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Cliffwater Portfolio holdings

AUM $377M
1-Year Est. Return 5.73%
This Fund
S&P 500
This Quarter Est. Return
-0.31%
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
+$723K
Cap. Flow
+$2.81M
Cap. Flow %
0.92%
Top 10 Hldgs %
81.17%
Holding
26
New
–
Increased
13
Reduced
2
Closed
–

Top Buys

Rank Stock Value
1
TSLX icon
Sixth Street Specialty
TSLX
+$4.1M
2
ARCC icon
Ares Capital
ARCC
+$3.71M
3
FBRT
Franklin BSP Realty Trust
FBRT
+$1.07M
4
VTI icon
Vanguard Total Stock Market ETF
VTI
+$1.04M
5
OBDC icon
Blue Owl Capital
OBDC
+$304K

Top Sells

Rank Stock Value
1
BBDC icon
Barings BDC
BBDC
+$6.98M
2
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$1.45M

Sector Composition

Rank Sector Weight
1 Financials 36.68%
2 Real Estate 9.86%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Total Stock Market ETF
VTI
$658B
$81.8M 26.79%
385,128
+4,704
+1% +$1.04M
VEA icon
2
Vanguard FTSE Developed Markets ETF
VEA
$226B
$33.5M 10.97%
765,749
– –
FBRT
3
Franklin BSP Realty Trust
FBRT
$628M
$30.1M 9.86%
2,272,948
+76,777
+3% +$1.07M
TSLX icon
4
Sixth Street Specialty
TSLX
$1.66B
$19.9M 6.51%
972,850
+205,656
+27% +$4.1M
VTHR icon
5
Vanguard Russell 3000 ETF
VTHR
$4.66B
$19.9M 6.51%
104,228
– –
ARCC icon
6
Ares Capital
ARCC
$13.8B
$17.1M 5.6%
878,503
+191,297
+28% +$3.71M
OBDC icon
7
Blue Owl Capital
OBDC
$5.45B
$13.6M 4.44%
979,658
+22,009
+2% +$304K
GBDC icon
8
Golub Capital BDC
GBDC
$3.4B
$12.9M 4.24%
882,067
+18,405
+2% +$261K
NMFC icon
9
New Mountain Finance
NMFC
$672M
$11M 3.59%
845,982
+16,847
+2% +$215K
VWO icon
10
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$8.1M 2.65%
206,675
– –
TCPC icon
11
BlackRock TCP Capital
TCPC
$278M
$8.08M 2.65%
688,576
– –
VCSH icon
12
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$7.54M 2.47%
100,904
-19,201
-16% -$1.45M
BXSL icon
13
Blackstone Secured Lending
BXSL
$5.54B
$7.34M 2.4%
268,310
+6,579
+3% +$182K
OCSL icon
14
Oaktree Specialty Lending
OCSL
$1.07B
$7.24M 2.37%
359,593
+8,095
+2% +$162K
CVBF icon
15
CVB Financial
CVBF
$4.03B
$6.83M 2.24%
417,424
+5,177
+1% +$87.8K
VNQ icon
16
Vanguard Real Estate ETF
VNQ
$39.6B
$5.29M 1.73%
69,923
– –
SPY icon
17
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$5.22M 1.71%
12,204
– –
SLRC icon
18
SLR Investment Corp
SLRC
$716M
$2.23M 0.73%
144,816
+1,646
+1% +$24.8K
SCM icon
19
Stellus Capital Investment Corp
SCM
$220M
$1.76M 0.58%
131,180
+4,988
+4% +$71.5K
EEM icon
20
iShares MSCI Emerging Markets ETF
EEM
$28B
$1.53M 0.5%
40,400
– –
CCAP icon
21
Crescent Capital BDC
CCAP
$407M
$1.51M 0.49%
88,274
– –
GSBD icon
22
Goldman Sachs BDC
GSBD
$994M
$989K 0.32%
67,905
+55
+0.1% +$792
BBDC icon
23
Barings BDC
BBDC
$890M
$981K 0.32%
110,063
-810,665
-88% -$6.98M
MRCC
24
DELISTED
Monroe Capital Corp
MRCC
$584K 0.19%
78,440
– –
IWM icon
25
iShares Russell 2000 ETF
IWM
$82.2B
$306K 0.1%
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 Q3 2023 Portfolio in Review

As of Q3 2023, Cliffwater held 26 positions worth $305M, up 0.24% from $305M the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Trading was light in Q3 2023: portfolio turnover was 0%. Cliffwater opened no new positions and made no exits, leaving the 26-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 37% of assets, up from 34% a quarter earlier, followed by Real Estate.

  • Cliffwater added most to Sixth Street Specialty in Q3 2023, an estimated $4.1M increase.
  • Cliffwater's biggest Q3 2023 reduction was Barings BDC, cutting an estimated $6.98M.
  • Cliffwater's ten largest holdings make up 81% of its $305M portfolio in Q3 2023.
  • Cliffwater opened 0 new positions and closed 0 in Q3 2023.
  • Cliffwater's portfolio value rose 0.24% quarter-over-quarter to $305M.

Based on Cliffwater's 13F filing for Q3 2023, filed 14 Nov 2023.