AlTi Global, Inc.

Where the money went is the story. The exits cluster on the growth side of the ledger: Oracle sold in full ($16.9M), the IWF Russell 1000 Growth ETF liquidated ($12.7M), IVV trimmed by 14.5% of shares, and $55M of Dimensional funds (DUHP, DFAI) closed out. The entries cluster on income and defense: Johnson & Johnson ($13.4M), Verizon ($13.2M), and the DVY dividend ETF ($12.0M) are all brand-new positions; the energy-income fund EIPX took the book's largest dollar add (+$32.2M to $149.1M, now 3.2% of assets); Chevron shares rose 8.5%; and uranium miner Cameco jumped 17.8%. Add the $91.1M new stake in the GEME ETF — instantly a top-15 position at 2.0% — and much of the Akre proceeds can be traced into funds, income, and real-asset exposure.

The gold line deserves attention. GLD (3.4%), IAU (3.0%), and IAUM (1.4%) together now hold nearly 8% of the book — roughly $357M — yet the share counts were flat to slightly lower. The allocation did not grow because AlTi bought; it grew because gold rallied, and the filer harvested only at the margin while exiting silver (SLV, $13.8M) entirely. Letting a hard-asset sleeve swell to nearly three times the combined Apple, Microsoft, and Nvidia stakes is itself a stance.