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Cliffwater Portfolio holdings

AUM $377M
1-Year Est. Return 5.73%
This Fund
S&P 500
This Quarter Est. Return
+5.19%
1 Year Est. Return
+5.73%
3 Year Est. Return
+28.54%
5 Year Est. Return
+19.31%
10 Year Est. Return
–
AUM
$303M
AUM Growth
+$47.2M
Cap. Flow
+$32.7M
Cap. Flow %
10.79%
Top 10 Hldgs %
85.59%
Holding
22
New
1
Increased
16
Reduced
1
Closed
–

Top Buys

Rank Stock Value
1
GBDC icon
Golub Capital BDC
GBDC
+$15.4M
2
VTI icon
Vanguard Total Stock Market ETF
VTI
+$10.8M
3
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$9.67M
4
VNQ icon
Vanguard Real Estate ETF
VNQ
+$1.44M
5
NMFC icon
New Mountain Finance
NMFC
+$1.44M

Top Sells

Rank Stock Value
1
CVBF icon
CVB Financial
CVBF
+$14.7M

Sector Composition

Rank Sector Weight
1 Financials 38.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Total Stock Market ETF
VTI
$658B
$71.3M 23.52%
435,848
+68,699
+19% +$10.8M
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$226B
$67.9M 22.39%
1,540,976
+226,725
+17% +$9.67M
GBDC icon
3
Golub Capital BDC
GBDC
$3.4B
$26M 8.57%
1,437,711
+874,967
+155% +$15.4M
VCSH icon
4
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$19M 6.26%
234,297
+13,154
+6% +$1.07M
CVBF icon
5
CVB Financial
CVBF
$4.03B
$17.9M 5.91%
830,344
-694,557
-46% -$14.7M
ARCC icon
6
Ares Capital
ARCC
$13.8B
$11.7M 3.87%
629,574
+50,852
+9% +$944K
TSLX icon
7
Sixth Street Specialty
TSLX
$1.66B
$11.6M 3.82%
539,295
+44,445
+9% +$946K
OBDC icon
8
Blue Owl Capital
OBDC
$5.45B
$11.6M 3.82%
646,830
+41,745
+7% +$729K
NMFC icon
9
New Mountain Finance
NMFC
$672M
$11.5M 3.8%
837,881
+106,170
+15% +$1.44M
TCPC icon
10
BlackRock TCP Capital
TCPC
$278M
$11M 3.62%
781,155
+101,676
+15% +$1.42M
VWO icon
11
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$9.92M 3.27%
223,151
+33,210
+17% +$1.41M
SPY icon
12
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$6.83M 2.25%
21,234
– –
VNQ icon
13
Vanguard Real Estate ETF
VNQ
$39.6B
$6.35M 2.09%
68,408
+15,555
+29% +$1.44M
GSBD icon
14
Goldman Sachs BDC
GSBD
$994M
$3.67M 1.21%
172,523
+9,361
+6% +$193K
SLRC icon
15
SLR Investment Corp
SLRC
$716M
$3.5M 1.15%
169,633
+8,638
+5% +$177K
MRCC
16
DELISTED
Monroe Capital Corp
MRCC
$3.3M 1.09%
303,776
+29,812
+11% +$327K
OCSL icon
17
Oaktree Specialty Lending
OCSL
$1.07B
$3.06M 1.01%
186,509
+28,371
+18% +$447K
BBDC icon
18
Barings BDC
BBDC
$890M
$2.91M 0.96%
282,830
+40,063
+17% +$411K
IWM icon
19
iShares Russell 2000 ETF
IWM
$82.2B
$2.54M 0.84%
15,354
– –
EEM icon
20
iShares MSCI Emerging Markets ETF
EEM
$28B
$950K 0.31%
21,181
– –
ABDC
21
DELISTED
Alcentra Capital Corp
ABDC
$604K 0.2%
+66,687
New +$599K
IEFA icon
22
iShares Core MSCI EAFE ETF
IEFA
$186B
$68K 0.02%
1,036
– –

Similar funds

FP
Fivespan Partners San Francisco, California $377M AUM
WAM
Wakefield Asset Management Englewood, Colorado $377M AUM 38.72% 1-Year Est. Return
EFP
EnRich Financial Partners Madison, Wisconsin $377M AUM 17.29% 1-Year Est. Return
DAL
Delta Air Lines Atlanta, Georgia $378M AUM 12.68% 1-Year Est. Return
AFCM
Alta Fox Capital Management Fort Worth, Texas $378M AUM 59.19% 1-Year Est. Return
ACA
Anchorage Capital Advisors New York $378M AUM 13.47% 1-Year Est. Return
GVCM
Global View Capital Management Waukesha, Wisconsin $377M AUM 31.41% 1-Year Est. Return
IFS
Ifrah Financial Services Little Rock, Arkansas $378M AUM 17.57% 1-Year Est. Return

Cliffwater's Q4 2019 Portfolio in Review

As of Q4 2019, Cliffwater held 22 positions worth $303M, up 18% from $256M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Cliffwater deployed $32.7M of net new capital in Q4 2019, opening 1 new position and adding to 16 existing holdings. Its largest new stake was Alcentra Capital Corp: 66,687 shares worth $604K.

By sector, the portfolio is most concentrated in Financials at 39% of assets, down from 42% a quarter earlier.

On the sell side, the largest reduction was CVB Financial, an estimated $14.7M trimmed.

  • Cliffwater's largest Q4 2019 buy was Alcentra Capital Corp: 66,687 shares worth $604K.
  • Cliffwater added most to Golub Capital BDC in Q4 2019, an estimated $15.4M increase.
  • Cliffwater's biggest Q4 2019 reduction was CVB Financial, cutting an estimated $14.7M.
  • Cliffwater's ten largest holdings make up 86% of its $303M portfolio in Q4 2019.
  • Cliffwater opened 1 new position and closed 0 in Q4 2019.
  • Cliffwater's portfolio value rose 18% quarter-over-quarter to $303M.

Based on Cliffwater's 13F filing for Q4 2019, filed 13 Feb 2020.