C

Cliffwater Portfolio holdings

AUM $402M Turnover 9.09%
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
–
Avg Time Held
4.4 years
Top 10 Avg Time Held
3.8 years
Top 20 Avg Time Held
4.1 years

Top Buys

Rank Stock Value
1
FBRT icon
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 Miscellaneous 51.67%
2 Financials 39.95%
3 Real Estate 8.38%
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
$77.8M 24.88%
381,020
-12,586
-3% -$2.52M
2017 Q4
21 quarters
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$227B
$34.6M 11.07%
765,855
-14,089
-2% -$628K
2017 Q4
21 quarters
FBRT icon
3
Franklin BSP Realty Trust
FBRT
$500M
$26.2M 8.38%
2,196,171
+306,184
+16% +$4.1M
2022 Q4
1 quarter
VTHR icon
4
Vanguard Russell 3000 ETF
VTHR
$4.91B
$19.3M 6.18%
105,409
+325
+0.3% +$58.4K
2020 Q3
10 quarters
TSLX icon
5
Sixth Street Specialty
TSLX
$1.64B
$16.6M 5.31%
906,126
-101,393
-10% -$1.88M
2017 Q4
21 quarters
ARCC icon
6
Ares Capital
ARCC
$13.3B
$15M 4.81%
822,586
-206,898
-20% -$3.91M
2017 Q4
21 quarters
OBDC icon
7
Blue Owl Capital
OBDC
$4.98B
$14.6M 4.66%
1,155,325
-229,326
-17% -$2.95M
2019 Q3
14 quarters
GBDC icon
8
Golub Capital BDC
GBDC
$3.13B
$14.3M 4.58%
1,056,318
-283,389
-21% -$3.82M
2017 Q4
21 quarters
NMFC icon
9
New Mountain Finance
NMFC
$624M
$12.7M 4.06%
1,042,590
-436,003
-29% -$5.49M
2017 Q4
21 quarters
BBDC icon
10
Barings BDC
BBDC
$886M
$10.1M 3.22%
1,266,423
-444,135
-26% -$3.73M
2019 Q2
15 quarters
TCPC icon
11
BlackRock TCP Capital
TCPC
$342M
$9.14M 2.92%
887,190
-392,079
-31% -$4.74M
2017 Q4
21 quarters
VCSH icon
12
Vanguard Short-Term Corporate Bond ETF
VCSH
$43.9B
$8.83M 2.82%
115,813
-391
-0.3% -$29.6K
2017 Q4
21 quarters
BXSL icon
13
Blackstone Secured Lending
BXSL
$5.54B
$8.52M 2.73%
341,768
-32,853
-9% -$805K
2021 Q4
5 quarters
OCSL icon
14
Oaktree Specialty Lending
OCSL
$1.01B
$8.48M 2.71%
451,662
-215,165
-32% -$4.29M
2019 Q2
15 quarters
VWO icon
15
Vanguard FTSE Emerging Markets ETF
VWO
$124B
$8.2M 2.62%
202,932
-471
-0.2% -$19.2K
2017 Q4
21 quarters
CVBF icon
16
CVB Financial
CVBF
$3.76B
$6.88M 2.2%
412,247
– –
2018 Q3
18 quarters
VNQ icon
17
Vanguard Real Estate ETF
VNQ
$36.2B
$5.8M 1.85%
69,800
– –
2017 Q4
21 quarters
SPY icon
18
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$5M 1.6%
12,204
– –
2017 Q4
21 quarters
SCM icon
19
Stellus Capital Investment Corp
SCM
$201M
$3.76M 1.2%
267,152
+5,199
+2% +$75K
2020 Q2
11 quarters
SLRC icon
20
SLR Investment Corp
SLRC
$616M
$2.1M 0.67%
139,755
-314,589
-69% -$4.73M
2017 Q4
21 quarters
EEM icon
21
iShares MSCI Emerging Markets ETF
EEM
$29.8B
$1.59M 0.51%
40,400
– –
2017 Q4
21 quarters
CCAP icon
22
Crescent Capital BDC
CCAP
$330M
$1.2M 0.38%
88,274
-190,375
-68% -$2.76M
2020 Q1
12 quarters
GSBD icon
23
Goldman Sachs BDC
GSBD
$973M
$925K 0.3%
67,796
-451,219
-87% -$6.74M
2017 Q4
21 quarters
MRCC icon
24
DELISTED
Monroe Capital Corp
MRCC
$600K 0.19%
78,440
-273,526
-78% -$2.22M
2017 Q4
21 quarters
IWM icon
25
iShares Russell 2000 ETF
IWM
$76.4B
$308K 0.1%
1,729
– –
2017 Q4
21 quarters
1
2

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 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 Miscellaneous at 52% of assets, up from 44% a quarter earlier, followed by Financials and 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.