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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+18.46%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$294M
AUM Growth
+$67.6M
Cap. Flow
+$28.1M
Cap. Flow %
9.57%
Top 10 Hldgs %
84.09%
Holding
23
New
1
Increased
12
Reduced
6
Closed
–

Top Buys

Rank Stock Value
1
GBDC icon
Golub Capital BDC
GBDC
+$5.03M
2
TCPC icon
BlackRock TCP Capital
TCPC
+$3.5M
3
TSLX icon
Sixth Street Specialty
TSLX
+$3.06M
4
NMFC icon
New Mountain Finance
NMFC
+$2.99M
5
OBDC icon
Blue Owl Capital
OBDC
+$2.93M

Top Sells

Rank Stock Value
1
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$2.32M
2
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$815K
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$615K
4
CVBF icon
CVB Financial
CVBF
+$246K
5
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$90.3K

Sector Composition

Rank Sector Weight
1 Financials 39.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VEA icon
1
Vanguard FTSE Developed Markets ETF
VEA
$239B
$72.4M 24.64%
1,866,529
-1,892
-0.1% -$69.1K
VTI icon
2
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$66.6M 22.66%
425,479
-5,528
-1% -$815K
GBDC icon
3
Golub Capital BDC
GBDC
$3.46B
$19.1M 6.5%
1,639,877
+446,360
+37% +$5.03M
VCSH icon
4
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$17.2M 5.86%
208,162
-28,510
-12% -$2.32M
ARCC icon
5
Ares Capital
ARCC
$14.3B
$13.8M 4.69%
953,209
+216,789
+29% +$2.92M
NMFC icon
6
New Mountain Finance
NMFC
$730M
$12.7M 4.33%
1,371,057
+363,690
+36% +$2.99M
OBDC icon
7
Blue Owl Capital
OBDC
$5.81B
$12.3M 4.19%
998,018
+237,194
+31% +$2.93M
TSLX icon
8
Sixth Street Specialty
TSLX
$1.79B
$12.1M 4.13%
736,442
+184,341
+33% +$3.06M
TCPC icon
9
BlackRock TCP Capital
TCPC
$343M
$12M 4.09%
1,314,611
+406,753
+45% +$3.5M
VWO icon
10
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$8.82M 3%
222,773
-2,440
-1% -$90.3K
SLRC icon
11
SLR Investment Corp
SLRC
$706M
$6.31M 2.15%
393,900
+142,059
+56% +$2.16M
CVBF icon
12
CVB Financial
CVBF
$4.1B
$5.46M 1.86%
291,172
-12,876
-4% -$246K
VNQ icon
13
Vanguard Real Estate ETF
VNQ
$39.2B
$5.37M 1.83%
68,408
– –
GSBD icon
14
Goldman Sachs BDC
GSBD
$1.11B
$5.18M 1.76%
319,336
+146,220
+84% +$2.26M
BBDC icon
15
Barings BDC
BBDC
$976M
$5.05M 1.72%
636,012
+344,572
+118% +$2.47M
SPY icon
16
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$4.6M 1.56%
14,911
-2,102
-12% -$615K
CCAP icon
17
Crescent Capital BDC
CCAP
$413M
$4.58M 1.56%
362,288
+109,590
+43% +$1.26M
OCSL icon
18
Oaktree Specialty Lending
OCSL
$1.15B
$4.25M 1.45%
317,286
+130,536
+70% +$1.62M
MRCC
19
DELISTED
Monroe Capital Corp
MRCC
$4.04M 1.37%
580,780
+218,386
+60% +$1.61M
EEM icon
20
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$847K 0.29%
21,181
– –
IWM icon
21
iShares Russell 2000 ETF
IWM
$82.8B
$566K 0.19%
3,955
– –
SCM icon
22
Stellus Capital Investment Corp
SCM
$248M
$441K 0.15%
+60,567
New +$459K
IEFA icon
23
iShares Core MSCI EAFE ETF
IEFA
$196B
$59K 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 Q2 2020 Portfolio in Review

As of Q2 2020, Cliffwater held 23 positions worth $294M, up 30% from $226M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Cliffwater deployed $28.1M of net new capital in Q2 2020, opening 1 new position and adding to 12 existing holdings. Its largest new stake was Stellus Capital Investment Corp: 60,567 shares worth $441K.

By sector, the portfolio is most concentrated in Financials at 40% of assets, up from 32% a quarter earlier.

On the sell side, the largest reduction was Vanguard Short-Term Corporate Bond ETF, an estimated $2.32M trimmed.

  • Cliffwater's largest Q2 2020 buy was Stellus Capital Investment Corp: 60,567 shares worth $441K.
  • Cliffwater added most to Golub Capital BDC in Q2 2020, an estimated $5.03M increase.
  • Cliffwater's biggest Q2 2020 reduction was Vanguard Short-Term Corporate Bond ETF, cutting an estimated $2.32M.
  • Cliffwater's ten largest holdings make up 84% of its $294M portfolio in Q2 2020.
  • Cliffwater opened 1 new position and closed 0 in Q2 2020.
  • Cliffwater's portfolio value rose 30% quarter-over-quarter to $294M.

Based on Cliffwater's 13F filing for Q2 2020, filed 12 Aug 2020.