Family offices boost stock holdings to 37% in Q2, CNBC tracker shows

Family offices increased their stock holdings in the second quarter while cutting exposure to real estate and private market investments, according to CNBC's Family Office Portfolio Tracker, which covers over $1.4 trillion in assets across hundreds of offices. Single family offices held 37% of portfolios in stocks, up from 34% in the first quarter, marking the largest quarter-over-quarter increase in several years. The shift represents a continued bullishness on equities and the AI trade, despite concerns about market concentration and a potential bubble. The top five most-held stocks were Microsoft, Amazon, Alphabet, Apple, and Nvidia. The increase was partly driven by market gains, since the S&P 500 rose 15% in the quarter, while private credit and real estate markdowns reduced alternative allocations. Allocations to private markets fell to 46% from 49%, with 18% of recent private credit funds posting net asset value declines. Fixed income held steady at 8%, and cash drew down less than one percentage point.;