Wide-Moat Focus Index

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Name	Ticker	Moat Rating	Price/Fair Value Ratio
Alphabet Inc A	GOOGL	Wide	0.92
Brkwsq Ddybc Ql	CK	Wide	0.76
Zpdxgr.pvl Ym	NGBL	Wide	0.88
Vkvt gm Xwq Qfwf Wldbwh Qpbt	XK	Wide	0.83
Gvdyjl Bbql	YTJN	Wide	0.82
Dybkcd Cdzqd	CLYD	Wide	1.03
Yckt-Rsfm H	HN	Wide	0.89
Tsmgycq Sxdldxmg Cwzzkgjhlzlmr Mhk	GFW	Wide	0.73
Klgd Jdkkcxqzxsfy DH	VVR	Wide	0.75
Ybnwtxjz Jnqhgk Wfd	B	Wide	0.90
Tyqxvcyqhb Trhybpxp Gqbqbbqd	ZHS	Wide	0.79
Zbljfrf Nxlp	HHC	Wide	0.96
Ncqtrjkj Ldh ZN	MS	Wide	0.77
Nqmvqrc Zqxlhlsm Kk	DL	Wide	0.81
Wwhwds Zrxbktyk Dkyx	YMLB	Wide	0.85
Drxwvgb P	L	Wide	0.72
Ypmmbzfn Yrzkpq Nwg	RQK	Wide	0.74
Xngddnxr Llyrcwnjj Mgbntgvh NV	MQH	Wide	0.86
Pyvqk & Lv Xl	YJM	Wide	0.77
Rwyschys Rmsrqdv Fwyqff	ZNT	Wide	0.87
ZzzytYs Pcy	WYT	Wide	0.98
Kbhgkv Nxkq	QVT	Wide	0.90
Wndvyr Swywbd Fhlnjrwmgpbyq T	NL	Wide	0.81
Gvzkq Tgzwvqbkpmxk Zf	FZF	Wide	0.89
Pwtqxwfmvg.rwk Pn	KMD	Wide	0.89
Yprmf Tvwjm & Zc	SSD	Wide	0.66
Nqt Blrxl Lfxchrwb Xdp Pppvxglb Mknmhl	QSQQ	Wide	0.95

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The stocks on this list are the current constituents of the Morningstar Wide-Moat Focus Index. The index is composed of the most undervalued (trading at the lowest current market price/fair value ratios), highest-quality companies in our coverage universe. The companies in this index must have an economic moat rating of wide (meaning we think they have advantages that will fend off competitors for at least 20 years), and their shares must be trading below their fair value estimates, which are determined through independent research conducted by the Morningstar Equity Research team.

List Criteria

Wide-Moat Stocks

Morningstar’s ratings for economic moat (a term originally coined by Warren Buffett) capture how likely a company is to keep competitors at bay for an extended period. One of the keys to finding superior long-term investments is buying companies that will be able to stay one step ahead of their competitors, and it’s this characteristic that Morningstar is trying to capture with the economic moat rating, which will be either wide, narrow, or none for stocks under coverage.

Undervalued

This list includes the Wide-Moat stocks that are trading at the lowest current market price/fair value ratio