Single family offices held 37% of their portfolios in stocks in the second quarter, up from 34% in Q1. This surge is the largest in several years, signaling continued bullishness on the AI trade and equities. Concurrently, their holdings in private companies, real estate, private equity, venture capital, and private credit dropped by 3 percentage points, with cash piles also drawn down by less than 1 percentage point. While market fluctuations, including a 15% rise in the S&P 500, contributed to the stock gains, family offices are also actively allowing stock allocations to grow, suggesting a long-term bullish tilt. The data, powered by Addepar, aggregates and anonymizes the actual portfolios of hundreds of family offices, representing over $1.4 trillion in assets.