Druckenmiller Allocates $113M to iShares MSCI Brazil ETF Before 17% Rally
Duquesne acquired approximately 3.55 million shares of iShares MSCI Brazil ETF (EWZ) worth over $113 million and bought call options in the fourth quarter of 2025. The ETF jumped roughly 17% in January—its strongest monthly gain since 2020—as a weaker dollar and higher commodity prices lifted Brazilian stocks.
1. Duquesne's Q4 2025 Position
Duquesne Family Office initiated a position of about 3.55 million shares of the iShares MSCI Brazil ETF, valuing the holding at over $113 million, and supplemented it with call options to leverage upside potential.
2. ETF January Performance
The ETF surged approximately 17% in January, marking its strongest monthly advance since 2020, driven by broader emerging-market inflows and positive shifts in currency and commodity markets.
3. Market Drivers
A weakening U.S. dollar and rising prices for key Brazilian exports such as iron ore and oil fueled the ETF’s gains, particularly boosting heavyweight constituents like Vale SA and Petroleo Brasileiro.
4. Strategic Implications
The large allocation underscores a shift toward value and commodity exposure in Brazil, reflecting confidence in pending interest rate cuts and a decision to reduce exposure to high-growth U.S. technology stocks.