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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
-0.33%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$383M
AUM Growth
-$26.2M
Cap. Flow
-$23.5M
Cap. Flow %
-6.13%
Top 10 Hldgs %
95.83%
Holding
23
New
4
Increased
1
Reduced
4
Closed
–

Top Buys

Rank Stock Value
1
TEM
Tempus AI
TEM
+$746K
2
TECX
Tectonic Therapeutic
TECX
+$501K
3
RBRK icon
Rubrik
RBRK
+$217K
4
BBDC icon
Barings BDC
BBDC
+$70.5K
5
OSCR icon
Oscar Health
OSCR
+$65.8K

Top Sells

Rank Stock Value
1
MSDL icon
Morgan Stanley Direct Lending Fund
MSDL
+$24.9M
2
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$80.5K
3
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$59.7K
4
VEA icon
Vanguard FTSE Developed Markets ETF
VEA
+$19.4K

Sector Composition

Rank Sector Weight
1 Real Estate 7.31%
2 Financials 3.58%
3 Healthcare 0.26%
4 Technology 0.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$695B
$96.3M 25.18%
350,519
-277
-0.1% -$80.5K
VTHR icon
2
Vanguard Russell 3000 ETF
VTHR
$4.88B
$64.7M 16.91%
262,086
– –
ACWX icon
3
iShares MSCI ACWI ex US ETF
ACWX
$12B
$60.9M 15.93%
1,098,677
– –
VGIT icon
4
Vanguard Intermediate-Term Treasury ETF
VGIT
$42.4B
$45.6M 11.92%
767,859
– –
VEA icon
5
Vanguard FTSE Developed Markets ETF
VEA
$239B
$39.3M 10.28%
773,638
-384
-0% -$19.4K
FBRT
6
Franklin BSP Realty Trust
FBRT
$672M
$28M 7.31%
2,196,171
– –
VWO icon
7
Vanguard FTSE Emerging Markets ETF
VWO
$125B
$9.47M 2.48%
209,303
– –
VCSH icon
8
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$7.85M 2.05%
99,427
-762
-0.8% -$59.7K
CVBF icon
9
CVB Financial
CVBF
$4.1B
$7.61M 1.99%
412,247
– –
SPY icon
10
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$6.83M 1.78%
12,204
– –
VNQ icon
11
Vanguard Real Estate ETF
VNQ
$39.2B
$6.33M 1.65%
69,923
– –
MSDL icon
12
Morgan Stanley Direct Lending Fund
MSDL
$1.3B
$4.83M 1.26%
242,195
-1,203,819
-83% -$24.9M
EEM icon
13
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$1.77M 0.46%
40,400
– –
BBDC icon
14
Barings BDC
BBDC
$976M
$1.21M 0.32%
126,753
+7,146
+6% +$70.5K
TEM
15
Tempus AI
TEM
$9.43B
$667K 0.17%
+13,824
New +$746K
TECX
16
Tectonic Therapeutic
TECX
$682M
$272K 0.07%
+15,369
New +$501K
IWM icon
17
iShares Russell 2000 ETF
IWM
$82.8B
$242K 0.06%
1,213
– –
RBRK icon
18
Rubrik
RBRK
$21B
$194K 0.05%
+3,184
New +$217K
BKLN icon
19
Invesco Senior Loan ETF
BKLN
$6.76B
$122K 0.03%
5,902
– –
TOST icon
20
Toast
TOST
$20.2B
$106K 0.03%
3,197
– –
IEFA icon
21
iShares Core MSCI EAFE ETF
IEFA
$196B
$78.4K 0.02%
1,036
– –
OSCR icon
22
Oscar Health
OSCR
$10.1B
$58.1K 0.02%
+4,431
New +$65.8K
NU icon
23
Nu Holdings
NU
$73.4B
$56K 0.01%
5,472
– –

Similar funds

BLC
Brown, Lisle/Cummings Providence, Rhode Island $400M AUM 18.79% 1-Year Est. Return
NFG
Northeast Financial Group Tannersville, Pennsylvania $404M AUM 12.61% 1-Year Est. Return
EPAM
Evelyn Partners Asset Management London $406M AUM 19.36% 1-Year Est. Return
GIPM
G2 Investment Partners Management New York $406M AUM 164.47% 1-Year Est. Return
PCP
Perbak Capital Partners London, United Kingdom $406M AUM 17.25% 1-Year Est. Return
EH
EMG Holdings Old Greenwich, Connecticut $397M AUM 9.97% 1-Year Est. Return
IVLAV
Index Venture Life Associates VI St. Helier, Jersey $396M AUM 176.22% 1-Year Est. Return
LPC
Lineage Point Capital Palm Beach, Florida $409M AUM

Cliffwater's Q1 2025 Portfolio in Review

As of Q1 2025, Cliffwater held 23 positions worth $383M, down 6.4% from $409M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Cliffwater withdrew a net $23.5M in Q1 2025, reducing 4 holdings. Its largest reduction was Morgan Stanley Direct Lending Fund, cutting an estimated $24.9M.

By sector, the portfolio is most concentrated in Real Estate at 7.3% of assets, up from 6.7% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Cliffwater opened a new position in Tempus AI worth $667K.

  • Cliffwater's largest Q1 2025 buy was Tempus AI: 13,824 shares worth $667K.
  • Cliffwater added most to Barings BDC in Q1 2025, an estimated $70.5K increase.
  • Cliffwater's biggest Q1 2025 reduction was Morgan Stanley Direct Lending Fund, cutting an estimated $24.9M.
  • Cliffwater's ten largest holdings make up 96% of its $383M portfolio in Q1 2025.
  • Cliffwater opened 4 new positions and closed 0 in Q1 2025.
  • Cliffwater's portfolio value fell 6.4% quarter-over-quarter to $383M.

Based on Cliffwater's 13F filing for Q1 2025, filed 14 May 2025.