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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+0.12%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$256M
AUM Growth
-$32.1M
Cap. Flow
-$31.5M
Cap. Flow %
-12.32%
Top 10 Hldgs %
85.72%
Holding
21
New
1
Increased
15
Reduced
1
Closed
–

Top Buys

Rank Stock Value
1
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$14.9M
2
OBDC icon
Blue Owl Capital
OBDC
+$9.7M
3
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$9.57M
4
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$7.27M
5
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$2.84M

Top Sells

Rank Stock Value
1
CVBF icon
CVB Financial
CVBF
+$81.2M

Sector Composition

Rank Sector Weight
1 Financials 41.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$55.4M 21.66%
367,149
+98,888
+37% +$14.9M
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$239B
$54M 21.09%
1,314,251
+178,047
+16% +$7.27M
CVBF icon
3
CVB Financial
CVBF
$4.1B
$31.8M 12.43%
1,524,901
-3,882,979
-72% -$81.2M
VCSH icon
4
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$17.9M 7%
221,143
+118,394
+115% +$9.57M
ARCC icon
5
Ares Capital
ARCC
$14.3B
$10.8M 4.21%
578,722
+31,124
+6% +$577K
GBDC icon
6
Golub Capital BDC
GBDC
$3.46B
$10.4M 4.06%
562,744
+29,418
+6% +$529K
TSLX icon
7
Sixth Street Specialty
TSLX
$1.79B
$10.4M 4.06%
494,850
+26,999
+6% +$548K
NMFC icon
8
New Mountain Finance
NMFC
$730M
$9.97M 3.9%
731,711
+41,757
+6% +$569K
OBDC icon
9
Blue Owl Capital
OBDC
$5.81B
$9.54M 3.73%
+605,085
New +$9.7M
TCPC icon
10
BlackRock TCP Capital
TCPC
$343M
$9.21M 3.6%
679,479
+40,268
+6% +$555K
VWO icon
11
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$7.65M 2.99%
189,941
+68,753
+57% +$2.84M
SPY icon
12
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$6.3M 2.46%
21,234
– –
VNQ icon
13
Vanguard Real Estate ETF
VNQ
$39.2B
$4.93M 1.93%
52,853
+19,536
+59% +$1.77M
SLRC icon
14
SLR Investment Corp
SLRC
$706M
$3.33M 1.3%
160,995
+8,379
+5% +$172K
GSBD icon
15
Goldman Sachs BDC
GSBD
$1.11B
$3.28M 1.28%
163,162
+9,125
+6% +$182K
MRCC
16
DELISTED
Monroe Capital Corp
MRCC
$2.89M 1.13%
273,964
+17,420
+7% +$188K
BBDC icon
17
Barings BDC
BBDC
$976M
$2.46M 0.96%
242,767
+14,811
+6% +$147K
OCSL icon
18
Oaktree Specialty Lending
OCSL
$1.15B
$2.46M 0.96%
158,138
+9,849
+7% +$155K
IWM icon
19
iShares Russell 2000 ETF
IWM
$82.8B
$2.32M 0.91%
15,354
– –
EEM icon
20
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$866K 0.34%
21,181
– –
IEFA icon
21
iShares Core MSCI EAFE ETF
IEFA
$196B
$63K 0.02%
1,036
– –

Similar funds

BLC
Brown, Lisle/Cummings Providence, Rhode Island $400M AUM 18.79% 1-Year Est. Return
NFG
Northeast Financial Group Tannersville, Pennsylvania $404M AUM 12.61% 1-Year Est. Return
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 Q3 2019 Portfolio in Review

As of Q3 2019, Cliffwater held 21 positions worth $256M, down 11% from $288M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Cliffwater withdrew a net $31.5M in Q3 2019, reducing 1 holding. Its largest reduction was CVB Financial, cutting an estimated $81.2M.

By sector, the portfolio is most concentrated in Financials at 42% of assets, down from 61% a quarter earlier.

Against the trend, Cliffwater opened a new position in Blue Owl Capital worth $9.54M.

  • Cliffwater's largest Q3 2019 buy was Blue Owl Capital: 605,085 shares worth $9.54M.
  • Cliffwater added most to Vanguard Morningstar Total Stock Market ETF in Q3 2019, an estimated $14.9M increase.
  • Cliffwater's biggest Q3 2019 reduction was CVB Financial, cutting an estimated $81.2M.
  • Cliffwater's ten largest holdings make up 86% of its $256M portfolio in Q3 2019.
  • Cliffwater opened 1 new position and closed 0 in Q3 2019.
  • Cliffwater's portfolio value fell 11% quarter-over-quarter to $256M.

Based on Cliffwater's 13F filing for Q3 2019, filed 13 Nov 2019.