Peter Thiel's Fund Reported Zero Stocks for 2 Straight Quarters. Its $419 Million Comeback Put 72% Into Energy and Power.
The fund reported nothing for six months. Its comeback filing lists one tech stock and seven energy bets.
Peter Thiel's hedge fund, Thiel Macro, went missing from the stock market for two consecutive quarters, with no U.S. long stock holdings reported in either period ending December 2025 and March 2026. However, the fund recently disclosed a portfolio of eight names worth $418.7 million as of June 30, 2026. It's important to note that a 13F filing, which covers only a manager's long positions in certain U.S.-listed securities, does not account for short bets, futures, currencies, private stakes, or cash.
Thus, the two empty quarters do not necessarily mean the fund held nothing, but they do indicate an unusual absence. The fund's recent comeback, with a significant allocation of 72% into energy and power, reveals the types of investments it has made to rebuild its portfolio.
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