Ultra-wealthy investors may be feeling bearish about the markets, but they are still searching for returns.

Members of TIGER 21, a group of about 630 individuals with at least $10 million to invest, allocated more of their wealth toward stocks and riskier assets during the second quarter of 2018, according to the group's quarterly report.

"The majority of members are bearish, while a third are neutral and 15 percent are bullish," said Michael Sonnenfeldt, president and founder of TIGER 21.

"'Bearish' means people are concerned, but they're still fully invested because they think the opportunities they have identified, especially in private markets and income producing markets will more likely weather tough times," he said.

Indeed, public equity, private equity and real estate make up nearly 75 percent of their holdings. Only 10 percent of their money is held in cash.