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C
Cliffwater Portfolio holdings
AUM
$402M
Turnover
9.09%
1-Year Est. Return
7.57%
This Fund
S&P 500
This Quarter
Est. Return
+1.68%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$247M
AUM Growth
+$132M
(+114%)
Cap. Flow
+$135M
Cap. Flow
% of AUM
54.5%
Top 10 Holdings %
Top 10 Hldgs %
90.84%
Holding
20
New
1
Increased
11
Reduced
4
Closed
–
Avg Time Held
0.7
years
Top 10 Avg Time Held
0.7
years
Top 20 Avg Time Held
0.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CVB Financial
CVBF
|
+$121M |
| 2 |
Sixth Street Specialty
TSLX
|
+$3.46M |
| 3 |
Ares Capital
ARCC
|
+$3.3M |
| 4 |
New Mountain Finance
NMFC
|
+$3.28M |
| 5 |
BlackRock TCP Capital
TCPC
|
+$3.16M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Short-Term Corporate Bond ETF
VCSH
|
+$4.53M |
| 2 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.25M |
| 3 |
Vanguard Morningstar Total Stock Market ETF
VTI
|
+$1.17M |
| 4 |
Vanguard FTSE Developed Markets ETF
VEA
|
+$747K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 66.71% |
| 2 | Miscellaneous | 33.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
CVB Financial
CVBF
$3.76B
| $115M | 46.38% |
+5,142,590
| New | +$121M |
2018 Q3
0 quarters
|
|
|
2
Vanguard FTSE Developed Markets ETF
VEA
$227B
| $31.2M | 12.61% |
721,316
-17,330
| -2% | -$747K |
2017 Q4
3 quarters
|
|
|
3
Vanguard Morningstar Total Stock Market ETF
VTI
$694B
| $28M | 11.3% |
186,791
-7,969
| -4% | -$1.17M |
2017 Q4
3 quarters
|
|
|
4
Sixth Street Specialty
TSLX
$1.64B
| $8.29M | 3.35% |
406,711
+176,981
| +77% | +$3.46M |
2017 Q4
3 quarters
|
|
|
5
Ares Capital
ARCC
$13.3B
| $8.25M | 3.34% |
480,184
+192,423
| +67% | +$3.3M |
2017 Q4
3 quarters
|
|
6
State Street SPDR S&P 500 ETF Trust
SPY
$813B
| $7.53M | 3.04% |
25,893
| – | – |
2017 Q4
3 quarters
|
|
7
Golub Capital BDC
GBDC
$3.13B
| $7.51M | 3.04% |
409,070
+170,580
| +72% | +$3.14M |
2017 Q4
3 quarters
|
|
|
8
New Mountain Finance
NMFC
$624M
| $7.32M | 2.96% |
542,366
+236,968
| +78% | +$3.28M |
2017 Q4
3 quarters
|
|
|
9
BlackRock TCP Capital
TCPC
$342M
| $7.18M | 2.9% |
504,651
+216,256
| +75% | +$3.16M |
2017 Q4
3 quarters
|
|
|
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$43.9B
| $4.76M | 1.93% |
60,957
-57,937
| -49% | -$4.53M |
2017 Q4
3 quarters
|
|
11
iShares Russell 2000 ETF
IWM
$76.4B
| $4.4M | 1.78% |
26,110
| – | – |
2017 Q4
3 quarters
|
|
12
SLR Investment Corp
SLRC
$616M
| $3.06M | 1.24% |
143,358
+54,616
| +62% | +$1.17M |
2017 Q4
3 quarters
|
|
13
Goldman Sachs BDC
GSBD
$973M
| $3M | 1.21% |
135,020
+53,845
| +66% | +$1.18M |
2017 Q4
3 quarters
|
|
14
DELISTED
Monroe Capital Corp
MRCC
| $2.86M | 1.15% |
210,642
+82,987
| +65% | +$1.13M |
2017 Q4
3 quarters
|
|
15
Vanguard Real Estate ETF
VNQ
$36.2B
| $2.51M | 1.02% |
31,151
| – | – |
2017 Q4
3 quarters
|
|
|
FCRD
16
DELISTED
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
| $2.28M | 0.92% |
282,074
+136,650
| +94% | +$1.13M |
2017 Q4
3 quarters
|
|
|
17
iShares MSCI Emerging Markets ETF
EEM
$29.8B
| $2.26M | 0.91% |
52,733
-28,930
| -35% | -$1.25M |
2017 Q4
3 quarters
|
|
18
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $1.69M | 0.68% |
41,293
+4,798
| +13% | +$202K |
2017 Q4
3 quarters
|
|
19
FS KKR Capital
FSK
$2.91B
| $541K | 0.22% |
19,181
| – | – |
2017 Q4
3 quarters
|
|
20
iShares Core MSCI EAFE ETF
IEFA
$189B
| $66K | 0.03% |
1,036
+19
| +2% | +$1.21K |
2017 Q4
3 quarters
|
|
Similar funds
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SWM
HWMO
ACM
GAM
PFS
WG
RAM
Cliffwater's Q3 2018 Portfolio in Review
As of Q3 2018, Cliffwater held 20 positions worth $247M, up 114% from $116M the previous quarter. Its ten largest holdings account for 91% of the portfolio.
Cliffwater deployed $135M of net new capital in Q3 2018, opening 1 new position and adding to 11 existing holdings. Its largest new stake was CVB Financial: 5,142,590 shares worth $115M.
By sector, the portfolio is most concentrated in Financials at 67% of assets, up from 25% a quarter earlier, followed by Miscellaneous.
On the sell side, the largest reduction was Vanguard Short-Term Corporate Bond ETF, an estimated $4.53M trimmed.
- Cliffwater's largest Q3 2018 buy was CVB Financial: 5,142,590 shares worth $115M.
- Cliffwater added most to Sixth Street Specialty in Q3 2018, an estimated $3.46M increase.
- Cliffwater's biggest Q3 2018 reduction was Vanguard Short-Term Corporate Bond ETF, cutting an estimated $4.53M.
- Cliffwater's ten largest holdings make up 91% of its $247M portfolio in Q3 2018.
- Cliffwater opened 1 new position and closed 0 in Q3 2018.
- Cliffwater's portfolio value rose 114% quarter-over-quarter to $247M.
Based on Cliffwater's 13F filing for Q3 2018, filed 8 Nov 2018.