India's Ultra-HNIs allocated about 32% of their investments into equities, followed by real estate, a Kotak Private report based on 150 Ultra-HNIs said. In equities, individual stocks are preferred instrument, with over 89% of Ultra-HNIs ranking it in their top three, followed by mutual funds and portfolio management schemes. Ultra-HNIs are also investing in ETFs and ULIP/Insurance, report added.