Investment firms managing wealth for ultra-high-net-worth families have started trimming their exposure to gold, silver and copper equities, capitalising on a powerful rally that drove metals prices to record levels.
Recent 13F filings show that several prominent family offices reduced positions in metals-related assets during the fourth quarter.
Vantage Investment Partners, which manages capital for the heirs of US auto dealership billionaire Larry Van Tuyl, scaled back its stake in Southern Copper Corp. as of 31 December. The move marked the first reduction in its copper position in at least a year.
An investment firm representing the family of financier Joseph Gruss also cut its holdings in a US gold-tracking exchange-traded fund. This followed a significant increase in the position between June and September, when gold prices surged. Meanwhile, Cercano Management, the multifamily office that originated from Paul Allen’s private investment platform, exited its holdings in SPDR Gold Shares and the iShares Silver Trust.
Despite these reductions, the family offices maintained metals exposure through the end of 2024 and benefited from substantial gains. According to Bloomberg data, returns on some of these allocations reached as high as 162 percent over the past year.
Gold, silver and copper have been among the strongest-performing commodities, supported by supply constraints, geopolitical instability and structural demand linked to the energy transition and artificial intelligence infrastructure build-out.
Policy shifts under President Donald Trump and ongoing geopolitical tensions have further reinforced demand for safe-haven assets. Although prices have eased from January’s peaks, all three metals remain higher year to date.
Under US regulations, institutional investment managers overseeing more than $100 million in equities must file quarterly 13F disclosures within 45 days of quarter-end. These filings provide rare insight into the portfolios of hedge funds and certain large family offices.
Other notable moves from recent filings include:
- Soros Fund Management increased its exposure to healthcare stocks, initiating new positions in Medline Inc. and Exact Sciences Corp.
- WIT LLC, the Walton family’s investment vehicle, established a new position in the iShares Bitcoin Trust ETF, purchasing roughly 4 million shares.
- Alta Advisers, owned by members of the Swedish Rausings family, reduced the majority of its holdings, including positions in Microsoft, Nvidia and Apple. It added to its Vanguard Total World Stock ETF stake and initiated a $1.1 million position in General Electric.
