Marc Lasry Q1 2026 Portfolio — VST Expanded, QQQ Initiated; Cruise & Logistics Positions Fully Exited

Marc Lasry (Avenue Capital Group) increased his VST position by 16% to $195M (11.6% of portfolio) in his Q1 2026 13F filing, while initiating five new positions including QQQ at $104M, ECG at $84M, and LNG at $49M. He fully exited RCL ($81M), XPO ($63M), BBWI ($44M), FSLR ($30M), and Liberty Energy ($26M), concentrating total AUM of $1.6B across 20 holdings.

Top 5 Holdings — Q1 2026

• VST: $195M (11.6%)
• VIK: $150M (8.9%)
• CRS: $148M (8.8%)
• QQQ: $104M (6.2%)
• QXO: $90M (5.3%)

Q1 2026 Key Trading Highlights

The clearest theme in Lasry's trading this quarter was a concentrated shift into power and energy infrastructure. He built his largest position in VST (Vistra Energy) to $195M, while initiating new stakes in CEG (Constellation Energy) at $37M and LNG at $49M — expanding his bet across the entire power supply chain. QXO was increased by 24% to $90M (5.3% weight), while PARR surged 79% to $89M, signaling strong conviction in refining and energy-related names.

• VST: Added +16% → $195M (11.6%) — Reinforces top-conviction position as a primary beneficiary of rising power demand
• QQQ: New position $104M (6.2%) — Nasdaq 100 ETF entry for broad tech sector exposure and risk diversification
• ECG: New position $84M (5.0%) — Extends energy infrastructure theme; fifth new initiation this quarter
• PARR: Added +79% → $89M — High-conviction accumulation in refining and energy
• RCL: Full exit $81M → 0 — Clear signal of complete withdrawal from cruise and consumer cyclicals
• AGX: Reduced -60% → $41M — Selective rebalancing within construction and infrastructure

The liquidations paint a clear picture of a portfolio undergoing a fundamental character shift. Lasry fully exited cruise (RCL, $81M), logistics (XPO, $63M), consumer discretionary (BBWI, $44M), and solar (FSLR, $30M). Simultaneously, he trimmed existing holdings including AGX (-60%), MTZ (-45%), and CRS (-40%), combining defensive rebalancing with concentrated positioning. The new $104M QQQ stake appears designed as a volatility buffer within an otherwise high-conviction, concentrated book.

High-Conviction Energy & Power Infrastructure Portfolio Takes Shape

As of Q1 2026, Marc Lasry has shed consumer, logistics, and solar exposure in favor of a concentrated portfolio anchored in power (VST, CEG), natural gas (LNG), and industrial infrastructure (PARR, MTZ). The structural tailwind of surging AI data center power demand appears to be the key thesis behind the increased energy weighting. The QQQ addition serves as a volatility cushion within the concentrated strategy, and with just 20 holdings, individual stock performance will be a direct driver of overall portfolio returns.