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Cliffwater Portfolio holdings

AUM $402M Turnover 9.09%
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
-25.6%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$226M
AUM Growth
-$76.9M
Cap. Flow
+$7.55M
Cap. Flow %
3.34%
Top 10 Hldgs %
86.68%
Holding
23
New
1
Increased
13
Reduced
5
Closed
1
Avg Time Held
1.9 years
Top 10 Avg Time Held
1.8 years
Top 20 Avg Time Held
1.9 years

Top Buys

Rank Stock Value
1
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$13.1M
2
CCAP icon
Crescent Capital BDC
CCAP
+$3.49M
3
NMFC icon
New Mountain Finance
NMFC
+$2.09M
4
ARCC icon
Ares Capital
ARCC
+$1.8M
5
OBDC icon
Blue Owl Capital
OBDC
+$1.67M

Top Sells

Rank Stock Value
1
CVBF icon
CVB Financial
CVBF
+$10.6M
2
GBDC icon
Golub Capital BDC
GBDC
+$4M
3
IWM icon
iShares Russell 2000 ETF
IWM
+$1.7M
4
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$1.29M
5
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$749K

Sector Composition

Rank Sector Weight
1 Miscellaneous 68.28%
2 Financials 31.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
VEA icon
1
Vanguard FTSE Developed Markets ETF
VEA
$227B
$62.3M 27.53%
1,868,421
+327,445
+21% +$13.1M
2017 Q4
9 quarters
VTI icon
2
Vanguard Morningstar Total Stock Market ETF
VTI
$694B
$55.6M 24.55%
431,007
-4,841
-1% -$749K
2017 Q4
9 quarters
VCSH icon
3
Vanguard Short-Term Corporate Bond ETF
VCSH
$43.9B
$18.7M 8.27%
236,672
+2,375
+1% +$191K
2017 Q4
9 quarters
GBDC icon
4
Golub Capital BDC
GBDC
$3.13B
$14.7M 6.49%
1,193,517
-244,194
-17% -$4M
2017 Q4
9 quarters
OBDC icon
5
Blue Owl Capital
OBDC
$4.98B
$8.78M 3.88%
760,824
+113,994
+18% +$1.67M
2019 Q3
2 quarters
ARCC icon
6
Ares Capital
ARCC
$13.3B
$7.94M 3.51%
736,420
+106,846
+17% +$1.8M
2017 Q4
9 quarters
TSLX icon
7
Sixth Street Specialty
TSLX
$1.64B
$7.68M 3.4%
552,101
+12,806
+2% +$259K
2017 Q4
9 quarters
VWO icon
8
Vanguard FTSE Emerging Markets ETF
VWO
$124B
$7.56M 3.34%
225,213
+2,062
+0.9% +$84.1K
2017 Q4
9 quarters
NMFC icon
9
New Mountain Finance
NMFC
$624M
$6.85M 3.03%
1,007,367
+169,486
+20% +$2.09M
2017 Q4
9 quarters
CVBF icon
10
CVB Financial
CVBF
$3.76B
$6.1M 2.69%
304,048
-526,296
-63% -$10.6M
2018 Q3
6 quarters
TCPC icon
11
BlackRock TCP Capital
TCPC
$342M
$5.67M 2.51%
907,858
+126,703
+16% +$1.57M
2017 Q4
9 quarters
VNQ icon
12
Vanguard Real Estate ETF
VNQ
$36.2B
$4.78M 2.11%
68,408
– –
2017 Q4
9 quarters
SPY icon
13
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$4.38M 1.94%
17,013
-4,221
-20% -$1.29M
2017 Q4
9 quarters
SLRC icon
14
SLR Investment Corp
SLRC
$616M
$2.93M 1.3%
251,841
+82,208
+48% +$1.5M
2017 Q4
9 quarters
MRCC icon
15
DELISTED
Monroe Capital Corp
MRCC
$2.57M 1.14%
362,394
+58,618
+19% +$585K
2017 Q4
9 quarters
CCAP icon
16
Crescent Capital BDC
CCAP
$330M
$2.44M 1.08%
+252,698
New +$3.49M
2020 Q1
0 quarters
BBDC icon
17
Barings BDC
BBDC
$886M
$2.18M 0.96%
291,440
+8,610
+3% +$81.6K
2019 Q2
3 quarters
GSBD icon
18
Goldman Sachs BDC
GSBD
$973M
$2.13M 0.94%
173,116
+593
+0.3% +$11.2K
2017 Q4
9 quarters
OCSL icon
19
Oaktree Specialty Lending
OCSL
$1.01B
$1.81M 0.8%
186,750
+241
+0.1% +$3.52K
2019 Q2
3 quarters
EEM icon
20
iShares MSCI Emerging Markets ETF
EEM
$29.8B
$723K 0.32%
21,181
– –
2017 Q4
9 quarters
IWM icon
21
iShares Russell 2000 ETF
IWM
$76.4B
$453K 0.2%
3,955
-11,399
-74% -$1.7M
2017 Q4
9 quarters
IEFA icon
22
iShares Core MSCI EAFE ETF
IEFA
$189B
$52K 0.02%
1,036
– –
2017 Q4
9 quarters
ABDC
23
DELISTED
Alcentra Capital Corp
ABDC
– –
-66,687
Closed -$604K –

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GMF
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SWM
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HWMO
Heritage Wealth Management (Ohio) Cincinnati, Ohio $401M AUM 32.53% 1-Year Est. Return
ACM
Absolute Capital Management Pittsburgh, Pennsylvania $401M AUM 36.5% 1-Year Est. Return
GAM
Grandview Asset Management Harrisburg, Pennsylvania $403M AUM 38.49% 1-Year Est. Return
PFS
Physicians Financial Services Raleigh, North Carolina $401M AUM 34.09% 1-Year Est. Return
WG
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RAM
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Cliffwater's Q1 2020 Portfolio in Review

As of Q1 2020, Cliffwater held 23 positions worth $226M, down 25% from $303M the previous quarter. Its ten largest holdings account for 87% of the portfolio.

Cliffwater deployed $7.55M of net new capital in Q1 2020, opening 1 new position and adding to 13 existing holdings. Its largest new stake was Crescent Capital BDC: 252,698 shares worth $2.44M.

By sector, the portfolio is most concentrated in Miscellaneous at 68% of assets, up from 61% a quarter earlier, followed by Financials.

On the sell side, the largest reduction was CVB Financial, an estimated $10.6M trimmed.

  • Cliffwater's largest Q1 2020 buy was Crescent Capital BDC: 252,698 shares worth $2.44M.
  • Cliffwater added most to Vanguard FTSE Developed Markets ETF in Q1 2020, an estimated $13.1M increase.
  • Cliffwater's biggest Q1 2020 reduction was CVB Financial, cutting an estimated $10.6M.
  • Cliffwater fully exited Alcentra Capital Corp in Q1 2020, selling an estimated $604K.
  • Cliffwater's ten largest holdings make up 87% of its $226M portfolio in Q1 2020.
  • Cliffwater opened 1 new position and closed 1 in Q1 2020.
  • Cliffwater's portfolio value fell 25% quarter-over-quarter to $226M.

Based on Cliffwater's 13F filing for Q1 2020, filed 13 May 2020.