Family offices bought AI infrastructure and sold China last quarter, 13F filings show

Dakota published its Family Office Monitor for August on 24 August. The monthly report draws on Dakota Marketplace data and, this month, on second-quarter 13F filings from a select group of well-known single family offices. Two movements run through the filings: money going into the physical infrastructure behind artificial intelligence, and money coming out of Chinese equities.

What the filings show

David Tepper’s Appaloosa Management added to Amazon, Alphabet and Taiwan Semiconductor Manufacturing over the quarter. Leon Cooperman’s Omega family office left Vertiv Holdings untouched at more than $700 million, roughly a fifth of the portfolio. Vertiv makes data-centre cooling and power equipment, and it sits alongside Cooperman’s stakes in the nuclear instrumentation maker Mirion Technologies and the rare-earths producer MP Materials.

Dakota is careful to point out that some of the apparent conviction is arithmetic rather than buying. Micron Technology’s implied share price roughly tripled between the first and second quarters, on the values and share counts disclosed in the filings, and Advanced Micro Devices’ nearly did the same. Appaloosa cut its share count in both names while the dollar value of each holding rose. That looks more like a fund taking profits than one losing faith.

Other filers in the group, which also includes the family offices of Stanley Druckenmiller, George Soros and Ray Dalio, added to Alphabet and Amazon. Dakota’s reading is that the buying has moved down the supply chain, towards the companies that build and power data centres rather than the chipmakers whose products run inside them.

The retreat from China ran alongside it. Appaloosa closed its positions in JD.com and PDD Holdings, cut its Alibaba stake by more than half, and exited the KraneShares CSI China Internet ETF. One family office in the group trimmed that ETF, another cut it outright, and none added to it. Baidu was the exception: Appaloosa nearly doubled its holding to $148 million and Duquesne Family Office opened a $10 million position.

Direct deals slowed in July

Away from public markets, Dakota tracked 61 family office direct investments in July, down from 73 in June. Information technology stayed the busiest sector at 16 deals, down from 20. Healthcare fell from 17 deals to 10, still above its May low of seven. Industrials held near flat at 12.

ICONIQ Capital and John Doerr’s Doerr Capital were the most active offices in the data, with three deals each. ICONIQ joined the $1.8 billion Series E for the Munich defence AI company Helsing, which valued it at $18 billion. Doerr backed Antora Energy’s $550 million Series C. Both firms, with Bezos Expeditions, took part in CuspAI’s $450 million Series B at a $2.6 billion valuation. Pontegadea, the Ortega family office, made the month’s largest property purchase with the €800 million acquisition of the Capital 8 complex in Paris.

What a 13F does not cover

A 13F reports long positions in US-listed securities held by managers above a reporting threshold. It is silent on private holdings, operating companies, property, bonds, cash, foreign listings and short positions, which is where most of a family’s balance sheet usually sits. The filings in this sample also come from a handful of offices whose principals made their fortunes running money professionally. Their public book is a working portfolio, not the reserve of a family that sold a business and needs the proceeds to last three generations.

The report is a useful read on sentiment at the top of the market and a poor template for allocation. A family office measuring itself against Appaloosa’s quarter is measuring itself against a hedge fund manager’s own capital, run full time by people who trade for a living, with a tolerance for loss that has little in common with a family holding one pot of money and no means of earning another.

Sources: Dakota Family Office Monitor August 2026 (24 August 2026).