C
Cliffwater Portfolio holdings
AUM
$402M
Turnover
9.09%
1-Year Est. Return
7.57%
This Fund
S&P 500
This Quarter
Est. Return
+7.65%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$339M
AUM Growth
+$42M
(+14%)
Cap. Flow
+$20.1M
Cap. Flow
% of AUM
5.94%
Top 10 Holdings %
Top 10 Hldgs %
94.76%
Holding
20
New
–
Increased
3
Reduced
13
Closed
2
Avg Time Held
1.2
years
Top 10 Avg Time Held
1.2
years
Top 20 Avg Time Held
1.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Morningstar Total Stock Market ETF
VTI
|
+$22.6M |
| 2 |
Vanguard FTSE Developed Markets ETF
VEA
|
+$14.9M |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$1.76M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ares Capital
ARCC
|
+$3.3M |
| 2 |
Sixth Street Specialty
TSLX
|
+$3.02M |
| 3 |
BlackRock TCP Capital
TCPC
|
+$2.37M |
| 4 |
New Mountain Finance
NMFC
|
+$1.98M |
| 5 |
Golub Capital BDC
GBDC
|
+$1.89M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 64.26% |
| 2 | Miscellaneous | 35.74% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
CVB Financial
CVBF
$3.76B
| $168M | 49.65% |
7,988,386
-50,000
| -0.6% | -$1.1M |
2018 Q3
2 quarters
|
|
|
2
Vanguard Morningstar Total Stock Market ETF
VTI
$694B
| $52.6M | 15.52% |
363,207
+162,268
| +81% | +$22.6M |
2017 Q4
5 quarters
|
|
|
3
Vanguard FTSE Developed Markets ETF
VEA
$227B
| $45.6M | 13.47% |
1,116,485
+372,474
| +50% | +$14.9M |
2017 Q4
5 quarters
|
|
|
4
Sixth Street Specialty
TSLX
$1.64B
| $8.65M | 2.56% |
432,714
-152,647
| -26% | -$3.02M |
2017 Q4
5 quarters
|
|
|
5
Ares Capital
ARCC
$13.3B
| $8.63M | 2.55% |
503,694
-197,232
| -28% | -$3.3M |
2017 Q4
5 quarters
|
|
|
6
New Mountain Finance
NMFC
$624M
| $8.5M | 2.51% |
626,417
-145,663
| -19% | -$1.98M |
2017 Q4
5 quarters
|
|
|
7
BlackRock TCP Capital
TCPC
$342M
| $8.38M | 2.48% |
591,193
-166,392
| -22% | -$2.37M |
2017 Q4
5 quarters
|
|
|
8
Golub Capital BDC
GBDC
$3.13B
| $8.36M | 2.47% |
477,616
-107,231
| -18% | -$1.89M |
2017 Q4
5 quarters
|
|
9
State Street SPDR S&P 500 ETF Trust
SPY
$813B
| $6.76M | 2% |
23,933
-1,960
| -8% | -$532K |
2017 Q4
5 quarters
|
|
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$43.9B
| $5.31M | 1.57% |
66,615
-1,316
| -2% | -$104K |
2017 Q4
5 quarters
|
|
|
11
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $4.36M | 1.29% |
102,479
+42,637
| +71% | +$1.76M |
2017 Q4
5 quarters
|
|
12
Vanguard Real Estate ETF
VNQ
$36.2B
| $2.71M | 0.8% |
31,243
| – | – |
2017 Q4
5 quarters
|
|
13
iShares Russell 2000 ETF
IWM
$76.4B
| $2.61M | 0.77% |
17,073
-5,268
| -24% | -$792K |
2017 Q4
5 quarters
|
|
14
SLR Investment Corp
SLRC
$616M
| $2.35M | 0.69% |
112,699
-32,784
| -23% | -$680K |
2017 Q4
5 quarters
|
|
15
Goldman Sachs BDC
GSBD
$973M
| $2.31M | 0.68% |
112,354
-25,179
| -18% | -$515K |
2017 Q4
5 quarters
|
|
16
DELISTED
Monroe Capital Corp
MRCC
| $2.31M | 0.68% |
190,135
-25,941
| -12% | -$311K |
2017 Q4
5 quarters
|
|
17
iShares MSCI Emerging Markets ETF
EEM
$29.8B
| $1.03M | 0.3% |
24,002
-11,971
| -33% | -$504K |
2017 Q4
5 quarters
|
|
18
iShares Core MSCI EAFE ETF
IEFA
$189B
| $63K | 0.02% |
1,036
| – | – |
2017 Q4
5 quarters
|
|
19
FS KKR Capital
FSK
$2.91B
| – | – |
-19,666
| Closed | -$407K | – |
|
|
FCRD
20
DELISTED
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
| – | – |
-272,990
| Closed | -$1.66M | – |
|
Similar funds
GMF
SWM
HWMO
ACM
GAM
WG
PFS
RAM
Cliffwater's Q1 2019 Portfolio in Review
As of Q1 2019, Cliffwater held 20 positions worth $339M, up 14% from $297M the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Cliffwater deployed $20.1M of net new capital in Q1 2019, adding to 3 existing holdings.
By sector, the portfolio is most concentrated in Financials at 64% of assets, down from 75% a quarter earlier, followed by Miscellaneous.
On the sell side, the largest reduction was Ares Capital, an estimated $3.3M trimmed.
- Cliffwater added most to Vanguard Morningstar Total Stock Market ETF in Q1 2019, an estimated $22.6M increase.
- Cliffwater's biggest Q1 2019 reduction was Ares Capital, cutting an estimated $3.3M.
- Cliffwater fully exited First Eagle Alternative Capital BDC, Inc. Common Stock in Q1 2019, selling an estimated $1.66M.
- Cliffwater's ten largest holdings make up 95% of its $339M portfolio in Q1 2019.
- Cliffwater opened 0 new positions and closed 2 in Q1 2019.
- Cliffwater's portfolio value rose 14% quarter-over-quarter to $339M.
Based on Cliffwater's 13F filing for Q1 2019, filed 9 May 2019.