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Wealthy families shifted a meaningful slice of their portfolios into public stocks in the second quarter of 2026, according to a new analysis that tracks real, aggregated holdings. The move lifted equity exposure amid a strong market rally and coincided with a pullback in private-market and real-estate allocations.
Family offices increase public-equity bets
Single-family offices increased their average stock allocation to 37% of portfolios in Q2, up from 34% in Q1, the CNBC Family Office Portfolio Tracker reported. The tracker, powered by Addepar, aggregates and anonymizes holdings from hundreds of family offices and covers more than $1.4 trillion in assets.
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Analysts say the quarterly jump is the largest such shift in several years and reflects growing comfort with public markets among ultra-high-net-worth investors. Rather than actively rebalancing back into alternatives, many families allowed equities to grow as markets rose.
Market rally, not wholesale reallocations
Much of the equity gain tracked by the report came from market performance rather than heavy new buying. The S&P 500 climbed roughly 15% during the quarter, lifting portfolio values for investors with concentrated public-equity positions.
At the same time, allocations to alternatives — including private companies, real estate, private equity, venture capital and private credit — fell to 46% from 49%. Cash balances dipped by less than one percentage point, indicating that family offices were deploying capital rather than hoarding it.
Private-credit markdowns weigh on alternatives
Addepar linked much of the decline in alternative allocations to markdowns within private-credit funds. About 18% of private credit funds from vintages 2020 or later had reduced net asset values, a noticeably higher share than the roughly 9% average write-down rate observed for private credit funds in earlier vintages during their first four years, the report said.
Other private-market segments also saw value adjustments. Real estate and venture-capital funds posted markdowns that trimmed allocations, rather than large-scale liquidations or shifts in inflows and outflows.
What family offices hold now
Public equities are increasingly dominated by technology and AI–related names. The five stocks most commonly held in the second quarter were Microsoft (held by 77% of family offices), Amazon and Alphabet (each 76%), Apple (70%) and Nvidia (69%).
Beyond equities, the tracker shows private companies remain the largest single non-public segment at about 15% of portfolios. Fixed income held at 8%, hedge funds at 7%, and a catch-all “other alternatives” bucket — which includes commodities and collectibles — remained around 6%.
Drivers and near-term themes
Addepar’s leadership and CNBC’s analysis point to the strong interest in the AI thematic as a central factor. That thematic has found expression mainly in public markets, where large-cap tech and AI-focused names have seen rapid gains and broad investor participation.
Observers caution that the shift partly reflects valuation swings rather than a wholesale change in strategy. Family offices appear to be marking down private holdings while letting public positions appreciate.
Where analysts are watching next
Looking toward the third quarter, attention is turning to the interest-rate environment and the fixed-income market. Changes in rates could influence how family offices allocate to bonds and cash, and will be closely watched as a potential counterbalance to the recent equity bias.
Addepar executives emphasized that current portfolio movements largely reflect valuation changes and sector performance, not dramatic flow reversals. That suggests family offices are responding to price action while remaining broadly committed to a mix of public and private exposures.
