(Bloomberg) — Investment firms for the world’s ultra-rich cut allocations to gold, silver and copper stocks, pocketing gains from one of the hottest trends that has pushed metals prices to record highs.
Vantage Investment Partners, a family office for the descendants of US auto-dealership billionaire Larry Van Tuyl, reduced its Southern Copper Corp. stake during the quarter ended Dec. 31, according to its 13F filing, the first disclosed drop of its bet on the copper producer in at least a year.
A namesake investment firm for the family of financier Joseph Gruss similarly curbed its allocation to a US exchange-traded fund tracking the price of gold after almost doubling the holding between the end of June and September as the precious metal’s price surged. And Cercano Management, a multifamily office once part of Microsoft Corp. co-founder Paul Allen’s private investment firm, exited its position in SPDR Gold as well as in iShares Silver Trust, another precious metals ETF.
The family offices all held their metals investments at the end of 2024, giving them gains of as much as 162% from those allocations last year, according to data compiled by Bloomberg.
Read More: Copper Billionaires’ Fortunes Double as Metal Prices Soar
Gold, silver and copper have ranked among the hottest metals trades over the past year amid surging prices stemming from supply squeezes, investors hedging against growing political turbulence and the energy transition supporting the artificial intelligence boom.
President Donald Trump’s continued shakeup of the geopolitical order this year has added further momentum as investors flock to safe-haven assets. Prices for gold, silver and copper are all up since the start of the year, even after retreating from record highs in January.
Money managers overseeing more than $100 million in US equities have to file a 13F form within 45 days of the end of each quarter to list their holdings in stocks that trade on US exchanges. It offers one of the few glimpses into how hedge funds and some large family offices invest.
Other highlights from 13F filings include:
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George Soros’s Soros Fund Management boosted its holdings in health-care stocks, including a new position in medical-supplies manufacturer Medline Inc. and diagnostics company Exact Sciences Corp.
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WIT LLC, an investment vehicle for the Walton family of Walmart Inc., which invests largely in exchange-traded funds, took a new position in Bitcoin, buying about 4 million shares in the iShares Bitcoin Trust ETF.
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Alta Advisers, which is owned by members of Swedish packaging dynasty the Rausings, trimmed 193 of its positions — the vast majority — including holdings of Microsoft Corp., Nvidia Corp. and Apple Inc. Its only purchases were adding to its stake in the Vanguard Total World Stock ETF and acquiring a $1.1 million position in General Electric Co.
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