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Cliffwater Portfolio holdings

AUM $377M
1-Year Est. Return 5.73%
This Fund
S&P 500
This Quarter Est. Return
+4.23%
1 Year Est. Return
+5.73%
3 Year Est. Return
+28.54%
5 Year Est. Return
+19.31%
10 Year Est. Return
–
AUM
$385M
AUM Growth
+$3.78M
Cap. Flow
-$10.8M
Cap. Flow %
-2.8%
Top 10 Hldgs %
78.63%
Holding
25
New
1
Increased
8
Reduced
12
Closed
–

Top Buys

Rank Stock Value
1
BXSL icon
Blackstone Secured Lending
BXSL
+$5.66M
2
BBDC icon
Barings BDC
BBDC
+$1.97M
3
GSBD icon
Goldman Sachs BDC
GSBD
+$1.39M
4
OCSL icon
Oaktree Specialty Lending
OCSL
+$335K
5
SLRC icon
SLR Investment Corp
SLRC
+$273K

Top Sells

Rank Stock Value
1
CVBF icon
CVB Financial
CVBF
+$4.13M
2
VTHR icon
Vanguard Russell 3000 ETF
VTHR
+$3.91M
3
VTI icon
Vanguard Total Stock Market ETF
VTI
+$3.21M
4
MRCC
Monroe Capital Corp
MRCC
+$2.24M
5
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$1.87M

Sector Composition

Rank Sector Weight
1 Financials 39.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Total Stock Market ETF
VTI
$658B
$101M 26.25%
418,469
-13,586
-3% -$3.21M
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$226B
$80M 20.8%
1,567,467
-28,071
-2% -$1.44M
ARCC icon
3
Ares Capital
ARCC
$13.8B
$16.3M 4.24%
769,192
-10,530
-1% -$219K
VTHR icon
4
Vanguard Russell 3000 ETF
VTHR
$4.66B
$15.7M 4.08%
72,801
-18,554
-20% -$3.91M
OBDC icon
5
Blue Owl Capital
OBDC
$5.45B
$15.4M 4.01%
1,090,934
+300
+0% +$4.29K
GBDC icon
6
Golub Capital BDC
GBDC
$3.4B
$15.2M 3.96%
986,657
+4,191
+0.4% +$64.9K
TSLX icon
7
Sixth Street Specialty
TSLX
$1.66B
$15.1M 3.93%
646,346
-54,153
-8% -$1.27M
NMFC icon
8
New Mountain Finance
NMFC
$672M
$14.7M 3.83%
1,075,168
-120,115
-10% -$1.64M
TCPC icon
9
BlackRock TCP Capital
TCPC
$278M
$14.6M 3.78%
1,077,884
+3,111
+0.3% +$43.2K
BBDC icon
10
Barings BDC
BBDC
$890M
$14.4M 3.75%
1,310,619
+178,132
+16% +$1.97M
VCSH icon
11
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$11.1M 2.87%
136,152
-22,854
-14% -$1.87M
VWO icon
12
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$10.2M 2.65%
206,071
-6,388
-3% -$322K
VNQ icon
13
Vanguard Real Estate ETF
VNQ
$39.6B
$8.1M 2.1%
69,800
-7
-0% -$765
GSBD icon
14
Goldman Sachs BDC
GSBD
$994M
$7.88M 2.05%
411,286
+73,306
+22% +$1.39M
OCSL icon
15
Oaktree Specialty Lending
OCSL
$1.07B
$7.49M 1.94%
334,433
+15,130
+5% +$335K
SLRC icon
16
SLR Investment Corp
SLRC
$716M
$6.61M 1.72%
358,544
+14,268
+4% +$273K
CVBF icon
17
CVB Financial
CVBF
$4.03B
$6.23M 1.62%
291,172
-201,368
-41% -$4.13M
BXSL icon
18
Blackstone Secured Lending
BXSL
$5.54B
$5.94M 1.54%
+174,769
New +$5.66M
SPY icon
19
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$5.8M 1.51%
12,204
– –
CCAP icon
20
Crescent Capital BDC
CCAP
$407M
$4.11M 1.07%
233,608
+8,531
+4% +$164K
MRCC
21
DELISTED
Monroe Capital Corp
MRCC
$3.61M 0.94%
321,929
-206,580
-39% -$2.24M
SCM icon
22
Stellus Capital Investment Corp
SCM
$220M
$2.79M 0.73%
214,352
-32,135
-13% -$434K
EEM icon
23
iShares MSCI Emerging Markets ETF
EEM
$28B
$1.97M 0.51%
40,400
– –
IWM icon
24
iShares Russell 2000 ETF
IWM
$82.2B
$385K 0.1%
1,729
– –
IEFA icon
25
iShares Core MSCI EAFE ETF
IEFA
$186B
$77K 0.02%
1,036
– –

Similar funds

FP
Fivespan Partners San Francisco, California $377M AUM
WAM
Wakefield Asset Management Englewood, Colorado $377M AUM 38.72% 1-Year Est. Return
EFP
EnRich Financial Partners Madison, Wisconsin $377M AUM 17.29% 1-Year Est. Return
DAL
Delta Air Lines Atlanta, Georgia $378M AUM 12.68% 1-Year Est. Return
AFCM
Alta Fox Capital Management Fort Worth, Texas $378M AUM 59.19% 1-Year Est. Return
ACA
Anchorage Capital Advisors New York $378M AUM 13.47% 1-Year Est. Return
GVCM
Global View Capital Management Waukesha, Wisconsin $377M AUM 31.41% 1-Year Est. Return
IFS
Ifrah Financial Services Little Rock, Arkansas $378M AUM 17.57% 1-Year Est. Return

Cliffwater's Q4 2021 Portfolio in Review

As of Q4 2021, Cliffwater held 25 positions worth $385M, up 0.99% from $381M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Trading was light in Q4 2021: portfolio turnover was 4%. Cliffwater opened 1 new position and made no exits, leaving the 25-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 39% of assets, up from 39% a quarter earlier.

  • Cliffwater's largest Q4 2021 buy was Blackstone Secured Lending: 174,769 shares worth $5.94M.
  • Cliffwater added most to Barings BDC in Q4 2021, an estimated $1.97M increase.
  • Cliffwater's biggest Q4 2021 reduction was CVB Financial, cutting an estimated $4.13M.
  • Cliffwater's ten largest holdings make up 79% of its $385M portfolio in Q4 2021.
  • Cliffwater opened 1 new position and closed 0 in Q4 2021.
  • Cliffwater's portfolio value rose 0.99% quarter-over-quarter to $385M.

Based on Cliffwater's 13F filing for Q4 2021, filed 11 Feb 2022.