VanEck ist ein globaler Investmentmanager mit Niederlassungen auf der ganzen Welt. Bitte wählen Sie Ihr Land und Ihren Anlegertyp aus, um Inhalte zu finden, die für Ihre Anlagebedürfnisse geeignet sind.
„Trends with Benefits“ ist ein Podcast von VanEck mit zukunftsorientierter Perspektive. Gastgeber Ed Lopez interviewt jede Woche einen Gast, um neue Denkansätze über die Märkte, das Investieren, die Arbeit und das Leben zu entdecken.
Bleiben Sie auf dem Laufenden über die neuesten Nachrichten, Pressemitteilungen und wichtigen Unternehmensinformationen von VanEck.
Hier finden Sie aktuelle Mitteilungen wie Aktionärsbekanntmachungen und Ergebnisse der Hauptversammlungen.
Hier finden Sie alle relevanten Dokumente zu den ETNs von VanEck wie KIDs, Prospekte und Endgültige Konditionen.
Hier finden Sie allgemeine rechtliche Richtlinien und Verfahren von VanEck, wie z.B. die Vergütungsrichtlinie oder das Beschwerdeverfahren.
Durch zukunftsorientierte, intelligent konzipierte aktive und ETF-Lösungen bieten wir Mehrwert schaffende Engagements in aufstrebenden Branchen, Anlageklassen und Märkten sowie differenzierte Ansätze für traditionelle Strategien.
Die Investmentteams von VanEck bieten aktive und passive Strategien mit überzeugenden Engagements, die durch gut konzipierte Investmentprozesse unterstützt werden. Die Kompetenzfelder des Unternehmens reichen von Kernanlagechancen bis zu spezielleren Engagements, um die Diversifikation des Portfolios zu verbessern.
Suchen Sie nach den aktuellen Stellenangeboten und Karrieremöglichkeiten bei VanEck. Bewerben Sie sich heute und treten Sie unserem wachsenden Team in Europa bei.
Hier finden Sie die VanEck-Kontaktdaten für alle europäischen Länder. Wenn Sie Fragen zu unseren ETFs und aktiv gemanagten Fonds haben, wenden Sie sich bitte an uns.
The Morningstar® Wide Moat Focus IndexSM (the “Moat Index” or “Index”) completed its quarterly review on 22 March 2021. This review was awfully different than its review one year ago, when the Index was rebalancing into the market lows of the pandemic sell-off. As you may recall, the Index added several companies trading at an all-time low discount to their Morningstar-assigned fair value estimate. Companies like Boeing, Bank of America, and US Bancorp were added to the Moat Index for either the first time, or first time in quite a while.
Those moves, in March 2020, began the Index’s repositioning away from growth-oriented firms to more traditional value companies. The trend in March continued through the summer and into the Fall, as the Index maintained a significant overweight to financials and an equally significant underweight to the tech sector, which drove underperformance of the S&P 500® Index in 2020.
While 2020 ended on a sour note with the Moat Index underperforming the S&P 500 Index for the first calendar year since 2015, in retrospect its methodical, rules-based re-positioning set the Index up for success. Investors have shifted focus to cyclical stocks and have favored value stocks, over growth stocks at a rate we have not seen for some time. Through 26 March 2021, the Moat Index has outpaced the S&P 500 Index and both the Russell 1000 Growth Index and Russell 1000 Value Index.
YTD Total Return (%) as of 26/3/2021
Source: Morningstar. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. For fund performance current to the most recent month-end, visit vaneck.com.
Much of that success has been driven by companies added to the Index throughout 2020 and several have now been removed or had their position scaled down in order to lock in gains and allow the Index to target other valuation opportunities. Despite these changes, the Index remains tilted toward value stocks moving into the second quarter.
One big takeaway from this quarter’s Index review was the decline in Financials representation in the Index. The sector was the top overweight relative to the S&P 500 Index for much of 2020, but many of the Index financials companies saw their share price increase closer to or, above fair value, about 7% of the sector’s weight was cut from the Index and financials are now near market weight.
American Express (AXP) was removed from the Index completely and as a result, Bank of America (BAC), Charles Schwab (SCHW) and US Bancorp (USB) saw their weighting in the Index cut in half. All four were trading above their Morningstar fair value estimate as of 26 March 2021.
Tech stocks have been underweight in the Moat Index for many quarters and following the March review, it remains so. Several tech stocks were removed this month, primarily from the strong performing semiconductor industry, but the sector weighting remains approximately the same due to several additions. Alphabet (GOOGL), ServiceNow, Inc. (NOW), Tyler Technologies (TYL), and Adobe (ADBE) were all added to the Index in March.
Facebook (FB), a tech company classified in the communication services sector, was also added to the Moat Index in March. It has a notable past as it relates to coming in and out of the Index over the years. It was last removed from the Index in September 2020 and has left its mark each time it has been included.
The social networking company began trading at a discount to Morningstar’s fair value estimate shortly after being removed from the Index in September 2020, owing mostly to Morningstar’s increase in fair value estimate from $265 to $306 per share. Morningstar raised Facebook’s fair value estimate once in late January to $335 making its stock price too attractive relative to fair value for the Index to pass up this past review.
All told, the Moat Index had nine stocks removed from its sub-portfolio under review and nine added. All adds and cuts were driven by the Index’s price/fair value screen. No economic moat rating changes impacted the Index this quarter.
Source: Morningstar. Price/fair value data as of 9 March 2021. Past performance is no guarantee of future results. For illustrative purposes only.
VanEck Vectors Morningstar US Wide Moat UCITS ETF (MOAT) seeks to replicate as closely as possible, before fees and expenses the price and yield performance of the Morningstar® Wide Moat Focus IndexSM.
For informational and advertising purposes only.
This information originates from VanEck (Europe) GmbH which has been appointed as distributor of VanEck products in Europe by the Management Company VanEck Asset Management B.V., incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM). VanEck (Europe) GmbH with registered address at Kreuznacher Str. 30, 60486 Frankfurt, Germany, is a financial services provider regulated by the Federal Financial Supervisory Authority in Germany (BaFin). The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. VanEck (Europe) GmbH and its associated and affiliated companies (together “VanEck”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of VanEck. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. All indices mentioned are measures of common market sectors and performance. It is not possible to invest directly in an index.
VanEck Vectors Morningstar US Wide Moat UCITS ETF (the “Fund”) is a sub-fund of VanEck Vectors® UCITS ETFs plc., organised under the laws of Ireland, managed by VanEck Investments Ltd. VanEck Investments Ltd delegated the investment management of the Fund to Van Eck Associates Corporation, an investment manager regulated by the U.S. Securities and Exchange commission (SEC). Any investment decision must be made on the basis of the prospectus and the key investor information document (“KIID”), which is available at www.vaneck.com. These are available in English and certain other languages at www.vaneck.com or can be requested free of charge from VanEck Investments Ltd or from the relevant local information agent details of whom to be found on www.vaneck.com. The Fund is registered with the Central Bank of Ireland and tracks an equity index.
Morningstar® Wide Moat Focus IndexTM is a trade mark of Morningstar inc. and has been licensed for use for certain purposes by VanEck. VanEck Vectors Morningstar US Wide Moat UCITS ETF is not sponsored, endorsed, sold or promoted by Morningstar and Morningstar makes no representation regarding the advisability of investing in VanEck Vectors Morningstar US Wide Moat UCITS ETF.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
S&P 500® Index: consists of 500 widely held common stocks covering the leading industries of the U.S. economy. Morningstar® Wide Moat Focus IndexTM consists of at least 40 U.S. companies identified as having sustainable, competitive advantages, and whose stocks are the most attractively priced, according to Morningstar.
All performance information is historical and is no guarantee of future results. Investing is subject to risk, including the possible loss of principal. You must read the Prospectus and KIID before investing.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of VanEck.
© VanEck (Europe) GmbH