Just over one-third of the portfolio of a high net worth individual in North America is invested in stocks, even though the S&P 500 is up almost 210 percent since its March 2009 low, a new study said. Defined as one with at least $1 million in investable assets, not including a primary residence, RBC (RY) Wealth Management and Capgemini’s 2015 World Wealth Report found these wealthy individuals directed 24 percent of their portfolios towards cash. Some 18 percent of their portfolio was invested in fixed income, while 12 percent was allocated towards alternative investments. ‘One of the findings we’ve seen during the last few years when we’ve done this study is that we see high levels of cash for high net worth individuals,’ said Bill Sullivan, head of market intelligence at Capgemini Financial Services. ‘They’re using that cash for lifestyle needs and to protect against markets volatility.’