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C
Cliffwater Portfolio holdings
AUM
$377M
1-Year Est. Return
5.73%
This Fund
S&P 500
This Quarter
Est. Return
+7.22%
1 Year Est. Return
+5.73%
3 Year Est. Return
+28.54%
5 Year Est. Return
+19.31%
10 Year Est. Return
–
AUM
$350M
AUM Growth
+$44.4M
(+15%)
Cap. Flow
+$21.7M
Cap. Flow
% of AUM
6.21%
Top 10 Holdings %
Top 10 Hldgs %
82.24%
Holding
27
New
1
Increased
6
Reduced
11
Closed
4
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Intermediate-Term Treasury ETF
VGIT
|
+$44.1M |
| 2 |
Vanguard Total Stock Market ETF
VTI
|
+$2M |
| 3 |
Vanguard FTSE Developed Markets ETF
VEA
|
+$918K |
| 4 |
Blackstone Secured Lending
BXSL
|
+$574K |
| 5 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$185K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Russell 3000 ETF
VTHR
|
+$6.57M |
| 2 |
Sixth Street Specialty
TSLX
|
+$3.11M |
| 3 |
Blue Owl Capital
OBDC
|
+$2.32M |
| 4 |
SLR Investment Corp
SLRC
|
+$2.23M |
| 5 |
Ares Capital
ARCC
|
+$1.92M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.98% |
| 2 | Real Estate | 8.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard Total Stock Market ETF
VTI
$658B
| $93.5M | 26.74% |
394,179
+9,051
| +2% | +$2M |
|
|
2
Vanguard Intermediate-Term Treasury ETF
VGIT
$41.9B
| $45.3M | 12.96% |
+764,293
| New | +$44.1M |
|
|
3
Vanguard FTSE Developed Markets ETF
VEA
$226B
| $37.7M | 10.77% |
786,251
+20,502
| +3% | +$918K |
|
|
FBRT
4
Franklin BSP Realty Trust
FBRT
$628M
| $29.7M | 8.48% |
2,196,171
-76,777
| -3% | -$1.01M |
|
|
5
Sixth Street Specialty
TSLX
$1.66B
| $17.7M | 5.07% |
821,247
-151,603
| -16% | -$3.11M |
|
|
6
Ares Capital
ARCC
$13.8B
| $15.6M | 4.47% |
779,951
-98,552
| -11% | -$1.92M |
|
|
7
Vanguard Russell 3000 ETF
VTHR
$4.66B
| $15.1M | 4.32% |
71,048
-33,180
| -32% | -$6.57M |
|
|
8
Blue Owl Capital
OBDC
$5.45B
| $12M | 3.44% |
816,233
-163,425
| -17% | -$2.32M |
|
9
Golub Capital BDC
GBDC
$3.4B
| $11.4M | 3.27% |
757,082
-124,985
| -14% | -$1.84M |
|
10
New Mountain Finance
NMFC
$672M
| $9.49M | 2.71% |
746,115
-99,867
| -12% | -$1.27M |
|
|
11
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $8.69M | 2.48% |
211,344
+4,669
| +2% | +$185K |
|
12
CVB Financial
CVBF
$4.03B
| $8.32M | 2.38% |
412,247
-5,177
| -1% | -$91.9K |
|
|
13
Blackstone Secured Lending
BXSL
$5.54B
| $7.99M | 2.28% |
289,079
+20,769
| +8% | +$574K |
|
14
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
| $7.86M | 2.25% |
101,911
+1,007
| +1% | +$76.3K |
|
15
BlackRock TCP Capital
TCPC
$278M
| $7.26M | 2.08% |
628,928
-59,648
| -9% | -$677K |
|
16
Vanguard Real Estate ETF
VNQ
$39.6B
| $6.18M | 1.77% |
69,923
| – | – |
|
17
State Street SPDR S&P 500 ETF Trust
SPY
$774B
| $5.8M | 1.66% |
12,204
| – | – |
|
18
Oaktree Specialty Lending
OCSL
$1.07B
| $5.76M | 1.65% |
281,986
-77,607
| -22% | -$1.53M |
|
19
iShares MSCI Emerging Markets ETF
EEM
$28B
| $1.62M | 0.46% |
40,400
| – | – |
|
20
Stellus Capital Investment Corp
SCM
$220M
| $1.24M | 0.35% |
97,189
-33,991
| -26% | -$439K |
|
21
Barings BDC
BBDC
$890M
| $972K | 0.28% |
113,298
+3,235
| +3% | +$28.8K |
|
22
iShares Russell 2000 ETF
IWM
$82.2B
| $347K | 0.1% |
1,729
| – | – |
|
23
iShares Core MSCI EAFE ETF
IEFA
$186B
| $72.9K | 0.02% |
1,036
| – | – |
|
24
Crescent Capital BDC
CCAP
$407M
| – | – |
-88,274
| Closed | -$1.51M |
|
25
Goldman Sachs BDC
GSBD
$994M
| – | – |
-67,905
| Closed | -$989K |
|
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Cliffwater's Q4 2023 Portfolio in Review
As of Q4 2023, Cliffwater held 27 positions worth $350M, up 15% from $305M the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Cliffwater deployed $21.7M of net new capital in Q4 2023, opening 1 new position and adding to 6 existing holdings. Its largest new stake was Vanguard Intermediate-Term Treasury ETF: 764,293 shares worth $45.3M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 37% a quarter earlier, followed by Real Estate.
On the sell side, the largest reduction was Vanguard Russell 3000 ETF, an estimated $6.57M trimmed.
- Cliffwater's largest Q4 2023 buy was Vanguard Intermediate-Term Treasury ETF: 764,293 shares worth $45.3M.
- Cliffwater added most to Vanguard Total Stock Market ETF in Q4 2023, an estimated $2M increase.
- Cliffwater's biggest Q4 2023 reduction was Vanguard Russell 3000 ETF, cutting an estimated $6.57M.
- Cliffwater fully exited SLR Investment Corp in Q4 2023, selling an estimated $2.23M.
- Cliffwater's ten largest holdings make up 82% of its $350M portfolio in Q4 2023.
- Cliffwater opened 1 new position and closed 4 in Q4 2023.
- Cliffwater's portfolio value rose 15% quarter-over-quarter to $350M.
Based on Cliffwater's 13F filing for Q4 2023, filed 13 Feb 2024.