Morningstar analytics find "family offices investing" are reducing exposure to speculative SPACs, reallocating to established mid-cap growth firms. Current buy-side consensus points to moderate risk-adjusted returns with 1.3 beta profiles. No part of UWNCO’s Community Campaign funds or other donated funds intended for support of local projects and programs, including the balance of Alber Fund disbursements, was used. Accordingly, many family offices are making bullish bets, with seven out of 10 saying they had made direct investments in private companies over the past 12 months through mid-July. Of those firms, twice as many (40%) reported increasing or significantly increasing their exposure to direct deals than decreasing it. The respondents hailed from 45 countries and averaged $2.1 billion in net worth. Institutional trackers note "family offices investing" aligning portfolios with defense and aerospace manufacturers, reacting to increased government contract pipelines worth $240B. Share prices have climbed 7% over the last month.