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TM

Thiel Macro Portfolio holdings

AUM $74.4M
1-Year Est. Return 91.31%
This Fund
S&P 500
This Quarter Est. Return
-2.11%
1 Year Est. Return
+91.31%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$511M
AUM Growth
-$352M
Cap. Flow
-$382M
Cap. Flow %
-74.81%
Top 10 Hldgs %
95.6%
Holding
28
New
8
Increased
2
Reduced
6
Closed
9

Top Buys

Rank Stock Value
1
KBE icon
State Street SPDR S&P Bank ETF
KBE
+$16.1M
2
AMZN icon
Amazon
AMZN
+$2.82M
3
KRE icon
State Street SPDR S&P Regional Banking ETF
KRE
+$2.03M
4
EWW icon
iShares MSCI Mexico ETF
EWW
+$506K
5
WFC icon
Wells Fargo
WFC
+$285K

Top Sells

Rank Stock Value
1
QQQ icon
Invesco QQQ Trust
QQQ
+$11.5M
2
GDXJ icon
VanEck Junior Gold Miners ETF
GDXJ
+$5.19M
3
SVXY icon
ProShares Short VIX Short-Term Futures ETF
SVXY
+$2.54M
4
OIH icon
VanEck Oil Services ETF
OIH
+$1.95M
5
GREK
Global X MSCI Greece ETF
GREK
+$699K

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 0.59%
2 Financials 0.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$818B
$218M 42.69%
750,000
-600,000
-44% -$171M
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$818B
$145M 28.46%
500,000
+400,000
+400% +$114M
HYG icon
3
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
$30.3M 5.92%
+350,000
New +$30.1M
IWM icon
4
PUT
iShares Russell 2000 ETF
IWM
$82.1B
$16.9M 3.3%
100,000
– –
IWN icon
5
PUT
iShares Russell 2000 Value ETF
IWN
$14.5B
$16.6M 3.25%
+125,000
New +$16.8M
KBE icon
6
State Street SPDR S&P Bank ETF
KBE
$1.66B
$15.4M 3.01%
+330,000
New +$16.1M
OIH icon
7
VanEck Oil Services ETF
OIH
$1.94B
$14.4M 2.82%
28,625
-3,875
-12% -$1.95M
GREK
8
CALL
Global X MSCI Greece ETF
GREK
$314M
$12.8M 2.5%
514,033
+385,333
+299% +$10.2M
QQQ icon
9
CALL
Invesco QQQ Trust
QQQ
$479B
$12.7M 2.49%
68,500
-631,500
-90% -$114M
AMLP icon
10
Alerian MLP ETF
AMLP
$12.9B
$5.87M 1.15%
110,000
– –
GDXJ icon
11
VanEck Junior Gold Miners ETF
GDXJ
$7.86B
$4.79M 0.94%
175,000
-175,000
-50% -$5.19M
OIH icon
12
CALL
VanEck Oil Services ETF
OIH
$1.94B
$4.28M 0.84%
8,500
-21,500
-72% -$10.8M
GREK
13
Global X MSCI Greece ETF
GREK
$314M
$3.65M 0.71%
146,668
-26,432
-15% -$699K
AMZN icon
14
Amazon
AMZN
$2.94T
$3M 0.59%
+30,000
New +$2.82M
EWC icon
15
PUT
iShares MSCI Canada ETF
EWC
$6.26B
$2.88M 0.56%
100,000
– –
KRE icon
16
State Street SPDR S&P Regional Banking ETF
KRE
$4.65B
$1.93M 0.38%
+32,500
New +$2.03M
EEM icon
17
PUT
iShares MSCI Emerging Markets ETF
EEM
$29.2B
$1.18M 0.23%
+27,500
New +$1.19M
EWW icon
18
iShares MSCI Mexico ETF
EWW
$1.97B
$512K 0.1%
+10,000
New +$506K
WFC icon
19
Wells Fargo
WFC
$265B
$263K 0.05%
+5,000
New +$285K
CCJ icon
20
CALL
Cameco
CCJ
$40.8B
– –
-1,000,000
Closed -$11.3M
EEM icon
21
CALL
iShares MSCI Emerging Markets ETF
EEM
$29.2B
– –
-500,000
Closed -$21.7M
FXI icon
22
PUT
iShares China Large-Cap ETF
FXI
$4.29B
– –
-300,000
Closed -$12.9M
IWM icon
23
CALL
iShares Russell 2000 ETF
IWM
$82.1B
– –
-180,000
Closed -$29.5M
QQQ icon
24
Invesco QQQ Trust
QQQ
$479B
– –
-63,800
Closed -$11.5M
QQQ icon
25
PUT
Invesco QQQ Trust
QQQ
$479B
– –
-1,000,000
Closed -$172M
1
2

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ARMT
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CSC
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Thiel Macro's Q3 2018 Portfolio in Review

As of Q3 2018, Thiel Macro held 28 positions worth $511M, down 41% from $863M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Thiel Macro withdrew a net $382M in Q3 2018, closing 9 positions and reducing 6 holdings. Its most notable exit was Invesco QQQ Trust, an estimated $11.5M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 0.59% of assets, up from 0% a quarter earlier, followed by Financials.

Against the trend, Thiel Macro opened a new position in State Street SPDR S&P Bank ETF worth $15.4M.

  • Thiel Macro's largest Q3 2018 buy was State Street SPDR S&P Bank ETF: 330,000 shares worth $15.4M.
  • Thiel Macro's biggest Q3 2018 reduction was VanEck Junior Gold Miners ETF, cutting an estimated $5.19M.
  • Thiel Macro fully exited Invesco QQQ Trust in Q3 2018, selling an estimated $11.5M.
  • Thiel Macro's ten largest holdings make up 96% of its $511M portfolio in Q3 2018.
  • Thiel Macro opened 8 new positions and closed 9 in Q3 2018.
  • Thiel Macro's portfolio value fell 41% quarter-over-quarter to $511M.

Based on Thiel Macro's 13F filing for Q3 2018, filed 14 Nov 2018.