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With more than 120 equity and credit analysts, Morningstar is one of the largest independent sources for equity and credit research in the world. Our analysts evaluate companies using a proprietary methodology built on fundamental analysis that scrutinizes a company‚Äôs sustainable competitive advantages. The strong performance of our ratings speaks for itself: The Morningstar® Wide Moat Focus Index has returned more than 14% annualized since its inception in September 2002. This index tracks 20 stocks with a wide Morningstar® Economic Moat™ Rating trading at the most significant discounts to our Fair Value Estimates.

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