Are the superrich getting spooked? Members of Tiger 21, a group of about 700 individuals with at least $10 million to invest, increased their cash holdings by 20 percent in the first quarter, bringing the group’s total allocation to levels not seen since the start of 2013. The move marks Tiger 21’s first cash-raising effort in three years.
The group is backing away from hedge funds, but just slightly. Real estate, still the asset of choice, has steadily fallen out of favor, dropping from a peak of 33 percent in the second quarter of 2017 to the current 26 percent level.
Group members have remained steady their bond holdings. That asset class accounts for 9 percent of their holdings, similar to the fourth quarter of 2018.
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