CAMBRIDGE ASSOCIATES LLC /MA/ /ADV

Concentration and Sector Reality

The concentration is extreme but in a specific way: it is concentrated across vehicles, not across ideas. Vanguard products dominate the top of the file, followed by iShares and a handful of SPDR entries. The sector breakdown is essentially ETF and fixed-income ETF, which means the traditional sector-concentration lens used for equity active managers is the wrong tool here. This is a market-cap-weighted, multi-asset core allocation dressed in institutional clothing.

What Changed This Quarter

The change data is real and meaningful — previousFiling is present with $6.11B in holdings — but it reads as maintenance rather than mandate shift. Notable increases include VT (shares up 6.3%), VGIT (up 9.8%), and TIP (up 105.8% — a notable inflation-hedge tilt given the prior position was roughly half the current size). On the decrease side, VWO was cut 10.2% by share count and VTI was trimmed slightly even as its price rose. Three new positions — VIG, IDEV, and IJH — suggest a modest quality-and-size tilt within the U.S. equity sleeve, while exits from EWC, GOVT, and VO look like index-rebalancing noise.