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Cliffwater Portfolio holdings

AUM $377M
1-Year Est. Return 5.73%
This Fund
S&P 500
This Quarter Est. Return
+0.5%
1 Year Est. Return
+5.73%
3 Year Est. Return
+28.54%
5 Year Est. Return
+19.31%
10 Year Est. Return
–
AUM
$467M
AUM Growth
+$96.3M
Cap. Flow
+$93.7M
Cap. Flow %
20.04%
Top 10 Hldgs %
87.89%
Holding
26
New
1
Increased
7
Reduced
9
Closed
–

Top Buys

Rank Stock Value
1
ACWX icon
iShares MSCI ACWI ex US ETF
ACWX
+$75M
2
VTHR icon
Vanguard Russell 3000 ETF
VTHR
+$30.2M
3
ARCC icon
Ares Capital
ARCC
+$391K
4
NMFC icon
New Mountain Finance
NMFC
+$120K
5
BXSL icon
Blackstone Secured Lending
BXSL
+$92.2K

Top Sells

Rank Stock Value
1
GBDC icon
Golub Capital BDC
GBDC
+$4.71M
2
VTI icon
Vanguard Total Stock Market ETF
VTI
+$3.03M
3
TSLX icon
Sixth Street Specialty
TSLX
+$2.44M
4
OBDC icon
Blue Owl Capital
OBDC
+$1.6M
5
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$223K

Sector Composition

Rank Sector Weight
1 Financials 21.32%
2 Real Estate 5.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Total Stock Market ETF
VTI
$658B
$102M 21.83%
381,306
-11,722
-3% -$3.03M
ACWX icon
2
iShares MSCI ACWI ex US ETF
ACWX
$11.3B
$74.7M 15.98%
+1,405,445
New +$75M
VTHR icon
3
Vanguard Russell 3000 ETF
VTHR
$4.66B
$48.2M 10.32%
201,322
+130,274
+183% +$30.2M
MSDL icon
4
Morgan Stanley Direct Lending Fund
MSDL
$1.31B
$47.7M 10.2%
2,182,590
– –
VGIT icon
5
Vanguard Intermediate-Term Treasury ETF
VGIT
$41.9B
$44.7M 9.57%
767,859
-2,116
-0.3% -$122K
VEA icon
6
Vanguard FTSE Developed Markets ETF
VEA
$226B
$38.7M 8.28%
782,575
-4,479
-0.6% -$223K
FBRT
7
Franklin BSP Realty Trust
FBRT
$628M
$27.7M 5.92%
2,196,171
– –
ARCC icon
8
Ares Capital
ARCC
$13.8B
$9.81M 2.1%
470,794
+18,732
+4% +$391K
VWO icon
9
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$9.26M 1.98%
211,582
– –
TSLX icon
10
Sixth Street Specialty
TSLX
$1.66B
$8.02M 1.72%
375,542
-114,437
-23% -$2.44M
VCSH icon
11
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$7.8M 1.67%
100,955
-1,309
-1% -$101K
CVBF icon
12
CVB Financial
CVBF
$4.03B
$7.11M 1.52%
412,247
– –
SPY icon
13
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$6.64M 1.42%
12,204
– –
VNQ icon
14
Vanguard Real Estate ETF
VNQ
$39.6B
$5.86M 1.25%
69,923
– –
NMFC icon
15
New Mountain Finance
NMFC
$672M
$5.32M 1.14%
434,780
+9,606
+2% +$120K
OBDC icon
16
Blue Owl Capital
OBDC
$5.45B
$5.29M 1.13%
344,313
-99,797
-22% -$1.6M
BXSL icon
17
Blackstone Secured Lending
BXSL
$5.54B
$4.8M 1.03%
156,890
+2,945
+2% +$92.2K
TCPC icon
18
BlackRock TCP Capital
TCPC
$278M
$3.93M 0.84%
364,185
-2,160
-0.6% -$22.9K
OCSL icon
19
Oaktree Specialty Lending
OCSL
$1.07B
$2.66M 0.57%
141,402
+2,989
+2% +$57.8K
GBDC icon
20
Golub Capital BDC
GBDC
$3.4B
$2.48M 0.53%
158,036
-286,804
-64% -$4.71M
EEM icon
21
iShares MSCI Emerging Markets ETF
EEM
$28B
$1.72M 0.37%
40,400
– –
SCM icon
22
Stellus Capital Investment Corp
SCM
$220M
$1.4M 0.3%
102,889
+2,929
+3% +$40.4K
BBDC icon
23
Barings BDC
BBDC
$890M
$1.13M 0.24%
116,490
+3,192
+3% +$30.6K
IWM icon
24
iShares Russell 2000 ETF
IWM
$82.2B
$246K 0.05%
1,213
– –
BKLN icon
25
Invesco Senior Loan ETF
BKLN
$7.19B
$124K 0.03%
5,902
-42
-0.7% -$887
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 2024 Portfolio in Review

As of Q2 2024, Cliffwater held 26 positions worth $467M, up 26% from $371M the previous quarter. Its ten largest holdings account for 88% of the portfolio.

Cliffwater deployed $93.7M of net new capital in Q2 2024, opening 1 new position and adding to 7 existing holdings. Its largest new stake was iShares MSCI ACWI ex US ETF: 1,405,445 shares worth $74.7M.

By sector, the portfolio is most concentrated in Financials at 21% of assets, down from 29% a quarter earlier, followed by Real Estate.

On the sell side, the largest reduction was Golub Capital BDC, an estimated $4.71M trimmed.

  • Cliffwater's largest Q2 2024 buy was iShares MSCI ACWI ex US ETF: 1,405,445 shares worth $74.7M.
  • Cliffwater added most to Vanguard Russell 3000 ETF in Q2 2024, an estimated $30.2M increase.
  • Cliffwater's biggest Q2 2024 reduction was Golub Capital BDC, cutting an estimated $4.71M.
  • Cliffwater's ten largest holdings make up 88% of its $467M portfolio in Q2 2024.
  • Cliffwater opened 1 new position and closed 0 in Q2 2024.
  • Cliffwater's portfolio value rose 26% quarter-over-quarter to $467M.

Based on Cliffwater's 13F filing for Q2 2024, filed 14 Aug 2024.