This article first appeared on GuruFocus.

Members of the world's super-rich are starting to take profits as global stocks keep testing record highs, with recent share sales now topping $1 billion. Max Viessmann, a scion of Germany's Viessmann dynasty, sold about $750 million of Carrier Global (NYSE:CARR) shares last week, while Danish tycoon Henrik Lind offloaded roughly $175 million in ISS (ISSDY). Chris Ellison, founder of Mineral Resources (MALRY), also pocketed A$122.5 million, or about $87 million, from the sale of roughly 10% of his stake this month, marking his first sale in that holding in almost a decade.

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The move looks less like a retreat from markets and more like a tactical reset after a powerful run in equities. Global indexes have been hitting record highs despite geopolitical turmoil, helped by AI enthusiasm and rising corporate earnings, while firms including Goldman Sachs still see room for further gains. Pamela Wall, whose late husband co-founded Codan (CODAF), also reduced her stake by almost a quarter at the start of May through a roughly A$312 million block trade, with proceeds set to support her philanthropic activity.

For investors, the bigger signal could be discipline. These ultra-wealthy sellers still hold stakes worth at least $4.9 billion overall, while Codan had gained almost 47% this year through Wednesday and Carrier, ISS, and Mineral Resources had each risen more than 22%. Marc Debois of FO-Next said the investors are reducing single-name risk, while filings show Viessmann cited portfolio rebalancing, Wall plans to keep her remaining Codan shares for at least another 12 months, and Ellison's proceeds will support the creation of a family office as much of his fortune remains tied to Mineral Resources.

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