C

Cliffwater Portfolio holdings

AUM $402M Turnover 9.09%
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
–
Avg Time Held
3.9 years
Top 10 Avg Time Held
2.5 years
Top 20 Avg Time Held
3.1 years

Top Buys

Rank Stock Value
1
TEM icon
Tempus AI
TEM
+$746K
2
TECX icon
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 Miscellaneous 88.76%
2 Real Estate 7.31%
3 Financials 3.58%
4 Healthcare 0.26%
5 Technology 0.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$694B
$96.3M 25.18%
350,519
-277
-0.1% -$80.5K
2017 Q4
29 quarters
VTHR icon
2
Vanguard Russell 3000 ETF
VTHR
$4.91B
$64.7M 16.91%
262,086
– –
2020 Q3
18 quarters
ACWX icon
3
iShares MSCI ACWI ex US ETF
ACWX
$17.4B
$60.9M 15.93%
1,098,677
– –
2024 Q2
3 quarters
VGIT icon
4
Vanguard Intermediate-Term Treasury ETF
VGIT
$39.8B
$45.6M 11.92%
767,859
– –
2023 Q4
5 quarters
VEA icon
5
Vanguard FTSE Developed Markets ETF
VEA
$227B
$39.3M 10.28%
773,638
-384
-0% -$19.4K
2017 Q4
29 quarters
FBRT icon
6
Franklin BSP Realty Trust
FBRT
$500M
$28M 7.31%
2,196,171
– –
2022 Q4
9 quarters
VWO icon
7
Vanguard FTSE Emerging Markets ETF
VWO
$124B
$9.47M 2.48%
209,303
– –
2017 Q4
29 quarters
VCSH icon
8
Vanguard Short-Term Corporate Bond ETF
VCSH
$43.9B
$7.85M 2.05%
99,427
-762
-0.8% -$59.7K
2017 Q4
29 quarters
CVBF icon
9
CVB Financial
CVBF
$3.76B
$7.61M 1.99%
412,247
– –
2018 Q3
26 quarters
SPY icon
10
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$6.83M 1.78%
12,204
– –
2017 Q4
29 quarters
VNQ icon
11
Vanguard Real Estate ETF
VNQ
$36.2B
$6.33M 1.65%
69,923
– –
2017 Q4
29 quarters
MSDL icon
12
Morgan Stanley Direct Lending Fund
MSDL
$1.09B
$4.83M 1.26%
242,195
-1,203,819
-83% -$24.9M
2024 Q1
4 quarters
EEM icon
13
iShares MSCI Emerging Markets ETF
EEM
$29.8B
$1.77M 0.46%
40,400
– –
2017 Q4
29 quarters
BBDC icon
14
Barings BDC
BBDC
$886M
$1.21M 0.32%
126,753
+7,146
+6% +$70.5K
2019 Q2
23 quarters
TEM icon
15
Tempus AI
TEM
$12.4B
$667K 0.17%
+13,824
New +$746K
2025 Q1
0 quarters
TECX icon
16
Tectonic Therapeutic
TECX
$410M
$272K 0.07%
+15,369
New +$501K
2025 Q1
0 quarters
IWM icon
17
iShares Russell 2000 ETF
IWM
$76.4B
$242K 0.06%
1,213
– –
2017 Q4
29 quarters
RBRK icon
18
Rubrik
RBRK
$23.6B
$194K 0.05%
+3,184
New +$217K
2025 Q1
0 quarters
BKLN icon
19
Invesco Senior Loan ETF
BKLN
$6.26B
$122K 0.03%
5,902
– –
2024 Q1
4 quarters
TOST icon
20
Toast
TOST
$17.3B
$106K 0.03%
3,197
– –
2024 Q4
1 quarter
IEFA icon
21
iShares Core MSCI EAFE ETF
IEFA
$189B
$78.4K 0.02%
1,036
– –
2017 Q4
29 quarters
OSCR icon
22
Oscar Health
OSCR
$10.6B
$58.1K 0.02%
+4,431
New +$65.8K
2025 Q1
0 quarters
NU icon
23
Nu Holdings
NU
$72.1B
$56K 0.01%
5,472
– –
2024 Q4
1 quarter

Similar funds

GMF
Grace & Mercy Foundation New York $402M AUM 6.97% 1-Year Est. Return
SWM
Sterling Wealth Management Champaign, Illinois $402M AUM 20.65% 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
RAM
Redmond Asset Management Henrico, Virginia $401M AUM 14.95% 1-Year Est. Return

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 Miscellaneous at 89% of assets, up from 83% a quarter earlier, followed by Real Estate and Financials.

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.