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The Morningstar® Wide Moat Focus Index is comprised of the 20 wide moat stocks with the best valuations as measured by the Morningstar price/fair value ratio. The term “wide moat” was originally coined by Warren Buffett and is used to describe companies with sustainable competitive advantages.
Morningstar analysts determine price/fair value by using Morningstar’s discounted cash-flow model to estimate fair values for each of the companies they cover, and comparing the price of each stock to its fair value estimate. The Wide Moat Focus Index illustrates Morningstar’s unique, long-term approach to stock analysis and offers investors exposure to high-quality companies that consistently generate high returns on capital.

This is the first in a family of Morningstar Active Equity Indexes, which will consist of a series of indexes that leverage Morningstar’s stock research. Each index will be a subset of the Morningstar® US Market Index, a broad market index representing 97% of the U.S. equity market capitalization.
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