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Cliffwater Portfolio holdings
AUM
$402M
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
(-25%)
Cap. Flow
+$7.55M
Cap. Flow
% of AUM
3.34%
Top 10 Holdings %
Top 10 Hldgs %
86.68%
Holding
23
New
1
Increased
13
Reduced
5
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Developed Markets ETF
VEA
|
+$13.1M |
| 2 |
Crescent Capital BDC
CCAP
|
+$3.49M |
| 3 |
New Mountain Finance
NMFC
|
+$2.09M |
| 4 |
Ares Capital
ARCC
|
+$1.8M |
| 5 |
Blue Owl Capital
OBDC
|
+$1.67M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CVB Financial
CVBF
|
+$10.6M |
| 2 |
Golub Capital BDC
GBDC
|
+$4M |
| 3 |
iShares Russell 2000 ETF
IWM
|
+$1.7M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.29M |
| 5 |
Vanguard Morningstar Total Stock Market ETF
VTI
|
+$749K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Developed Markets ETF
VEA
$239B
| $62.3M | 27.53% |
1,868,421
+327,445
| +21% | +$13.1M |
|
|
2
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
| $55.6M | 24.55% |
431,007
-4,841
| -1% | -$749K |
|
3
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
| $18.7M | 8.27% |
236,672
+2,375
| +1% | +$191K |
|
|
4
Golub Capital BDC
GBDC
$3.46B
| $14.7M | 6.49% |
1,193,517
-244,194
| -17% | -$4M |
|
|
5
Blue Owl Capital
OBDC
$5.81B
| $8.78M | 3.88% |
760,824
+113,994
| +18% | +$1.67M |
|
|
6
Ares Capital
ARCC
$14.3B
| $7.94M | 3.51% |
736,420
+106,846
| +17% | +$1.8M |
|
7
Sixth Street Specialty
TSLX
$1.79B
| $7.68M | 3.4% |
552,101
+12,806
| +2% | +$259K |
|
8
Vanguard FTSE Emerging Markets ETF
VWO
$125B
| $7.56M | 3.34% |
225,213
+2,062
| +0.9% | +$84.1K |
|
|
9
New Mountain Finance
NMFC
$730M
| $6.85M | 3.03% |
1,007,367
+169,486
| +20% | +$2.09M |
|
|
10
CVB Financial
CVBF
$4.1B
| $6.1M | 2.69% |
304,048
-526,296
| -63% | -$10.6M |
|
11
BlackRock TCP Capital
TCPC
$343M
| $5.67M | 2.51% |
907,858
+126,703
| +16% | +$1.57M |
|
12
Vanguard Real Estate ETF
VNQ
$39.2B
| $4.78M | 2.11% |
68,408
| – | – |
|
|
13
State Street SPDR S&P 500 ETF Trust
SPY
$813B
| $4.38M | 1.94% |
17,013
-4,221
| -20% | -$1.29M |
|
14
SLR Investment Corp
SLRC
$706M
| $2.93M | 1.3% |
251,841
+82,208
| +48% | +$1.5M |
|
|
MRCC
15
DELISTED
Monroe Capital Corp
MRCC
| $2.57M | 1.14% |
362,394
+58,618
| +19% | +$585K |
|
|
16
Crescent Capital BDC
CCAP
$413M
| $2.44M | 1.08% |
+252,698
| New | +$3.49M |
|
17
Barings BDC
BBDC
$976M
| $2.18M | 0.96% |
291,440
+8,610
| +3% | +$81.6K |
|
18
Goldman Sachs BDC
GSBD
$1.11B
| $2.13M | 0.94% |
173,116
+593
| +0.3% | +$11.2K |
|
19
Oaktree Specialty Lending
OCSL
$1.15B
| $1.81M | 0.8% |
186,750
+241
| +0.1% | +$3.52K |
|
20
iShares MSCI Emerging Markets ETF
EEM
$30.5B
| $723K | 0.32% |
21,181
| – | – |
|
|
21
iShares Russell 2000 ETF
IWM
$82.8B
| $453K | 0.2% |
3,955
-11,399
| -74% | -$1.7M |
|
22
iShares Core MSCI EAFE ETF
IEFA
$196B
| $52K | 0.02% |
1,036
| – | – |
|
|
ABDC
23
DELISTED
Alcentra Capital Corp
ABDC
| – | – |
-66,687
| Closed | -$604K |
|
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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 Financials at 32% of assets, down from 39% a quarter earlier.
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.