No Surprise at Year-End: Moat Investing Outperforms Again in 2023

The Morningstar Wide Moat Focus Index (the “Moat Index”) surged by 7.87% in December outpacing the S&P 500 by over 300 basis points during the month, and ended the 2023 calendar year up 32.41%, or 600 basis points above the S&P 500. The performance of the Moat Index is particularly notable this year, as it came amid a top-heavy market where the mega-cap Magnificent Seven was responsible for much of the market’s overall gains.

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