CAMBRIDGE ASSOCIATES LLC /MA/ /ADV

Cambridge Associates filed a $6.27B 13F-HR/A for Q1 2026 that contains almost no single-stock holdings. The book is 98% Vanguard, iShares, and SPDR ETFs, with VOO, VT, VTI, VEA, VGIT and VTIP alone accounting for about three-quarters of exposure — a core-market allocation, not a stock-picker's portfolio. The only non-ETF line is a $65M IAU gold position. Q/Q movements are consistent with portfolio maintenance rather than active rotation: VT and VGIT were meaningfully increased, VWO and SGOV were trimmed, and three new ETF positions (VIG, IDEV, IJH) entered alongside exits from EWC, GOVT and VO. The whaleScore of 82 reflects the scale of a systematic core sleeve, not discretionary alpha. For readers, the shorthand is that this filing reveals how an institutional consultant structures a model portfolio — not where it is placing active bets.