeaways:
- The S&P 500 declined 0.95% as market leadership rotated away from mega-cap tech.
- The Moat Index gained 0.29% as its equal-weighted construction benefitted from the broadening rally.
- Applied Materials and Entegris led Moat Index gains on AI-driven semiconductor equipment demand.
- The SMID Moat Index rose 1.94%, with Marvell and a Bio-Techne acquisition announcement driving gains.
Index performance is not illustrative of fund performance. It is not possible to invest directly in an index. Past performance is no guarantee of future results.
Fair value estimates and price targets referenced herein are those of Morningstar's equity research team, are subject to change without notice, and do not constitute recommendations or investment advice.
U.S. equities turned choppy in June as market leadership rotated away from the mega-cap technology names that had carried the market to record highs. The S&P 500 declined 0.95%, weighed down by its largest constituents, even as the average stock gained and the S&P 500 Equal Weight Index rose 2.38%, a wide gap that signaled broadening participation. An early-month selloff in semiconductor and AI-related shares set the tone. Sentiment shifted again at the June 17 Federal Reserve meeting, the first led by new Chair Kevin Warsh, where policymakers held rates steady but raised their inflation projections and signaled little urgency to cut. Industrials and health care led the market, while communication services and energy lagged.
The Morningstar Wide Moat Focus Index (the “Moat Index”) gained 0.29% in June, outperforming the S&P 500 as the market broadened and the mega-cap technology names that the equal-weighted Index holds at far lower concentrations than the benchmark pulled back. After trailing the S&P 500 through a stretch of narrow, technology-led gains in recent months, the Index benefited as leadership rotated toward a wider set of stocks. Sector allocation was the primary driver of the relative gain, while stock selection was a partial offset. For the second quarter, the Index gained 7.65%, trailing the S&P 500’s 15.20% advance in a period whose gains remained concentrated in the largest technology stocks.
The Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) rose 1.94% in June, trailing the S&P MidCap 400’s 3.59% gain and the S&P SmallCap 600’s 7.29% advance in a month when smaller-cap stocks broadly led the market’s rotation. The Index drew its strongest contributions from health care and technology holdings, with additional support from building products and other cyclical names. Its quality focus can lag when lower-quality, higher-beta stocks lead the small-cap market, as they did in June, though the Index still rose 1.94% for the month. For Q2, the SMID Moat Index gained 10.64%.
Broadening Market Lifts Moat Stocks in June
Source: Morningstar. Data as of 6/30/2026. Past performance is no guarantee of future results. Index performance is not representative of fund performance. It is not possible to invest directly in an index. Please see index definitions and other important disclosures at the end of this content. Fund performance current to the most recent month end is available by visiting vaneck.com.
Moat Indexes Complete Their Second-Quarter Reviews
Both the Moat and SMID Moat Indexes underwent their quarterly reviews in June, refreshing each portfolio toward companies selected according to the valuation and quality criteria defined by the index methodology. Our recent blog, AI Reevaluations Shape Moat Index Turnover, covers key takeaways, and full results are available here for the Moat Index and SMID Moat Index.
Moat Index Highlights: Semis and Cybersecurity Lead a Broadening Market
June was a stronger month for the Moat Index on a relative basis, as the market broadened beyond the mega-cap technology names that had led in recent months. The Index’s equal-weighted construction, which holds those mega-caps at far lower concentrations than the benchmark, provided a tailwind as leadership rotated. Sector allocation was the primary driver of the relative gain, while strong stock selection within technology, led by semiconductor equipment and cybersecurity holdings, was partly offset by weaker selection in other areas of the portfolio.
Semiconductor-related holdings led the Index’s contributors, as investors continued to reward the companies supplying the equipment and materials behind the artificial intelligence buildout, even as some larger chipmakers pulled back. Applied Materials Inc. (AMAT), the largest supplier of wafer-fabrication equipment, advanced roughly 60% after reporting strong quarterly results and raising its growth outlook, with management pointing to accelerating demand tied to leading-edge logic, memory and advanced packaging for AI. Morningstar assigns Applied Materials a wide moat, supported by intangible assets from its industry-leading research budget and by the high switching costs embedded in its equipment and on-site service relationships. Entegris Inc. (ENTG), which supplies purification solutions and specialty materials used throughout chip fabrication, gained approximately 30% on the same AI-driven demand. Morningstar also assigns Entegris a wide moat, reflecting switching costs from its razor-and-blade consumables model and intangible assets in its proprietary purity formulations.
Cybersecurity holdings also contributed meaningfully, extending a theme that has lifted the Index in recent months, as investors increasingly treat security spending as a beneficiary, rather than a casualty, of rising AI adoption. Fortinet Inc. (FTNT) gained roughly 11% after reporting strong quarterly results and raising its full-year sales outlook, with management noting that every new AI deployment widens the corporate attack surface and increases demand for protection. Morningstar views Fortinet’s wide moat as supported by customer switching costs and a network effect that strengthens as more threat data flows across its platform. Palo Alto Networks Inc. (PANW) advanced more than 20%, helped by strong results and broad-based demand across its network, cloud and security-operations platforms. Morningstar assigns Palo Alto a wide moat, underpinned by high switching costs and a reinforcing network effect.
Companies detracting the most from Moat Index performance were also concentrated in technology, though in different corners of the sector than the month’s leaders. Where the Index’s gains came from semiconductor-equipment, materials, and cybersecurity holdings, its detractors were mega-cap platform and chip names that had led the AI trade and gave back ground as leadership rotated. Oracle Corp. (ORCL), a database and cloud-infrastructure provider, was the largest detractor as its shares gave back a portion of their recent AI-driven gains. NXP Semiconductors N.V. (NXPI), a maker of automotive and industrial chips; Microsoft Corp. (MSFT), a software and cloud-computing giant; and Broadcom Inc. (AVGO), a semiconductor and infrastructure-software company, also weighed on results, alongside The Estée Lauder Companies Inc. (EL), a prestige beauty company.
Moat Index Top Contributors and Detractors - June 2026
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Applied Materials Inc. | AMAT | Technology | 1.67 | 1.01 |
| Fortinet Inc. | FTNT | Technology | 4.13 | 0.47 |
| Palo Alto Networks Inc. | PANW | Technology | 2.14 | 0.45 |
| Entegris Inc. | ENTG | Technology | 1.48 | 0.44 |
| Masco Corp. | MAS | Industrials | 2.77 | 0.44 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Oracle Corp | ORCL | Technology | 1.29 | -0.45 |
| NXP Semiconductors | NXPI | Technology | 3.69 | -0.45 |
| Microsoft Corp. | MSFT | Technology | 2.53 | -0.43 |
| The Estee Lauder Companies Inc. | EL | Consumer Staples | 2.29 | -0.26 |
| Broadcom Inc. | AVGO | Technology | 1.62 | -0.25 |
Source: Morningstar. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.
SMID Moat Index Highlights: AI Chips and an Acquisition Drive Gains
The SMID Moat Index posted a solid gain in June, with its strongest contributions coming from health care and technology holdings. A blend of AI-linked semiconductor names and company-specific catalysts, including an acquisition announcement among its health care holdings, supported performance across several sectors.
Marvell Technology Inc. (MRVL) was the top contributor, advancing roughly 45% after the company raised its long-term growth outlook and pointed to accelerating demand for its custom AI silicon and optical-connectivity chips. A repeat contributor in recent months, Marvell has been among the clearest small- and mid-cap beneficiaries of data center and AI infrastructure spending. Morningstar assigns Marvell a narrow moat, supported by intangible assets in networking-chip design and customer switching costs.
Bio-Techne Corp. (TECH), a life-sciences supplier of proteins, reagents and instruments used in biopharmaceutical and academic research, advanced roughly 37% after Merck KGaA agreed to acquire the company, sending its shares sharply higher on the announcement. Morningstar assigns Bio-Techne a narrow moat, supported by intangible assets and switching costs in its protein-sciences business, where proprietary consumables account for the bulk of revenue and its reputation for quality underpins durable pricing power.
Other notable contributors included Acuity Inc. (AYI), a lighting and building-management products company; Humana Inc. (HUM), a health insurer; and Masco Corp. (MAS), a maker of home-improvement and building products.
Companies detracting the most from the SMID Moat Index were split between technology names caught in the month’s rotation and commodity-linked cyclicals. Akamai Technologies Inc. (AKAM), a content-delivery, security and cloud-computing provider, was the largest detractor, giving back a portion of its recent gains as enthusiasm around its pivot toward AI compute cooled. Albemarle Corp. (ALB), a specialty-chemicals and lithium producer, and ON Semiconductor Corp. (ON), a maker of power and automotive chips, also weighed on results, alongside Zoom Communications Inc. (ZM), a communications-software provider, and SLB Ltd. (SLB), an oilfield-services company. The mix reflected soft commodity prices and a rotation away from some of the AI-linked technology names that had led in prior months.
SMID Moat Index Top Contributors and Detractors - June 2026
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Marvell Technology Inc. | MRVL | Technology | 2.73 | 1.24 |
| Bio-Techne Corp. | TECH | Health Care | 1.11 | 0.41 |
| Acuity Inc. | AYI | Industrials | 1.21 | 0.28 |
| Humana Inc. | HUM | Health Care | 0.76 | 0.23 |
| Masco Corp. | MAS | Industrials | 1.38 | 0.22 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Akamai Technologies Inc. | AKAM | Technology | 1.99 | -0.42 |
| Albemarle Corp. | ALB | Materials | 1.48 | -0.35 |
| ON Semiconductor Corp. | ON | Technology | 1.25 | -0.27 |
| Zoom Communications Inc. | ZM | Technology | 1.54 | -0.23 |
| SLB Ltd. | SLB | Energy | 1.61 | -0.23 |
Source: Morningstar. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.
Choose Your Moat Strategy
VanEck’s suite of moat investing strategies is powered by Morningstar’s equity research team, which applies criteria intended to identify companies with durable competitive advantages that are trading below the research team's estimate of fair value. The below ETFs offer access to moat companies across market segments:
VanEck Morningstar US Wide Moat UCITS ETF (MOTU): Seeks exposure to US companies considered by Morningstar’s equity analysts to have durable competitive advantages and appealing valuations.
VanEck Morningstar US ESG Wide Moat UCITS ETF (MOAT): Invests in potentially attractively priced, ESG-filtered US companies identified for sustainable competitive advantages by Morningstar. ESG Screens include exclusion of companies deriving revenues from Controversial Weapons, Civilian Firearms and Thermal Coal as defined by Sustainalytics as well as companies with higher levels of ESG-related risks according to Sustainalytics Estimates. Applying ESG Screens might also cause the investment universe to be limited in size, and the ETF may perform differently compared to non-screened portfolios. Investors should check all the characteristics of the fund before making any investment decision. Relevant disclosures can be found on fund page as well as under this link. The fund does not perceive a sustainable investment objective.
VanEck Morningstar US SMID Moat UCITS ETF (SMOT): Focuses on potentially undervalued US small- and mid-cap companies identified for their possible durable competitive advantages.
VanEck Morningstar Global Wide Moat UCITS ETF (GOAT): Targets high-quality global companies with wide economic moats and potential for long-term growth according to Morningstar.
The ETFs mentioned involve several risks. These include stock market risk (the value of your investment can go up or down), concentration risk (the ETFs may focus on certain sectors or companies and invest in fewer securities than those tracking plain benchmarks), and currency risk (returns can be affected by exchange rate changes).
Additional risks include valuation risk (companies that seem cheap may not perform well), smaller company risk (as smaller firms can be more volatile. Because the ETFs use equal weighting, each company has the same impact on performance, which may lead to different results compared to market-cap-weighted benchmarks. There’s also a chance the ETF doesn’t fully match its index performance (tracking error).
For further information on risks and other important information, please refer to the KID/KIID and the Prospectus of the funds, available at www.vaneck.com before investing.
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The source for all performance data points, contributions, and company research is Morningstar Direct, as of 9 July 2026, unless stated otherwise.
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Please refer to the Prospectus – in English language - and the KID/KIID - in local language - before making any final investment decisions and for full information on risks. These documents can be obtained free of charge at www.vaneck.com, from the ManCo or from the appointed facility agent. VanEck Morningstar Global Wide Moat UCITS ETF ("ETF") is a sub-fund of VanEck UCITS ETFs plc, a UCITS umbrella investment company, registered with the Central Bank of Ireland, passively managed and tracking an equity index.
The value of the ETF may fluctuate significantly as a result of the investment strategy. The ETF´s holdings are disclosed on each dealing day on www.vaneck.com under the ETF´s Holdings section and as per PCF under the Documents section and published via one or more market data suppliers. The indicative net asset value (iNAV) of the ETF is available on Bloomberg. For details on the regulated markets where the ETF is listed, please refer to the Trading Information section on the ETF page at www.vaneck.com. Investors must buy and sell units of the UCITS on the secondary market via an intermediary (e.g. a broker) and cannot usually be sold directly back to the UCITS. Brokerage fees may incur. The buying price may exceed, or the selling price may be lower than the current net asset value. Investing in the ETF should be interpreted as acquiring shares of the ETF and not the underlying assets. Tax treatment depends on the personal circumstances of each investor and may vary over time. The ManCo may terminate the marketing of the ETF in one or more jurisdictions. The summary of the investor rights is available in English at: summary-of-investor-rights.pdf.
Please refer to the Prospectus – in English language - and the KID/KIID - in local language - before making any final investment decisions and for full information on risks. These documents can be obtained free of charge at www.vaneck.com, from the ManCo or from the appointed facility agent.
VanEck Morningstar US Wide Moat UCITS ETF ("ETF") is a sub-fund of VanEck UCITS ETFs plc, a UCITS umbrella investment company , registered with the Central Bank of Ireland, passively managed and tracking an equity index.
The value of the ETF may fluctuate significantly as a result of the investment strategy. The ETF´s holdings are disclosed on each dealing day on www.vaneck.com under the ETF´s Holdings section and as per PCF under the Documents section and published via one or more market data suppliers. The indicative net asset value (iNAV) of the ETF is available on Bloomberg. For details on the regulated markets where the ETF is listed, please refer to the Trading Information section on the ETF page at www.vaneck.com. Investors must buy and sell units of the UCITS on the secondary market via an intermediary (e.g. a broker) and cannot usually be sold directly back to the UCITS. Brokerage fees may incur. The buying price may exceed, or the selling price may be lower than the current net asset value. Investing in the ETF should be interpreted as acquiring shares of the ETF and not the underlying assets. Tax treatment depends on the personal circumstances of each investor and may vary over time. The ManCo may terminate the marketing of the ETF in one or more jurisdictions. The summary of the investor rights is available in English at: summary-of-investor-rights.pdf.
Please refer to the Prospectus – in English language - and the KID/KIID - in local language - before making any final investment decisions and for full information on risks. These documents can be obtained free of charge at www.vaneck.com, from the ManCo or from the appointed facility agent.
VanEck Morningstar US SMID Moat UCITS ETF ("ETF") is a sub-fund of VanEck UCITS ETFs plc, a UCITS umbrella investment company, registered with the Central Bank of Ireland, passively managed and tracking an equity index.
The value of the ETF may fluctuate significantly as a result of the investment strategy. The ETF´s holdings are disclosed on each dealing day on www.vaneck.com under the ETF´s Holdings section and as per PCF under the Documents section and published via one or more market data suppliers. The indicative net asset value (iNAV) of the ETF is available on Bloomberg. For details on the regulated markets where the ETF is listed, please refer to the Trading Information section on the ETF page at www.vaneck.com. Investors must buy and sell units of the UCITS on the secondary market via an intermediary (e.g. a broker) and cannot usually be sold directly back to the UCITS. Brokerage fees may incur. The buying price may exceed, or the selling price may be lower than the current net asset value. Investing in the ETF should be interpreted as acquiring shares of the ETF and not the underlying assets. Tax treatment depends on the personal circumstances of each investor and may vary over time. The ManCo may terminate the marketing of the ETF in one or more jurisdictions. The summary of the investor rights is available in English at: summary-of-investor-rights.pdf.
Morningstar® US Sustainability Moat Focus Index is a trade mark of Morningstar Inc. and has been licensed for use for certain purposes by VanEck. VanEck’s ETF is not sponsored, endorsed, sold or promoted by Morningstar and Morningstar makes no representation regarding the advisability in VanEck’s ETF. Effective December 15, 2023 the carbon risk rating screen was removed from the Index. Effective December 17, 2021 the Morningstar® Wide Moat Focus IndexTM has been replaced with the Morningstar® US Sustainability Moat Focus Index. Effective June 20, 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. It is not possible to invest directly in an index.
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The Morningstar® Wide Moat Focus IndexSMare service marks of Morningstar, Inc. and have been licensed for use for certain purposes by VanEck. VanEck’s ETF is not sponsored, endorsed, sold or promoted by Morningstar, and Morningstar makes no representation regarding the advisability of investing in the ETF. It is not possible to invest directly in an index.
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This is a marketing communication. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.
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VanEck Asset Management B.V., the management company of VanEck Morningstar US Sustainable Wide Moat UCITS ETF (the "ETF"), a sub-fund of VanEck UCITS ETFs plc, is a UCITS management company under Dutch law registered with the Dutch Authority for the Financial Markets (AFM). The ETF is registered with the Central Bank of Ireland, passively managed and tracks an equity index. Investing in the ETF should be interpreted as acquiring shares of the ETF and not the underlying assets. Investors must read the sales prospectus and key investor information before investing in a fund. These are available in English and the KIIDs/KIDs in certain other languages as applicable and can be obtained free of charge at www.vaneck.com, from the Management Company or from the following local information agents:
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Morningstar® US Sustainability Moat Focus Index is a trade mark of Morningstar Inc. and has been licensed for use for certain purposes by VanEck. VanEck Morningstar US Sustainable Wide Moat UCITS ETF is not sponsored, endorsed, sold or promoted by Morningstar and Morningstar makes no representation regarding the advisability in VanEck Morningstar US Sustainable Wide Moat UCITS ETF.
Effective December 17, 2021 the Morningstar® Wide Moat Focus IndexTM has been replaced with the Morningstar® US Sustainability Moat Focus Index.
Effective June 20, 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.
It is not possible to invest directly in an index.
All performance information is based on historical data and does not predict future returns. Investing is subject to risk, including the possible loss of principal.
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