Where to Invest

After a good year for investments in 2017, last year was ugly. And, while the portfolios of the ultra-rich do not change significantly from year to year, what we have seen in 2018 is a growing bias towards cash and a continuation of the long-running trend away from bonds due to low interest rates.

It is too early to say what kinds of returns ultra-high net worth individuals (UHNWIs) generated overall in 2018, but some public investment funds with similar allocations have earned low single-digit returns. The US$350b California Public