Peter Thiel's investment fund Thiel Macro purchased approximately 1% of Vista Energy, an Argentine oil producer, according to a quarterly filing with the U.S. Securities and Exchange Commission dated Aug. 14. The fund paid roughly $76 million for about 1.2 million American depositary shares, making Vista the second-largest holding in Thiel Macro's disclosed portfolio for the second quarter of 2026. The purchase reflects a portfolio shift toward energy assets, with Vista accounting for $75.9 million, or 18.1%, of the fund's $418.7 million in total disclosed holdings through June 30. The filing shows Thiel Macro expanded from a single holding in the previous quarter to eight positions, with three power companies and Amazon comprising the majority of the remaining portfolio. The Vista stake represents the largest single wager outside Big Tech in Thiel's disclosed book.
Thiel Macro Discloses $76 Million Vista Energy Position in Q2 2026
Thiel Macro reported eight positions worth $418.7 million for the second quarter of 2026. Vista Energy accounts for $75.9 million of that total, or 18.1% of the portfolio. Only Amazon ranks higher at 28.2%. Three power companies — Vistra, American Electric Power, and DTE Energy — together make up roughly 34% of the holdings.
The fund expanded from a single holding in the previous quarter to eight disclosed positions. The filing covers positions held through June 30. Quarterly disclosures lag the market, so the fund may have changed its position since then.
![Thiel Macro Q2 2026 portfolio allocation showing Vista Energy at 18.1 percent]()
Thiel has pulled back from other sectors this year. In February, his Founders Fund exited an Ethereum treasury firm as digital asset treasury companies came under pressure. In May, another Thiel-backed stock lost half its value after a Las Vegas debut fell flat.
Vista Energy Operates Vaca Muerta Shale Field with 156,061 boe/day Output
Vista Energy drills in Vaca Muerta, a shale formation roughly the size of Belgium. The field holds the world's second-largest shale gas reserves and its fourth-largest shale oil reserves. Output reached 156,061 barrels of oil equivalent per day in the second quarter, a 16% rise from the first quarter.
![Vista Energy Stock Gained 40% Year-to-Date]()
Vista has committed more than $6.5 billion to Argentina. The company raised its production outlook in May.
Thiel Met Argentine President Milei Four Months Before Filing
Thiel met President Javier Milei at the presidential palace in Buenos Aires four months ago. Milei later told local media that they discussed economic policy and a shared dislike of wealth taxes. Thiel also bought a mansion in an upscale Buenos Aires neighborhood.
Wealthy investors spent 2026 hunting lower-tax jurisdictions, and Milei courts that money openly. Capital that once chased digital assets has drifted toward commodities and equities through this downturn. Thiel's filing lands squarely in that trend.
FAQ
What did Peter Thiel's fund buy in Q2 2026?
Thiel Macro purchased approximately 1.2 million American depositary shares of Vista Energy, an Argentine oil producer, for roughly $76 million. The purchase was disclosed in a quarterly SEC filing dated Aug. 14 covering positions held through June 30.
How much of Thiel Macro's portfolio does Vista Energy represent?
Vista Energy accounts for $75.9 million, or 18.1%, of Thiel Macro's $418.7 million in disclosed holdings for the second quarter of 2026. It ranks as the second-largest position in the fund, behind only Amazon at 28.2%.
What did Thiel discuss with Argentine President Milei?
Thiel met President Javier Milei at the presidential palace in Buenos Aires four months ago. Milei later told local media that they discussed economic policy and a shared dislike of wealth taxes.
