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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+1.08%
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
Cap. Flow
-$54.3M
Cap. Flow %
-18.84%
Top 10 Hldgs %
91.25%
Holding
20
New
2
Increased
12
Reduced
5
Closed
–

Top Buys

Rank Stock Value
1
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$2.88M
2
OCSL icon
Oaktree Specialty Lending
OCSL
+$2.4M
3
BBDC icon
Barings BDC
BBDC
+$2.27M
4
GBDC icon
Golub Capital BDC
GBDC
+$977K
5
NMFC icon
New Mountain Finance
NMFC
+$888K

Top Sells

Rank Stock Value
1
CVBF icon
CVB Financial
CVBF
+$55M
2
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$14M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$777K
4
IWM icon
iShares Russell 2000 ETF
IWM
+$265K
5
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$120K

Sector Composition

Rank Sector Weight
1 Financials 60.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CVBF icon
1
CVB Financial
CVBF
$4.1B
$114M 39.47%
5,407,880
-2,580,506
-32% -$55M
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$239B
$47.4M 16.45%
1,136,204
+19,719
+2% +$813K
VTI icon
3
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$40.3M 13.97%
268,261
-94,946
-26% -$14M
ARCC icon
4
Ares Capital
ARCC
$14.3B
$9.82M 3.41%
547,598
+43,904
+9% +$777K
NMFC icon
5
New Mountain Finance
NMFC
$730M
$9.64M 3.35%
689,954
+63,537
+10% +$888K
GBDC icon
6
Golub Capital BDC
GBDC
$3.46B
$9.3M 3.23%
533,326
+55,710
+12% +$977K
TSLX icon
7
Sixth Street Specialty
TSLX
$1.79B
$9.17M 3.18%
467,851
+35,137
+8% +$701K
TCPC icon
8
BlackRock TCP Capital
TCPC
$343M
$9.11M 3.16%
639,211
+48,018
+8% +$694K
VCSH icon
9
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$8.29M 2.88%
102,749
+36,134
+54% +$2.88M
SPY icon
10
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$6.22M 2.16%
21,234
-2,699
-11% -$777K
VWO icon
11
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$5.15M 1.79%
121,188
+18,709
+18% +$787K
SLRC icon
12
SLR Investment Corp
SLRC
$706M
$3.13M 1.09%
152,616
+39,917
+35% +$840K
GSBD icon
13
Goldman Sachs BDC
GSBD
$1.11B
$3.03M 1.05%
154,037
+41,683
+37% +$841K
MRCC
14
DELISTED
Monroe Capital Corp
MRCC
$2.96M 1.03%
256,544
+66,409
+35% +$795K
VNQ icon
15
Vanguard Real Estate ETF
VNQ
$39.2B
$2.91M 1.01%
33,317
+2,074
+7% +$182K
OCSL icon
16
Oaktree Specialty Lending
OCSL
$1.15B
$2.41M 0.84%
+148,289
New +$2.4M
IWM icon
17
iShares Russell 2000 ETF
IWM
$82.8B
$2.39M 0.83%
15,354
-1,719
-10% -$265K
BBDC icon
18
Barings BDC
BBDC
$976M
$2.24M 0.78%
+227,956
New +$2.27M
EEM icon
19
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$909K 0.32%
21,181
-2,821
-12% -$120K
IEFA icon
20
iShares Core MSCI EAFE ETF
IEFA
$196B
$64K 0.02%
1,036
– –

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NFG
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EPAM
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GIPM
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PCP
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IVLAV
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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.

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.