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C
Cliffwater Portfolio holdings
AUM
$402M
1-Year Est. Return
7.57%
This Fund
S&P 500
This Quarter
Est. Return
+5.67%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$305M
AUM Growth
-$7.94M
(-2.5%)
Cap. Flow
-$23.2M
Cap. Flow
% of AUM
-7.63%
Top 10 Holdings %
Top 10 Hldgs %
79.45%
Holding
26
New
–
Increased
5
Reduced
13
Closed
–
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Short-Term Corporate Bond ETF
VCSH
|
+$326K |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$151K |
| 3 |
SLR Investment Corp
SLRC
|
+$48.9K |
| 4 |
Vanguard Real Estate ETF
VNQ
|
+$10.1K |
| 5 |
Goldman Sachs BDC
GSBD
|
+$733 |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Barings BDC
BBDC
|
+$2.65M |
| 2 |
Blue Owl Capital
OBDC
|
+$2.58M |
| 3 |
New Mountain Finance
NMFC
|
+$2.57M |
| 4 |
Golub Capital BDC
GBDC
|
+$2.56M |
| 5 |
Sixth Street Specialty
TSLX
|
+$2.53M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 55.97% |
| 2 | Financials | 33.82% |
| 3 | Real Estate | 10.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Vanguard Morningstar Total Stock Market ETF
VTI
$688B
| $83.8M | 27.51% |
380,424
-596
| -0.2% | -$124K |
|
2
Vanguard FTSE Developed Markets ETF
VEA
$240B
| $35.4M | 11.61% |
765,749
-106
| -0% | -$4.88K |
|
|
FBRT
3
Franklin BSP Realty Trust
FBRT
$713M
| $31.1M | 10.21% |
2,196,171
| – | – |
|
4
Vanguard Russell 3000 ETF
VTHR
$4.83B
| $20.6M | 6.76% |
104,228
-1,181
| -1% | -$221K |
|
|
5
Sixth Street Specialty
TSLX
$1.75B
| $14.3M | 4.71% |
767,194
-138,932
| -15% | -$2.53M |
|
6
Ares Capital
ARCC
$14.4B
| $12.9M | 4.24% |
687,206
-135,380
| -16% | -$2.5M |
|
|
7
Blue Owl Capital
OBDC
$5.62B
| $12.9M | 4.22% |
957,649
-197,676
| -17% | -$2.58M |
|
|
8
Golub Capital BDC
GBDC
$3.38B
| $11.7M | 3.83% |
863,662
-192,656
| -18% | -$2.56M |
|
|
9
New Mountain Finance
NMFC
$707M
| $10.3M | 3.39% |
829,135
-213,455
| -20% | -$2.57M |
|
|
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
| $9.09M | 2.98% |
120,105
+4,292
| +4% | +$326K |
|
|
11
Vanguard FTSE Emerging Markets ETF
VWO
$128B
| $8.41M | 2.76% |
206,675
+3,743
| +2% | +$151K |
|
12
BlackRock TCP Capital
TCPC
$341M
| $7.51M | 2.47% |
688,576
-198,614
| -22% | -$2.08M |
|
|
13
Barings BDC
BBDC
$944M
| $7.22M | 2.37% |
920,728
-345,695
| -27% | -$2.65M |
|
14
Blackstone Secured Lending
BXSL
$5.76B
| $7.16M | 2.35% |
261,731
-80,037
| -23% | -$2.06M |
|
15
Oaktree Specialty Lending
OCSL
$1.15B
| $6.83M | 2.24% |
351,498
-100,164
| -22% | -$1.88M |
|
|
16
Vanguard Real Estate ETF
VNQ
$38.1B
| $5.84M | 1.92% |
69,923
+123
| +0.2% | +$10.1K |
|
17
CVB Financial
CVBF
$3.98B
| $5.47M | 1.8% |
412,247
| – | – |
|
18
State Street SPDR S&P 500 ETF Trust
SPY
$815B
| $5.41M | 1.78% |
12,204
| – | – |
|
|
19
SLR Investment Corp
SLRC
$686M
| $2.04M | 0.67% |
143,170
+3,415
| +2% | +$48.9K |
|
20
Stellus Capital Investment Corp
SCM
$250M
| $1.78M | 0.58% |
126,192
-140,960
| -53% | -$2M |
|
21
iShares MSCI Emerging Markets ETF
EEM
$31.9B
| $1.6M | 0.52% |
40,400
| – | – |
|
22
Crescent Capital BDC
CCAP
$382M
| $1.34M | 0.44% |
88,274
| – | – |
|
|
23
Goldman Sachs BDC
GSBD
$1.12B
| $940K | 0.31% |
67,850
+54
| +0.1% | +$733 |
|
|
MRCC
24
DELISTED
Monroe Capital Corp
MRCC
| $642K | 0.21% |
78,440
| – | – |
|
25
iShares Russell 2000 ETF
IWM
$81.2B
| $324K | 0.11% |
1,729
| – | – |
|
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PFS
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 Miscellaneous at 56% of assets, up from 52% a quarter earlier, followed by Financials and 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.