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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+1.95%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$313M
AUM Growth
-$42.4M
Cap. Flow
-$47M
Cap. Flow %
-15.04%
Top 10 Hldgs %
77.16%
Holding
26
New
–
Increased
3
Reduced
17
Closed
–

Top Buys

Rank Stock Value
1
FBRT
Franklin BSP Realty Trust
FBRT
+$4.1M
2
SCM icon
Stellus Capital Investment Corp
SCM
+$75K
3
VTHR icon
Vanguard Russell 3000 ETF
VTHR
+$58.4K

Top Sells

Rank Stock Value
1
GSBD icon
Goldman Sachs BDC
GSBD
+$6.74M
2
NMFC icon
New Mountain Finance
NMFC
+$5.49M
3
TCPC icon
BlackRock TCP Capital
TCPC
+$4.74M
4
SLRC icon
SLR Investment Corp
SLRC
+$4.73M
5
OCSL icon
Oaktree Specialty Lending
OCSL
+$4.29M

Sector Composition

Rank Sector Weight
1 Financials 39.95%
2 Real Estate 8.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$77.8M 24.88%
381,020
-12,586
-3% -$2.52M
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$239B
$34.6M 11.07%
765,855
-14,089
-2% -$628K
FBRT
3
Franklin BSP Realty Trust
FBRT
$672M
$26.2M 8.38%
2,196,171
+306,184
+16% +$4.1M
VTHR icon
4
Vanguard Russell 3000 ETF
VTHR
$4.88B
$19.3M 6.18%
105,409
+325
+0.3% +$58.4K
TSLX icon
5
Sixth Street Specialty
TSLX
$1.79B
$16.6M 5.31%
906,126
-101,393
-10% -$1.88M
ARCC icon
6
Ares Capital
ARCC
$14.3B
$15M 4.81%
822,586
-206,898
-20% -$3.91M
OBDC icon
7
Blue Owl Capital
OBDC
$5.81B
$14.6M 4.66%
1,155,325
-229,326
-17% -$2.95M
GBDC icon
8
Golub Capital BDC
GBDC
$3.46B
$14.3M 4.58%
1,056,318
-283,389
-21% -$3.82M
NMFC icon
9
New Mountain Finance
NMFC
$730M
$12.7M 4.06%
1,042,590
-436,003
-29% -$5.49M
BBDC icon
10
Barings BDC
BBDC
$976M
$10.1M 3.22%
1,266,423
-444,135
-26% -$3.73M
TCPC icon
11
BlackRock TCP Capital
TCPC
$343M
$9.14M 2.92%
887,190
-392,079
-31% -$4.74M
VCSH icon
12
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$8.83M 2.82%
115,813
-391
-0.3% -$29.6K
BXSL icon
13
Blackstone Secured Lending
BXSL
$5.77B
$8.52M 2.73%
341,768
-32,853
-9% -$805K
OCSL icon
14
Oaktree Specialty Lending
OCSL
$1.15B
$8.48M 2.71%
451,662
-215,165
-32% -$4.29M
VWO icon
15
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$8.2M 2.62%
202,932
-471
-0.2% -$19.2K
CVBF icon
16
CVB Financial
CVBF
$4.1B
$6.88M 2.2%
412,247
– –
VNQ icon
17
Vanguard Real Estate ETF
VNQ
$39.2B
$5.8M 1.85%
69,800
– –
SPY icon
18
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$5M 1.6%
12,204
– –
SCM icon
19
Stellus Capital Investment Corp
SCM
$248M
$3.76M 1.2%
267,152
+5,199
+2% +$75K
SLRC icon
20
SLR Investment Corp
SLRC
$706M
$2.1M 0.67%
139,755
-314,589
-69% -$4.73M
EEM icon
21
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$1.59M 0.51%
40,400
– –
CCAP icon
22
Crescent Capital BDC
CCAP
$413M
$1.2M 0.38%
88,274
-190,375
-68% -$2.76M
GSBD icon
23
Goldman Sachs BDC
GSBD
$1.11B
$925K 0.3%
67,796
-451,219
-87% -$6.74M
MRCC
24
DELISTED
Monroe Capital Corp
MRCC
$600K 0.19%
78,440
-273,526
-78% -$2.22M
IWM icon
25
iShares Russell 2000 ETF
IWM
$82.8B
$308K 0.1%
1,729
– –
1
2

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 2023 Portfolio in Review

As of Q1 2023, Cliffwater held 26 positions worth $313M, down 12% from $355M the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Cliffwater withdrew a net $47M in Q1 2023, reducing 17 holdings. Its largest reduction was Goldman Sachs BDC, cutting an estimated $6.74M.

By sector, the portfolio is most concentrated in Financials at 40% of assets, down from 49% a quarter earlier, followed by Real Estate.

Against the trend, Cliffwater added an estimated $4.1M to Franklin BSP Realty Trust.

  • Cliffwater added most to Franklin BSP Realty Trust in Q1 2023, an estimated $4.1M increase.
  • Cliffwater's biggest Q1 2023 reduction was Goldman Sachs BDC, cutting an estimated $6.74M.
  • Cliffwater's ten largest holdings make up 77% of its $313M portfolio in Q1 2023.
  • Cliffwater opened 0 new positions and closed 0 in Q1 2023.
  • Cliffwater's portfolio value fell 12% quarter-over-quarter to $313M.

Based on Cliffwater's 13F filing for Q1 2023, filed 12 May 2023.