Ultra-high-net-worth members of the Tiger 21 investment club remained "cautiously optimistic" in the second quarter, shifting assets only slightly, the organization reported.

While there were no drastic changes in allocation, the largest shifts were in private equity, real estate and cash, according to Tiger 21, which has 210 members in North America with total investments of $19 billion.

Allocations to cash and cash equivalents decreased from 12 percent in the first quarter to 10 percent in the second quarter, which marks the lowest allocation to cash since third quarter 2008.

Real estate allocations increased from 19 percent to 21 percent after remaining flat or declining for five consecutive quarters.

Private equity allocations decreased to 20 percent, a decline of 2 percentage points and up from 18 percent a year earlier.

“The reverse in the private equity numbers certainly does not indicate a disfavor by members with that asset class,” says Michael Sonnenfeldt, Tiger founder and chairman. “It still makes up a significant portion of members’ portfolios and is 11 percentage points higher than the low of 9 percent that was recorded in the fourth quarter of 2010.

“Rather, as prudent investors, Tiger 21 members hold a cautiously optimistic view of equities in general and slight shifts in allocation can be expected as some investments mature and members evaluate new opportunities,” he adds.