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Cliffwater Portfolio holdings

AUM $377M
1-Year Est. Return 5.73%
This Fund
S&P 500
This Quarter Est. Return
+4.55%
1 Year Est. Return
+5.73%
3 Year Est. Return
+28.54%
5 Year Est. Return
+19.31%
10 Year Est. Return
–
AUM
$432M
AUM Growth
-$34.9M
Cap. Flow
-$52.3M
Cap. Flow %
-12.09%
Top 10 Hldgs %
95.85%
Holding
26
New
–
Increased
1
Reduced
11
Closed
3

Top Buys

Rank Stock Value
1
BBDC icon
Barings BDC
BBDC
+$30.9K

Top Sells

Rank Stock Value
1
ARCC icon
Ares Capital
ARCC
+$9.81M
2
VTI icon
Vanguard Total Stock Market ETF
VTI
+$8M
3
TSLX icon
Sixth Street Specialty
TSLX
+$7.72M
4
NMFC icon
New Mountain Finance
NMFC
+$5.16M
5
OBDC icon
Blue Owl Capital
OBDC
+$5.05M

Sector Composition

Rank Sector Weight
1 Financials 11.83%
2 Real Estate 6.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Total Stock Market ETF
VTI
$658B
$99.7M 23.05%
351,962
-29,344
-8% -$8M
ACWX icon
2
iShares MSCI ACWI ex US ETF
ACWX
$11.3B
$80.4M 18.6%
1,405,445
– –
VTHR icon
3
Vanguard Russell 3000 ETF
VTHR
$4.66B
$50.9M 11.77%
200,672
-650
-0.3% -$159K
VGIT icon
4
Vanguard Intermediate-Term Treasury ETF
VGIT
$41.9B
$46.4M 10.73%
767,859
– –
MSDL icon
5
Morgan Stanley Direct Lending Fund
MSDL
$1.31B
$42M 9.72%
2,124,028
-58,562
-3% -$1.21M
VEA icon
6
Vanguard FTSE Developed Markets ETF
VEA
$226B
$40.9M 9.47%
775,030
-7,545
-1% -$384K
FBRT
7
Franklin BSP Realty Trust
FBRT
$628M
$28.7M 6.63%
2,196,171
– –
VWO icon
8
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$10.1M 2.33%
210,943
-639
-0.3% -$28.4K
VCSH icon
9
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$8.02M 1.85%
100,955
– –
CVBF icon
10
CVB Financial
CVBF
$4.03B
$7.35M 1.7%
412,247
– –
SPY icon
11
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$7M 1.62%
12,204
– –
VNQ icon
12
Vanguard Real Estate ETF
VNQ
$39.6B
$6.81M 1.58%
69,923
– –
EEM icon
13
iShares MSCI Emerging Markets ETF
EEM
$28B
$1.85M 0.43%
40,400
– –
BBDC icon
14
Barings BDC
BBDC
$890M
$1.17M 0.27%
119,607
+3,117
+3% +$30.9K
IWM icon
15
iShares Russell 2000 ETF
IWM
$82.2B
$268K 0.06%
1,213
– –
TSLX icon
16
Sixth Street Specialty
TSLX
$1.66B
$175K 0.04%
8,501
-367,041
-98% -$7.72M
NMFC icon
17
New Mountain Finance
NMFC
$672M
$144K 0.03%
12,057
-422,723
-97% -$5.16M
BKLN icon
18
Invesco Senior Loan ETF
BKLN
$7.19B
$124K 0.03%
5,902
– –
BXSL icon
19
Blackstone Secured Lending
BXSL
$5.54B
$121K 0.03%
4,135
-152,755
-97% -$4.61M
OBDC icon
20
Blue Owl Capital
OBDC
$5.45B
$121K 0.03%
8,298
-336,015
-98% -$5.05M
IEFA icon
21
iShares Core MSCI EAFE ETF
IEFA
$186B
$80.9K 0.02%
1,036
– –
OCSL icon
22
Oaktree Specialty Lending
OCSL
$1.07B
$67.8K 0.02%
4,154
-137,248
-97% -$2.35M
SCM icon
23
Stellus Capital Investment Corp
SCM
$220M
$13.3K ﹤0.01%
981
-101,908
-99% -$1.41M
ARCC icon
24
Ares Capital
ARCC
$13.8B
– –
-470,794
Closed -$9.81M
GBDC icon
25
Golub Capital BDC
GBDC
$3.4B
– –
-158,036
Closed -$2.48M
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 2024 Portfolio in Review

As of Q3 2024, Cliffwater held 26 positions worth $432M, down 7.5% from $467M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Cliffwater withdrew a net $52.3M in Q3 2024, closing 3 positions and reducing 11 holdings. Its most notable exit was Ares Capital, an estimated $9.81M position sold in full.

By sector, the portfolio is most concentrated in Financials at 12% of assets, down from 21% a quarter earlier, followed by Real Estate.

Against the trend, Cliffwater added an estimated $30.9K to Barings BDC.

  • Cliffwater added most to Barings BDC in Q3 2024, an estimated $30.9K increase.
  • Cliffwater's biggest Q3 2024 reduction was Vanguard Total Stock Market ETF, cutting an estimated $8M.
  • Cliffwater fully exited Ares Capital in Q3 2024, selling an estimated $9.81M.
  • Cliffwater's ten largest holdings make up 96% of its $432M portfolio in Q3 2024.
  • Cliffwater opened 0 new positions and closed 3 in Q3 2024.
  • Cliffwater's portfolio value fell 7.5% quarter-over-quarter to $432M.

Based on Cliffwater's 13F filing for Q3 2024, filed 13 Nov 2024.