Stage Set for Moat Stocks After Strong 2025 Close
16 January 2026
Read Time 7 MIN
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. 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.
Key Takeaways:
- Moat Index gained 1.7% in December, led by strong stock selection in technology, industrials and consumer staples.
- Estée Lauder and Salesforce led Moat Index gains, driven by improving beauty demand and AI-related software momentum.
- SMID Moat Index rose 1.0%, outperforming broad small- and mid-cap benchmarks despite mixed sector trends.
- Norwegian Cruise Line and Carnival led the SMID Moat Index, as travel demand and onboard spending remained resilient.
U.S. equity markets closed out 2025 on steady footing, with minor gains masking notable dispersion beneath the surface. The S&P 500 finished the month just above flat, gaining 0.06%, as investor optimism around easing inflation and resilient economic data was balanced by year-end positioning and profit taking activity. Market leadership remained concentrated, though participation broadened modestly compared with earlier in the year. Sector performance was mixed, led by financials, with communication services and materials also among the stronger performers. Defensives like utilities and staples lagged, as investors favored more cyclical exposure into year-end.
Against this backdrop, the Morningstar Wide Moat Focus Index (the “Moat Index”) gained 1.7% in December, outperforming the S&P 500. Looking beyond the single month, the fourth quarter proved particularly strong for the Moat Index, which outperformed both the cap-weighted and equal-weighted S&P 500 amid improving market participation and a rotation away from the most crowded mega-cap trades. While the Index trailed the S&P 500 slightly on a full-year basis, this outcome reflects its equal-weighted, valuation-conscious approach and limited exposure to richly valued mega-cap technology. In a year characterized by narrow leadership and heavy concentration in the largest stocks, the Moat Index’s ability to remain competitive while offering differentiated exposure can be viewed as a relative strength.
Smaller-cap equities also posted gains during the month. The Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) rose 1.0% in December, outperforming broad small- and mid-cap benchmarks. Full-year performance, however, reflected a more challenging environment for smaller-cap equities amid elevated interest rates and periodic pullbacks in risk appetite. Even so, the strategy’s emphasis on durable competitive advantages and attractive valuations helped it remain competitive throughout a volatile year.Moat Stocks Close the Year on a Strong Note
Source: Morningstar. Data as of 31/12/2025. 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 Index Welcomes Back Select Mag 7 Names at Quarterly Review
Both the Moat and SMID Moat Indexes underwent quarterly reviews on December 19, 2025. Each quarter, Morningstar’s equity research analysts systematically target the most attractively priced, high quality U.S. companies within their respective universes. At the December review, the Moat strategies took advantage of valuation opportunities that emerged amid year-end volatility, including renewed exposure to several mega-cap technology names trading at more attractive valuations.
Moat Index Highlights: Beauty, Software and Defense Lead
In December, performance within the Moat Index was driven by strong stock selection across several sectors. While sector allocation detracted modestly, individual company performance more than offset these effects. Technology and industrial holdings featured prominently among the top contributors, reflecting investor preference for companies with visible earning power and durable competitive advantages.
The Estée Lauder Companies Inc. (EL) was the top contributor to Moat Index performance during the month, with shares rising approximately 11% in December. Shares advanced as investors responded positively to improving trends in premium beauty demand and continued progress on operational initiatives. Morningstar continues to view Estée Lauder’s portfolio of prestige brands, global scale and strong retail relationships as key drivers of its wide economic moat.
Salesforce Inc. (CRM) was also a leading contributor, gaining roughly 15% during December. The stock benefited from continued momentum in enterprise software demand and improving sentiment surrounding the company’s artificial intelligence offerings. Morningstar views Salesforce’s high switching costs and deeply embedded customer relationships as central to its wide moat rating. The company’s broad cloud portfolio and growing adoption of AI-driven tools continue to reinforce its strategic importance within customers’ core business operations.
Other top contributors within the Moat Index during the month included Boeing Co. (BA), a global aerospace and defense manufacturer, Huntington Ingalls Industries Inc. (HII), the largest independent U.S. military shipbuilder, and NXP Semiconductors NV (NXPI), a supplier of automotive and industrial semiconductors.
Companies detracting the most from Moat Index performance in December were concentrated within health care and consumer staples. Detractors included Agilent Technologies Inc. (A), a provider of life sciences and diagnostics tools; Zimmer Biomet Holdings Inc. (ZBH), a manufacturer of orthopedic implants; Amgen Inc. (AMGN), a biotechnology company; Clorox Co. (CLX), a consumer products manufacturer, and Brown-Forman Corp. (BF.B), a global spirits producer.
Moat Index Top Contributors and Detractors - December 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| The Estee Lauder Companies Inc. | EL | Consumer Stables | 2.84 | 0.32 |
| Salesforce Inc. | CRM | Technology | 2.07 | 0.31 |
| Boeing Co. | BA | Industrials | 1.98 | 0.29 |
| Huntington Ingalls Industries Inc. | HII | Industrials | 2.98 | 0.25 |
| NXP Semiconductors | NXPI | Technology | 2.10 | 0.25 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Agilent Technologies Inc. | A | Health Care | 2.96 | -0.34 |
| Zimmer Biomet Inc. | ZBH | Health Care | 2.34 | -0.18 |
| Amgen Inc. | AMGN | Health Care | 2.87 | -0.15 |
| Clorox Co. | CLX | Consumer Staples | 2.01 | -0.13 |
| Brown-Forman Corp. | BF.B | Consumer Staples | 1.27 | -0.12 |
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: Travel Demand Drives Gains
The SMID Moat Index finished December higher, supported by strong contributions from consumer discretionary holdings. Stock selection was the primary driver of performance, while sector allocation detracted modestly. Travel-related companies featured prominently among the top contributors, reflecting continued interest in leisure and travel-related spending.
Norwegian Cruise Line Holdings Ltd. (NCLH) and Carnival Corp. (CCL) together led SMID Moat Index performance in December, as shares rose approximately 21% and 18%, respectively. Both companies benefited from continued strength in global leisure travel demand, firm pricing and resilient onboard spending trends. Norwegian operates a global cruise portfolio across multiple brands, while Carnival is the world’s largest cruise operator, serving a broad customer base through a diversified fleet. The strong performance of both stocks reflected ongoing investor confidence in the cruise industry’s recovery and cash flow generation.
Expedia Group Inc. (EXPE) was the third-largest contributor and rose roughly 11% during December. Expedia operates a leading global online travel platform that connects consumers with lodging, air travel, and destination services. The stock’s performance reflected steady travel demand and investor confidence in the company’s scaled marketplace and brand portfolio. Other top contributors within the SMID Moat Index included Huntington Ingalls Industries Inc. (HII), a U.S. defense shipbuilder, and Warner Music Group Corp. (WMG), a multinational music entertainment company.
Companies detracting the most from SMID Moat Index performance during the month spanned several sectors. These included Lamb Weston Holdings Inc. (LW), a major U.S. food processing company; Agilent Technologies Inc. (A), a life sciences tools provider; WESCO International Inc. (WCC), an electrical and industrial distribution company; Ionis Pharmaceuticals Inc. (IONS), a biotechnology firm focused on RNA-targeted therapies, and Mattel Inc. (MAT), a global toy manufacturer.
SMID Moat Index Top Contributors and Detractors - December 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Norwegian Cruise Line Ltd. | NCLH | Consumer Discretionary | 1.16 | 0.24 |
| Carnival Corp. | CCL | Consumer Discretionary | 1.26 | 0.23 |
| Expedia Group Inc. | EXPE | Consumer Discretionary | 1.74 | 0.19 |
| Huntington Ingalls Industries Inc. | HII | Industrials | 1.70 | 0.14 |
| Warner Music Group Corp. | WMG | Communication Services | 1.26 | 0.11 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Lamb Weston Holdings Inc. | LW | Consumer Staples | 0.70 | -0.20 |
| Agilent Technologies Inc. | A | Health Care | 1.69 | -0.19 |
| WESCO International Inc. | WCC | Industrials | 1.84 | -0.15 |
| Ionis Pharmaceuticals Inc. | IONS | Health Care | 2.41 | -0.11 |
| Mattel Inc. | MAT | Consumer Discretionary | 1.52 | -0.09 |
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 seeks quality companies trading at attractive valuations. 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.
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 12 January 2026.
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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. 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. 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. 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 IndexSM are 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.
Morningstar® US Small-Mid Cap Moat Focus IndexSM are 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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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.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of VanEck.
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