Family Offices Pocket Big Stock Gains From Riding Metals Boom

Investment firms for the world’s ultra-rich cut allocations to gold, silver and copper stocks, pocketing gains from one of the hottest trends that has pushed metals prices to record highs.

Vantage Investment Partners, a family office for the descendants of US auto-dealership billionaire Larry Van Tuyl, reduced its Southern Copper Corp. stake during the quarter ended Dec. 31, according to its 13F filing, the first disclosed drop of its bet on the copper producer in at least a year.