Thiel Macro LLC, the hedge fund associated with investor Peter Thiel, established a position in Vista Energy during the second quarter, according to SEC filings released Friday. The fund purchased approximately 1.2 million American Depositary Shares of the Argentine energy company, representing roughly 1% ownership and valued at around $76 million at the close of June 30. The stake became Thiel Macro’s second-largest disclosed holding at that time, behind only its Amazon position worth approximately $118 million.
Vista Energy operates as Argentina’s largest independent energy company and focuses on production from the Vaca Muerta shale formation located in Neuquén province in Patagonia. The formation contains the world’s second-largest shale gas reserves and fourth-largest oil reserves. The company currently produces 160,000 barrels of oil equivalent daily and has invested more than $6.5 billion in capital across Argentina.
Thiel Macro’s Vista Energy investment reflected a broader strategic shift in the fund’s portfolio composition. SEC filings showed the fund rebuilt its total disclosed U.S. equity portfolio to more than $400 million in the second quarter after reporting zero holdings for two consecutive quarters. Energy and utility companies comprised six of the seven new positions the fund initiated during the period, including stakes in American Electric Power, DTE Energy, FirstEnergy, CMS Energy, X-Energy, and Vista Energy. The fund also re-entered Vistra, building that position to 372,755 shares valued at $59.1 million by quarter-end.
Thiel relocated to Buenos Aires earlier in the year and purchased a mansion in the Argentine capital. The move coincided with increased engagement with the Argentine government, including meetings with President Javier Milei at the presidential palace in April and discussions with senior economic officials including Economy Minister Luis Caputo and Deregulation Minister Federico Sturzenegger. The Milei administration has actively promoted economic reforms targeting increased foreign investment in Argentina’s resource sectors.
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