A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

Family offices are known to invest for the long haul, sometimes for generations. But after President Donald Trump' s tariff announcements in April, the family offices of billionaire investors were quick to make significant changes to their portfolios, according to second-quarter securities filings analyzed by CNBC.

Some moves were clearly connected to tariff and recession fears. In the three months ended June 30, the family offices of David Tepper, Leon Cooperman and George Soros exited their positions in casino stock Las Vegas Sands Corp . Casino operato

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