Moat Stocks Gain on Health Care Strength, Tech Slowdown
10 December 2025
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 1.53% in November, supported by health care and broader market participation.
- Merck and Amgen were top Moat Index contributors, benefiting from strong demand and pipelines.
- SMID Moat Index rose 1.43%, aided by materials strength but offset by consumer discretionary and technology weakness.
- Sealed Air and Albemarle led SMID Moat Index contributors on M&A activity and a lithium rebound.
U.S. equities delivered a modest gain in November, but market dynamics shifted meaningfully beneath the surface. While the S&P 500 added just 0.25% during the month, performance broadened across the market, with the equal-weighted S&P 500 rising 1.90% and outpacing its market-cap-weighted counterpart. The wider participation marked a contrast to the narrow leadership seen most of the year. Sector leadership rotated as well, with health care posting the strongest returns of any major segment, while technology, after a stretch of sustained outperformance, saw a notable pullback. Investors continued to digest a mix of economic data and evolving expectations around Federal Reserve policy, creating a backdrop that favored more defensive and valuation-supported areas of the market.
In November the Morningstar Wide Moat Focus Index (the “Moat Index) benefited from sector positioning, gaining 1.53% and outperforming the S&P 500. The Moat Index’s overweight to health care, which was the top-performing sector during the month, provided a meaningful tailwind, while its underweight to technology helped soften the impact of weakness across that segment. Improved market breadth also aided performance relative to prior months, during which narrow leadership had presented a challenge for equal-weighted strategies.
Smaller-cap equities also participated in November’s broader advance, though to varying degrees across size cohorts. The Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) rose 1.43% during the month, outperforming the S&P 500 but trailing more pure small-cap segments. As with the Moat Index, sector positioning within health care contributed positively, as did strong selection within the materials segment, though pockets of weakness in consumer discretionary and technology weighed on overall results.
November Health Care Rebound Supports Moat Strategies
Source: Morningstar. Data as of 30/11/2025. 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 or by calling 800.826.2333.
Moat Index Highlights: Health Care Leads the Charge
In November, the Moat Index benefited from a favorable combination of broader market participation and a strong rebound in health care, a sector to which the strategy is overweight. The Moat Index’s allocation to the area contributed meaningfully to relative performance. At the same time, the strategy’s underweight to technology, which lagged the broader market, provided an additional tailwind to relative performance.
The drug manufacturer, Merck & Co. (MRK), was the top contributor to the Moat Index in November, with share price gains of more than 20%, as the company continued to demonstrate durable performance across its diversified pharmaceutical portfolio. Merck’s leadership position in oncology, including its flagship immunotherapy Keytruda, and its growing presence across vaccines and cardiometabolic care remain central to Morningstar’s wide-moat assessment. Analysts also highlight the strength of Merck’s pipeline, which includes late-stage programs capable of supporting revenue through the next decade.
Also within the top contributors this month was fellow health care leader Amgen Inc. (AMGN). Amgen benefited from renewed investor confidence in its broad portfolio of biologic therapies and its expanding pipeline in cardiology, oncology, and immunology. Morningstar continues to view Amgen’s free cash flow generation as a key competitive advantage, supported by biologics that carry strong pricing power and by the company’s growing biosimilar franchise. Shares advanced 16% during the month, as the market rewarded businesses with stable demand dynamics amid heightened uncertainty in more cyclical sectors.
Rounding out the top contributors were consumer health company Kenvue Inc. (KVUE); semiconductor equipment provider Applied Materials Inc. (AMAT); and the technology conglomerate and AI leader Alphabet Inc. (GOOGL).
Companies detracting the most in November notably belonged within technology, reflecting the broader sector’s pullback. Names include customer relationship management technology firm Salesforce Inc. (CRM); enterprise software solutions company Workday Inc. (WDAY); semiconductor materials and filtration specialist Entegris Inc. (ENTG); and chipmaker NXP Semiconductors (NXPI). Outside of technology, aerospace and defense company Boeing Co. (BA) detracted modestly.
Moat Index Top Contributors and Detractors - November 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Merck & Co. Inc. | MRK | Health Care | 2.52 | 0.55 |
| Amgen Inc. | AMGN | Health Care | 2.51 | 0.42 |
| Kenvue Inc. | KVUE | Consumer Staples | 1.74 | 0.39 |
| Applied Materials Inc. | AMAT | Technology | 3.36 | 0.28 |
| Alphabet Inc. | GOOGL | Technology | 1.85 | 0.26 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Salesforce Inc. | CRM | Technology | 2.37 | -0.27 |
| Workday Inc. | WDAY | Technology | 2.36 | -0.24 |
| Entegris Inc. | ENTG | Technology | 1.37 | -0.22 |
| NXP Semiconductors | NXPI | Technology | 2.28 | -0.15 |
| Boeing Co. | BA | Industrials | 2.13 | -0.13 |
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: Packaging and Lithium Lead
The SMID Moat Index ended November with a positive return, supported by contributions from companies across several sectors. Similarly to the Moat Index, the strategy’s overweight to health care offered support given the strength of the broader sector. Materials also proved additive, with three of the top five contributors for the month belonging to the sector. However, weakness in consumer discretionary and technology, alongside select communication services holdings, offset some of these gains.
The packaging solutions company, Sealed Air Corp. (SEE), was the top contributor to the SMID Moat Index in November, as shares surged following the announcement that the company had agreed to be acquired by CD&R in a transaction valued at approximately $10.3 billion, or $42.15 per share. The all-cash offer represented a meaningful premium to Sealed Air’s prior trading levels and immediately drove a sharp rerating in the stock during the month. The market responded positively to the deal’s valuation and certainty, with shares rising significantly and contributing meaningfully to Index performance.
Albemarle Corp. (ALB), a fully integrated lithium producer, was also a leading contributor, supported by a rebound in lithium-related equities after a period of volatility. Morningstar continues to view Albemarle’s low-cost lithium and bromine operations as core components of its moat rating, with long-lived resources and scale advantages that position the company well for long-term demand growth. While near-term lithium pricing remains uncertain, the firm’s competitive position and disciplined capital management supported a strong share price recovery in November as shares of ALB gained more than 30%.
Other top contributors within the SMID Moat Index during the month included Expedia Group Inc. (EXPE), a leading global online travel platform; Ionis Pharmaceuticals Inc. (IONS), a biotechnology company focused on RNA-targeted therapies; and DuPont de Nemours Inc. (DD), a diversified manufacturer of specialty materials and chemical solutions.
Companies detracting the most in November within the SMID Moat Index spanned multiple sectors, but consumer discretionary stood out. Names included Norwegian Cruise Line (NCLH), a global cruise operator; HubSpot Inc. (HUBS), a cloud-based marketing software provider; Etsy Inc. (ETSY), an online marketplace; Bath & Body Works Inc. (BBWI), a retailer of personal care and home fragrance products; and Warner Music Group (WMG), a multinational music entertainment company.
SMID Moat Index Top Contributors and Detractors - November 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Sealed Air Corp. | SEE | Materials | 1.35 | 0.38 |
| Albemarle Corp. | ALB | Materials | 0.82 | 0.27 |
| Expedia Group Inc. | EXPE | Consumer Discretionary | 1.50 | 0.25 |
| Ionis Pharmaceuticals Inc. | IONS | Health Care | 2.15 | 0.24 |
| DuPont de Nemours Inc. | DD | Materials | 1.49 | 0.23 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Norwegian Cruise Line | NCLH | Consumer Discretionary | 1.40 | -0.25 |
| HubSpot Inc. | HUBS | Technology | 0.68 | -0.17 |
| Etsy Inc. | ETSY | Consumer Discretionary | 1.32 | -0.17 |
| Bath & Body Works Inc. | BBWI | Consumer Discretionary | 0.59 | -0.16 |
| Warner Music Group | WMG | Communication Services | 1.42 | -0.16 |
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 5 December 2025.
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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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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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