Cambridge Associates LLC MA ADV boosted its stake in VanEck BDC Income ETF (BIZD) by about 38.7% in the first quarter, wiring the portfolio to 2,424,628 shares, with the position representing roughly 0.5% of the firm’s holdings and valued at about $31 million. In the same period, the firm initiated a substantial new position in Vanguard Dividend Appreciation ETF (VIG), acquiring 208,306 shares worth roughly $44.8 million and making VIG the firm’s 18th largest holding at about 0.7% of the portfolio. Separately, Cambridge reduced its exposure to iShares MSCI USA Min Vol Factor ETF (USMV) by 50% in the first quarter, ending with 39,183 shares and a reported value around $3.6 million. The broader reporting shows Cambridge and other large investors adjusting positions across these ETFs, with firms such as Royal Bank of Canada and Goldman Sachs among others increasing or diversifying their own stakes in BIZD, underscoring shifting allocations within financials-focused ETFs. The moves reflect Cambridge’s ongoing strategy of balancing growth and income exposure across diversified ETF holdings, including a shift toward high-dividend and quality dividend-focused funds like VIG while trimming more volatility-focused or mid-cap exposure like USMV. Overall, Cambridge’s activity highlights a dynamic pattern of adjustments among major fund managers across BIZD, VIG, and USMV in the latest filing cycle, signaling a broader reallocation in ETF portfolios.