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CAMBRIDGE ASSOCIATES LLC /MA/ /ADV

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13F filer, CIK 733986, BOSTON, MA

CAMBRIDGE ASSOCIATES LLC /MA/ /ADV reported $5,453,345,800 across 53 holdings for the quarter ended 2025-09-30, in a 13F-HR/A filed 2026-06-23. Its ten largest share positions make up 82.79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001062993-26-003307

Period
2025-09-30
Reported value
$5.45B
Holdings
53
Top 10 weight
82.79%
New
10
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
VTIadded+1,054,550$346M
VEAadded+5,127,412$307M
VGITadded+1,737,909$104M
SGOVnew+782,642$78.8M
VOOadded+127,028$77.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
EFAexited-3,508,740-$314M
AGGreduced-1,545,700-$155M
VGLTreduced-617,404-$38.9M
QUALreduced-167,842-$32.6M
IEFreduced-137,015-$13.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR/A 0001062993-26-003307, largest first. % of portfolio is the value over $5,453,345,800, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VOOVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,175,117 shares; 2024Q4: 1,904,550 shares; 2025Q1: 2,384,296 shares; 2025Q2: 2,364,420 shares; 2025Q3: 2,491,448 shares 2,491,448$1.53B27.98%+127,028Timeline
VTVANGUARD INTL EQUITY INDEX FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,180,280 shares; 2024Q4: 4,608,531 shares; 2025Q1: 4,789,871 shares; 2025Q2: 5,554,415 shares; 2025Q3: 5,547,664 shares 5,547,664$764M14.02%-6,751Timeline
VTIVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 292,377 shares; 2024Q4: 559,221 shares; 2025Q1: 561,534 shares; 2025Q2: 640,269 shares; 2025Q3: 1,694,819 shares 1,694,819$556M10.2%+1,054,550Timeline
VEAVANGUARD TAX-MANAGED FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,003,975 shares; 2024Q4: 2,796,358 shares; 2025Q1: 3,218,144 shares; 2025Q2: 3,220,210 shares; 2025Q3: 8,347,622 shares 8,347,622$500M9.17%+5,127,412Timeline
VGITVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 668,384 shares; 2024Q4: 1,622,535 shares; 2025Q1: 3,026,348 shares; 2025Q2: 3,757,356 shares; 2025Q3: 5,495,265 shares 5,495,265$330M6.05%+1,737,909Timeline
VTIPVANGUARD MALVERN FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,295,888 shares; 2024Q4: 4,080,299 shares; 2025Q1: 4,247,177 shares; 2025Q2: 4,810,623 shares; 2025Q3: 4,957,303 shares 4,957,303$251M4.6%+146,680Timeline
AGGISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 785,101 shares; 2024Q4: 877,912 shares; 2025Q1: 914,509 shares; 2025Q2: 3,440,357 shares; 2025Q3: 1,894,657 shares 1,894,657$190M3.48%-1,545,700Timeline
VWOVANGUARD INTL EQUITY INDEX FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,492,337 shares; 2024Q4: 1,982,903 shares; 2025Q1: 2,282,415 shares; 2025Q2: 2,298,708 shares; 2025Q3: 3,202,086 shares 3,202,086$174M3.18%+903,378Timeline
VGLTVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,564,296 shares; 2024Q4: 1,755,179 shares; 2025Q1: 2,069,208 shares; 2025Q2: 2,644,422 shares; 2025Q3: 2,027,018 shares 2,027,018$128M2.34%-617,404Timeline
IVVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,691 shares; 2024Q4: 149,103 shares; 2025Q1: 147,847 shares; 2025Q2: 127,502 shares; 2025Q3: 144,201 shares 144,201$96.5M1.77%+16,699Timeline
SGOVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 782,642 shares 782,642$78.8M1.45%newTimeline
VGSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 482,601 shares; 2024Q4: 559,659 shares; 2025Q1: 474,526 shares; 2025Q2: 867,511 shares; 2025Q3: 1,261,797 shares 1,261,797$74.2M1.36%+394,286Timeline
IAUISHARES GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 587,833 shares; 2024Q4: 521,274 shares; 2025Q1: 560,628 shares; 2025Q2: 854,826 shares; 2025Q3: 873,240 shares 873,240$63.5M1.17%+18,414Timeline
IEFAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 648,601 shares; 2024Q4: 686,679 shares; 2025Q1: 598,189 shares; 2025Q2: 558,980 shares; 2025Q3: 702,407 shares 702,407$61.3M1.12%+143,427Timeline
IWBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 143,760 shares; 2024Q4: 143,760 shares; 2025Q1: 143,760 shares; 2025Q2: 143,760 shares; 2025Q3: 146,323 shares 146,323$53.5M0.98%+2,563Timeline
IEMGISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 679,610 shares; 2024Q4: 582,745 shares; 2025Q1: 784,634 shares; 2025Q2: 626,187 shares; 2025Q3: 763,309 shares 763,309$50.3M0.92%+137,122Timeline
VUGVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,193 shares; 2024Q4: 155,193 shares; 2025Q1: 106,315 shares; 2025Q2: 106,315 shares; 2025Q3: 103,033 shares 103,033$49.4M0.91%-3,282Timeline
AVSCAMERICAN CENTY ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,284 shares; 2024Q4: 10,284 shares; 2025Q1: 55,103 shares; 2025Q2: 55,103 shares; 2025Q3: 837,617 shares 837,617$48M0.88%+782,514Timeline
VONVVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 639,129 shares; 2024Q4: 591,430 shares; 2025Q1: 475,879 shares; 2025Q2: 519,237 shares; 2025Q3: 530,123 shares 530,123$47.4M0.87%+10,886Timeline
BNDVANGUARD BD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 118,069 shares; 2024Q4: 124,963 shares; 2025Q1: 182,733 shares; 2025Q2: 391,617 shares; 2025Q3: 629,074 shares 629,074$46.8M0.86%+237,457Timeline
ACWIISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 373,097 shares; 2024Q4: 298,797 shares; 2025Q1: 238,733 shares; 2025Q2: 232,948 shares; 2025Q3: 260,477 shares 260,477$36M0.66%+27,529Timeline
TOVEA SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 636,677 shares; 2025Q3: 1,075,222 shares 1,075,222$30.2M0.55%+438,545Timeline
QUALISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 281,659 shares; 2024Q4: 281,659 shares; 2025Q1: 343,760 shares; 2025Q2: 319,388 shares; 2025Q3: 151,546 shares 151,546$29.5M0.54%-167,842Timeline
VDEVANGUARD WORLD FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,188 shares; 2024Q4: 103,901 shares; 2025Q1: 167,408 shares; 2025Q2: 184,100 shares; 2025Q3: 211,153 shares 211,153$26.6M0.49%+27,053Timeline
VONGVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 214,515 shares; 2024Q4: 214,515 shares; 2025Q1: 206,440 shares; 2025Q2: 206,440 shares; 2025Q3: 209,908 shares 209,908$25.3M0.46%+3,468Timeline
GQGUADVISORS INNER CIRCLE FD IIIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 905,449 shares 905,449$22.9M0.42%newTimeline
VXUSVANGUARD STAR FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 317,707 shares; 2025Q1: 527,342 shares; 2025Q2: 271,724 shares; 2025Q3: 271,724 shares 271,724$20M0.37%0Timeline
GNRSPDR INDEX SHS FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 236,487 shares; 2024Q4: 313,427 shares; 2025Q1: 309,990 shares; 2025Q2: 309,990 shares; 2025Q3: 327,747 shares 327,747$19.4M0.36%+17,757Timeline
IEFISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 302,535 shares; 2024Q4: 192,708 shares; 2025Q1: 192,708 shares; 2025Q2: 312,963 shares; 2025Q3: 175,948 shares 175,948$17M0.31%-137,015Timeline
KRMNKARMAN HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 249,011 shares 249,011$15.5M0.28%newTimeline
VTVVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,110 shares; 2024Q4: 81,110 shares; 2025Q1: 81,110 shares; 2025Q2: 81,110 shares; 2025Q3: 81,110 shares 81,110$15.1M0.28%0Timeline
GOVTISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 785,320 shares; 2024Q4: 908,045 shares; 2025Q1: 908,045 shares; 2025Q2: 644,870 shares; 2025Q3: 644,870 shares 644,870$14.9M0.27%0Timeline
VIOOVANGUARD ADMIRAL FDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,218 shares; 2024Q4: 35,894 shares; 2025Q1: 87,956 shares; 2025Q2: 87,956 shares; 2025Q3: 87,956 shares 87,956$9.72M0.18%0Timeline
STIPISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,910 shares; 2024Q4: 21,910 shares; 2025Q1: 26,871 shares; 2025Q2: 22,105 shares; 2025Q3: 93,853 shares 93,853$9.7M0.18%+71,748Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,742 shares; 2024Q4: 23,137 shares; 2025Q1: 21,142 shares; 2025Q2: 14,034 shares; 2025Q3: 14,100 shares 14,100$9.39M0.17%+66Timeline
VNQVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,932 shares; 2024Q4: 62,903 shares; 2025Q1: 62,903 shares; 2025Q2: 62,903 shares; 2025Q3: 94,533 shares 94,533$8.64M0.16%+31,630Timeline
ESGVVANGUARD WORLD FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,027 shares; 2024Q4: 84,892 shares; 2025Q1: 127,632 shares; 2025Q2: 30,566 shares; 2025Q3: 62,992 shares 62,992$7.46M0.14%+32,426Timeline
BIZDVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 461,182 shares 461,182$6.89M0.13%newTimeline
TIPISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 87,675 shares; 2024Q4: 90,004 shares; 2025Q1: 110,883 shares; 2025Q2: 17,842 shares; 2025Q3: 59,496 shares 59,496$6.62M0.12%+41,654Timeline
IWVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,063 shares; 2024Q4: 14,063 shares; 2025Q1: 14,063 shares; 2025Q2: 14,597 shares; 2025Q3: 14,597 shares 14,597$5.53M0.1%0Timeline
BSVVANGUARD BD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,072 shares; 2024Q4: 89,072 shares; 2025Q1: 88,603 shares; 2025Q2: 59,893 shares; 2025Q3: 59,893 shares 59,893$4.73M0.09%0Timeline
VONEVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,387 shares; 2024Q4: 20,387 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 14,513 shares 14,513$4.39M0.08%newTimeline
EWCISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 67,174 shares; 2024Q4: 20,200 shares; 2025Q1: 20,200 shares; 2025Q2: 15,450 shares; 2025Q3: 77,244 shares 77,244$3.9M0.07%+61,794Timeline
VTEBVANGUARD MUN BD FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 59,172 shares; 2025Q1: 59,172 shares; 2025Q2: not reported; 2025Q3: 61,762 shares 61,762$3.09M0.06%newTimeline
VSGXVANGUARD WORLD FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 73,489 shares; 2024Q4: 92,466 shares; 2025Q1: 76,183 shares; 2025Q2: 20,232 shares; 2025Q3: 37,954 shares 37,954$2.63M0.05%+17,722Timeline
GLDMWORLD GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,631 shares; 2024Q4: 30,631 shares; 2025Q1: 30,631 shares; 2025Q2: 30,631 shares; 2025Q3: 30,631 shares 30,631$2.34M0.04%0Timeline
ISTBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,066 shares; 2024Q4: 28,066 shares; 2025Q1: 47,033 shares; 2025Q2: 47,033 shares; 2025Q3: 47,033 shares 47,033$2.3M0.04%0Timeline
VOVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,992 shares 4,992$1.47M0.03%newTimeline
IWRISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 12,198 shares 12,198$1.18M0.02%newTimeline
RSPINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,354 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,412 shares 5,412$1.03M0.02%newTimeline
URAGLOBAL X FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,100 shares; 2024Q4: 19,100 shares; 2025Q1: 19,100 shares; 2025Q2: 19,100 shares; 2025Q3: 19,100 shares 19,100$910K0.02%0Timeline
ISRAVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,615 shares; 2024Q4: 15,615 shares; 2025Q1: 15,615 shares; 2025Q2: 15,615 shares; 2025Q3: 15,615 shares 15,615$853K0.02%0Timeline
VXFVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,229 shares 1,229$257K<0.01%newTimeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
EFAISHARES TR3,508,740$314Mshares
IGLBISHARES TR20,000$1Mshares
GLDSPDR GOLD TR2,196$669Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001062993-25-016756 superseded2025-11-13acceptance time not in the bulk data set
13F-HR/A 0001062993-26-003307 baserestatement2026-06-23acceptance time not in the bulk data set