DHHF

 DHHF

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Doubled from the covid lows of 2020 ... 6 years !

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ASX:DHHF is the Betashares Diversified All Growth ETF, an all-in-one, 100% growth-asset fund traded on the Australian Securities Exchange. It gives investors exposure to roughly 8,000 global companies across Australia, the US, developed markets, and emerging markets in a single trade with a management fee of 0.19% per year. [1, 2, 3, 4]

Key Fund Facts

Asset Allocation: 100% equities (shares) with no defensive bonds or cash.
Geographic Breakdown: Roughly 35% Australian equities, 41% US equities, 17% developed markets (ex-US), and 6% emerging markets.
Management Cost: 0.19% p.a.
Distributions: Paid semi-annually.
Target Audience: Long-term investors seeking high growth who want a simple, "set-and-forget" global portfolio without manual rebalancing. [1, 2, 3, 4]

Pros and Cons

Opinions on r/AusFinance show mixed opinions regarding its status as a total hands-off solution. [1]

Pros:
• Simplicity: One trade covers thousands of global stocks.
• No Bonds: Stays 100% in growth assets, appealing to risk-tolerant investors.
• Low Cost: Cheap management fee compared to traditional multi-asset funds. [1, 2, 3]
Cons:
• 100% Equities Risk: High volatility means it is unsuited for short timeframes or risk-averse investors.
• Fixed Allocation Debate: Some community members argue that strict automated rebalancing can create forced capital gains tax events or undesired home-bias weightings. [1, 2, 4]

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ARGO vs DHHF buffett style 2026 sept

Comparing Argo Investments (ASX: ARG) against Betashares Diversified All Growth ETF (ASX: DHHF) from a Warren Buffett perspective highlights a fundamental contrast between buying a concentrated, moat-focused business holding vs. owning a low-cost ticker that buys the entire global macroeconomy. [1, 2, 3, 4]

A "Buffett-style" breakdown reveals how these two vehicles stack up across your four core metrics as of September 2026:

Metric	Argo Investments (ASX: ARG)	Betashares All Growth ETF (ASX: DHHF)
Structure	Listed Investment Company (LIC)	All-in-one ETF of ETFs
Portfolio Approach	Concentrated, bottom-up Aussie blue chips	Ultra-diversified global index (~8,000 holdings)
10-Year Growth	~9.0% p.a. total return	N/A (Listed late 2019; 5Y CAGR is ~10.2%)
P/E Ratio	~26.9 (Historically premium-heavy)	~22.2 (Blended global market multiple)
Dividend Yield	~4.2% (~6.0% grossed up with 100% franking)	~2.0% (Partially franked quarterly payouts)
Dividend Growth	Slow but highly smoothed (~2.7% p.a. over 10Y)	Organic, lumpy, but fast-scaling (~25% over 5Y)

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1. 10-Year Growth & Long-Term Performance

The 10-Year Reality Check: DHHF does not have a 10-year track record because it launched in December 2019. However, its 5-year compound annual growth rate (CAGR) sits robustly at 10.2% due to its heavy global equity tilt (63% international, 37% Australian). [1, 2, 3]
Argo's Steady Record: ARG delivered a ~9.0% p.a. 10-year total return. It acts as a close proxy to the ASX 200/300. [1]
The Buffett View: Buffett famously notes that the broad market index beats most active selectors over time. DHHF gives you unmanaged exposure to global capital growth. ARG offers conservative management but exposes you to the structural drags of a pure Australian blue-chip economy (heavy on iron ore and retail banks). [1, 2, 3, 4, 5]

2. Price-to-Earnings (P/E) Ratio

ARG (~26.9 P/E): Currently trading above its 10-year median P/E of 25.5. From a value investing standpoint, ARG is priced at a premium relative to its underlying earnings growth. [1, 2]
DHHF (~22.2 P/E): Represents a blended price tag for the global equity market, heavily influenced by dominant US tech and global giants. [1, 2]
The Buffett View: Buffett focuses on the earnings yield (1 divided by P/E). At a 26.9 P/E, ARG offers a thin earnings yield of ~3.7%. Because it acts as an investment company, its high P/E implies you are paying a hefty multiple for corporate earnings that are barely covering current dividend distributions. [1]

3. Dividend Yield & Franking Credits

ARG (4.18% Cash / ~6% Grossed Up): ARG shines for immediate cash flow. It delivers 100% franked dividends. Crucially, as a LIC, ARG can hoard cash reserves during good market years to "smooth" and maintain payouts during recessions.
DHHF (~1.98% Cash Yield): It functions as an ETF. This means it cannot smooth income. It must pass through whatever the underlying 8,000 companies pay in a given quarter, leading to a bumpier income stream with much lower franking (~20% to 47%).
The Buffett View: Buffett hates paying out money just for the sake of it if capital can be better compounded internally. However, for a retail investor, ARG utilizes a mechanism Buffett admires: building a fortress-style profit reserve to protect its owners during market downturns. [1, 2, 3, 4, 5, 6]

4. Dividend Growth (The Buffett Style Analysis)

ARG's Sluggish Compound: Over the past decade, ARG expanded its dividend by an average of just 2.7% per year. Currently, its dividend payout ratio is stretched past 100% of its GAAP earnings. This implies dividend growth will likely stall unless the underlying Aussie blue chips see massive earnings expansions.
DHHF's Organic Growth: Because DHHF captures thousands of growing global businesses, its dividend distributions scale with corporate earnings. Its 5-year distribution growth rate is stellar at ~25%.
The Buffett View: Buffett’s favorite metric is Growth in Retained Earnings and Intrinsic Value. ARG acts like an old-school utility stock: reliable income but minimal organic growth. DHHF reinvests the massive earnings power of global corporate giants (like Microsoft, Apple, and Amazon) right back into the equity base before you ever see a dividend check, driving much stronger long-term compounding. [1, 2, 3, 4, 5]

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