MOAT - VANECK MORNINGSTAR WIDE MOAT ETF

 MOAT - VANECK MORNINGSTAR WIDE MOAT ETF

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Top 10 Holdings

As of 29 Sep 2026, 10:55 am AEST

Total Holdings

59

Category Average

47.67

Distinct Portfolio

yes

Portfolio Turnover

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Top 10 Holdings

Code	Company	Asset
VEEV	Veeva Systems Inc Class A	3.53%
ABNB	Airbnb Inc Ordinary Shares - Class A	2.98%
LPLA	LPL Financial Holdings Inc	2.75%
MSFT	Microsoft Corp	2.72%
SCHW	Charles Schwab Corp	2.65%

Top 10 Holdings

Code	Company	Asset
BMY	Bristol-Myers Squibb Co	2.56%
PANW	Palo Alto Networks Inc	2.56%
EL	The Estee Lauder Companies Inc Class A	2.52%
TYL	Tyler Technologies Inc	2.48%
NVDA	NVIDIA Corp	2.46%

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Buffet comparision - ARG vs NIB vs MOAT

Comparing ASX:ARG, ASX:NHF, and ASX:MOAT through a Warren Buffett-style lense requires focusing on long-term compound growth, valuation discipline, durable economic moats, and predictable capital allocation.

The core metrics break down as follows: [1, 2, 3]

Metric	Argo Investments (ASX:ARG)	NIB Holdings (ASX:NHF)	VanEck Morningstar Wide Moat ETF (ASX:MOAT)
Asset Structure	Listed Investment Company (LIC)	Operating Business (Private Health Insurance)	Exchange Traded Fund (ETF)
P/E Ratio	~25.5x – 27x	~15.1x – 17x	~25.5x
Dividend Yield	~4.1% - 4.3% (100% Franked)	~4.4% - 4.6% (100% Franked)	~1.35% (Stated fundamental) up to 9.9% (distribution volatile)
10-Year Dividend Growth (p.a.)	~2.5% – 2.7% (Slow/Steady)	~9.9% – 17.5% (Aggressive)	Highly Variable (Structural trust distributions)
10-Year Compound Growth (p.a.)	~9.0% – 9.5%	~10% – 12%	~14.1% – 14.5%

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📊 Long-Term 10-Year Growth Comparison

🏆 ASX:MOAT is the clear winner for pure long-term wealth compounding, delivering ~14.1% to 14.5% annualized returns over the past 10 years. It achieves this by tracking high-conviction, wide-moat US companies when they trade below fair value. [1, 2, 3, 4]
ASX:NHF comes in second, moving at a solid ~10%+ annualized clip. Growth has been driven by steady structural expansion in premium revenue and private health services. [1, 2]
ASX:ARG delivers a defensive, index-hugging total shareholder return of ~9.0% to 9.5% p.a.. It acts exactly as a Buffett style "set-and-forget" vehicle would for broad Australian market exposure. [1, 2]

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🔎 Valuation (P/E Ratio)

🏆 ASX:NHF offers the most attractive traditional value buy at a P/E of ~15x to 17x. It sits neatly in a rational valuation zone given its moderate but highly defensive earnings. [1, 2]
ASX:ARG and ASX:MOAT both sit at elevated multiples of ~25.5x. For ARG, this P/E is slightly above its 10-year historic median. For MOAT, a higher P/E is structurally expected since it holds high-return-on-equity US tech and industrial powerhouses (e.g., Microsoft). [1, 2, 3, 4]

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💰 Dividends & Dividend Growth

🏆 ASX:ARG is the king of predictable, smooth income. While its dividend growth is low (~2.5% p.a.), it has been paying uninterrupted fully-franked dividends for 28 years, passing along a grossed-up yield of ~6%. However, its earnings payout ratio has stretched over 100%, indicating limited near-term growth capacity.
🏆 ASX:NHF is the king of dividend growth. It boasts a stunning ~9.9% to 17.5% 10-year average annualized dividend growth rate. It manages this safely with a healthy 73% earnings payout ratio, meaning the dividend is comfortably covered by organic business profits.
ASX:MOAT is structurally not a traditional dividend-growth play. It frequently displays erratic or artificial 6% to 10% distribution spikes. This occurs because the ETF must legally distribute realized capital gains when it rebalances out of overvalued US companies. [1, 2, 3, 4, 5, 6, 7, 8]

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💡 The Buffett-Style Verdict

                       [ Buffett Selection Framework ]
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        |                             |                             |
[ Economic Moat ]            [ Margin of Safety ]          [ Capital Allocation ]
   - Winner: MOAT               - Winner: NHF                 - Winner: NHF
   - Sustainable structural     - Undervalued P/E             - Strong earnings cover
     competitive advantages       relative to defensive         fueling reliable double-
     built systematically.        premium cash flows.           digit dividend growth.

The Moat Winner (ASX:MOAT): Buffett mandates looking for businesses with wide economic moats. By design, ASX:MOAT explicitly screens for companies possessing hard-to-replicate structural advantages (switching costs, network effects, or patents), providing the purest alignment with his core investment philosophy.
The Margin of Safety Winner (ASX:NHF): Buffett refuses to overpay. Trading at a significant P/E discount relative to the other two while simultaneously printing superior dividend growth backed by strong earnings cover makes ASX:NHF a classic Buffett-style value compounder.
The Capital Allocation Winner (ASX:ARG): Buffett respects long-term, low-cost institutional stewardship. Operating at an exceptionally lean Management Expense Ratio (MER) of 0.14%, ARG is an incredibly efficient vehicle for capturing reliable, compounding Aussie franked income

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