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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+8.63%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$355M
AUM Growth
+$58.9M
Cap. Flow
+$37.9M
Cap. Flow %
10.67%
Top 10 Hldgs %
72.07%
Holding
26
New
1
Increased
13
Reduced
3
Closed
–

Top Buys

Rank Stock Value
1
FBRT
Franklin BSP Realty Trust
FBRT
+$25.3M
2
TSLX icon
Sixth Street Specialty
TSLX
+$2.33M
3
ARCC icon
Ares Capital
ARCC
+$1.85M
4
GBDC icon
Golub Capital BDC
GBDC
+$1.68M
5
OBDC icon
Blue Owl Capital
OBDC
+$1.45M

Top Sells

Rank Stock Value
1
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$833K
2
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$54K
3
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$26.1K

Sector Composition

Rank Sector Weight
1 Financials 49.46%
2 Real Estate 6.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$75.3M 21.2%
393,606
-4,322
-1% -$833K
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$239B
$32.7M 9.22%
779,944
-1,334
-0.2% -$54K
FBRT
3
Franklin BSP Realty Trust
FBRT
$672M
$24.4M 6.87%
+1,889,987
New +$25.3M
ARCC icon
4
Ares Capital
ARCC
$14.3B
$19M 5.36%
1,029,484
+98,687
+11% +$1.85M
NMFC icon
5
New Mountain Finance
NMFC
$730M
$18.3M 5.15%
1,478,593
+112,208
+8% +$1.38M
VTHR icon
6
Vanguard Russell 3000 ETF
VTHR
$4.88B
$18M 5.08%
105,084
+7,068
+7% +$1.22M
TSLX icon
7
Sixth Street Specialty
TSLX
$1.79B
$17.9M 5.05%
1,007,519
+129,871
+15% +$2.33M
GBDC icon
8
Golub Capital BDC
GBDC
$3.46B
$17.6M 4.97%
1,339,707
+127,247
+10% +$1.68M
TCPC icon
9
BlackRock TCP Capital
TCPC
$343M
$16.6M 4.66%
1,279,269
– –
OBDC icon
10
Blue Owl Capital
OBDC
$5.81B
$16M 4.51%
1,384,651
+121,229
+10% +$1.45M
BBDC icon
11
Barings BDC
BBDC
$976M
$13.9M 3.93%
1,710,558
+101,750
+6% +$881K
OCSL icon
12
Oaktree Specialty Lending
OCSL
$1.15B
$13.7M 3.87%
666,827
+67,337
+11% +$1.36M
CVBF icon
13
CVB Financial
CVBF
$4.1B
$10.6M 2.99%
412,247
– –
VCSH icon
14
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$8.74M 2.46%
116,204
– –
BXSL icon
15
Blackstone Secured Lending
BXSL
$5.77B
$8.37M 2.36%
374,621
+12,900
+4% +$302K
VWO icon
16
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$7.93M 2.23%
203,403
-684
-0.3% -$26.1K
GSBD icon
17
Goldman Sachs BDC
GSBD
$1.11B
$7.12M 2.01%
519,015
+12,813
+3% +$192K
SLRC icon
18
SLR Investment Corp
SLRC
$706M
$6.32M 1.78%
454,344
+49,044
+12% +$681K
VNQ icon
19
Vanguard Real Estate ETF
VNQ
$39.2B
$5.76M 1.62%
69,800
– –
SPY icon
20
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$4.67M 1.31%
12,204
– –
CCAP icon
21
Crescent Capital BDC
CCAP
$413M
$3.56M 1%
278,649
– –
SCM icon
22
Stellus Capital Investment Corp
SCM
$248M
$3.47M 0.98%
261,953
+8,369
+3% +$110K
MRCC
23
DELISTED
Monroe Capital Corp
MRCC
$3.01M 0.85%
351,966
+8,398
+2% +$68.9K
EEM icon
24
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$1.53M 0.43%
40,400
– –
IWM icon
25
iShares Russell 2000 ETF
IWM
$82.8B
$301K 0.08%
1,729
– –
1
2

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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
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IVLAV
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LPC
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Cliffwater's Q4 2022 Portfolio in Review

As of Q4 2022, Cliffwater held 26 positions worth $355M, up 20% from $296M the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Cliffwater deployed $37.9M of net new capital in Q4 2022, opening 1 new position and adding to 13 existing holdings. Its largest new stake was Franklin BSP Realty Trust: 1,889,987 shares worth $24.4M.

By sector, the portfolio is most concentrated in Financials at 49% of assets, down from 52% a quarter earlier, followed by Real Estate.

On the sell side, the largest reduction was Vanguard Morningstar Total Stock Market ETF, an estimated $833K trimmed.

  • Cliffwater's largest Q4 2022 buy was Franklin BSP Realty Trust: 1,889,987 shares worth $24.4M.
  • Cliffwater added most to Sixth Street Specialty in Q4 2022, an estimated $2.33M increase.
  • Cliffwater's biggest Q4 2022 reduction was Vanguard Morningstar Total Stock Market ETF, cutting an estimated $833K.
  • Cliffwater's ten largest holdings make up 72% of its $355M portfolio in Q4 2022.
  • Cliffwater opened 1 new position and closed 0 in Q4 2022.
  • Cliffwater's portfolio value rose 20% quarter-over-quarter to $355M.

Based on Cliffwater's 13F filing for Q4 2022, filed 10 Feb 2023.