You don't really need a macro for that - it can be done with a
wildcard Find/Replace. An equivalent macro is:
Code:
Sub Demo()
Application.ScreenUpdating = False
With ActiveDocument.Range.Find
.ClearFormatting
.Forward = True
.Format = True
.Font.Size = 20
.Wrap = wdFindContinue
.MatchWildcards = True
.Text = "<[A-Za-z]@>"
With .Replacement
.ClearFormatting
.Text = "(^&)"
.Font.ColorIndex = wdRed
End With
.Execute Replace:=wdReplaceAll
End With
Application.ScreenUpdating = True
End Sub