Wide Moat Value ETF Drops 0.66% After Constellation Brands Names New CEO
VanEck Morningstar Wide Moat Value ETF fell 0.66% in premarket trading as Constellation Brands, which accounts for 4.11% of its holdings, announced Nicholas Fink as its next CEO effective April 13 with Bill Newlands becoming strategic advisor. The broader Russell 2000 and S&P 500 declined 0.11% and 0.27%.
1. ETF Premarket Performance
The VanEck Morningstar Wide Moat Value ETF opened down 0.66% on February 13, reflecting early session weakness driven by pressure on key holdings and general market sentiment.
2. Constellation Brands Leadership Change
Constellation Brands represents 4.11% of the ETF’s portfolio and saw its shares dip about 1.45% in premarket trading after appointing Nicholas Fink as CEO effective April 13, with outgoing CEO Bill Newlands shifting to a strategic advisor role.
3. Market Context
Major benchmarks were lower, with the Russell 2000 down 0.11% and the S&P 500 off 0.27%, indicating a modest broad market pullback that contributed to the ETF’s early decline.