Thiel's Comeback: $419 Million Bet on Energy and Power

Peter Thiel's hedge fund, Thiel Macro, went six months without reporting any U.S. long stock holdings. The two consecutive quarters of zero stocks ended in June with an eight-name portfolio worth $418.7 million.

The fund's comeback includes a significant investment in energy and power companies, making up about 72% of the portfolio. The largest position is Amazon at around 28%, while Vista Energy and Vistra make up about 18% and 14% respectively.

Four regulated utilities also make up nearly equal parts of the portfolio: American Electric Power, DTE Energy, FirstEnergy, and CMS Energy. X-Energy, a nuclear reactor developer that went public in April, rounds out the eight positions with a $3.7 million stake.

This energy-focused investment strategy has some interesting implications. The last big move before the fund's empty stretch was selling Nvidia, while its first move back was buying into companies that supply electricity to AI data centers.