CAMBRIDGE ASSOCIATES LLC /MA/ /ADV

Fund of Funds

CAMBRIDGE ASSOCIATES LLC /MA/ /ADV is a Fund of Funds based in Boston, MA led by David Ryan Druley, reporting $313.55B in AUM as of Q3 2025 with 99% ETF concentration, 84% concentrated in top 10 holdings, and 28% allocation to VOO.

CEODavid Ryan Druley

Portfolio Value: $5.4B
Positions: 51
Top Holding: VOO at 28.21%
Last Reported: Q3 2025

Address115 Federal Street, Boston, MA, 02110-2112, United States

Top Holdings

Largest long holdings in CAMBRIDGE ASSOCIATES LLC /MA/ /ADV's portfolio (83.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard S&P 500 ETF VOO	ETF ETF	$1.5B	28.21%	+$77.8M Bought	— 2.5M shares	Q4 2015 Held for 9y 11m
2 Vanguard Total World Stock VT	ETF ETF	$764.5M	14.13%	-$930.1K Sold	— 5.5M shares	Q2 2014 Held for 11y 5m
3 Vanguard Total Stock Market VTI	ETF ETF	$556.2M	10.28%	+$338.2M Bought	— 1.7M shares	Q4 2013 Held for 11y 11m
4 Vanguard FTSE Developed Markets VEA	ETF ETF	$508.7M	9.41%	+$307.2M Bought	— 8.5M shares	Q4 2013 Held for 11y 11m
5 Vanguard Intermediate-Term Treasury VGIT	ETF ETF	$329.9M	6.10%	+$104.3M Bought	— 5.5M shares	Q1 2022 Held for 3y 8m
6 VTIP Vanguard Short-Term Inflation-Protected Securities Index Fund VTIP	ETF ETF	$250.8M	4.64%	+$7.4M Bought	— 5.0M shares	Q4 2019 Held for 5y 11m
7 iShares Core U.S. Aggregate Bond AGG	ETF ETF	$189.9M	3.51%	-$155.0M Sold	— 1.9M shares	Q4 2013 Held for 11y 11m
8 Vanguard FTSE Emerging Markets VWO	ETF ETF	$173.5M	3.21%	+$49.0M Bought	— 3.2M shares	Q4 2013 Held for 11y 11m
9 Vanguard Long-Term Treasury VGLT	ETF ETF	$127.6M	2.36%	-$38.9M Sold	— 2.0M shares	Q4 2019 Held for 5y 11m
10 iShares Core S&P 500 ETF IVV	ETF ETF	$96.5M	1.78%	+$11.2M Bought	— 144.2K shares	Q4 2013 Held for 11y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in CAMBRIDGE ASSOCIATES LLC /MA/ /ADV's latest filing

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Market Value

$5.4B

Prior: $4.6B

Q/Q Change

+18.63%

+$849.5M

Net Flows % of MV

+10.38%

Turnover Ratio

15.95%

New Purchases

5 stocks

$102.6M

Added To

26 stocks

+$1.0B

Sold Out Of

5 stocks

$334.8M

Reduced Holdings

6 stocks

-$242.2M

Increased Positions

Position	Shares Δ	Change
1 iShares 0-3 Month Treasury Bond SGOV	New	0 → 782.6K +$78.8M
2 Karman Holdings Inc. KRMN	New	0 → 249.0K +$15.5M
3 VanEck BDC Income BIZD	New	0 → 461.2K +$6.9M
4 iShares Russell Mid-Cap ETF IWR	New	0 → 12.2K +$1.2M
5 Vanguard Extended Market VXF	New	0 → 1.2K +$257.3K

Decreased Positions

Position	Shares Δ	Change
1 iShares MSCI EAFE EFA	Sold	3.6M → 0 −$325.1M
2 iShares MSCI USA Min Vol Factor USMV	Sold	65.9K → 0 −$6.2M
3 iShares Core MSCI Total International Stock IXUS	Sold	24.9K → 0 −$1.9M
4 iShares 10+ Year Investment Grade Corporate Bond IGLB	Sold	20.0K → 0 −$1.0M
5 GLD SPDR Gold Trust GLD	Sold	2.2K → 0 −$669.4K