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Cliffwater Portfolio holdings

AUM $402M
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
Cap. Flow
+$20.1M
Cap. Flow %
5.94%
Top 10 Hldgs %
94.76%
Holding
20
New
–
Increased
3
Reduced
13
Closed
2

Top Buys

Rank Stock Value
1
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$22.6M
2
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$14.9M
3
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$1.76M

Top Sells

Rank Stock Value
1
ARCC icon
Ares Capital
ARCC
+$3.3M
2
TSLX icon
Sixth Street Specialty
TSLX
+$3.02M
3
TCPC icon
BlackRock TCP Capital
TCPC
+$2.37M
4
NMFC icon
New Mountain Finance
NMFC
+$1.98M
5
GBDC icon
Golub Capital BDC
GBDC
+$1.89M

Sector Composition

Rank Sector Weight
1 Financials 64.26%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CVBF icon
1
CVB Financial
CVBF
$4.1B
$168M 49.65%
7,988,386
-50,000
-0.6% -$1.1M
VTI icon
2
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$52.6M 15.52%
363,207
+162,268
+81% +$22.6M
VEA icon
3
Vanguard FTSE Developed Markets ETF
VEA
$239B
$45.6M 13.47%
1,116,485
+372,474
+50% +$14.9M
TSLX icon
4
Sixth Street Specialty
TSLX
$1.79B
$8.65M 2.56%
432,714
-152,647
-26% -$3.02M
ARCC icon
5
Ares Capital
ARCC
$14.3B
$8.63M 2.55%
503,694
-197,232
-28% -$3.3M
NMFC icon
6
New Mountain Finance
NMFC
$730M
$8.5M 2.51%
626,417
-145,663
-19% -$1.98M
TCPC icon
7
BlackRock TCP Capital
TCPC
$343M
$8.38M 2.48%
591,193
-166,392
-22% -$2.37M
GBDC icon
8
Golub Capital BDC
GBDC
$3.46B
$8.36M 2.47%
477,616
-107,231
-18% -$1.89M
SPY icon
9
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$6.76M 2%
23,933
-1,960
-8% -$532K
VCSH icon
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$5.31M 1.57%
66,615
-1,316
-2% -$104K
VWO icon
11
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$4.36M 1.29%
102,479
+42,637
+71% +$1.76M
VNQ icon
12
Vanguard Real Estate ETF
VNQ
$39.2B
$2.71M 0.8%
31,243
– –
IWM icon
13
iShares Russell 2000 ETF
IWM
$82.8B
$2.61M 0.77%
17,073
-5,268
-24% -$792K
SLRC icon
14
SLR Investment Corp
SLRC
$706M
$2.35M 0.69%
112,699
-32,784
-23% -$680K
GSBD icon
15
Goldman Sachs BDC
GSBD
$1.11B
$2.31M 0.68%
112,354
-25,179
-18% -$515K
MRCC
16
DELISTED
Monroe Capital Corp
MRCC
$2.31M 0.68%
190,135
-25,941
-12% -$311K
EEM icon
17
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$1.03M 0.3%
24,002
-11,971
-33% -$504K
IEFA icon
18
iShares Core MSCI EAFE ETF
IEFA
$196B
$63K 0.02%
1,036
– –
FSK icon
19
FS KKR Capital
FSK
$3.43B
– –
-19,666
Closed -$407K
FCRD
20
DELISTED
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
– –
-272,990
Closed -$1.66M

Similar funds

BLC
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NFG
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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 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.

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.