For the Month Ending June 30, 2018
Performance Overview
International moats outpaced the broad international market in June, but posted a loss on an absolute basis as international stocks continued to struggle. The Morningstar® Global ex-US Moat Focus IndexSM (MGEUMFUN, or "International Moat Index") led the MSCI All Country World Index ex-USA modestly in June (-1.65% vs. -1.88%, respectively). Domestic moat companies, as represented by the Morningstar® Wide Moat Focus IndexSM (MWMFTR, or "U.S. Moat Index"), surged in June and outperformed the S&P 500® Index by nearly 2% (2.46% vs. 0.62%,