Fund Evaluator:
VanEck Morningstar Wide Moat I (MWMIX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
VanEck Morningstar Wide Moat I Overview
VanEck Morningstar Wide Moat I (MWMIX) is a passively managed U.S. Equity Large Blend fund. VanEck launched the fund in 2017.
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Wide Moat Focus IndexSM (the "index"). Under normal conditions, the fund invests at least 80% of its net assets in securities that comprise the index. The index is comprised of securities issued by companies that Morningstar, Inc. ("Morningstar") determines to have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors ("wide moat companies").
About VanEck Morningstar Wide Moat I (MWMIX)
There are 2 members of the management team with an average tenure of 5.58 years: Peter Liao (2017), Christopher Mailloux (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Morningstar Wide Moat Foc TR USD index with a weighting of 100%. VanEck Morningstar Wide Moat I has 56 securities in its portfolio. The top 10 holdings constitute 26.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
VanEck Morningstar Wide Moat I is part of the Equity global asset class and is within the U.S. Equity fund group. VanEck Morningstar Wide Moat I has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.5%. There is 1.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VanEck Morningstar Wide Moat I has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MWMIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VanEck Morningstar Wide Moat I expense ratio is average compared to funds in the Large Blend category. VanEck Morningstar Wide Moat I has an expense ratio of 0.59%, which is 27% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VanEck Morningstar Wide Moat I has a portfolio turnover rate of 85%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of August 2026, VanEck Morningstar Wide Moat I returned 5.9%, which earned it a grade of A, as the Large Blend category had an average return of 2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
VanEck Morningstar Wide Moat I has a trailing yield of 1.05%, which is above the 0.55% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
VanEck Morningstar Wide Moat I Grades
Year to date, the fund has returned 10.5%, 1.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 17.8% over the past year (grade of C), 13.8% over the past three years (grade of F) and 9.6% per year over the past five years (grade of D).
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MWMIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MWMIX Return (NAV) | 5.9% | 10.4% | 17.8% | 13.8% | 9.6% | na |
| MWMIX Grade | A | A | C | F | D | na |
| +/- Category | 3.8% | 8.1% | 0.1% | -5.0% | -1.4% | na |
| Large Blend Avg | 2.1% | 2.3% | 17.6% | 18.8% | 11.0% | 13.9% |
| MWMIX Tax Cost Ratio | na | na | 3.7% | 3.1% | 3.3% | na |
MWMIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MWMIX Return (NAV) | 10.5% | 13.1% | 10.6% | 31.7% | -13.6% | 24.0% | 14.2% | 34.8% | -1.3% | na | na |
| MWMIX Grade | D | D | F | A | A | F | D | A | A | na | na |
| +/- Category | -1.2% | -2.7% | -11.4% | 8.0% | 3.6% | -2.5% | -3.4% | 5.0% | 4.6% | na | na |
| Large Blend Avg | 11.6% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 14.4% |
| Total Risk Index: | 1.18 - Above Average |
| Category Risk Index: | 1.10 - High |
| Category Risk Grade: | F (91% Rank) |
| Beta: | 0.90 |
| R-Squared: | 65% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $39 Mil |
| Fund Total Assets: | $ 4 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 85% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.8 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Liao Peter (2017), Mailloux Christopher (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 56 |
| % in Top 10 Holdings: | 26.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 98.5% |
| Foreign Stock: | 1.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | VanEck |
| Phone Number: | 800-544-4653 |
| Website: | www.vaneck.com |
| Status: | Open |
| Inception Date: | November 6, 2017 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.59% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | VanEck Morningstar Wide Moat Z |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
