Pine Ridge Advisers LLC

Fund of Funds

Pine Ridge Advisers LLC is a Fund of Funds based in New York, NY led by Baldassare Fodera, reporting $5.1B in AUM as of Q3 2025 with 91% ETF concentration, 85% concentrated in top 10 holdings, and 38% allocation to SPY.

Managing PartnerBaldassare Fodera

Portfolio Value: $1.5B
Positions: 37
Top Holding: SPY at 37.6%
Last Reported: Q3 2025

Address450 Lexington Avenue, 38th Floor, New York, NY, 10017, United States

Top Holdings

Largest long holdings in Pine Ridge Advisers LLC's portfolio (84.6% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$548.6M	37.60%	-$3.1M Sold	— 823.5K shares	Q4 2020 Held for 4y 11m
2 iShares Bitcoin Trust IBIT	ETF ETF	$142.0M	9.73%	+$1.6M Bought	— 2.2M shares	Q1 2024 Held for 1y 8m
3 iShares Core S&P 500 ETF IVV	ETF ETF	$90.4M	6.19%	+$9.4K Bought	— 135.0K shares	Q4 2020 Held for 4y 11m
4 Vanguard Mid-Cap Fund VO	ETF ETF	$89.9M	6.16%	-$2.3M Sold	— 306.1K shares	Q4 2020 Held for 4y 11m
5 Invesco QQQ Trust QQQ	ETF ETF	$85.6M	5.87%	+$33.6K Bought	— 142.6K shares	Q4 2020 Held for 4y 11m
6 Fidelity Wise Origin Bitcoin Fund FBTC	ETF ETF	$83.3M	5.71%	—	— 834.4K shares	Q1 2024 Held for 1y 8m
7 Vanguard FTSE Developed Markets VEA	ETF ETF	$59.0M	4.04%	+$11.1K Bought	— 984.3K shares	Q4 2020 Held for 4y 11m
8 iShares Core S&P Mid-Cap ETF IJH	ETF ETF	$58.7M	4.02%	+$122.4K Bought	— 899.2K shares	Q4 2020 Held for 4y 11m
9 iShares Core S&P Small-Cap ETF IJR	ETF ETF	$40.9M	2.80%	-$339.9K Sold	— 344.3K shares	Q4 2020 Held for 4y 11m
10 Vanguard Total Stock Market VTI	ETF ETF	$36.4M	2.49%	+$276.6K Bought	— 110.8K shares	Q4 2020 Held for 4y 11m

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Pine Ridge Advisers LLC's latest filing

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Market Value

$1.5B

Prior: $1.4B

Q/Q Change

+7.0%

+$95.4M

Net Flows % of MV

-0.776%

Turnover Ratio

0.953%

New Purchases

1 stocks

$2.2M

Added To

9 stocks

+$6.0M

Sold Out Of

1 stocks

$2.2M

Reduced Holdings

8 stocks

-$17.4M

Increased Positions

Position	Shares Δ	Change
1 Blue Owl Technology Finance Corp. OTF	New	0 → 161.5K +$2.2M
2 Atlas Energy Solutions AESI	+23.17%	1.2M → 1.5M +$3.2M
3 Invesco S&P 500 Equal Weight ETF RSP	+5.07%	71.6K → 75.3K +$689.2K
4 iShares Bitcoin Trust IBIT	+1.16%	2.2M → 2.2M +$1.6M
5 Vanguard Real Estate VNQ	+0.96%	50.7K → 51.2K +$44.4K

Decreased Positions

Position	Shares Δ	Change
1 Taiwan Semiconductor Manufacturing Company TSM	Sold	9.6K → 0 −$2.2M
2 Intel INTC	-66.28%	332.3K → 112.0K −$7.4M
3 Amazon AMZN	-27.86%	38.0K → 27.4K −$2.3M
4 Vanguard FTSE All-World Ex-US ETF VEU	-24.25%	55.2K → 41.8K −$955.9K
5 Alphabet Inc. GOOGL	-6.96%	46.0K → 42.8K −$777.9K