We are live on
!
Find out more
C
Cliffwater Portfolio holdings
AUM
$402M
Turnover
9.09%
1-Year Est. Return
7.57%
This Fund
S&P 500
This Quarter
Est. Return
+1.08%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$288M
AUM Growth
-$50.6M
(-15%)
Cap. Flow
-$54.3M
Cap. Flow
% of AUM
-18.84%
Top 10 Holdings %
Top 10 Hldgs %
91.25%
Holding
20
New
2
Increased
12
Reduced
5
Closed
–
Avg Time Held
1.3
years
Top 10 Avg Time Held
1.4
years
Top 20 Avg Time Held
1.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Short-Term Corporate Bond ETF
VCSH
|
+$2.88M |
| 2 |
Oaktree Specialty Lending
OCSL
|
+$2.4M |
| 3 |
Barings BDC
BBDC
|
+$2.27M |
| 4 |
Golub Capital BDC
GBDC
|
+$977K |
| 5 |
New Mountain Finance
NMFC
|
+$888K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CVB Financial
CVBF
|
+$55M |
| 2 |
Vanguard Morningstar Total Stock Market ETF
VTI
|
+$14M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$777K |
| 4 |
iShares Russell 2000 ETF
IWM
|
+$265K |
| 5 |
iShares MSCI Emerging Markets ETF
EEM
|
+$120K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 60.58% |
| 2 | Miscellaneous | 39.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
CVB Financial
CVBF
$3.76B
| $114M | 39.47% |
5,407,880
-2,580,506
| -32% | -$55M |
2018 Q3
3 quarters
|
|
2
Vanguard FTSE Developed Markets ETF
VEA
$227B
| $47.4M | 16.45% |
1,136,204
+19,719
| +2% | +$813K |
2017 Q4
6 quarters
|
|
|
3
Vanguard Morningstar Total Stock Market ETF
VTI
$694B
| $40.3M | 13.97% |
268,261
-94,946
| -26% | -$14M |
2017 Q4
6 quarters
|
|
4
Ares Capital
ARCC
$13.3B
| $9.82M | 3.41% |
547,598
+43,904
| +9% | +$777K |
2017 Q4
6 quarters
|
|
|
5
New Mountain Finance
NMFC
$624M
| $9.64M | 3.35% |
689,954
+63,537
| +10% | +$888K |
2017 Q4
6 quarters
|
|
|
6
Golub Capital BDC
GBDC
$3.13B
| $9.3M | 3.23% |
533,326
+55,710
| +12% | +$977K |
2017 Q4
6 quarters
|
|
7
Sixth Street Specialty
TSLX
$1.64B
| $9.17M | 3.18% |
467,851
+35,137
| +8% | +$701K |
2017 Q4
6 quarters
|
|
8
BlackRock TCP Capital
TCPC
$342M
| $9.11M | 3.16% |
639,211
+48,018
| +8% | +$694K |
2017 Q4
6 quarters
|
|
|
9
Vanguard Short-Term Corporate Bond ETF
VCSH
$43.9B
| $8.29M | 2.88% |
102,749
+36,134
| +54% | +$2.88M |
2017 Q4
6 quarters
|
|
|
10
State Street SPDR S&P 500 ETF Trust
SPY
$813B
| $6.22M | 2.16% |
21,234
-2,699
| -11% | -$777K |
2017 Q4
6 quarters
|
|
11
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $5.15M | 1.79% |
121,188
+18,709
| +18% | +$787K |
2017 Q4
6 quarters
|
|
12
SLR Investment Corp
SLRC
$616M
| $3.13M | 1.09% |
152,616
+39,917
| +35% | +$840K |
2017 Q4
6 quarters
|
|
13
Goldman Sachs BDC
GSBD
$973M
| $3.03M | 1.05% |
154,037
+41,683
| +37% | +$841K |
2017 Q4
6 quarters
|
|
14
DELISTED
Monroe Capital Corp
MRCC
| $2.96M | 1.03% |
256,544
+66,409
| +35% | +$795K |
2017 Q4
6 quarters
|
|
15
Vanguard Real Estate ETF
VNQ
$36.2B
| $2.91M | 1.01% |
33,317
+2,074
| +7% | +$182K |
2017 Q4
6 quarters
|
|
|
16
Oaktree Specialty Lending
OCSL
$1.01B
| $2.41M | 0.84% |
+148,289
| New | +$2.4M |
2019 Q2
0 quarters
|
|
|
17
iShares Russell 2000 ETF
IWM
$76.4B
| $2.39M | 0.83% |
15,354
-1,719
| -10% | -$265K |
2017 Q4
6 quarters
|
|
|
18
Barings BDC
BBDC
$886M
| $2.24M | 0.78% |
+227,956
| New | +$2.27M |
2019 Q2
0 quarters
|
|
|
19
iShares MSCI Emerging Markets ETF
EEM
$29.8B
| $909K | 0.32% |
21,181
-2,821
| -12% | -$120K |
2017 Q4
6 quarters
|
|
20
iShares Core MSCI EAFE ETF
IEFA
$189B
| $64K | 0.02% |
1,036
| – | – |
2017 Q4
6 quarters
|
|
Similar funds
GMF
SWM
HWMO
ACM
GAM
PFS
WG
RAM
Cliffwater's Q2 2019 Portfolio in Review
As of Q2 2019, Cliffwater held 20 positions worth $288M, down 15% from $339M the previous quarter. Its ten largest holdings account for 91% of the portfolio.
Cliffwater withdrew a net $54.3M in Q2 2019, reducing 5 holdings. Its largest reduction was CVB Financial, cutting an estimated $55M.
By sector, the portfolio is most concentrated in Financials at 61% of assets, down from 64% a quarter earlier, followed by Miscellaneous.
Against the trend, Cliffwater opened a new position in Oaktree Specialty Lending worth $2.41M.
- Cliffwater's largest Q2 2019 buy was Oaktree Specialty Lending: 148,289 shares worth $2.41M.
- Cliffwater added most to Vanguard Short-Term Corporate Bond ETF in Q2 2019, an estimated $2.88M increase.
- Cliffwater's biggest Q2 2019 reduction was CVB Financial, cutting an estimated $55M.
- Cliffwater's ten largest holdings make up 91% of its $288M portfolio in Q2 2019.
- Cliffwater opened 2 new positions and closed 0 in Q2 2019.
- Cliffwater's portfolio value fell 15% quarter-over-quarter to $288M.
Based on Cliffwater's 13F filing for Q2 2019, filed 13 Aug 2019.