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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+8.63%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$355M
AUM Growth
+$58.9M
Cap. Flow
+$37.9M
Cap. Flow %
10.67%
Top 10 Hldgs %
72.07%
Holding
26
New
1
Increased
13
Reduced
3
Closed
–

Top Buys

Rank Stock Value
1
FBRT
Franklin BSP Realty Trust
FBRT
+$25.3M
2
TSLX icon
Sixth Street Specialty
TSLX
+$2.33M
3
ARCC icon
Ares Capital
ARCC
+$1.85M
4
GBDC icon
Golub Capital BDC
GBDC
+$1.68M
5
OBDC icon
Blue Owl Capital
OBDC
+$1.45M

Top Sells

Rank Stock Value
1
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$833K
2
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$54K
3
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$26.1K

Sector Composition

Rank Sector Weight
1 Financials 49.46%
2 Real Estate 6.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IEFA icon
26
iShares Core MSCI EAFE ETF
IEFA
$196B
$63.9K 0.02%
1,036
– –
1
2

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EH
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Cliffwater's Q4 2022 Portfolio in Review

As of Q4 2022, Cliffwater held 26 positions worth $355M, up 20% from $296M the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Cliffwater deployed $37.9M of net new capital in Q4 2022, opening 1 new position and adding to 13 existing holdings. Its largest new stake was Franklin BSP Realty Trust: 1,889,987 shares worth $24.4M.

By sector, the portfolio is most concentrated in Financials at 49% of assets, down from 52% a quarter earlier, followed by Real Estate.

On the sell side, the largest reduction was Vanguard Morningstar Total Stock Market ETF, an estimated $833K trimmed.

  • Cliffwater's largest Q4 2022 buy was Franklin BSP Realty Trust: 1,889,987 shares worth $24.4M.
  • Cliffwater added most to Sixth Street Specialty in Q4 2022, an estimated $2.33M increase.
  • Cliffwater's biggest Q4 2022 reduction was Vanguard Morningstar Total Stock Market ETF, cutting an estimated $833K.
  • Cliffwater's ten largest holdings make up 72% of its $355M portfolio in Q4 2022.
  • Cliffwater opened 1 new position and closed 0 in Q4 2022.
  • Cliffwater's portfolio value rose 20% quarter-over-quarter to $355M.

Based on Cliffwater's 13F filing for Q4 2022, filed 10 Feb 2023.