Granular segment
EM / country ETFs
EM and country ETFs express views on non-US equity markets, currencies, commodity cycles, geopolitics, and relative growth.
Current reported exposure$297M
Tagged bought / added$247M
Tagged sold / reduced$71M
Tracked funds1
Segment overview
This segment is less about single-company selection and more about broad market, factor, or geographic exposure. In a 13F, ETF positions can show whether a fund is adding beta, hedging, expressing country views, or parking exposure while rotating single names.
The read-through is portfolio-level: size, direction, and timing usually matter more than issuer-level fundamentals. These rows should be interpreted alongside the fund's single-name activity rather than as operating-company bets.
What it covers
- Broad emerging-market ETFs
- Single-country ETFs
- China, India, Brazil, Mexico, and other country exposures
- Currency and commodity sensitivity
What to watch
- Dollar strength
- Local rates and inflation
- Country-specific politics
- Commodity cycles and China demand
Tracked fund exposure
Duquesne Family Office LLC
Stanley Druckenmiller · Q4 2025 filed 2026-02-17
6.6% of reported 13F $297M
Emerging-market and country-specific ETF exposure.
Largest tracked holdings
| Ticker | Name | Value | Instrument |
|---|---|---|---|
| EWZ | ISHARES MSCI BRAZIL ETF | $134M | Call |
| EWZ | ISHARES MSCI BRAZIL ETF | $113M | SH |
| EEM | ISHARES MSCI EMERGING MARKETS ETF | $49M | SH |
Quarter activity
| Ticker | Action | Value |
|---|---|---|
| EWZ | New | +$134M |
| EWZ | New | +$113M |
| EEM | Trimmed | -$53M |
| ARGT | Closed | -$18M |