Members of the global super-rich have chosen to realize gains by selling more than $1 billion worth of shares in recent weeks as stock markets test new highs.
A descendant of Germany’s Viessmann family sold roughly $750 million of Carrier Global Corp., the Florida air-conditioning company, last week. Danish investor Henrik Lind sold shares worth about $175 million in facilities manager ISS A/S. Chris Ellison, founder of Mineral Resources Ltd., received A$122.5 million ($87 million) from selling around 10 percent of his stake in the Australian mining-services firm this month, his first disposal in nearly a decade.
The sales illustrate how wealthy private investors are locking in profits from large holdings while global indexes reach records, supported by enthusiasm for artificial intelligence and solid corporate earnings despite geopolitical tensions. Banks such as Goldman Sachs expect equities to rise further, even as some investors worry valuations appear stretched.
Other wealthy sellers include Pamela Wall, widow of a co-founder of Australian technology company Codan Ltd. She trimmed her stake by nearly a quarter in early May via a block trade worth about A$312 million, directing proceeds toward philanthropy.
Wall and the other sellers still hold positions valued at least $4.9 billion. Codan shares rose almost 47 percent this year, beating global benchmarks, while Carrier, ISS and Mineral Resources each gained more than 22 percent.
Such moves represent disciplined reduction of single-stock risk, according to advisers to wealthy families. Public equities remain the largest allocation in ultra-wealthy portfolios. Fund managers are now more overweight equities than at any time since early 2022.
Max Viessmann conducted the Carrier sale through JPMorgan for portfolio rebalancing yet retains a long-term commitment. Wall plans to keep her remaining Codan shares for at least another year, while Ellison will use proceeds to establish a family office.
