Global X MSCI Argentina ETF

ARGT

市值 US$7.07億

Argentina's inflation rate is high, real wages are stagnant, and unemployment is rising.

Argentina's President Javier Milei says he's "very calm" about his chances to win another term next year. Speaking with Bloomberg News Editor-In-Chief John Micklethwait in New York, Milei also expects Argentina's economy to grow around 3% this year and similarly next year.

International stocks can be great for diversification, but they can also be risky for reasons most investors aren't familiar with. Stanley Druckenmiller's investments in Argentine companies carry significant risks stemming from the country's politics.

ARGT's underlying macro thesis remains intact, supported by falling inflation, improving country risk, and ongoing structural reforms. The main change is rising political uncertainty ahead of the 2027 presidential election, which has contributed to the fund's underperformance relative to other Latin American markets. The ETF combines companies with very different valuations and fundamentals, with YPF offering stronger company-specific fundamentals while domestic banks continue to trade at lower multiples.

The World Cup has reached its final four. Spain, France, England, and Argentina will contest some exciting matches this week in advance of the final.

Higher interest rates in some emerging Asian banking sectors will likely lead to slower credit growth by the end of 2027. Serbia's interest rate cap order will expire in September, and expectations of this are likely to boost credit growth before expiration.

Stanley Druckenmiller's Duquesne Family Office spent the first quarter of 2026 quietly accumulating South American equity exposure, with EWZ representing roughly 4.49% of the portfolio as the fifth-largest holding alongside a new position in the Argentina ETF.

I'm upgrading Global X MSCI Argentina ETF from hold to buy, citing a 28% upside as Argentina's turnaround advances. ARGT trades at 12.5x earnings, below its post-Milei average; a re-rating to 14–18x could yield 12–44% upside. The Milei Administration's reforms have stabilized inflation and the fiscal balance, with external accounts improving on commodity strength.

ARGT's easy regime-change rally has likely already happened. But Argentina's improving monetary backdrop and gradual disinflation could still support additional long-term upside in domestic equities. ARGT is not a "clean" proxy for the Argentine economy due to its concentration in MercadoLibre and energy names.

Argentina has launched its biggest Vaca Muerta shale bid round in a decade, offering 15 exploration blocks as energy ​companies and importing nations seek more reliable crude supplies amid ‌heightened Middle East tensions.