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Cliffwater Portfolio holdings

AUM $402M Turnover 9.09%
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
-14.28%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$310M
AUM Growth
-$71.6M
Cap. Flow
-$16.7M
Cap. Flow %
-5.4%
Top 10 Hldgs %
73.88%
Holding
25
New
–
Increased
16
Reduced
3
Closed
–
Avg Time Held
3.8 years
Top 10 Avg Time Held
3.4 years
Top 20 Avg Time Held
3.8 years

Top Buys

Rank Stock Value
1
CVBF icon
CVB Financial
CVBF
+$4.81M
2
BXSL icon
Blackstone Secured Lending
BXSL
+$1.94M
3
BBDC icon
Barings BDC
BBDC
+$1.58M
4
ARCC icon
Ares Capital
ARCC
+$1.53M
5
TSLX icon
Sixth Street Specialty
TSLX
+$978K

Top Sells

Rank Stock Value
1
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$33.1M
2
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$918K
3
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$10.4K

Sector Composition

Rank Sector Weight
1 Miscellaneous 50.13%
2 Financials 49.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$694B
$75.5M 24.38%
400,158
-4,468
-1% -$918K
2017 Q4
18 quarters
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$227B
$32.7M 10.56%
801,173
-744,324
-48% -$33.1M
2017 Q4
18 quarters
VTHR icon
3
Vanguard Russell 3000 ETF
VTHR
$4.91B
$16.7M 5.4%
99,030
+1,014
+1% +$187K
2020 Q3
7 quarters
ARCC icon
4
Ares Capital
ARCC
$13.3B
$15.4M 4.98%
859,929
+77,688
+10% +$1.53M
2017 Q4
18 quarters
OBDC icon
5
Blue Owl Capital
OBDC
$4.98B
$15.2M 4.92%
1,236,351
+68,078
+6% +$933K
2019 Q3
11 quarters
TCPC icon
6
BlackRock TCP Capital
TCPC
$342M
$15.1M 4.88%
1,205,186
+53,842
+5% +$723K
2017 Q4
18 quarters
NMFC icon
7
New Mountain Finance
NMFC
$624M
$15.1M 4.87%
1,266,047
+61,226
+5% +$788K
2017 Q4
18 quarters
BBDC icon
8
Barings BDC
BBDC
$886M
$14.6M 4.72%
1,569,316
+155,423
+11% +$1.58M
2019 Q2
12 quarters
GBDC icon
9
Golub Capital BDC
GBDC
$3.13B
$14.4M 4.67%
1,114,677
+47,968
+4% +$687K
2017 Q4
18 quarters
TSLX icon
10
Sixth Street Specialty
TSLX
$1.64B
$14M 4.51%
754,717
+46,225
+7% +$978K
2017 Q4
18 quarters
CVBF icon
11
CVB Financial
CVBF
$3.76B
$10.5M 3.38%
422,235
+201,356
+91% +$4.81M
2018 Q3
15 quarters
VCSH icon
12
Vanguard Short-Term Corporate Bond ETF
VCSH
$43.9B
$8.86M 2.86%
116,204
– –
2017 Q4
18 quarters
OCSL icon
13
Oaktree Specialty Lending
OCSL
$1.01B
$8.84M 2.85%
449,615
+42,966
+11% +$905K
2019 Q2
12 quarters
VWO icon
14
Vanguard FTSE Emerging Markets ETF
VWO
$124B
$8.53M 2.75%
204,813
-242
-0.1% -$10.4K
2017 Q4
18 quarters
GSBD icon
15
Goldman Sachs BDC
GSBD
$973M
$8.26M 2.67%
491,743
+35,524
+8% +$656K
2017 Q4
18 quarters
BXSL icon
16
Blackstone Secured Lending
BXSL
$5.54B
$7.24M 2.34%
306,399
+74,803
+32% +$1.94M
2021 Q4
2 quarters
VNQ icon
17
Vanguard Real Estate ETF
VNQ
$36.2B
$6.36M 2.05%
69,800
– –
2017 Q4
18 quarters
SLRC icon
18
SLR Investment Corp
SLRC
$616M
$5.74M 1.85%
392,582
+27,354
+7% +$440K
2017 Q4
18 quarters
SPY icon
19
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$4.6M 1.49%
12,204
– –
2017 Q4
18 quarters
CCAP icon
20
Crescent Capital BDC
CCAP
$330M
$4.28M 1.38%
275,799
+42,191
+18% +$723K
2020 Q1
9 quarters
MRCC icon
21
DELISTED
Monroe Capital Corp
MRCC
$3.02M 0.97%
334,109
+6,793
+2% +$68K
2017 Q4
18 quarters
SCM icon
22
Stellus Capital Investment Corp
SCM
$201M
$2.71M 0.87%
245,360
+25,972
+12% +$335K
2020 Q2
8 quarters
EEM icon
23
iShares MSCI Emerging Markets ETF
EEM
$29.8B
$1.62M 0.52%
40,400
– –
2017 Q4
18 quarters
IWM icon
24
iShares Russell 2000 ETF
IWM
$76.4B
$293K 0.09%
1,729
– –
2017 Q4
18 quarters
IEFA icon
25
iShares Core MSCI EAFE ETF
IEFA
$189B
$61K 0.02%
1,036
– –
2017 Q4
18 quarters

Similar funds

GMF
Grace & Mercy Foundation New York $402M AUM 6.97% 1-Year Est. Return
SWM
Sterling Wealth Management Champaign, Illinois $402M AUM 20.65% 1-Year Est. Return
HWMO
Heritage Wealth Management (Ohio) Cincinnati, Ohio $401M AUM 32.53% 1-Year Est. Return
ACM
Absolute Capital Management Pittsburgh, Pennsylvania $401M AUM 36.5% 1-Year Est. Return
GAM
Grandview Asset Management Harrisburg, Pennsylvania $403M AUM 38.49% 1-Year Est. Return
WG
Wealth Group Raleigh, North Carolina $401M AUM
PFS
Physicians Financial Services Raleigh, North Carolina $401M AUM 34.09% 1-Year Est. Return
RAM
Redmond Asset Management Henrico, Virginia $401M AUM 14.95% 1-Year Est. Return

Cliffwater's Q2 2022 Portfolio in Review

As of Q2 2022, Cliffwater held 25 positions worth $310M, down 19% from $381M the previous quarter. Its ten largest holdings account for 74% of the portfolio.

Cliffwater withdrew a net $16.7M in Q2 2022, reducing 3 holdings. Its largest reduction was Vanguard FTSE Developed Markets ETF, cutting an estimated $33.1M.

By sector, the portfolio is most concentrated in Miscellaneous at 50% of assets, down from 58% a quarter earlier, followed by Financials.

Against the trend, Cliffwater added an estimated $4.81M to CVB Financial.

  • Cliffwater added most to CVB Financial in Q2 2022, an estimated $4.81M increase.
  • Cliffwater's biggest Q2 2022 reduction was Vanguard FTSE Developed Markets ETF, cutting an estimated $33.1M.
  • Cliffwater's ten largest holdings make up 74% of its $310M portfolio in Q2 2022.
  • Cliffwater opened 0 new positions and closed 0 in Q2 2022.
  • Cliffwater's portfolio value fell 19% quarter-over-quarter to $310M.

Based on Cliffwater's 13F filing for Q2 2022, filed 12 Aug 2022.