High-net-worth investors in the Tiger 21 networking group reduced their allocation to cash and cash equivalents to 10% in the second quarter from 12% in the previous three-month period.
The group's latest asset allocation report said this was members' lowest allocation to cash since the third quarter of 2008.
Tiger 21's more than 200 members across North America maintain investable assets upward of $19 billion. Their asset allocations are tracked quarterly.
The report showed no drastic changes in allocation, the largest shifts coming in private equity, real estate and cash.
The real estate allocation increased from 19% in the first quarter to 21% in the second quarter. This was the first upward movement after five consecutive quarters of flat or declining allocations.
Investors reduced their private equity allocation by two percentage points from the first quarter to 20%. This was still two points above the second quarter 2012 allocation of 18%.
