• Duquesne Family Office acquired approximately 3.55 million shares and call options in the iShares MSCI Brazil ETF (EWZ) (EWZ) during Q4 2025, as revealed in a 13F filing released February 17, 2026.
  • The ETF has surged 19-20% year-to-date in 2026, driven by a weak U.S. dollar and commodity strength in holdings like Petrobras (PBR) (PBR) and Vale (VALE) (VALE).
  • The move signals a rotation toward value-oriented bets and broader market breadth, with Druckenmiller also adding positions in financials and equal-weight S&P 500 ETFs.

Billionaire Stanley Druckenmiller's Duquesne Family Office placed a significant wager on Brazilian equities ahead of a sharp rally, according to recent regulatory filings. The firm initiated a position in the iShares MSCI Brazil ETF (EWZ)—approximately 3.55 million shares valued at $113 million plus call options—during the fourth quarter of 2025. This timing proved prescient, as EWZ has since surged 19-20% year-to-date in 2026, fueled by a softer U.S. dollar and robust performance in commodity-linked holdings like Petrobras and Vale.

Efforts to capitalize on emerging market opportunities have gained momentum, with Duquesne's shift away from big tech names like Meta and Arm highlighting a broader rotation. People familiar with the matter note that Druckenmiller's strategy often involves aggressive calls for upside moves, and this bet aligns with his historical pivots, such as exiting Argentina ETF holdings previously. The ETF, which tracks the MSCI Brazil Index and focuses on large- and mid-cap Brazilian equities in sectors like materials and energy, gained 49% in 2025 and posted its best January since 2020, with returns exceeding 17% early this year.

Without a sustained rally in commodities, the outlook for Brazilian assets could face headwinds, but analysts point to ongoing factors like a weak dollar and investor demand for oil and mining as supportive. Duquesne's leverage via call options targets volatility, and Latin American funds expect Brazil's Ibovespa to climb further in 2026, with global investors increasing exposure through vehicles like EWZ. In a brief statement, a representative for Duquesne declined to comment on specific investment decisions, but sources indicate the firm has been actively rebalancing toward value-oriented opportunities.

Regulatory filings show Duquesne also added positions in financials ETF (XLF) (XLF) and S&P 500 Equal Weight (RSP) (RSP), suggesting expectations of relaxed financial regulations and favorable rates under current U.S. policy figures. The broader 13F reveals a portfolio of 62 stocks, with trims in pharma holdings like Teva (TEVA) and Insmed (INSM). As of mid-February 2026, EWZ's year-to-date performance remains strong, and market watchers are closely monitoring whether the rally can extend amid global economic shifts. Corrections: An earlier version misstated the exact share count; it has been updated to reflect the 3.55 million figure from the filing.