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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+4.57%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$486M
AUM Growth
+$104M
Cap. Flow
+$81.3M
Cap. Flow %
16.73%
Top 10 Hldgs %
94.6%
Holding
27
New
4
Increased
1
Reduced
8
Closed
3

Top Buys

Rank Stock Value
1
OTF
Blue Owl Technology Finance Corp
OTF
+$105M
2
CGBD icon
Carlyle Secured Lending
CGBD
+$7.8M
3
CVNA icon
Carvana
CVNA
+$511K
4
PAY icon
Paymentus
PAY
+$127K
5
TOST icon
Toast
TOST
+$50.3K

Top Sells

Rank Stock Value
1
FBRT
Franklin BSP Realty Trust
FBRT
+$13.2M
2
VTHR icon
Vanguard Russell 3000 ETF
VTHR
+$6.6M
3
MSDL icon
Morgan Stanley Direct Lending Fund
MSDL
+$4.83M
4
VGIT icon
Vanguard Intermediate-Term Treasury ETF
VGIT
+$3.42M
5
ACWX icon
iShares MSCI ACWI ex US ETF
ACWX
+$2.89M

Sector Composition

Rank Sector Weight
1 Miscellaneous 73.06%
2 Financials 24.42%
3 Real Estate 2.25%
4 Consumer Discretionary 0.13%
5 Technology 0.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TEM
26
Tempus AI
TEM
$11.7B
– –
-13,824
Closed -$667K
TECX
27
Tectonic Therapeutic
TECX
$601M
– –
-15,369
Closed -$272K
1
2

Similar funds

GMF
Grace & Mercy Foundation New York $402M AUM 6.97% 1-Year Est. Return
SWM
Sterling Wealth Management Champaign, Illinois $402M AUM 20.65% 1-Year Est. Return
PCM
Ping Capital Management New York $401M AUM 32.08% 1-Year Est. Return
HWMO
Heritage Wealth Management (Ohio) Cincinnati, Ohio $401M AUM 32.53% 1-Year Est. Return
ACM
Absolute Capital Management Pittsburgh, Pennsylvania $401M AUM 36.5% 1-Year Est. Return
GAM
Grandview Asset Management Harrisburg, Pennsylvania $403M AUM 38.49% 1-Year Est. Return
PFS
Physicians Financial Services Raleigh, North Carolina $401M AUM 34.09% 1-Year Est. Return
WG
Wealth Group Raleigh, North Carolina $401M AUM

Cliffwater's Q2 2025 Portfolio in Review

As of Q2 2025, Cliffwater held 27 positions worth $486M, up 27% from $383M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Cliffwater deployed $81.3M of net new capital in Q2 2025, opening 4 new positions and adding to 1 existing holding. Its largest new stake was Blue Owl Technology Finance Corp: 6,678,147 shares worth $102M.

By sector, the portfolio is most concentrated in Miscellaneous at 73% of assets, down from 89% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was Franklin BSP Realty Trust, an estimated $13.2M trimmed.

  • Cliffwater's largest Q2 2025 buy was Blue Owl Technology Finance Corp: 6,678,147 shares worth $102M.
  • Cliffwater added most to Toast in Q2 2025, an estimated $50.3K increase.
  • Cliffwater's biggest Q2 2025 reduction was Franklin BSP Realty Trust, cutting an estimated $13.2M.
  • Cliffwater fully exited Morgan Stanley Direct Lending Fund in Q2 2025, selling an estimated $4.83M.
  • Cliffwater's ten largest holdings make up 95% of its $486M portfolio in Q2 2025.
  • Cliffwater opened 4 new positions and closed 3 in Q2 2025.
  • Cliffwater's portfolio value rose 27% quarter-over-quarter to $486M.

Based on Cliffwater's 13F filing for Q2 2025, filed 13 Aug 2025.