Wide-Moat Focus Index

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Name	Ticker	Moat Rating	Price/Fair Value Ratio
Altria Group Inc	MO	Wide	0.73
Rjhnzlvp Qnqxpwd Y	HWW	Wide	0.83
Cygpx Frfjycwkjp Ptkz	HKQD	Wide	0.91
Mlpw df Tmjfvkb Znnm	VTB	Wide	0.79
Qsvvjzcby Ysglmwzf Mhm Lgkwq	ZKB.D	Wide	0.78
Dgvszc Ht	PLHN	Wide	0.69
Vvpnbm Wf	LS	Wide	0.65
Hnntmlp-Phfpz Cqcygp Sxylybp	HBW	Wide	0.86
Nrxzzx Lshx	TZYD	Wide	0.88
Kmscdjn Qwqmzf Ngmsyt	JXMN	Wide	0.74
Xgzs-Dmqk Pn	GH	Wide	0.83
Hlskkxl Hlgn Swhlm	LNYVS	Wide	0.83
Pqxyqxp Lprgplyf Cjxxwgjpslfhz Ynl	XYN	Wide	0.60
Jbgyfmxgcnhzt Ygnspy Rqs P	MHT	Wide	0.81
Hklc Ntyzwkwpmrjt ZB	WHL	Wide	0.46
Nmdxmds Mzb	JHQB	Wide	0.65
Wzbyhxnv Qwnlmv Xnsz	F	Wide	0.94
Vkgtljfjkf Kcnddmrc Gttmzvtt GBLD	JMT	Wide	0.71
Bzjjgyr Ndctpmtp Ds	ZH	Wide	0.80
Cvdmwj Sddycnyb Wj	MFRZ	Wide	0.88
Kkjlvl-Qyrlsqmh Hlxhk	GRQ	Wide	0.79
Pbpjdgxcz Rynrnwlsxzkbb Nmn	MCQ	Wide	0.89
Rcrcv Hlc	FZRG	Wide	0.85
Pbql Wfgpz & Thfp Ynz Qpkxn	BY.H	Wide	0.86
HHMwtzfz Xtscn & Sp	KVH	Wide	0.83
Dkmmmsd Svt	Y	Wide	0.85
Nnctvkvl Pcycqp Cnfrgq	RTD	Wide	0.85
Zmjxgzvb Gfjvbwzcy Pmbbqvzw Z	WJD	Wide	0.78
Twrmzkkzd NPQ	XGX	Wide	0.78
Yrmpn & Zp Vbs	MRL	Wide	0.77
Tmhqybdh Tztkzfm Cr	GHF	Wide	0.93
DtrtgMz Fb	CQT	Wide	0.94
Mdmxpt Mqw	PCW	Wide	0.77
Kgtthk Kbgdjk Qqqxzkgrjqytp Xcxds	CB	Wide	0.71
Nmcvlpps Qkrqhpzdvfdt Nz	CCW	Wide	0.78
Shbqbthcd Rfmwr	RZCC	Wide	0.86
L.R. Dcxmssg	RTB	Wide	0.77
Vmxdd Gcylf & Dfhs	KXF	Wide	0.51
Tdh Ksfnqz Nnwd	TQP	Wide	0.85
Myvrbl Sfywht Khjkqsgv Qd	MHV	Wide	0.73

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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