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ETF.com Webinar: Improve International Stock Selection: Harness the Power of Moats
Sponsored by:
Panelists:
Michael Hodel Technology Strategist Morningstar
Brandon Rakszawski Product Manager Van Eck Global
Moderator: Matt Hougan CEO ETF.com
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8 FOR FINANCIAL ADVISOR USE ONLY. NOT TO BE DISTRIBUTED TO THE PUBLIC.
Harness the Power of Moats with Market Vectors® ETFs and Morningstar® Indexes
9 FOR FINANCIAL ADVISOR USE ONLY. NOT TO BE DISTRIBUTED TO THE PUBLIC.
ETF Disclosure
This material does not constitute an offer to sell or solicitation to buy any security, including shares of any fund. An offer or solicitation will be made only through a fund’s prospectus
or summary prospectus and will be subject to the terms and conditions contained therein. This material and the information provided herein are not directed at or intended for
distribution to any person (or entity) who is a citizen or resident of (or located or established in) any jurisdiction where the distribution of these materials and/or the purchase or sale
of interests of a fund would be contrary to applicable law or regulation or would subject a fund to any registration or licensing requirement in such jurisdiction. Persons who wish to
review this material are required to inform themselves about and to observe any legal or regulatory restrictions which may affect their eligibility to make an investment in a fund.
Professional advice should be sought in cases of doubt.
THIS MATERIAL MAY ONLY BE PROVIDED TO YOU BY VAN ECK GLOBAL AND IS FOR YOUR PERSONAL USE ONLY AND MUST NOT BE PASSED ON TO THIRD
PARTIES WITHOUT THE PRIOR EXPRESS WRITTEN CONSENT OF VAN ECK GLOBAL. IF YOU HAVE NOT RECEIVED THIS MATERIAL FROM VAN ECK GLOBAL, YOU
ARE HEREBY NOTIFIED THAT YOU HAVE RECEIVED IT FROM A NON-AUTHORIZED SOURCE THAT DID NOT ACT ON BEHALF OF VAN ECK GLOBAL AND THAT ANY
REVIEW, USE, DISSEMINATION, DISCLOSURE OR COPYING OF THIS MATERIAL IS STRICTLY PROHIBITED. BEFORE MAKING AN INVESTMENT DECISION, PLEASE
CONSULT A QUALIFIED INVESTMENT AND TAX ADVISOR.
Any projections, market outlooks or estimates in this material are forward-looking statements and are based upon certain assumptions that are solely the opinion of Van Eck Global.
Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur. Further, any information regarding portfolio composition,
portfolio composition methodology, investment process or limits, or valuation methods of evaluating companies and markets are intended as guidelines which may be modified or
changed by Van Eck Global at any time in its sole discretion without notice.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Van Eck Global. © Van Eck Global.
Van Eck Securities Corporation, Distributor, 666 Third Avenue, New York, NY 10017
10 FOR FINANCIAL ADVISOR USE ONLY. NOT TO BE DISTRIBUTED TO THE PUBLIC.
ETF Disclosure
An investment in the Market Vectors Morningstar International Moat ETF may be subject to risks which include, among others, fluctuations in value due to market and economic
conditions or factors relating to specific issuers. Foreign and emerging markets investments are subject to risks, which include changes in economic and political conditions, foreign
currency fluctuations, changes in foreign regulations, changes in currency exchange rates, unstable governments, and limited trading capacity which may make these investments
volatile in price or difficult to trade. Medium-capitalization companies may be subject to elevated risks. The Fund's assets may be concentrated in a particular sector and may be
subject to more risk than investments in a diverse group of sectors.
Investment in the Market Vectors Morningstar Wide Moat ETF may be subject to risks which include, among others, fluctuations in value due to market and economic conditions or
factors relating to specific issuers. Medium-capitalization companies may be subject to elevated risks. The Fund’s assets may be concentrated in a particular sector and may be
subject to more risk than investments in a diverse group of sectors.
Morningstar® Wide Moat Focus IndexSM and Morningstar® Global ex-US Moat Focus IndexSM were created and are maintained by Morningstar, Inc. Morningstar, Inc. does not
sponsor, endorse, issue, sell, or promote the Market Vectors Morningstar Wide Moat ETF or Market Vectors Morningstar International Moat ETF and bears no liability with respect
to the ETFs or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar Wide Moat Focus Index and Morningstar Global ex-US Moat Focus Index are
service marks of Morningstar, Inc.
Fund shares are not individually redeemable and will be issued and redeemed at their net asset value (NAV) only through certain authorized broker-dealers in large, specified blocks
of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade
at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no
guarantee of future results.
Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An
investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus,
which contains this and other information, call 888.MKT.VCTR or visit vaneck.com/market-vectors. Please read the prospectus and summary prospectus carefully
before investing.
11 FOR FINANCIAL ADVISOR USE ONLY. NOT TO BE DISTRIBUTED TO THE PUBLIC.
Firm Overview
U.S. Income ($4.0B)
Natural Resources Equities
and Commodities ($9.2B)
Assets Under Management
by Asset Categories Emerging Markets Equity and Debt
($6.4B)
Alternatives and
Other ($3.0B)
Gold ($8.5B)
Clients include financial intermediaries and over 400 institutions globally
Total assets under management $31.1B
33 investment professionals in the areas of emerging markets equity and debt, commodity equity, liquid
alternatives, and ETFs
Manages $8.2B in AUM in active portfolios
Sponsor of 68 Market Vectors ETFs with $22.9B in assets; among the largest ETF providers globally
223 employees, with headquarters in New York, and offices in Australia, Germany, and Switzerland
Private ownership structure allows the firm to focus on investment performance through market cycles
Data as of June 30, 2015.
12 FOR FINANCIAL ADVISOR USE ONLY. NOT TO BE DISTRIBUTED TO THE PUBLIC.
Harness the Power of Moats
3 Key Takeaways
Moat = Sustainable Competitive
Advantage
Morningstar equity analysts use a time-
tested proprietary process to determine if
a company has an economic moat
Attractive Valuations
Morningstar’s proprietary valuation
methodology is used in an effort to select
the most undervalued moat-rated stocks
for inclusion in the Morningstar suite of
moat indexes.
A History of Outperformance
The Morningstar® Wide Moat Focus
IndexSM has generated significant excess
returns relative to the overall market
since inception (2/07)3.
Fund Market Vectors Morningstar
International Moat ETF
Market Vectors Morningstar Wide
Moat ETF
Exposure Type International Exposure Domestic Exposure
Ticker MOTI MOAT®
Underlying Index Morningstar® Global ex-US Moat
Focus IndexSM
Morningstar® Wide Moat Focus
IndexSM
Inception Date 7/13/2015 4/24/2012
Gross Expenses 0.64% 0.51%
Net Expenses 0.56%1 0.49%2
The Morningstar’s moat philosophy aims to identify companies with structural
competitive advantages that are more likely to earn above-average returns on capital
over a long period of time, according to Morningstar's equity research team.
1 MOTI expenses are capped contractually until at least 2/1/17. Cap excludes certain expenses, such as interest 2 MOAT expenses are capped contractually until at least 2/1/16. Cap excludes certain expenses, such as interest 3 Prior to April 24, 2012, the Fund had no operating history. Morningstar Wide Moat Focus Index is a rules-based, equal-weighted index that is intended to offer exposure to
companies that have sustainable competitive advantages according to Morningstar analysts. S&P 500 Index consists of 500 widely held common stocks covering in the
leading industries of the U.S. economy..
13 FOR FINANCIAL ADVISOR USE ONLY. NOT TO BE DISTRIBUTED TO THE PUBLIC.
Moat Investing Resources
Moat Investor Monthly
– Monthly Performance Highlights
– Commentary
– Subscription based
Moat Micro-Site
– Videos
– Marketing Material
Quarterly Moat Investing Call
– Featuring Morningstar Analysts
– Moat investing trends
– Index performance assessment
©2015 Morningstar, Inc. All rights reserved.
Morningstar® Indexes and the Power of Moats
Wide Moat Focus and Global ex-US Moat FocusSM
15
High quality companies trading at a discount to intrinsic value.
Morningstar® Indexes and the Power of Moats
Inspired by Morningstar’s award-winning
proprietary research.
× Based on Morningstar’s global and
independent equity research capabilities
× Morningstar’s long-term outlook and
emphasis on economic moats, or
sustainable competitive advantages,
differentiate our research and have proven to
drive long-term outperformance.
16
Morningstar® Economic Moat™ Rating
17
Morningstar® Economic Moat™ Rating
Sustainable competitive advantages that allow a company to generate positive economic profits for the
benefit of its owners for an extended period of time.
Morningstar Equity Research
Wide Narrow None
18
Measuring an Economic Moat
A wide moat company is positioned to sustain economic profits for at least 20 years, a narrow moat
company, 10.
Morningstar Equity Research
Ret
urn
on
Inve
sted
Cap
ital
[R
OIC
]
No Moat Narrow Moat Wide Moat
Time Horizon:
Weighted
Average
Cost of Capital
10 Years 20 Years
Wide Narrow None
19
Morningstar® Economic Moat™ Rating
There are five sources of economic moats.
Morningstar Equity Research
Intangible
Assets
Switching
Costs
Network
Effect
Cost
Advantage
Efficient
Scale
20
As of June 30, 2015
Examples of Wide, Narrow, and No Moat Companies Morningstar Equity Research
Intangible
Assets
Switching
Costs
Network
Effect
Cost
Advantage
Efficient
Scale
Hermes International
Long-enduring brand
allows to charge some of
the most premium prices
in the luxury business
Dassault Systems S.A.
Switching from
Dassault’s software
could cause massive
disruptions; very high
renewal rates
eBay
145 million active buyers
and sellers present a
classic network effect
Novo Nordisk A/S
Unparalleled
manufacturing
infrastructure allows for
lowest marginal cost per
unit
Core Laboratories NV
Niche market very well-
served by one player;
virtual monopoly
BMW AG
Impressive brand results
in premium pricing, but
consumers are fickle
UBS AG
Strong relationships
between customers and
advisors, but Swiss law
changes reduce
stickiness
London Stock
Exchange PLC
Liquidity is source of
moat, but competitive
pressures remain
BHP Billiton
Owns much of planet’s
long-life, low-cost mining
assets, but ultimately a
price-taker
EDF S. A.
Utilities have natural
geographic monopolies,
but regulators restrain
returns
Nokia Ovi
Tough to build durable
brand in a commoditized
industry
Deutsche Telekom AG
Massive subscriber base
doesn’t translate into
high returns
Aviva PLC
Massive network of
agents and customers,
but commodity product
and competitive industry
Anglo American PLC
Massive and long-lived
assets don’t necessarily
mean lowest-cost
Chorus
Monopoly assets, but
harsh regulation
prevents economic profit
generation
Morningstar® Economic Moat™ Rating
× Includes brands, patents, and
regulatory licenses
× Brand increases the customer's
willingness to pay
× Patents protect pricing power
legally barring competition
× Government regulations hinder
competitors from market.
As of June 30, 2015.
21
Intangible Assets
Sources of Moats
Morningstar® Economic Moat™ Rating
× Time is money
× The cost of switching exceeds
the expected value of the benefit
× Razor and blade model entrench
repeat consumables customers
× Price not the only determinant
As of June 30, 2015.
22
Switching Costs
Sources of Moats
Morningstar® Economic Moat™ Rating
× The value of a particular good
or service increases for both
new and existing users as more
customers use that good
or service
× With each additional node,
the number of potential connections
grows exponentially
As of June 30, 2015.
23
Network Effect
Sources of Moats
Morningstar® Economic Moat™ Rating
× Sustainably lower costs
than competitors
× Irreplaceable process advantages
× Superior location
× Hard-to-amass scale
× Access to a unique asset
As of June 30, 2015.
24
Cost Advantage
Sources of Moats
Morningstar® Economic Moat™ Rating
× Dynamic in which a market of limited size
is effectively served by few companies
× Incumbents generate economic profits
× Newcomers discouraged from entering
because returns in the market fall below
the cost of capital
As of June 30, 2015.
25
Efficient Scale
Sources of Moats
26
As of June 30, 2015.
Global Analyst Team
Our accomplished team of award-winning analysts apply one consistent methodology across our
global coverage universe.
Morningstar Equity Research
Equity
Analysts
Companies
Covered Globally
Methodology
Quantitative
Valuations
27
Research Methodology
Our award-winning analysts rely on a proven methodology.
Morningstar Equity Research
The Morningstar RatingTM for Stocks is a forward-looking, analyst-driven measure of a stock's current price relative to the analyst's estimate of what the shares are worth. Stock star ratings indicate
whether a stock, in the equity analyst's educated opinion, is cheap, expensive, or fairly priced. To rate a stock, an analyst estimates what he thinks it is worth (its "fair value"), using a detailed, long-
term cash flow forecast for the company. a stock's star rating depends on whether its current market price is above or below the fair value estimate. Those stocks trading at large discounts to their fair
values receive the highest ratings (4 or 5 stars). Stocks trading at large premiums to their fair values receive lower ratings (1 or 2 stars). A 3-star rating means the current stock price is fairly close to
the analyst's fair value estimate.
Sustainable competitive advantage drives value creation.
Morningstar Equity Research
28
Why Moats Matter
Growth
Profitability
Invested Capital
Free Cash Flow Competitive Advantage Economic Profit
29
As of June 30, 2015.
Why Moats Matter: Moats Increase Intrinsic Value
Source: Morningstar Equity Research
Morningstar Equity Research
Narrow Moat
Thermo Fisher
Scientific’s ROICs
No Moat
Alere’s ROICs
30
Case Studies
Kingfisher (Narrow Moat) Headquarters: London
31
Morningstar Equity Research
Moat Sources
Intangible
Assets
Switching
Costs
Network
Effect
Cost
Advantage
Efficient
Scale
As of June 30, 2015.
× Europe’s largest home-improvement retail
group and third largest globally behind
Lowe’s and Home Depot.
× DIY retailers possess structural
advantages against the encroachment of
online competition in some categories, due
to the high-ticket nature of room
remodeling, the inefficiency of shipping
heavy items, and the emergency nature of
some DIY purchases.
× Kingfisher has underperformed recently,
but housing transactions should improve in
the U.K. and France next year, which
should drive revenue improvement.
Tata (Narrow Moat) Headquarters: Mumbai
32
Morningstar Equity Research
Moat Sources
Intangible
Assets
Switching
Costs
Network
Effect
Cost
Advantage
Efficient
Scale
As of June 30, 2015.
× Jaguar, Land Rover, micro-compact cars,
SUVs, luxury, and semi-trucks.
× Jaguar and Land Rover brands command
premium pricing. Indian business benefits
from low labor costs and favorable tax
structure.
× Concerns about a slowdown in Chinese
demand for luxury autos are overblown.
Royal Philips (Narrow Moat) Headquarters: Amsterdam
33
Morningstar Equity Research
Moat Sources
Intangible
Assets
Switching
Costs
Network
Effect
Cost
Advantage
Efficient
Scale
As of June 30, 2015.
× Diversified global manufacturer of lighting,
healthcare imaging systems, and
appliances.
× Switching costs arise from integration with
hospitals. The firm has patents on its
healthcare and lighting products.
× We believe the market is undervaluing
Philips due to uncertainty about execution
and costs of material portfolio shifts.
Millicom (Narrow Moat) Headquarters: Luxembourg
34
Morningstar Equity Research
Moat Sources
Intangible
Assets
Switching
Costs
Network
Effect
Cost
Advantage
Efficient
Scale
As of June 30, 2015.
× Telephone company operating in Central
America, South America, and Africa
× Due to small size of markets Millicom
serves, difficult for another operator to
enter. In each country, Millicom has enough
scale to control costs.
× There are near-term concerns about
emerging markets, but we expect
significant subscriber growth longer term
35
Moat Committee
Moat Committee
36
Morningstar Equity Research
Senior leaders of the global equity research
department ensure consistent and accurate
ratings.
× Representatives from all regions and
sectors.
× Moat frameworks provide guidelines.
× Weekly meetings, votes on all moat ratings
for all covered companies.
37
Moat Committee Members
Adam Fleck, CFA
Consumer
Chicago
Allen Good, CFA
Energy
Amsterdam
Alex Morozov, CFA
Healthcare
Amsterdam
Dan Baker
Telecom
Hong Kong
Elizabeth Collins, CFA
Materials
Chicago
Gareth James
Technology
Sydney
Mathew Hodge
Materials
Sydney
Joel Bloomer
Consumer
Sydney
Matthew Coffina, CFA
Healthcare
Chicago
Michael Hodel, CFA
Telecom
Chicago
Michael Holt, CFA
Technology
Chicago
Michael Waterhouse, CFA
Healthcare
Chicago
Phil Gorham, CFA
Consumer
Amsterdam
Rick Summer, CFA, CPA
Technology
Chicago
Stephen Ellis
Financials
Chicago
38
Morningstar® Wide Moat Focus IndexSM
39
Construction Process Morningstar
® Wide Moat Focus IndexSM
Morningstar US Market
Index
Morningstar Moat
Assignment Process Security Selection
Morningstar Wide Moat
Focus Index
A global, broad market
index, representing
97% of global equity
market cap
Morningstar equity
analyst assign:
► Wide or narrow
moat rating
► Fair value estimate
Company cannot be
under review at time of
stock assignment
► The 20 securities with
the lowest current
market price/fair value
estimate are selected
for inclusion in the
index
Source: Morningstar
40
Morningstar® Global ex-US Moat Focus IndexSM
41
Construction Process Morningstar
® Global ex-US Moat Focus IndexSM
Morningstar Global ex-US
Index (Benchmark)
Morningstar Equity
Analyst Assignments Portfolio Selection
Morningstar Global
ex-US Moat Focus Index
A global, broad market
index, representing
97% of global equity
market cap
► Wide or narrow
moat rating
► Fair value estimate
Company cannot be
under review at time of
stock assignment
► Select the 50 securities
with the lowest current
market price/fair value
ratio
► Remove bottom 20% of
securities resulting
from momentum
screen
► Sectors/countries
capped at 3x its
corresponding
benchmark weight, or
25%, whichever is
higher Source: Morningstar
42
Appendix
Holdings, June 30, 2015
43
Morningstar® Wide Moat Focus IndexSM
Name
Portfolio
Weight (%) Sector
Cost
Advantage
Efficient
Scale
Intangible
Assets
Network
Effect
Switch
Cost
1 Williams Companies Inc 6.03 Energy - ● - - ●
2 Blackbaud Inc 5.37 Technology - - ● - ●
3 Harley-Davidson Inc 5.15 Consumer Cyclical - - ● - -
4 Polaris Industries Inc 5.15 Consumer Cyclical ● - ● - -
5 ONEOK Inc 5.02 Energy - ● - - ●
6 Discovery Communications Inc Class A 5.01 Consumer Cyclical - - ● - -
7 VF Corp 4.98 Consumer Cyclical ● - ● - -
8 Twenty-First Century Fox Inc Class A 4.94 Consumer Cyclical - - ● - -
9 Amgen Inc 4.94 Healthcare - - ● - -
10 Varian Medical Systems Inc 4.89 Healthcare - - ● - ●
11 Google Inc Class A 4.89 Technology - - ● ● -
12 Exxon Mobil Corporation 4.88 Energy ● ● ● - -
13 Franklin Resources Inc 4.88 Financial Services - - ● - ●
14 The Hershey Co 4.88 Consumer Defensive ● - ● - -
15 ITC Holdings Corp 4.86 Utilities - ● - - -
16 American Express Co 4.85 Financial Services - - ● ● -
17 U.S. Bancorp 4.84 Financial Services ● - - ● ●
18 Spectra Energy Corp 4.84 Energy - ● - - -
19 Berkshire Hathaway Inc Class B 4.83 Financial Services ● - ● - -
20 Merck & Co Inc 4.78 Healthcare - - ● - -
Holdings, June 30, 2015 (1-25)
44
Morningstar® Global ex-US Moat Focus IndexSM
Name
Portfolio
Weight
(%) Country Sector
Moat
Rating
Cost
Advantage
Efficient
Scale
Intangible
Assets
Network
Effect
Switch
Cost
1 Sun Pharmaceuticals Industries Ltd 2.20 IND Healthcare Narrow ● - - - -
2 Commonwealth Bank of Australia 2.18 AUS Financial Services Wide ● - - - ●
3 ITC Ltd 2.17 IND Consumer Defensive Narrow - - ● - -
4 Rogers Communications Inc Class B 2.15 CAN Communication Services Narrow ● - ● - -
5 America Movil SAB de CV Class L 2.14 MEX Communication Services Narrow ● - ● - -
6 National Australia Bank Ltd 2.14 AUS Financial Services Wide ● - - - ●
7 Australia and New Zealand Banking Group Ltd 2.12 AUS Financial Services Wide ● - - - ●
8 CapitaLand Ltd 2.11 SGP Real Estate Narrow - ● ● ● -
9 Ambuja Cements Ltd 2.10 IND Basic Materials Narrow ● - ● - -
10 Westpac Banking Corp 2.10 AUS Financial Services Wide ● - - - ●
11 CapitaLand Commercial Trust 2.09 SGP Real Estate Narrow - ● ● - -
12 State Bank of India 2.09 IND Financial Services Narrow ● - - - ●
13 Potash Corp of Saskatchewan Inc 2.08 CAN Basic Materials Wide ● - - - -
14 Oversea-Chinese Banking Corp Ltd 2.08 SGP Financial Services Narrow ● - - - ●
15 Agricultural Bank of China Ltd H Shares 2.08 CHN Financial Services Narrow ● - ● ● ●
16 Sun Hung Kai Properties Ltd 2.07 HKG Real Estate Narrow ● ● - - -
17 Wharf holdings 2.07 HKG Real Estate Narrow - ● - - -
18 Goodman Group 2.06 AUS Real Estate Narrow - ● - - ●
19 QBE Insurance Group Ltd 2.06 AUS Financial Services Narrow ● - - - -
20 Lloyds Banking Group PLC 2.05 GBR Financial Services Narrow ● - - - ●
21 Veda Group Ltd 2.04 AUS Industrials Wide - - ● - -
22 Unilever NV DR 2.03 NLD Consumer Defensive Wide ● - ● - -
23 Banco Santander Chile 2.02 CHL Financial Services Wide ● - - - ●
24 Svenska Handelsbanken A 2.02 SWE Financial Services Wide ● - - - ●
25 Banco De Chile 2.01 CHL Financial Services Wide ● - - - ●
Holdings, June 30, 2015 (26-50)
45
Name
Portfolio
Weight (%) Country Sector
Moat
Rating
Cost
Advantage
Efficient
Scale
Intangible
Assets
Network
Effect
Switch
Cost
26 Tata Motors Ltd 2.01 IND Consumer Cyclical Narrow ● - ● - -
27 Bank of Montreal 2.00 CAN Financial Services Narrow ● - - - ●
28 BG Group PLC 2.00 GBR Energy Narrow ● - - - -
29 Wipro Ltd 2.00 IND Technology Narrow - - - - ●
30 Nestle SA 1.98 CHE Consumer Defensive Wide ● - ● - -
31 Canadian Imperial Bank of Commerce 1.98 CAN Financial Services Narrow ● - - - ●
32 CSL Ltd 1.98 AUS Healthcare Narrow ● - ● - -
33 Holcim Ltd 1.98 CHE Basic Materials Narrow ● - ● - -
34 Bank of Nova Scotia 1.97 CAN Financial Services Wide ● - - - ●
35 Toronto-Dominion Bank 1.97 CAN Financial Services Wide ● - - - ●
36 Lafarge SA 1.97 FRA Basic Materials Narrow ● - ● - -
37 National Bank of Canada 1.96 CAN Financial Services Narrow ● - ● - ●
38 HSBC Holdings PLC 1.94 GBR Financial Services Narrow ● - - - ●
39 Precinct Properties New Zealand Ltd 1.94 NZL Real Estate Narrow - ● - - -
40 Millicom International Cellular SA DR 1.93 GTM Communication Services Narrow ● ● - - -
41 Empresa Nacional de Electricidad SA 1.92 CHL Utilities Narrow - ● - - -
42 Kingfisher PLC 1.91 GBR Consumer Cyclical Narrow ● - ● - -
43 Royal Philips NV 1.90 NLD Industrials Narrow - - ● - ●
44 Eldorado Gold Corp 1.89 CAN Basic Materials Narrow ● - - - -
45 Sky Network Television Ltd 1.88 NZL Communication Services Wide - ● - - -
46 Iluka Resources Ltd 1.88 AUS Basic Materials Narrow ● - - - -
47 Genesis Energy Ltd 1.85 NZL Utilities Narrow - ● - - -
48 Dongfeng Motor Group Co Ltd H Shares 1.84 CHN Consumer Cyclical Narrow ● - - - -
49 Contact Energy Ltd 1.84 NZL Utilities Narrow - ● - - -
50 Slater & Gordon Ltd 1.20 AUS Consumer Cyclical None* - - - - -
*Downgraded July 10
Morningstar® Global ex-US Moat Focus IndexSM
©2015 Morningstar, Inc. All rights reserved.
For more information, visit:
http://indexes.morningstar.com