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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+14.4%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$463M
AUM Growth
+$128M
Cap. Flow
+$75.6M
Cap. Flow %
16.31%
Top 10 Hldgs %
83.97%
Holding
24
New
–
Increased
12
Reduced
9
Closed
–

Top Buys

Rank Stock Value
1
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$65.8M
2
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$3.16M
3
TCPC icon
BlackRock TCP Capital
TCPC
+$2.98M
4
OBDC icon
Blue Owl Capital
OBDC
+$2.71M
5
GBDC icon
Golub Capital BDC
GBDC
+$1.75M

Top Sells

Rank Stock Value
1
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$1.21M
2
ARCC icon
Ares Capital
ARCC
+$886K
3
SLRC icon
SLR Investment Corp
SLRC
+$742K
4
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$729K
5
CCAP icon
Crescent Capital BDC
CCAP
+$477K

Sector Composition

Rank Sector Weight
1 Financials 35.07%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$153M 32.96%
784,783
+359,907
+85% +$65.8M
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$239B
$87.9M 18.96%
1,861,154
+3,386
+0.2% +$149K
TSLX icon
3
Sixth Street Specialty
TSLX
$1.79B
$20.3M 4.37%
976,411
-6,912
-0.7% -$131K
GBDC icon
4
Golub Capital BDC
GBDC
$3.46B
$20.1M 4.34%
1,423,364
+128,041
+10% +$1.75M
ARCC icon
5
Ares Capital
ARCC
$14.3B
$19.9M 4.29%
1,177,113
-57,142
-5% -$886K
NMFC icon
6
New Mountain Finance
NMFC
$730M
$19.1M 4.11%
1,677,874
+11,548
+0.7% +$124K
TCPC icon
7
BlackRock TCP Capital
TCPC
$343M
$18M 3.88%
1,599,831
+275,009
+21% +$2.98M
VTHR icon
8
Vanguard Russell 3000 ETF
VTHR
$4.88B
$17.8M 3.84%
102,292
+720
+0.7% +$118K
OBDC icon
9
Blue Owl Capital
OBDC
$5.81B
$17.3M 3.73%
1,363,772
+213,460
+19% +$2.71M
VCSH icon
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$16.1M 3.48%
193,575
-14,587
-7% -$1.21M
VWO icon
11
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$14.5M 3.13%
289,756
+67,250
+30% +$3.16M
GSBD icon
12
Goldman Sachs BDC
GSBD
$1.11B
$8.04M 1.74%
420,656
+96,213
+30% +$1.65M
BBDC icon
13
Barings BDC
BBDC
$976M
$8M 1.73%
869,973
+94,329
+12% +$801K
SLRC icon
14
SLR Investment Corp
SLRC
$706M
$7.25M 1.57%
414,280
-43,775
-10% -$742K
OCSL icon
15
Oaktree Specialty Lending
OCSL
$1.15B
$6.28M 1.36%
375,761
+41,519
+12% +$645K
CVBF icon
16
CVB Financial
CVBF
$4.1B
$5.68M 1.23%
291,172
– –
VNQ icon
17
Vanguard Real Estate ETF
VNQ
$39.2B
$5.52M 1.19%
64,989
-4,347
-6% -$361K
MRCC
18
DELISTED
Monroe Capital Corp
MRCC
$5.08M 1.1%
632,326
-44,067
-7% -$339K
CCAP icon
19
Crescent Capital BDC
CCAP
$413M
$4.96M 1.07%
340,460
-34,788
-9% -$477K
SPY icon
20
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$4.81M 1.04%
12,856
-2,055
-14% -$729K
SCM icon
21
Stellus Capital Investment Corp
SCM
$248M
$2.61M 0.56%
240,175
+99,425
+71% +$984K
EEM icon
22
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$1.09M 0.24%
21,181
– –
IWM icon
23
iShares Russell 2000 ETF
IWM
$82.8B
$339K 0.07%
1,729
-2,226
-56% -$390K
IEFA icon
24
iShares Core MSCI EAFE ETF
IEFA
$196B
$72K 0.02%
1,036
– –

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BLC
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NFG
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EPAM
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GIPM
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PCP
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EH
EMG Holdings Old Greenwich, Connecticut $397M AUM 9.97% 1-Year Est. Return
IVLAV
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LPC
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Cliffwater's Q4 2020 Portfolio in Review

As of Q4 2020, Cliffwater held 24 positions worth $463M, up 38% from $335M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Cliffwater deployed $75.6M of net new capital in Q4 2020, adding to 12 existing holdings.

By sector, the portfolio is most concentrated in Financials at 35% of assets, down from 40% a quarter earlier.

On the sell side, the largest reduction was Vanguard Short-Term Corporate Bond ETF, an estimated $1.21M trimmed.

  • Cliffwater added most to Vanguard Morningstar Total Stock Market ETF in Q4 2020, an estimated $65.8M increase.
  • Cliffwater's biggest Q4 2020 reduction was Vanguard Short-Term Corporate Bond ETF, cutting an estimated $1.21M.
  • Cliffwater's ten largest holdings make up 84% of its $463M portfolio in Q4 2020.
  • Cliffwater opened 0 new positions and closed 0 in Q4 2020.
  • Cliffwater's portfolio value rose 38% quarter-over-quarter to $463M.

Based on Cliffwater's 13F filing for Q4 2020, filed 12 Feb 2021.