CAMBRIDGE ASSOCIATES LLC /MA/ /ADV

BOSTON, MA · CIK 733986 · 13F filing filed 2026-06-23

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

$3.5bn reported value +11.5% vs Q4 2024

46positions

82.8%in top 10

1 new 21 added 12 reduced 6 sold out vs Q4 2024

Holdings, Q1 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	2,384,296	$1.2bn35.17%	35.17%	Added +479.7k	+479,746 25.2%
2	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	4,789,871	$555.4m15.94%	15.94%	Added +181.3k	+181,340 3.9%
3	VANGUARD MALVERN FDS STRM INFPROIDX VTIP	VTIP	4,247,177	$211.9m6.08%	6.08%	Added +166.9k	+166,878 4.1%
4	VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT	VGIT	3,026,348	$179.8m5.16%	5.16%	Added +1.4m	+1,403,813 86.5%
5	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	3,218,144	$163.6m4.70%	4.70%	Added +421.8k	+421,786 15.1%
6	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	561,534	$154.3m4.43%	4.43%	Added +2.3k	+2,313 0.4%
7	VANGUARD SCOTTSDALE FDS LONG TERM TREAS VGLT	VGLT	2,069,208	$119.2m3.42%	3.42%	Added +314.0k	+314,029 17.9%
8	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	2,282,415	$103.3m2.96%	2.96%	Added +299.5k	+299,512 15.1%
9	ISHARES TR CORE US AGGBD ET AGG	AGG	914,509	$90.5m2.60%	2.60%	Added +36.6k	+36,597 4.2%
10	ISHARES TR CORE S&P500 ETF IVV	IVV	147,847	$83.1m2.38%	2.38%	Reduced -1.3k	-1,256 -0.8%
11	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	343,760	$58.7m1.69%	1.69%	Added +62.1k	+62,101 22.1%
12	ISHARES TR CORE MSCI EAFE IEFA	IEFA	598,189	$45.3m1.30%	1.30%	Reduced -88.5k	-88,490 -12.9%
13	ISHARES TR RUS 1000 ETF IWB	IWB	143,760	$44.1m1.27%	1.27%	Unchanged
14	ISHARES INC CORE MSCI EMKT IEMG	IEMG	784,634	$42.3m1.22%	1.22%	Added +201.9k	+201,889 34.6%
15	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	106,315	$39.4m1.13%	1.13%	Reduced -48.9k	-48,878 -31.5%
16	VANGUARD SCOTTSDALE FDS VNG RUS1000VAL VONV	VONV	475,879	$39.3m1.13%	1.13%	Reduced -115.6k	-115,551 -19.5%
17	ISHARES GOLD TR ISHARES NEW IAU	IAU	560,628	$33.1m0.95%	0.95%	Added +39.4k	+39,354 7.5%
18	VANGUARD STAR FDS VG TL INTL STK F VXUS	VXUS	527,342	$32.7m0.94%	0.94%	Added +209.6k	+209,635 66.0%
19	VANGUARD SCOTTSDALE FDS SHORT TERM TREAS VGSH	VGSH	474,526	$27.8m0.80%	0.80%	Reduced -85.1k	-85,133 -15.2%
20	ISHARES TR MSCI ACWI ETF ACWI	ACWI	238,733	$27.8m0.80%	0.80%	Reduced -60.1k	-60,064 -20.1%
21	VANGUARD WORLD FD ENERGY ETF VDE	VDE	167,408	$21.7m0.62%	0.62%	Added +63.5k	+63,507 61.1%
22	ISHARES TR US TREAS BD ETF GOVT	GOVT	908,045	$20.9m0.60%	0.60%	Unchanged
23	VANGUARD SCOTTSDALE FDS VNG RUS1000GRW VONG	VONG	206,440	$19.2m0.55%	0.55%	Reduced -8.1k	-8,075 -3.8%
24	ISHARES TR 7-10 YR TRSY BD IEF	IEF	192,708	$18.4m0.53%	0.53%	Unchanged
25	SPDR INDEX SHS FDS GLB NAT RESRCE GNR	GNR	309,990	$16.5m0.47%	0.47%	Reduced -3.4k	-3,437 -1.1%
26	VANGUARD INDEX FDS VALUE ETF VTV	VTV	81,110	$14.0m0.40%	0.40%	Unchanged
27	VANGUARD BD INDEX FDS TOTAL BND MRKT BND	BND	182,733	$13.4m0.39%	0.39%	Added +57.8k	+57,770 46.2%
28	VANGUARD WORLD FD ESG US STK ETF ESGV	ESGV	127,632	$12.5m0.36%	0.36%	Added +42.7k	+42,740 50.4%
29	ISHARES TR TIPS BD ETF TIP	TIP	110,883	$12.3m0.35%	0.35%	Added +20.9k	+20,879 23.2%
30	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	21,142	$11.8m0.34%	0.34%	Reduced -2.0k	-1,995 -8.6%
31	VANGUARD ADMIRAL FDS INC SMLLCP 600 IDX VIOO	VIOO	87,956	$8.5m0.24%	0.24%	Added +52.1k	+52,062 145.0%
32	VANGUARD BD INDEX FDS SHORT TRM BOND BSV	BSV	88,603	$6.9m0.20%	0.20%	Reduced -469	-469 -0.5%
33	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	62,903	$5.7m0.16%	0.16%	Unchanged
34	VANGUARD WORLD FD ESG INTL STK ETF VSGX	VSGX	76,183	$4.5m0.13%	0.13%	Reduced -16.3k	-16,283 -17.6%
35	ISHARES TR RUSSELL 3000 ETF IWV	IWV	14,063	$4.5m0.13%	0.13%	Unchanged
36	VANGUARD MUN BD FDS TAX EXEMPT BD VTEB	VTEB	59,172	$2.9m0.08%	0.08%	Unchanged
37	ISHARES TR 0-5 YR TIPS ETF STIP	STIP	26,871	$2.8m0.08%	0.08%	Added +5.0k	+4,961 22.6%
38	AMERICAN CENTY ETF TR AVANTIS US SMALL AVSC	AVSC	55,103	$2.7m0.08%	0.08%	Added +44.8k	+44,819 435.8%
39	ISHARES TR CORE 1 5 YR USD ISTB	ISTB	47,033	$2.3m0.07%	0.07%	Added +19.0k	+18,967 67.6%
40	WORLD GOLD TR SPDR GLD MINIS GLDM	GLDM	30,631	$1.9m0.05%	0.05%	Unchanged
41	ISHARES TR 10+ YR INVST GRD IGLB	IGLB	20,000	$1.0m0.03%	0.03%	New
42	ISHARES INC MSCI CDA ETF EWC	EWC	20,200	$823.1k0.02%	0.02%	Unchanged
43	VANECK ETF TRUST ISRAEL ETF ISRA	ISRA	15,615	$658.7k0.02%	0.02%	Unchanged
44	SPDR GOLD TR GOLD SHS GLD	GLD	2,196	$632.8k0.02%	0.02%	Reduced -13.8k	-13,788 -86.3%
45	GLOBAL X FDS GLOBAL X URANIUM URA	URA	19,100	$437.8k0.01%	0.01%	Unchanged
46	ISHARES TR 20 YR TR BD ETF TLT	TLT	2,749	$250.2k0.01%	0.01%	Unchanged

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
ISHARES TR EFA	EFA	127,639	$9.7m127.6k shares
ISHARES TR USMV	USMV	65,881	$5.8m65.9k shares
VANGUARD SCOTTSDALE FDS VONE	VONE	20,387	$5.4m20.4k shares
ISHARES TR ESGD	ESGD	31,737	$2.4m31.7k shares
ISHARES TR IJR	IJR	20,598	$2.4m20.6k shares
SPDR SER TR SPTI	SPTI	64,010	$1.8m64.0k shares