Family offices are making a bullish bet on the stock market, according to CNBC Family Office Portfolio Tracker

• The 3 percentage point increase in equities marks the largest quarterly shift in 3-4 years, driven by a 15% S&P 500 rally and concentration in tech stocks like Microsoft (held by 77% of family offices), Amazon, Alphabet, Apple, and Nvidia
• Private market allocations fell from 49% to 46%, primarily due to private credit funds marking down asset values, with 18% of recent vintage funds (2020+) posting net asset value declines versus a 9% historical average
• The portfolio shift largely resulted from market fluctuations rather than active trading, as rising stock valuations and declining private market marks changed relative allocations while cash positions decreased slightly

Summary: Family Offices Increase Stock Holdings in Q2 2026

Family offices managing $1.4 trillion in assets significantly increased their equity allocations during the second quarter of 2026, according to CNBC's Family Office Portfolio Tracker powered by Addepar. Stock holdings rose to 37% of portfolios from 34% in Q1—the largest quarterly increase in three to four years—signaling continued bullishness on equities and AI-related investments despite bubble concerns.

Key Portfolio Shifts:

• Private market allocations dropped 3 percentage points to 46% from 49%, the largest decline in years
• Cash holdings decreased by less than 1 percentage point
• Fixed income remained steady at 8%
• Private companies represent 15% of holdings, the largest segment after public equities

Top Holdings:

The most popular stocks among family offices were Microsoft (held by 77%), Amazon and Alphabet (76%), Apple (70%), and Nvidia (69%), reflecting strong positioning in the AI trade.

Market Drivers:

The shift was largely driven by market performance rather than active reallocation. The S&P 500's approximately 15% gain during Q2 boosted equity values, while private market valuations declined. Private credit funds experienced significant stress, with 18% of recent vintage funds (2020 or later) posting markdowns compared to a 9% average for earlier vintages. Real estate and venture capital funds also faced write-downs.

Looking Ahead:

Addepar CEO Eric Poirier indicated family offices are comfortable maintaining higher public equity exposure, particularly for AI investments. The interest rate environment and fixed income markets are expected to be key themes for Q3 2026.

The data represents actual portfolio holdings from hundreds of family offices rather than survey responses, providing rare transparency into ultra-high-net-worth investment strategies.