Billionaire family offices have placed their bets ahead of the new year

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide for the high-net-worth investor and consumer. subscription To receive future issues, directly to your inbox.

Private investment firms for the wealthy wrapped up 2025 with stock bets ranging from airline stocks to bitcoin ETFs, according to fourth-quarter securities filings analyzed by CNBC.

Some investments made headlines. For example, Leon Cooperman’s family office, Omega Advisors, attracted attention last week for revealing that it had increased its stake in the company. Manchester United last quarter. Omega Advisors’ shares in the publicly traded English soccer club are now worth $46.5 million, according to InsiderScore.

(Manchester fans fearing a billionaire hedge fund takeover of the club can rest easy. Another filing revealing Cooperman’s 5.2% stake in the club said his stake was a passive investment.)

Although it generated less buzz, Omega Advisors’ biggest move last quarter was a more than $375 million purchase of stock in the mortgage lending company Rocket companies. The new center is now the company’s largest property at nearly $407 million, according to InsiderScore.

Some other moves by billionaire companies have already paid off. David Tepper’s family office, Appaloosa, has tripled its standing Micron to $428.1 million, making it the company’s largest holding. Shares of Micron, which produces the memory chips that power artificial intelligence data centers, have risen nearly 50% since the start of 2026. During the same quarter, Stanley Druckenmiller’s Duquesne family office started a new position in the fuel cell company. Bloom Energywhich is more than 100% year to date.

Bets on cryptocurrencies have been less fruitful so far this year. WIT LLC, an investment vehicle for the family office of the Walton family’s namesake, has committed $4 million to iShares Bitcoin Trust ETFwhich is down 21% year-to-date. The new position represents less than 1% of WIT’s portfolio. Duty-free tycoon Alan Parker’s consulting services firm Kemnay has increased its shares Coinbase By approximately 44% in the last quarter. Coinbase shares are down 18% since the beginning of the year.

Last quarter’s filings highlighted major investors’ differing approaches to trading Mag 7. For example, Duquesne raised its shares Amazon 69% to nearly $170 million and exited dead position. Meanwhile, Longbow SA, an investment firm of billionaire Rausing’s family, has trimmed its positions in Amazon. nvidia, Microsoft, apple, alphabet And dead.

Ray Dalio, who has repeatedly warned of an AI bubble and potential capital war for months, has taken a startling approach, according to Marino’s latest administration filing on Dalio. The company disclosed a position worth $438.5 million in SPDR Gold Fund Which makes up nearly 90% of its portfolio.

“I think people make the mistake of thinking, ‘He’ [gold] “Instead… maybe central banks or governments or sovereign wealth funds should say: What percentage of my portfolio should I have in gold?” Dalio told CNBC in early February. [and] “Keep a certain percentage, because it is a very effective diversification for other poor parts of the portfolio.”