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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+4.55%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
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 Morningstar 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 Miscellaneous 81.53%
2 Financials 11.83%
3 Real Estate 6.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$690B
$99.7M 23.05%
351,962
-29,344
-8% -$8M
ACWX icon
2
iShares MSCI ACWI ex US ETF
ACWX
$12.6B
$80.4M 18.6%
1,405,445
– –
VTHR icon
3
Vanguard Russell 3000 ETF
VTHR
$4.85B
$50.9M 11.77%
200,672
-650
-0.3% -$159K
VGIT icon
4
Vanguard Intermediate-Term Treasury ETF
VGIT
$42.1B
$46.4M 10.73%
767,859
– –
MSDL icon
5
Morgan Stanley Direct Lending Fund
MSDL
$1.28B
$42M 9.72%
2,124,028
-58,562
-3% -$1.21M
VEA icon
6
Vanguard FTSE Developed Markets ETF
VEA
$239B
$40.9M 9.47%
775,030
-7,545
-1% -$384K
FBRT
7
Franklin BSP Realty Trust
FBRT
$708M
$28.7M 6.63%
2,196,171
– –
VWO icon
8
Vanguard FTSE Emerging Markets ETF
VWO
$127B
$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
$3.96B
$7.35M 1.7%
412,247
– –
SPY icon
11
State Street SPDR S&P 500 ETF Trust
SPY
$818B
$7M 1.62%
12,204
– –
VNQ icon
12
Vanguard Real Estate ETF
VNQ
$38.4B
$6.81M 1.58%
69,923
– –
EEM icon
13
iShares MSCI Emerging Markets ETF
EEM
$31.4B
$1.85M 0.43%
40,400
– –
BBDC icon
14
Barings BDC
BBDC
$941M
$1.17M 0.27%
119,607
+3,117
+3% +$30.9K
IWM icon
15
iShares Russell 2000 ETF
IWM
$81B
$268K 0.06%
1,213
– –
TSLX icon
16
Sixth Street Specialty
TSLX
$1.75B
$175K 0.04%
8,501
-367,041
-98% -$7.72M
NMFC icon
17
New Mountain Finance
NMFC
$706M
$144K 0.03%
12,057
-422,723
-97% -$5.16M
BKLN icon
18
Invesco Senior Loan ETF
BKLN
$6.73B
$124K 0.03%
5,902
– –
BXSL icon
19
Blackstone Secured Lending
BXSL
$5.75B
$121K 0.03%
4,135
-152,755
-97% -$4.61M
OBDC icon
20
Blue Owl Capital
OBDC
$5.61B
$121K 0.03%
8,298
-336,015
-98% -$5.05M
IEFA icon
21
iShares Core MSCI EAFE ETF
IEFA
$196B
$80.9K 0.02%
1,036
– –
OCSL icon
22
Oaktree Specialty Lending
OCSL
$1.16B
$67.8K 0.02%
4,154
-137,248
-97% -$2.35M
SCM icon
23
Stellus Capital Investment Corp
SCM
$248M
$13.3K ﹤0.01%
981
-101,908
-99% -$1.41M
ARCC icon
24
Ares Capital
ARCC
$14.4B
– –
-470,794
Closed -$9.81M
GBDC icon
25
Golub Capital BDC
GBDC
$3.37B
– –
-158,036
Closed -$2.48M
1
2

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GMF
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SWM
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PCM
Ping Capital Management New York $401M AUM 32.08% 1-Year Est. Return
HWMO
Heritage Wealth Management (Ohio) Cincinnati, Ohio $401M AUM 32.53% 1-Year Est. Return
ACM
Absolute Capital Management Pittsburgh, Pennsylvania $401M AUM 36.5% 1-Year Est. Return
GAM
Grandview Asset Management Harrisburg, Pennsylvania $403M AUM 38.49% 1-Year Est. Return
WG
Wealth Group Raleigh, North Carolina $401M AUM
PFS
Physicians Financial Services Raleigh, North Carolina $401M AUM 34.09% 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 Miscellaneous at 82% of assets, up from 73% a quarter earlier, followed by Financials and 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 Morningstar 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.