L Brands, a tale of two months

For the Month Ending September 30, 2017

Performance overview

The Morningstar^® Wide Moat Focus Index^TM ("Moat Index") trailed the S&P 500^® Index slightly in September (3.04% vs 3.17 %).

Performance attribution

Financials and consumer discretionary stocks were the top contributors to MOAT Index performance in September. Victoria's Secret and Bath and Body Works operator L Brands, Inc. (L US, +14.88%) was the top performer in the Index, following two consecutive negative performing months. Financials firms T. Rowe Price Group, Inc. (TROW, +8.18%) and Wells Fargo & Co. (WFC US, +7.99%) were also strong performers for the month.

The worst performing MOAT Index constituent was Allergan PLC (AGN US, -10.69%). The drug manufacturer faced two setbacks in its development pipeline in September causing a selloff. Despite pipeline setbacks, Morningstar analysts believed Allergan represented an attractive value in a research note published on 25 September.

Important Disclosures

^{This commentary is not intended as a recommendation to buy or sell any of the named securities. Holdings will vary for MOAT and MOAT Index.}

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