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Cliffwater Portfolio holdings

AUM $402M
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
Cap. Flow
+$135M
Cap. Flow %
54.5%
Top 10 Hldgs %
90.84%
Holding
20
New
1
Increased
11
Reduced
4
Closed
–

Top Buys

Rank Stock Value
1
CVBF icon
CVB Financial
CVBF
+$121M
2
TSLX icon
Sixth Street Specialty
TSLX
+$3.46M
3
ARCC icon
Ares Capital
ARCC
+$3.3M
4
NMFC icon
New Mountain Finance
NMFC
+$3.28M
5
TCPC icon
BlackRock TCP Capital
TCPC
+$3.16M

Top Sells

Rank Stock Value
1
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$4.53M
2
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$1.25M
3
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$1.17M
4
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$747K

Sector Composition

Rank Sector Weight
1 Financials 66.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CVBF icon
1
CVB Financial
CVBF
$4.1B
$115M 46.38%
+5,142,590
New +$121M
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$239B
$31.2M 12.61%
721,316
-17,330
-2% -$747K
VTI icon
3
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$28M 11.3%
186,791
-7,969
-4% -$1.17M
TSLX icon
4
Sixth Street Specialty
TSLX
$1.79B
$8.29M 3.35%
406,711
+176,981
+77% +$3.46M
ARCC icon
5
Ares Capital
ARCC
$14.3B
$8.25M 3.34%
480,184
+192,423
+67% +$3.3M
SPY icon
6
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$7.53M 3.04%
25,893
– –
GBDC icon
7
Golub Capital BDC
GBDC
$3.46B
$7.51M 3.04%
409,070
+170,580
+72% +$3.14M
NMFC icon
8
New Mountain Finance
NMFC
$730M
$7.32M 2.96%
542,366
+236,968
+78% +$3.28M
TCPC icon
9
BlackRock TCP Capital
TCPC
$343M
$7.18M 2.9%
504,651
+216,256
+75% +$3.16M
VCSH icon
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$4.76M 1.93%
60,957
-57,937
-49% -$4.53M
IWM icon
11
iShares Russell 2000 ETF
IWM
$82.8B
$4.4M 1.78%
26,110
– –
SLRC icon
12
SLR Investment Corp
SLRC
$706M
$3.06M 1.24%
143,358
+54,616
+62% +$1.17M
GSBD icon
13
Goldman Sachs BDC
GSBD
$1.11B
$3M 1.21%
135,020
+53,845
+66% +$1.18M
MRCC
14
DELISTED
Monroe Capital Corp
MRCC
$2.86M 1.15%
210,642
+82,987
+65% +$1.13M
VNQ icon
15
Vanguard Real Estate ETF
VNQ
$39.2B
$2.51M 1.02%
31,151
– –
FCRD
16
DELISTED
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
$2.28M 0.92%
282,074
+136,650
+94% +$1.13M
EEM icon
17
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$2.26M 0.91%
52,733
-28,930
-35% -$1.25M
VWO icon
18
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$1.69M 0.68%
41,293
+4,798
+13% +$202K
FSK icon
19
FS KKR Capital
FSK
$3.43B
$541K 0.22%
19,181
– –
IEFA icon
20
iShares Core MSCI EAFE ETF
IEFA
$196B
$66K 0.03%
1,036
+19
+2% +$1.21K

Similar funds

BLC
Brown, Lisle/Cummings Providence, Rhode Island $400M AUM 18.79% 1-Year Est. Return
NFG
Northeast Financial Group Tannersville, Pennsylvania $404M AUM 12.61% 1-Year Est. Return
EPAM
Evelyn Partners Asset Management London $406M AUM 19.36% 1-Year Est. Return
GIPM
G2 Investment Partners Management New York $406M AUM 164.47% 1-Year Est. Return
PCP
Perbak Capital Partners London, United Kingdom $406M AUM 17.25% 1-Year Est. Return
EH
EMG Holdings Old Greenwich, Connecticut $397M AUM 9.97% 1-Year Est. Return
IVLAV
Index Venture Life Associates VI St. Helier, Jersey $396M AUM 176.22% 1-Year Est. Return
LPC
Lineage Point Capital Palm Beach, Florida $409M AUM

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.

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.