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C
Cliffwater Portfolio holdings
AUM
$402M
1-Year Est. Return
7.57%
This Fund
S&P 500
This Quarter
Est. Return
-10.66%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$297M
AUM Growth
+$49.2M
(+20%)
Cap. Flow
+$82.6M
Cap. Flow
% of AUM
27.85%
Top 10 Holdings %
Top 10 Hldgs %
93.76%
Holding
20
New
–
Increased
15
Reduced
3
Closed
–
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CVB Financial
CVBF
|
+$62.8M |
| 2 |
Ares Capital
ARCC
|
+$3.65M |
| 3 |
Sixth Street Specialty
TSLX
|
+$3.55M |
| 4 |
BlackRock TCP Capital
TCPC
|
+$3.53M |
| 5 |
Golub Capital BDC
GBDC
|
+$3.13M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$671K |
| 2 |
iShares Russell 2000 ETF
IWM
|
+$562K |
| 3 |
FCRD
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
|
+$66.1K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 75.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
CVB Financial
CVBF
$4.1B
| $163M | 54.81% |
8,038,386
+2,895,796
| +56% | +$62.8M |
|
2
Vanguard FTSE Developed Markets ETF
VEA
$239B
| $27.6M | 9.3% |
744,011
+22,695
| +3% | +$899K |
|
3
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
| $25.6M | 8.64% |
200,939
+14,148
| +8% | +$1.95M |
|
|
4
Ares Capital
ARCC
$14.3B
| $10.9M | 3.68% |
700,926
+220,742
| +46% | +$3.65M |
|
|
5
Sixth Street Specialty
TSLX
$1.79B
| $10.6M | 3.57% |
585,361
+178,650
| +44% | +$3.55M |
|
|
6
BlackRock TCP Capital
TCPC
$343M
| $9.88M | 3.33% |
757,585
+252,934
| +50% | +$3.53M |
|
7
New Mountain Finance
NMFC
$730M
| $9.71M | 3.27% |
772,080
+229,714
| +42% | +$3.04M |
|
|
8
Golub Capital BDC
GBDC
$3.46B
| $9.45M | 3.18% |
584,847
+175,777
| +43% | +$3.13M |
|
9
State Street SPDR S&P 500 ETF Trust
SPY
$813B
| $6.47M | 2.18% |
25,893
| – | – |
|
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
| $5.29M | 1.78% |
67,931
+6,974
| +11% | +$542K |
|
|
11
iShares Russell 2000 ETF
IWM
$82.8B
| $2.99M | 1.01% |
22,341
-3,769
| -14% | -$562K |
|
12
SLR Investment Corp
SLRC
$706M
| $2.79M | 0.94% |
145,483
+2,125
| +1% | +$43.8K |
|
13
Goldman Sachs BDC
GSBD
$1.11B
| $2.53M | 0.85% |
137,533
+2,513
| +2% | +$51.7K |
|
14
Vanguard Real Estate ETF
VNQ
$39.2B
| $2.33M | 0.79% |
31,243
+92
| +0.3% | +$7.25K |
|
15
Vanguard FTSE Emerging Markets ETF
VWO
$125B
| $2.28M | 0.77% |
59,842
+18,549
| +45% | +$719K |
|
|
MRCC
16
DELISTED
Monroe Capital Corp
MRCC
| $2.07M | 0.7% |
216,076
+5,434
| +3% | +$63.6K |
|
|
FCRD
17
DELISTED
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
| $1.66M | 0.56% |
272,990
-9,084
| -3% | -$66.1K |
|
|
18
iShares MSCI Emerging Markets ETF
EEM
$30.5B
| $1.41M | 0.47% |
35,973
-16,760
| -32% | -$671K |
|
19
FS KKR Capital
FSK
$3.43B
| $407K | 0.14% |
19,666
+485
| +3% | +$12.1K |
|
20
iShares Core MSCI EAFE ETF
IEFA
$196B
| $57K | 0.02% |
1,036
| – | – |
|
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Cliffwater's Q4 2018 Portfolio in Review
As of Q4 2018, Cliffwater held 20 positions worth $297M, up 20% from $247M the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Cliffwater deployed $82.6M of net new capital in Q4 2018, adding to 15 existing holdings.
By sector, the portfolio is most concentrated in Financials at 75% of assets, up from 67% a quarter earlier.
On the sell side, the largest reduction was iShares MSCI Emerging Markets ETF, an estimated $671K trimmed.
- Cliffwater added most to CVB Financial in Q4 2018, an estimated $62.8M increase.
- Cliffwater's biggest Q4 2018 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $671K.
- Cliffwater's ten largest holdings make up 94% of its $297M portfolio in Q4 2018.
- Cliffwater opened 0 new positions and closed 0 in Q4 2018.
- Cliffwater's portfolio value rose 20% quarter-over-quarter to $297M.
Based on Cliffwater's 13F filing for Q4 2018, filed 8 Feb 2019.