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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
-9.49%
1 Year Est. Return
+91.31%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$654M
AUM Growth
+$143M
Cap. Flow
+$231M
Cap. Flow %
35.32%
Top 10 Hldgs %
99.56%
Holding
22
New
3
Increased
5
Reduced
4
Closed
9

Top Buys

Rank Stock Value
1
ACWX icon
iShares MSCI ACWI ex US ETF
ACWX
+$8.82M
2
LEN icon
Lennar Class A
LEN
+$6.32M
3
GDXJ icon
VanEck Junior Gold Miners ETF
GDXJ
+$2.11M
4
EWY icon
iShares MSCI South Korea ETF
EWY
+$1.21M

Top Sells

Rank Stock Value
1
KBE icon
State Street SPDR S&P Bank ETF
KBE
+$15.4M
2
OIH icon
VanEck Oil Services ETF
OIH
+$9.34M
3
AMZN icon
Amazon
AMZN
+$3M
4
GREK
Global X MSCI Greece ETF
GREK
+$3M
5
KRE icon
State Street SPDR S&P Regional Banking ETF
KRE
+$1.93M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 0.9%
2 Financials 0%
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
$331M 50.66%
1,325,000
+575,000
+77% +$155M
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$818B
$225M 34.41%
900,000
+400,000
+80% +$108M
IWM icon
3
PUT
iShares Russell 2000 ETF
IWM
$82.1B
$53.6M 8.19%
400,000
+300,000
+300% +$44.8M
GREK
4
CALL
Global X MSCI Greece ETF
GREK
$314M
$10.9M 1.67%
527,833
+13,800
+3% +$311K
ACWX icon
5
iShares MSCI ACWI ex US ETF
ACWX
$11.7B
$8.39M 1.28%
+200,000
New +$8.82M
GDXJ icon
6
VanEck Junior Gold Miners ETF
GDXJ
$7.86B
$7.55M 1.16%
250,000
+75,000
+43% +$2.11M
LEN icon
7
Lennar Class A
LEN
$20.4B
$5.87M 0.9%
+154,950
New +$6.32M
AMLP icon
8
Alerian MLP ETF
AMLP
$12.9B
$3.93M 0.6%
90,000
-20,000
-18% -$981K
EWC icon
9
PUT
iShares MSCI Canada ETF
EWC
$6.26B
$2.4M 0.37%
100,000
– –
OIH icon
10
CALL
VanEck Oil Services ETF
OIH
$1.94B
$2.1M 0.32%
7,500
-1,000
-12% -$395K
OIH icon
11
VanEck Oil Services ETF
OIH
$1.94B
$1.4M 0.21%
5,000
-23,625
-83% -$9.34M
EWY icon
12
iShares MSCI South Korea ETF
EWY
$23.8B
$1.18M 0.18%
+20,000
New +$1.21M
GREK
13
Global X MSCI Greece ETF
GREK
$314M
$282K 0.04%
13,615
-133,053
-91% -$3M
AMZN icon
14
Amazon
AMZN
$2.94T
– –
-30,000
Closed -$3M
EEM icon
15
PUT
iShares MSCI Emerging Markets ETF
EEM
$29.2B
– –
-27,500
Closed -$1.18M
EWW icon
16
iShares MSCI Mexico ETF
EWW
$1.97B
– –
-10,000
Closed -$512K
HYG icon
17
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
– –
-350,000
Closed -$30.3M
IWN icon
18
PUT
iShares Russell 2000 Value ETF
IWN
$14.5B
– –
-125,000
Closed -$16.6M
KBE icon
19
State Street SPDR S&P Bank ETF
KBE
$1.66B
– –
-330,000
Closed -$15.4M
KRE icon
20
State Street SPDR S&P Regional Banking ETF
KRE
$4.65B
– –
-32,500
Closed -$1.93M
QQQ icon
21
CALL
Invesco QQQ Trust
QQQ
$479B
– –
-68,500
Closed -$12.7M
WFC icon
22
Wells Fargo
WFC
$265B
– –
-5,000
Closed -$263K

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LL
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KCM
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ARMT
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CSC
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LC
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CM
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KDIA
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ASM
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Thiel Macro's Q4 2018 Portfolio in Review

As of Q4 2018, Thiel Macro held 22 positions worth $654M, up 28% from $511M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Thiel Macro deployed $231M of net new capital in Q4 2018, opening 3 new positions and adding to 5 existing holdings. Its largest new stake was iShares MSCI ACWI ex US ETF: 200,000 shares worth $8.39M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 0.9% of assets, up from 0.59% a quarter earlier, followed by Financials.

On the sell side, the largest reduction was VanEck Oil Services ETF, an estimated $9.34M trimmed.

  • Thiel Macro's largest Q4 2018 buy was iShares MSCI ACWI ex US ETF: 200,000 shares worth $8.39M.
  • Thiel Macro added most to VanEck Junior Gold Miners ETF in Q4 2018, an estimated $2.11M increase.
  • Thiel Macro's biggest Q4 2018 reduction was VanEck Oil Services ETF, cutting an estimated $9.34M.
  • Thiel Macro fully exited State Street SPDR S&P Bank ETF in Q4 2018, selling an estimated $15.4M.
  • Thiel Macro's ten largest holdings make up 100% of its $654M portfolio in Q4 2018.
  • Thiel Macro opened 3 new positions and closed 9 in Q4 2018.
  • Thiel Macro's portfolio value rose 28% quarter-over-quarter to $654M.

Based on Thiel Macro's 13F filing for Q4 2018, filed 14 Feb 2019.