Thiel Fund Discloses Major Vista Energy Stake

Thiel Macro LLC disclosed a substantial stake in Vista Energy (VIST) in a Form 13F filing covering positions as of June 30. The fund reported holding 1,189,792 American Depositary Shares of Vista, representing about 1.19 million ADS. The position was valued at approximately USD 76 million at the end of the second quarter. The filing was made public in mid‑August 2026, providing new detail on the fund’s equity exposure.

Within the portfolio detailed in the 13F, Vista Energy (VIST) ranked as Thiel Macro’s second‑largest reported holding, behind only Amazon (AMZN). The filing also showed that Vista was the only non‑U.S. company included in the reported portfolio. This concentration underlines the prominence of the Vista investment relative to the fund’s other disclosed positions.

Vista Energy is characterized in the reporting as Argentina’s largest crude exporter. The company produces roughly 160,000 barrels per day of oil and gas equivalent. About 70% of this production is directed to export markets, underscoring the firm’s focus on external demand for its output.

Vista’s scale in Argentina’s energy sector and its export orientation frame the context for Thiel Macro’s investment. The described production levels and export share highlight Vista’s role among shale and conventional producers in the country. These operational metrics help explain why the company stands out within a concentrated, largely U.S.-focused equity portfolio.

The 13F disclosure provides greater visibility into Thiel Macro’s exposure to Argentina’s energy sector through Vista Energy. With Vista identified as the fund’s second‑largest holding and only non‑U.S. name, the position represents a notable allocation outside U.S. markets. The combination of a sizable dollar value and concentrated ranking suggests that Vista is a key element of the fund’s declared strategy.

For market observers, the filing offers a snapshot of institutional interest in an Argentine crude exporter with significant export activity. The timing of the disclosure in mid‑August, tied to quarter‑end holdings as of June 30, clarifies when the position was in place, even though it does not speak to any subsequent changes. Together, the portfolio data and Vista’s production profile outline the factual contours of this newly reported stake.