The investment strategies of the world’s wealthiest families are undergoing significant changes in 2026. Family offices, which manage the fortunes of these billionaire families, are increasingly turning to public equities while maintaining substantial allocations to alternative investments. This shift reflects a broader trend in the investment world, as these sophisticated investors seek to balance liquidity, growth, and long-term stability.
Family offices are unique entities that manage the wealth of ultra-high-net-worth individuals and families. These offices often control billions of dollars and move slowly, signaling how long-term capital is positioning for the next economic cycle. The latest industry data suggests that the most profitable family offices are placing more emphasis on listed shares than they did a year ago, while still maintaining significant exposure to alternatives.
The rise of public equities in family office portfolios
According to CNBC’s Family Office Portfolio Tracker with Addepar, public stocks accounted for 34% of tracked portfolios in the first quarter of 2026, up from 32% a year earlier. This dataset covers hundreds of family offices representing about $1.4 trillion in assets, with global family office wealth exceeding $5.5 trillion. The numbers highlight the growing importance of stock portfolios within the most sophisticated family offices.
In Addepar’s quarterly report for Q1 2026, public markets represented 51% of average allocations, with equities alone at 33.9%, cash at 9.5%, and fixed income at 8.1%. The remaining 48% was allocated to alternatives, led by private companies at 15.8% and other private assets. UBS’s Global Family Office Report 2026 tells a similar story, noting that strategic allocations to developed markets, listed equities, and fixed income account for 41% of allocations.
The appeal of liquidity and flexibility
Family offices are increasingly using stock portfolios to express longer-term themes. UBS reported that public equity markets continue to offer access to both established and emerging areas. Campden Wealth’s 2026 North America family office report found that artificial intelligence, defense industries, and the Magnificent Seven remained the most popular public-market themes. Meanwhile, cash was viewed by many as the best short-term return source.
Stocks offer liquidity, daily pricing, and faster reallocation than private equity or real estate. This flexibility is crucial for family offices looking to adapt to changing market conditions. The direction of travel is clear, as family offices want more flexibility in their investment strategies.
The enduring relevance of alternative investments
The biggest misconception about family offices is that they all look the same. In reality, they vary widely in their investment approaches. Some are heavily concentrated in private markets, others have large public equity sleeves, and many blend the two. The CNBC-Addepar tracker shows that alternatives still made up 48% of average portfolios, versus 52% in public markets. Within alternatives, private equity was 6%, private credit was under 1%, and real estate was 7.5%. Cash remained close to 10%, suggesting many family offices are keeping dry powder.
UBS found that developed market equity allocations rose to 26% in 2026 from 24% in 2026, with offices planning changes expecting that to rise further to 29% in 2026. At the same time, private equity allocation eased to 21% in 2026 from a prior peak, and family offices planning changes expected further trimming to 18%. This does not mean private markets are losing relevance. Campden Wealth said 88% of North American family offices have exposure to private markets, and those assets still account for 29% of the average portfolio.
Infrastructure as a top investment priority
Geopolitical shocks have pushed family offices to rethink nearly every corner of their portfolios. Infrastructure has emerged as the asset class they trust most right now. Private equity remains the biggest draw among all asset classes tracked in the study. Fifty-five percent of family offices already holding private equity fund positions plan to increase them. The prior period’s figure was 48%, the study found.
Infrastructure has overtaken every other sector on the priority list. Sixty-nine percent of family offices plan to add exposure, up from 41% a year earlier, according to the study. Stable, inflation-linked returns are behind the shift. This kind of demand does not require a private placement. The Global X U.S. Infrastructure Development ETF (PAVE) tracks U.S.-listed construction, engineering, and heavy equipment companies. It gives advisors a liquid way to lean into the same infrastructure theme driving family office allocations.
Notable family offices and their investment strategies
Some of the best-known family offices include Cascade Investment, which manages the wealth of Microsoft co-founder Bill Gates. While much of its portfolio remains private, regulatory filings show meaningful positions across railroads, industrial companies, waste management firms, hospitality businesses, agricultural assets, and energy infrastructure. Its emphasis on durable cash-flow businesses has helped preserve capital through multiple market cycles.
Walton Enterprises, which manages the Walmart family’s fortune, oversees one of the world’s largest pools of private wealth. Although much of the family’s net worth remains tied to Walmart stock, the office has steadily diversified into renewable energy, commercial real estate, technology funds, and private equity. The Walton family’s wealth has continued growing alongside Walmart’s expanding global operations and dividend distributions.
Bayshore Global Management, representing former Google CEO Eric Schmidt, has increasingly focused its stock portfolios on artificial intelligence, cybersecurity, cloud computing, biotechnology, and defense technology. Recent investments reflect growing institutional interest in AI infrastructure, semiconductor manufacturers, and next-generation software platforms.
Jeff Bezos’ Bezos Expeditions also functions similarly to a modern investment office, deploying billions into companies spanning artificial intelligence, healthcare, aerospace, robotics, logistics, fintech, and biotechnology. Amazon remains the largest component of Bezos’ wealth, but the broader investment strategy emphasizes high-growth innovation.
Michael Dell’s MSD Capital combines public stock portfolios with private credit, real estate, private equity, sports franchises, and alternative investments. The office has built a reputation for balancing technology exposure with defensive assets capable of generating consistent long-term returns.
