Moat Investing - ETF Strategy
28 June 2019
Durata video 2:52
Moat investing is based on a simple concept: invest in companies with sustainable competitive advantages trading at attractive valuations. Morningstar turns this philosophy into an actionable investment strategy.
Moat Investing, Powered by Morningstar
VO: Moat, a term first coined by Warren Buffet.
What is an economic moat?
VO: A company’s ability to maintain competitive advantages and fend off its competition in order to protect its long-term profits and market share. Moat investing is based on a simple concept: invest in companies with sustainable competitive advantages trading at attractive valuations.
Morningstar turns the moat investing philosophy into an actionable investment strategy.
VO: Morningstar has identified 5 sources of competitive advantages (or moats):
Switching costs: Whether in time or money, the expenses that a customer would incur to change from one producer/provider to another
Intangible assets: Brands, patents, and regulatory licenses that block competition and/or allow companies to charge more.
Network effect: When the value of a service grows as more people use a network
Cost advantage: Allows firms to sell at the same prices as competition and gather excess profit and/or have the option to undercut competition
Efficient scale: When a company serves a market limited in size, new competitors may not have an incentive to enter.
In order to avoid overpaying for moat companies, Morningstar assigns each company a fair value based on its projected future cash flows and assesses its current price against this fair value. This forward-looking valuation approach allows long-term investors to look beyond a company’s current price and potential noise in the market.
Leverage Morningstar’s forward-looking moat investment philosophy across global equity markets through VanEck’s Moat Investing strategy.
VanEck’s moat investing strategy offers: moat companies, attractive valuations, Morningstar’s Equity Research.
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Cosa crea un "economic moat"? Scoprite in che modo la filosofia del "moat investing" di Morningstar individua le società con vantaggi competitivi sostenibili che accrescono il potenziale di sovraperformance rispetto al mercato azionario più ampio. Per ulteriori informazioni visitare la nostra pagina a tema sul Moat Investing.