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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+4.25%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$371M
AUM Growth
+$21.3M
Cap. Flow
+$7.21M
Cap. Flow %
1.94%
Top 10 Hldgs %
85.17%
Holding
25
New
2
Increased
5
Reduced
10
Closed
–

Top Buys

Rank Stock Value
1
MSDL icon
Morgan Stanley Direct Lending Fund
MSDL
+$45.1M
2
VGIT icon
Vanguard Intermediate-Term Treasury ETF
VGIT
+$333K
3
BKLN icon
Invesco Senior Loan ETF
BKLN
+$126K
4
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$38.8K
5
SCM icon
Stellus Capital Investment Corp
SCM
+$36.1K

Top Sells

Rank Stock Value
1
TSLX icon
Sixth Street Specialty
TSLX
+$7.12M
2
ARCC icon
Ares Capital
ARCC
+$6.64M
3
OBDC icon
Blue Owl Capital
OBDC
+$5.6M
4
GBDC icon
Golub Capital BDC
GBDC
+$4.88M
5
NMFC icon
New Mountain Finance
NMFC
+$4.09M

Sector Composition

Rank Sector Weight
1 Financials 28.96%
2 Real Estate 7.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$102M 27.53%
393,028
-1,151
-0.3% -$285K
MSDL icon
2
Morgan Stanley Direct Lending Fund
MSDL
$1.3B
$47M 12.68%
+2,182,590
New +$45.1M
VGIT icon
3
Vanguard Intermediate-Term Treasury ETF
VGIT
$42.4B
$44.8M 12.08%
769,975
+5,682
+0.7% +$333K
VEA icon
4
Vanguard FTSE Developed Markets ETF
VEA
$239B
$39.5M 10.64%
787,054
+803
+0.1% +$38.8K
FBRT
5
Franklin BSP Realty Trust
FBRT
$672M
$29.3M 7.91%
2,196,171
– –
VTHR icon
6
Vanguard Russell 3000 ETF
VTHR
$4.88B
$16.6M 4.46%
71,048
– –
TSLX icon
7
Sixth Street Specialty
TSLX
$1.79B
$10.5M 2.83%
489,979
-331,268
-40% -$7.12M
ARCC icon
8
Ares Capital
ARCC
$14.3B
$9.41M 2.54%
452,062
-327,889
-42% -$6.64M
VWO icon
9
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$8.84M 2.38%
211,582
+238
+0.1% +$9.71K
VCSH icon
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$7.86M 2.12%
102,264
+353
+0.3% +$27.3K
CVBF icon
11
CVB Financial
CVBF
$4.1B
$7.35M 1.98%
412,247
– –
GBDC icon
12
Golub Capital BDC
GBDC
$3.46B
$7.23M 1.95%
444,840
-312,242
-41% -$4.88M
OBDC icon
13
Blue Owl Capital
OBDC
$5.81B
$6.83M 1.84%
444,110
-372,123
-46% -$5.6M
SPY icon
14
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$6.38M 1.72%
12,204
– –
VNQ icon
15
Vanguard Real Estate ETF
VNQ
$39.2B
$6.05M 1.63%
69,923
– –
NMFC icon
16
New Mountain Finance
NMFC
$730M
$5.39M 1.45%
425,174
-320,941
-43% -$4.09M
BXSL icon
17
Blackstone Secured Lending
BXSL
$5.77B
$4.8M 1.29%
153,945
-135,134
-47% -$3.96M
TCPC icon
18
BlackRock TCP Capital
TCPC
$343M
$3.82M 1.03%
366,345
-262,583
-42% -$2.9M
OCSL icon
19
Oaktree Specialty Lending
OCSL
$1.15B
$2.72M 0.73%
138,413
-143,573
-51% -$2.9M
EEM icon
20
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$1.66M 0.45%
40,400
– –
SCM icon
21
Stellus Capital Investment Corp
SCM
$248M
$1.3M 0.35%
99,960
+2,771
+3% +$36.1K
BBDC icon
22
Barings BDC
BBDC
$976M
$1.05M 0.28%
113,298
– –
IWM icon
23
iShares Russell 2000 ETF
IWM
$82.8B
$255K 0.07%
1,213
-516
-30% -$103K
BKLN icon
24
Invesco Senior Loan ETF
BKLN
$6.76B
$125K 0.03%
+5,944
New +$126K
IEFA icon
25
iShares Core MSCI EAFE ETF
IEFA
$196B
$76.9K 0.02%
1,036
– –

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NFG
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EPAM
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GIPM
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PCP
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IVLAV
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LPC
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Cliffwater's Q1 2024 Portfolio in Review

As of Q1 2024, Cliffwater held 25 positions worth $371M, up 6.1% from $350M the previous quarter. Its ten largest holdings account for 85% of the portfolio.

Cliffwater's Q1 2024 filing shows 2 new, 5 increased and 10 reduced positions. Its largest new stake was Morgan Stanley Direct Lending Fund: 2,182,590 shares worth $47M. The largest sale was Sixth Street Specialty, an estimated $7.12M.

By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 28% a quarter earlier, followed by Real Estate.

  • Cliffwater's largest Q1 2024 buy was Morgan Stanley Direct Lending Fund: 2,182,590 shares worth $47M.
  • Cliffwater added most to Vanguard Intermediate-Term Treasury ETF in Q1 2024, an estimated $333K increase.
  • Cliffwater's biggest Q1 2024 reduction was Sixth Street Specialty, cutting an estimated $7.12M.
  • Cliffwater's ten largest holdings make up 85% of its $371M portfolio in Q1 2024.
  • Cliffwater opened 2 new positions and closed 0 in Q1 2024.
  • Cliffwater's portfolio value rose 6.1% quarter-over-quarter to $371M.

Based on Cliffwater's 13F filing for Q1 2024, filed 10 May 2024.