CNBC and Addepar's family office portfolio tracking shows that a single family office's stock allocation rose to 37% in Q2, up from 34% in Q1, marking the largest increase in years. The allocation to alternative assets fell from 49% to 46%, also the largest decline in recent years. The data covers hundreds of family offices managing assets ranging from $200 million to over $10 billion, totaling approximately $1.4 trillion.

The increase in stock allocation is achieved by allowing the proportion of stocks to rise with market value, rather than selling to rebalance. Addepar CEO Eric Poirier interprets this as a sign of greater comfort with public stocks, noting that the AI theme is largely expressed in the public market rather than the private market. The five most commonly held stocks in Q2 were Microsoft (held by 77% of family offices), Amazon and Alphabet (each 76%), Apple (70%), and Nvidia (69%). Real estate and private markets were also reduced, partly related to the markdown of asset valuations in private credit funds.

Single transaction and position surveys align. David Tepper's Appaloosa increased its position in Micron to approximately $428.1 million, making it the largest holding, with the stock rising about 50% since 2026; Stanley Druckenmiller's Duquesne established a new position in Bloom Energy, which has risen over 100% this year. Family offices like Leon Cooperman's increased stock purchases in year-end filings. An earlier Goldman Sachs survey indicated that the average allocation to public stocks among 245 global family offices has shifted from 31% in 2023, while private equity fell from 26% to 21%.

UBS's 2026 Global Family Office Report covers 307 clients with an average net worth of $2.7 billion: the proportion planning to adjust strategic allocations over the next twelve months rose to 60%, the highest in this series; 65% of the U.S. sample plans to allocate to AI, 39% to defense and security infrastructure, and 35% to infrastructure. Meanwhile, 71% of U.S. respondents believe the AI sector is in a bubble, and 52% expect a decline in confidence in the dollar. Strategic allocations to developed market stocks are expected to rise from about 26% to 29%.

The size of funds determines price impact. Global family offices manage assets that have expanded from approximately $31 trillion in 2019 to about $55 trillion. In the Q1 tracking, stocks accounted for 34%, with about 80% of U.S. family office stock positions in U.S. equities. Among alternatives, direct investments in private companies remain around 16%, while private equity funds and real estate are yielding. This coincides with the concentration of large private companies going public and the pricing of AI trades among the seven major U.S. tech stocks.

In terms of market mechanisms, the stocks being bought are the most liquid tech giants, while those being sold or not added are private credit, some real estate, and poorly performing private equity. The event-driven aspect is that the public market has turned AI trading into a tradable theme, while private exit cycles have lengthened. Funds are flowing from locked assets to stocks that can be priced at the end of the day. Beneficiaries include the list of holdings from Microsoft to Nvidia, as well as custodial and data platforms that provide access to public stocks; those under pressure are medium-sized private equity funds and private credit net values that rely on family offices for support. The increase in positions can come from active accumulation or from the expansion of unliquidated book values, which have not yet been separated in the tracking data.

Source: Public Information