Family offices are making a bullish bet on the stock market, according to CNBC Family Office Portfolio Tracker
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- Family offices raised public-equity allocations to 37% in Q2 from 34% in Q1, the largest quarter-on-quarter shift Addepar has tracked in 3-4 years
- The 3-point swing was largely passive — the S&P 500's ~15% Q2 rally and private credit markdowns moved the math, not active buying and selling
- Offices are letting stock shares grow rather than rebalancing, a long-term bullish tilt Addepar CEO Eric Poirier attributes to the AI trade
- Top five holdings by ownership: Microsoft (77% of offices), Amazon and Alphabet (76% each), Apple (70%) and Nvidia (69%)
- Private credit took the biggest hit — 18% of funds with 2020-or-later vintages posted NAV markdowns, double the 9% historical average through year four
- Data covers hundreds of single family offices representing more than $1.4 trillion in assets, tracked by Addepar
Why it matters: With family offices refusing to rebalance while 70%+ already own Microsoft, Amazon, Alphabet, Apple and Nvidia, their $1.4 trillion in tracked assets is piling into the same mega-caps that already dominate the S&P 500 — deepening concentration rather than diversifying away from it.
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