Reference Portfolio · Updated
Global ETFs
ETF-based non-US exposure — regional rotation, thematic tilt, FX-aware positioning.
Thesis
Global ETFs implements the non-US allocation of the Closelook Reference framework through liquid ETF vehicles. The portfolio is coarser than Global Tech 50 — it buys regional exposure (Europe, Japan, EM, frontier) rather than specific franchises — but that's the point: an ETF sleeve's job is to express regime and rotation calls, not name-picking.
Core rotation between DM-ex-US (EZU, EWJ), EM (EEM, VWO), and thematic tilts (ARTY for AI-non-US, KWEB for China-tech) is informed by Temperature readings, cointegration stretches in cross-asset pairs, and DXY trajectory. When the dollar is structurally weak and EM cross-asset pairs are healthy, EM exposure rises; when DXY breaks higher, the sleeve rotates toward DM-ex-US with better FX-buffers.
FX overlays (hedged vs. unhedged share classes, currency ETFs when needed) are part of the position-level decisions, not an afterthought.
Structure
- Equities20
20 equity positions . Benchmark: FTSE All-World ex-US (VEU).
Top Holdings
20 total positions — top 10 by weight shown. Barchart snapshot from Jun 9, 2026.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | SMHX | — | 9.09% |
| 2 | EEM | — | 8.01% |
| 3 | EMEQ | — | 5.78% |
| 4 | IYM | — | 5.51% |
| 5 | ARTY | — | 5.42% |
| 6 | QQQ | — | 5.33% |
| 7 | TINY | — | 5.13% |
| 8 | TOPT | — | 4.99% |
| 9 | XMMO | — | 4.98% |
| 10 | VEU | — | 4.94% |
Related
Closelook C+ Portfolio
Real-time access for founding subscribers
Free readers see this end-of-day snapshot of the top positions. Founding subscribers also get every position with cost basis and per-position P&L, the full trade log in real time as moves happen, and the long-form weekly commentary that explains every change.
- Every position with cost basis, market value, and unrealized P&L
- Real-time trade log (free readers see weekly digest)
- Long-form commentary with the rationale behind every move
- Push notifications when positions open, close, or resize
Methodology & disclaimer
Global ETFs is a reference portfolio — it reflects how Thomas Look, author and publisher of Closelook, implements the analytical theses discussed on this site. Position data is updated daily from end-of-day broker exports (Barchart). Benchmark prices come from EODHD.
Reference portfolio, educational purpose only. ETF-based non-US rotation.
Reference portfolio, not investment advice. Past performance is not indicative of future results. Closelook Venture GmbH is a publishing company and does not manage client capital.