Big Family Offices Split on Oracle as Ellison’s Wealth Surged

(Bloomberg) -- Investment firms for the world’s ultra-wealthy diverged over their stance on Oracle Corp. during a period when the US software giant’s stock rallied the most in more than three decades and briefly made Chairman Larry Ellison the richest person in the world.

Two family offices for Sweden’s Rausing dynasty and another overseeing part of Microsoft Corp. co-founder Paul Allen’s fortune boosted their stakes in Ellison’s software company in the three months ended Sept. 30, according to 13F regulatory filings. 

Over the same period, the investment firms of hedge fund billionaire David Tepper and duty-free shopping tycoon Alan Parker cut their Oracle positions, with Tepper’s Appaloosa LP offloading its entire stake, which was valued at $32.8 million on Sept. 30. 

The moves came during the same quarter as Oracle’s biggest one-day stock gain since 1992 after the Austin-based company gave an aggressive outlook for its cloud business, cementing the software maker’s place in the race to support demand for artificial intelligence computing. 

Ellison’s wealth soared $89 billion following the results that surpassed analysts’ expectations, the biggest one-day increase ever recorded in the history of the Bloomberg Billionaires Index. Oracle’s shares have since tumbled by about 30%.

Money managers overseeing more than $100 million in US equities have to file a 13F form within 45 days of the end of each quarter to list their holdings in stocks that trade on US exchanges. It offers a rare glimpse of how hedge funds and some large family offices invest.

Other highlights from 13F filings include:

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