Thiel's Fund Has 72% of $419 Million in Energy and Power

Thiel Macro's 13F lists eight stocks worth $418.7 million. Vista Energy, Vistra and four utilities are 72% of it, after two quarters of nothing.

Key points

Thiel Macro LLC, the manager for Peter Thiel's personal capital, reported eight U.S. stock positions worth $418.7 million at June 30, and 72% of that $419 million sits in energy and power stocks, according to the 13F it filed with the SEC on August 14.
Vista Energy (VIST) is the largest energy holding at 18.1% of the book, ahead of Vistra at 14.1% and four regulated utilities. Amazon, at 28.2%, is the single biggest position.
The filing is a return to the market: the fund reported no stock holdings at all for the quarters ended December 31 and March 31.

A screenshot of the portfolio has been circulating on X this week under the line that Thiel has "72% of his portfolio in energy and power." The underlying document is public. Thiel Macro LLC, which reports Thiel's personal holdings quarterly, listed eight positions for the quarter ended June 30, 2026, with a total value of $418,666,506. Seven of the eight are energy or power companies.

What the filing shows

Amazon is the largest position: 495,000 shares worth $118.0 million, or 28.2%. Vista Energy, the Argentina-focused shale oil producer, is next at 1,189,792 American depositary shares worth $75.9 million, or 18.1%. Vistra, the Texas power generator, follows at 372,755 shares worth $59.1 million, or 14.1%.

Then come four regulated electric utilities, each near a tenth of the book: American Electric Power ($42.2 million), DTE Energy ($40.3 million), FirstEnergy ($39.9 million) and CMS Energy ($39.6 million). The smallest line is X-Energy, the small modular reactor developer that listed on Nasdaq in April: 200,000 shares worth $3.7 million.

A book rebuilt from zero

The same filer reported $212.0 million across Nvidia, Tesla and Vistra at June 30, 2025, then $74.4 million in Apple, Microsoft and Tesla at September 30. Its reports for December 31 and March 31 listed no holdings. The new book is 5.6 times the size of the last one it reported. Vistra is the only name to reappear, and the stake is 79% larger than the 208,747 shares held a year earlier.

The power theme has an obvious backdrop. Vistra agreed in January to supply 2,609 megawatts of nuclear power to Meta from its Ohio and Pennsylvania plants, CNBC reported.

How the stocks have done since

Since June 30 the largest energy bet has been the winner. Vista Energy closed Wednesday at $75.53, up 18.4% since the quarter ended and 55.2% in 2026. Amazon closed at $252.03, up 5.7% over the same period. The rest are lower since June 30: Vistra $150.54 (-5.1%), American Electric Power $124.73 (-8.8%), DTE $136.08 (-10.7%), CMS $68.35 (-10.7%), FirstEnergy $46.09 (-3.1%) and X-Energy $17.22 (-6.2%).

A 13F reports only long U.S. stock positions at quarter end, 45 days after the fact.

What insiders did

At Vistra, chief executive James A. Burke made three open-market purchases between August 24 and September 1 totaling $1,173,069, the only such buys at the company this year, according to SEC Form 4 filings reviewed by InsiderBuying.com. At CMS Energy one insider made a single open-market purchase of about $14,500 on July 31.

American Electric Power, DTE and FirstEnergy show no open-market buying in 2026, and Amazon insiders have reported 26 sales and no purchases. Vista Energy, a foreign private issuer, does not file Form 4s.

Full Form 4 records are on the Vistra, American Electric Power, DTE, CMS and Amazon pages; the Vistra purchases are detailed in our September 4 report. Insider Access members follow the power names in real time.

Informational only, not investment advice.