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Cliffwater Portfolio holdings

AUM $377M
1-Year Est. Return 5.73%
This Fund
S&P 500
This Quarter Est. Return
+5.67%
1 Year Est. Return
+5.73%
3 Year Est. Return
+28.54%
5 Year Est. Return
+19.31%
10 Year Est. Return
–
AUM
$305M
AUM Growth
-$7.94M
Cap. Flow
-$23.2M
Cap. Flow %
-7.63%
Top 10 Hldgs %
79.45%
Holding
26
New
–
Increased
5
Reduced
13
Closed
–

Top Buys

Rank Stock Value
1
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$326K
2
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$151K
3
SLRC icon
SLR Investment Corp
SLRC
+$48.9K
4
VNQ icon
Vanguard Real Estate ETF
VNQ
+$10.1K
5
GSBD icon
Goldman Sachs BDC
GSBD
+$733

Top Sells

Rank Stock Value
1
BBDC icon
Barings BDC
BBDC
+$2.65M
2
OBDC icon
Blue Owl Capital
OBDC
+$2.58M
3
NMFC icon
New Mountain Finance
NMFC
+$2.57M
4
GBDC icon
Golub Capital BDC
GBDC
+$2.56M
5
TSLX icon
Sixth Street Specialty
TSLX
+$2.53M

Sector Composition

Rank Sector Weight
1 Financials 33.82%
2 Real Estate 10.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Total Stock Market ETF
VTI
$658B
$83.8M 27.51%
380,424
-596
-0.2% -$124K
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$226B
$35.4M 11.61%
765,749
-106
-0% -$4.88K
FBRT
3
Franklin BSP Realty Trust
FBRT
$628M
$31.1M 10.21%
2,196,171
– –
VTHR icon
4
Vanguard Russell 3000 ETF
VTHR
$4.66B
$20.6M 6.76%
104,228
-1,181
-1% -$221K
TSLX icon
5
Sixth Street Specialty
TSLX
$1.66B
$14.3M 4.71%
767,194
-138,932
-15% -$2.53M
ARCC icon
6
Ares Capital
ARCC
$13.8B
$12.9M 4.24%
687,206
-135,380
-16% -$2.5M
OBDC icon
7
Blue Owl Capital
OBDC
$5.45B
$12.9M 4.22%
957,649
-197,676
-17% -$2.58M
GBDC icon
8
Golub Capital BDC
GBDC
$3.4B
$11.7M 3.83%
863,662
-192,656
-18% -$2.56M
NMFC icon
9
New Mountain Finance
NMFC
$672M
$10.3M 3.39%
829,135
-213,455
-20% -$2.57M
VCSH icon
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$9.09M 2.98%
120,105
+4,292
+4% +$326K
VWO icon
11
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$8.41M 2.76%
206,675
+3,743
+2% +$151K
TCPC icon
12
BlackRock TCP Capital
TCPC
$278M
$7.51M 2.47%
688,576
-198,614
-22% -$2.08M
BBDC icon
13
Barings BDC
BBDC
$890M
$7.22M 2.37%
920,728
-345,695
-27% -$2.65M
BXSL icon
14
Blackstone Secured Lending
BXSL
$5.54B
$7.16M 2.35%
261,731
-80,037
-23% -$2.06M
OCSL icon
15
Oaktree Specialty Lending
OCSL
$1.07B
$6.83M 2.24%
351,498
-100,164
-22% -$1.88M
VNQ icon
16
Vanguard Real Estate ETF
VNQ
$39.6B
$5.84M 1.92%
69,923
+123
+0.2% +$10.1K
CVBF icon
17
CVB Financial
CVBF
$4.03B
$5.47M 1.8%
412,247
– –
SPY icon
18
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$5.41M 1.78%
12,204
– –
SLRC icon
19
SLR Investment Corp
SLRC
$716M
$2.04M 0.67%
143,170
+3,415
+2% +$48.9K
SCM icon
20
Stellus Capital Investment Corp
SCM
$220M
$1.78M 0.58%
126,192
-140,960
-53% -$2M
EEM icon
21
iShares MSCI Emerging Markets ETF
EEM
$28B
$1.6M 0.52%
40,400
– –
CCAP icon
22
Crescent Capital BDC
CCAP
$407M
$1.34M 0.44%
88,274
– –
GSBD icon
23
Goldman Sachs BDC
GSBD
$994M
$940K 0.31%
67,850
+54
+0.1% +$733
MRCC
24
DELISTED
Monroe Capital Corp
MRCC
$642K 0.21%
78,440
– –
IWM icon
25
iShares Russell 2000 ETF
IWM
$82.2B
$324K 0.11%
1,729
– –
1
2

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 Q2 2023 Portfolio in Review

As of Q2 2023, Cliffwater held 26 positions worth $305M, down 2.5% from $313M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Cliffwater withdrew a net $23.2M in Q2 2023, reducing 13 holdings. Its largest reduction was Barings BDC, cutting an estimated $2.65M.

By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 40% a quarter earlier, followed by Real Estate.

Against the trend, Cliffwater added an estimated $326K to Vanguard Short-Term Corporate Bond ETF.

  • Cliffwater added most to Vanguard Short-Term Corporate Bond ETF in Q2 2023, an estimated $326K increase.
  • Cliffwater's biggest Q2 2023 reduction was Barings BDC, cutting an estimated $2.65M.
  • Cliffwater's ten largest holdings make up 79% of its $305M portfolio in Q2 2023.
  • Cliffwater opened 0 new positions and closed 0 in Q2 2023.
  • Cliffwater's portfolio value fell 2.5% quarter-over-quarter to $305M.

Based on Cliffwater's 13F filing for Q2 2023, filed 14 Aug 2023.