HedgeCo.Net — Thiel Macro LLC filed a 13F-HR on August 14 covering the quarter ended June 30, 2026. The information table showed $418,666,506 of long U.S. listed equity across eight holdings, all with sole voting and dispositive authority. Amazon.com was the largest line at $117,978,300, or 495,000 shares. Vista Energy American depositary shares were $75,908,730. Vistra was $59,130,126. Outlets noted the fund had reported zero U.S. equity holdings in the two prior quarters.
The rest of the book is power and utilities. American Electric Power was $42,221,892. DTE Energy was $40,294,247. FirstEnergy was $39,901,225. CMS Energy was $39,559,986. X-Energy was $3,672,000. Seven of the eight names are power, utilities, or energy. Amazon is the exception. A 13F reports long U.S. listed positions. It does not show shorts, derivatives, or any private book.
A rebuilt eight-name table after two empty quarters is the allocator fact. The fund is back in disclosed U.S. equities with a concentrated list, not a diversified 13F. Amazon is about $118 million. Vista is about $76 million. Vistra is about $59 million. Those three lines dominate the $418.7 million total. The utility cluster—American Electric Power, DTE, FirstEnergy, CMS—sits in a tight value band around $40 million each. X-Energy is a small residual.
For hedge-fund allocators the diligence is what a 13F cannot say. Two prior quarters of zero reported U.S. equity holdings could mean a cash or derivatives book, a non-13F portfolio, or a true flat equity sleeve. None of that is visible here. What is visible is a long-only listed snapshot as of June 30, filed August 14, with sole authority on every line. Do not treat $418.7 million as firm assets under management.
The second-order read is concentration, not a sector-weight headline. Seven of eight names sit in power, utilities, or energy; the eighth is Amazon. That mix can be read as a power-and-compute view. It can also be eight discrete longs. The filing does not pick the thesis. Limited partners should wait for the next 13F before assuming the June 30 book is a standing allocation, and they should not convert the table into a percentage energy call the sources do not settle.