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Cliffwater Portfolio holdings

AUM $377M
1-Year Est. Return 5.73%
This Fund
S&P 500
This Quarter Est. Return
-4.6%
1 Year Est. Return
+5.73%
3 Year Est. Return
+28.54%
5 Year Est. Return
+19.31%
10 Year Est. Return
–
AUM
$377M
AUM Growth
-$99M
Cap. Flow
-$79.3M
Cap. Flow %
-21%
Top 10 Hldgs %
98.14%
Holding
22
New
–
Increased
–
Reduced
3
Closed
2

Top Buys

No buys this quarter

Top Sells

1
ACWX icon
iShares MSCI ACWI ex US ETF
ACWX
+$70.4M
2
VTI icon
Vanguard Total Stock Market ETF
VTI
+$7.52M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$987K
4
IWM icon
iShares Russell 2000 ETF
IWM
+$299K
5
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$55.1K

Sector Composition

1 Financials 22.43%
2 Consumer Discretionary 0.16%
3 Technology 0.11%
4 Healthcare 0.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Total Stock Market ETF
VTI
$658B
$103M 27.34%
321,612
-22,406
-7% -$7.52M
OTF
2
Blue Owl Technology Finance Corp
OTF
$4.67B
$73.2M 19.4%
5,908,955
– –
VTHR icon
3
Vanguard Russell 3000 ETF
VTHR
$4.66B
$59.1M 15.66%
205,503
– –
VEA icon
4
Vanguard FTSE Developed Markets ETF
VEA
$226B
$49.4M 13.08%
770,181
– –
VGIT icon
5
Vanguard Intermediate-Term Treasury ETF
VGIT
$41.9B
$46M 12.18%
772,030
– –
VWO icon
6
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$11.3M 2.98%
208,320
– –
CVBF icon
7
CVB Financial
CVBF
$4.03B
$7.99M 2.12%
412,247
– –
VCSH icon
8
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$7.1M 1.88%
89,515
-692
-0.8% -$55.1K
SPY icon
9
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$6.99M 1.85%
10,752
-1,452
-12% -$987K
VNQ icon
10
Vanguard Real Estate ETF
VNQ
$39.6B
$6.2M 1.64%
69,923
– –
EEM icon
11
iShares MSCI Emerging Markets ETF
EEM
$28B
$2.29M 0.61%
40,400
– –
CGBD icon
12
Carlyle Secured Lending
CGBD
$726M
$2.27M 0.6%
207,319
– –
BBDC icon
13
Barings BDC
BBDC
$890M
$1.04M 0.28%
126,753
– –
CVNA icon
14
Carvana
CVNA
$48.2B
$586K 0.16%
9,325
– –
TOST icon
15
Toast
TOST
$17.4B
$254K 0.07%
9,591
– –
RBRK icon
16
Rubrik
RBRK
$16.3B
$156K 0.04%
3,184
– –
NU icon
17
Nu Holdings
NU
$65.6B
$136K 0.04%
9,485
– –
BKLN icon
18
Invesco Senior Loan ETF
BKLN
$7.19B
$120K 0.03%
5,902
– –
IEFA icon
19
iShares Core MSCI EAFE ETF
IEFA
$186B
$93.8K 0.02%
1,036
– –
OSCR icon
20
Oscar Health
OSCR
$8.77B
$50.8K 0.01%
4,431
– –
ACWX icon
21
iShares MSCI ACWI ex US ETF
ACWX
$11.3B
– –
-1,048,621
Closed -$70.4M
IWM icon
22
iShares Russell 2000 ETF
IWM
$82.2B
– –
-1,213
Closed -$299K

Similar funds

FP
Fivespan Partners San Francisco, California $377M AUM
WAM
Wakefield Asset Management Englewood, Colorado $377M AUM 38.72% 1-Year Est. Return
EFP
EnRich Financial Partners Madison, Wisconsin $377M AUM 17.29% 1-Year Est. Return
DAL
Delta Air Lines Atlanta, Georgia $378M AUM 12.68% 1-Year Est. Return
AFCM
Alta Fox Capital Management Fort Worth, Texas $378M AUM 59.19% 1-Year Est. Return
ACA
Anchorage Capital Advisors New York $378M AUM 13.47% 1-Year Est. Return
GVCM
Global View Capital Management Waukesha, Wisconsin $377M AUM 31.41% 1-Year Est. Return
IFS
Ifrah Financial Services Little Rock, Arkansas $378M AUM 17.57% 1-Year Est. Return

Cliffwater's Q1 2026 Portfolio in Review

As of Q1 2026, Cliffwater held 22 positions worth $377M, down 21% from $476M the previous quarter. Its ten largest holdings account for 98% of the portfolio.

Cliffwater withdrew a net $79.3M in Q1 2026, closing 2 positions and reducing 3 holdings. Its most notable exit was iShares MSCI ACWI ex US ETF, an estimated $70.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 20% a quarter earlier, followed by Consumer Discretionary and Technology.

  • Cliffwater's biggest Q1 2026 reduction was Vanguard Total Stock Market ETF, cutting an estimated $7.52M.
  • Cliffwater fully exited iShares MSCI ACWI ex US ETF in Q1 2026, selling an estimated $70.4M.
  • Cliffwater's ten largest holdings make up 98% of its $377M portfolio in Q1 2026.
  • Cliffwater opened 0 new positions and closed 2 in Q1 2026.
  • Cliffwater's portfolio value fell 21% quarter-over-quarter to $377M.

Based on Cliffwater's 13F filing for Q1 2026, filed 13 May 2026.