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Cliffwater Portfolio holdings

AUM $377M
1-Year Est. Return 5.73%
This Fund
S&P 500
This Quarter Est. Return
-1.4%
1 Year Est. Return
+5.73%
3 Year Est. Return
+28.54%
5 Year Est. Return
+19.31%
10 Year Est. Return
–
AUM
$409M
AUM Growth
-$23.7M
Cap. Flow
-$15.6M
Cap. Flow %
-3.81%
Top 10 Hldgs %
95.88%
Holding
25
New
2
Increased
1
Reduced
6
Closed
6

Top Buys

Rank Stock Value
1
VTHR icon
Vanguard Russell 3000 ETF
VTHR
+$16.1M
2
TOST icon
Toast
TOST
+$112K
3
NU icon
Nu Holdings
NU
+$72.8K

Top Sells

Rank Stock Value
1
ACWX icon
iShares MSCI ACWI ex US ETF
ACWX
+$16.8M
2
MSDL icon
Morgan Stanley Direct Lending Fund
MSDL
+$13.9M
3
VTI icon
Vanguard Total Stock Market ETF
VTI
+$340K
4
TSLX icon
Sixth Street Specialty
TSLX
+$175K
5
NMFC icon
New Mountain Finance
NMFC
+$144K

Sector Composition

Rank Sector Weight
1 Financials 9.76%
2 Real Estate 6.74%
3 Technology 0.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Total Stock Market ETF
VTI
$658B
$102M 24.87%
350,796
-1,166
-0.3% -$340K
VTHR icon
2
Vanguard Russell 3000 ETF
VTHR
$4.66B
$68.1M 16.66%
262,086
+61,414
+31% +$16.1M
ACWX icon
3
iShares MSCI ACWI ex US ETF
ACWX
$11.3B
$57.3M 14.02%
1,098,677
-306,768
-22% -$16.8M
VGIT icon
4
Vanguard Intermediate-Term Treasury ETF
VGIT
$41.9B
$44.5M 10.9%
767,859
– –
VEA icon
5
Vanguard FTSE Developed Markets ETF
VEA
$226B
$37M 9.06%
774,022
-1,008
-0.1% -$50.6K
MSDL icon
6
Morgan Stanley Direct Lending Fund
MSDL
$1.31B
$29.9M 7.31%
1,446,014
-678,014
-32% -$13.9M
FBRT
7
Franklin BSP Realty Trust
FBRT
$628M
$27.5M 6.74%
2,196,171
– –
VWO icon
8
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$9.22M 2.26%
209,303
-1,640
-0.8% -$76.2K
CVBF icon
9
CVB Financial
CVBF
$4.03B
$8.83M 2.16%
412,247
– –
VCSH icon
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$7.82M 1.91%
100,189
-766
-0.8% -$60.1K
SPY icon
11
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$7.15M 1.75%
12,204
– –
VNQ icon
12
Vanguard Real Estate ETF
VNQ
$39.6B
$6.23M 1.52%
69,923
– –
EEM icon
13
iShares MSCI Emerging Markets ETF
EEM
$28B
$1.69M 0.41%
40,400
– –
BBDC icon
14
Barings BDC
BBDC
$890M
$1.14M 0.28%
119,607
– –
IWM icon
15
iShares Russell 2000 ETF
IWM
$82.2B
$268K 0.07%
1,213
– –
BKLN icon
16
Invesco Senior Loan ETF
BKLN
$7.19B
$124K 0.03%
5,902
– –
TOST icon
17
Toast
TOST
$17.4B
$117K 0.03%
+3,197
New +$112K
IEFA icon
18
iShares Core MSCI EAFE ETF
IEFA
$186B
$72.8K 0.02%
1,036
– –
NU icon
19
Nu Holdings
NU
$65.6B
$56.7K 0.01%
+5,472
New +$72.8K
BXSL icon
20
Blackstone Secured Lending
BXSL
$5.54B
– –
-4,135
Closed -$121K
NMFC icon
21
New Mountain Finance
NMFC
$672M
– –
-12,057
Closed -$144K
OBDC icon
22
Blue Owl Capital
OBDC
$5.45B
– –
-8,298
Closed -$121K
OCSL icon
23
Oaktree Specialty Lending
OCSL
$1.07B
– –
-4,154
Closed -$67.8K
SCM icon
24
Stellus Capital Investment Corp
SCM
$220M
– –
-981
Closed -$13.3K
TSLX icon
25
Sixth Street Specialty
TSLX
$1.66B
– –
-8,501
Closed -$175K

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 Q4 2024 Portfolio in Review

As of Q4 2024, Cliffwater held 25 positions worth $409M, down 5.5% from $432M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Cliffwater withdrew a net $15.6M in Q4 2024, closing 6 positions and reducing 6 holdings. Its most notable exit was Sixth Street Specialty, an estimated $175K position sold in full.

By sector, the portfolio is most concentrated in Financials at 9.8% of assets, down from 12% a quarter earlier, followed by Real Estate and Technology.

Against the trend, Cliffwater opened a new position in Toast worth $117K.

  • Cliffwater's largest Q4 2024 buy was Toast: 3,197 shares worth $117K.
  • Cliffwater added most to Vanguard Russell 3000 ETF in Q4 2024, an estimated $16.1M increase.
  • Cliffwater's biggest Q4 2024 reduction was iShares MSCI ACWI ex US ETF, cutting an estimated $16.8M.
  • Cliffwater fully exited Sixth Street Specialty in Q4 2024, selling an estimated $175K.
  • Cliffwater's ten largest holdings make up 96% of its $409M portfolio in Q4 2024.
  • Cliffwater opened 2 new positions and closed 6 in Q4 2024.
  • Cliffwater's portfolio value fell 5.5% quarter-over-quarter to $409M.

Based on Cliffwater's 13F filing for Q4 2024, filed 14 Feb 2025.