The transactions offer a snapshot into how wealthy private investors are locking in returns in larger positions as global stock indexes hit record highs despite geopolitical turmoil, fuelled by enthusiasm for AI and rising corporate earnings. Banks including Goldman Sachs Group Inc believe stocks have further to go, even as some investors are worrying that values look overstretched.
(May 28): Members of the world’s super-rich are electing to take cash off the table as stocks repeatedly test new highs, offloading more than US$1 billion ($1.3 billion) of shares in recent weeks.
A scion of Germany’s Viessmann dynasty last week sold about US$750 million of Carrier Global Corp, a Florida-based maker of air conditioning equipment, while Danish tycoon Henrik Lind offloaded the equivalent of roughly US$175 million in facility manager ISS A/S. Chris Ellison, founder of Mineral Resources Ltd, pocketed A$122.5 million from the sale of about 10% of his stake in the Australian mining services business this month, his first sale in that holding for almost a decade.
