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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+7.11%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$420M
AUM Growth
-$43.5M
Cap. Flow
-$74.1M
Cap. Flow %
-17.65%
Top 10 Hldgs %
79.82%
Holding
24
New
–
Increased
10
Reduced
13
Closed
–

Top Buys

Rank Stock Value
1
BBDC icon
Barings BDC
BBDC
+$3.9M
2
NMFC icon
New Mountain Finance
NMFC
+$1.55M
3
CCAP icon
Crescent Capital BDC
CCAP
+$1.44M
4
OBDC icon
Blue Owl Capital
OBDC
+$1.42M
5
OCSL icon
Oaktree Specialty Lending
OCSL
+$1.05M

Top Sells

Rank Stock Value
1
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$76.2M
2
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$4.14M
3
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$1.05M
4
ARCC icon
Ares Capital
ARCC
+$1.05M
5
TSLX icon
Sixth Street Specialty
TSLX
+$1.01M

Sector Composition

Rank Sector Weight
1 Financials 44.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VEA icon
1
Vanguard FTSE Developed Markets ETF
VEA
$239B
$90.3M 21.52%
1,839,620
-21,534
-1% -$1.05M
VTI icon
2
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$84.3M 20.09%
408,075
-376,708
-48% -$76.2M
NMFC icon
3
New Mountain Finance
NMFC
$730M
$22.4M 5.33%
1,805,195
+127,321
+8% +$1.55M
TCPC icon
4
BlackRock TCP Capital
TCPC
$343M
$21.9M 5.21%
1,581,293
-18,538
-1% -$235K
ARCC icon
5
Ares Capital
ARCC
$14.3B
$20.9M 4.99%
1,118,612
-58,501
-5% -$1.05M
GBDC icon
6
Golub Capital BDC
GBDC
$3.46B
$20.5M 4.89%
1,404,966
-18,398
-1% -$270K
OBDC icon
7
Blue Owl Capital
OBDC
$5.81B
$20.2M 4.81%
1,467,754
+103,982
+8% +$1.42M
TSLX icon
8
Sixth Street Specialty
TSLX
$1.79B
$19.5M 4.66%
929,516
-46,895
-5% -$1.01M
VTHR icon
9
Vanguard Russell 3000 ETF
VTHR
$4.88B
$19M 4.52%
97,718
-4,574
-4% -$826K
VCSH icon
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$16M 3.8%
193,294
-281
-0.1% -$23.3K
BBDC icon
11
Barings BDC
BBDC
$976M
$12.8M 3.04%
1,279,964
+409,991
+47% +$3.9M
VWO icon
12
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$11.2M 2.68%
211,990
-77,766
-27% -$4.14M
GSBD icon
13
Goldman Sachs BDC
GSBD
$1.11B
$9.08M 2.16%
469,718
+49,062
+12% +$919K
OCSL icon
14
Oaktree Specialty Lending
OCSL
$1.15B
$8.08M 1.92%
434,286
+58,525
+16% +$1.05M
SLRC icon
15
SLR Investment Corp
SLRC
$706M
$7.93M 1.89%
446,281
+32,001
+8% +$587K
CCAP icon
16
Crescent Capital BDC
CCAP
$413M
$7.36M 1.75%
428,549
+88,089
+26% +$1.44M
MRCC
17
DELISTED
Monroe Capital Corp
MRCC
$6.75M 1.61%
672,574
+40,248
+6% +$370K
CVBF icon
18
CVB Financial
CVBF
$4.1B
$6.43M 1.53%
303,253
+12,081
+4% +$263K
VNQ icon
19
Vanguard Real Estate ETF
VNQ
$39.2B
$5.44M 1.3%
59,224
-5,765
-9% -$507K
SPY icon
20
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$4.84M 1.15%
12,204
-652
-5% -$251K
SCM icon
21
Stellus Capital Investment Corp
SCM
$248M
$3.43M 0.82%
257,380
+17,205
+7% +$197K
EEM icon
22
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$939K 0.22%
17,606
-3,575
-17% -$196K
IWM icon
23
iShares Russell 2000 ETF
IWM
$82.8B
$382K 0.09%
1,729
– –
IEFA icon
24
iShares Core MSCI EAFE ETF
IEFA
$196B
$75K 0.02%
1,004
-32
-3% -$2.29K

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 Q1 2021 Portfolio in Review

As of Q1 2021, Cliffwater held 24 positions worth $420M, down 9.4% from $463M the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Cliffwater withdrew a net $74.1M in Q1 2021, reducing 13 holdings. Its largest reduction was Vanguard Morningstar Total Stock Market ETF, cutting an estimated $76.2M.

By sector, the portfolio is most concentrated in Financials at 45% of assets, up from 35% a quarter earlier.

Against the trend, Cliffwater added an estimated $3.9M to Barings BDC.

  • Cliffwater added most to Barings BDC in Q1 2021, an estimated $3.9M increase.
  • Cliffwater's biggest Q1 2021 reduction was Vanguard Morningstar Total Stock Market ETF, cutting an estimated $76.2M.
  • Cliffwater's ten largest holdings make up 80% of its $420M portfolio in Q1 2021.
  • Cliffwater opened 0 new positions and closed 0 in Q1 2021.
  • Cliffwater's portfolio value fell 9.4% quarter-over-quarter to $420M.

Based on Cliffwater's 13F filing for Q1 2021, filed 14 May 2021.