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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+4.57%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$486M
AUM Growth
+$104M
Cap. Flow
+$81.3M
Cap. Flow %
16.73%
Top 10 Hldgs %
94.6%
Holding
27
New
4
Increased
1
Reduced
8
Closed
3

Top Buys

Rank Stock Value
1
OTF
Blue Owl Technology Finance Corp
OTF
+$105M
2
CGBD icon
Carlyle Secured Lending
CGBD
+$7.8M
3
CVNA icon
Carvana
CVNA
+$511K
4
PAY icon
Paymentus
PAY
+$127K
5
TOST icon
Toast
TOST
+$50.3K

Top Sells

Rank Stock Value
1
FBRT
Franklin BSP Realty Trust
FBRT
+$13.2M
2
VTHR icon
Vanguard Russell 3000 ETF
VTHR
+$6.6M
3
MSDL icon
Morgan Stanley Direct Lending Fund
MSDL
+$4.83M
4
VGIT icon
Vanguard Intermediate-Term Treasury ETF
VGIT
+$3.42M
5
ACWX icon
iShares MSCI ACWI ex US ETF
ACWX
+$2.89M

Sector Composition

Rank Sector Weight
1 Miscellaneous 73.06%
2 Financials 24.42%
3 Real Estate 2.25%
4 Consumer Discretionary 0.13%
5 Technology 0.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$690B
$106M 21.89%
350,195
-324
-0.1% -$91.1K
OTF
2
Blue Owl Technology Finance Corp
OTF
$5.24B
$102M 20.94%
+6,678,147
New +$105M
VTHR icon
3
Vanguard Russell 3000 ETF
VTHR
$4.85B
$64.4M 13.23%
235,936
-26,150
-10% -$6.6M
ACWX icon
4
iShares MSCI ACWI ex US ETF
ACWX
$12.6B
$63.9M 13.14%
1,048,621
-50,056
-5% -$2.89M
VEA icon
5
Vanguard FTSE Developed Markets ETF
VEA
$239B
$44M 9.04%
771,122
-2,516
-0.3% -$135K
VGIT icon
6
Vanguard Intermediate-Term Treasury ETF
VGIT
$42.1B
$42.5M 8.73%
710,087
-57,772
-8% -$3.42M
FBRT
7
Franklin BSP Realty Trust
FBRT
$708M
$10.9M 2.25%
1,022,788
-1,173,383
-53% -$13.2M
VWO icon
8
Vanguard FTSE Emerging Markets ETF
VWO
$127B
$10.3M 2.12%
208,613
-690
-0.3% -$32K
CVBF icon
9
CVB Financial
CVBF
$3.96B
$8.16M 1.68%
412,247
– –
VCSH icon
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$7.7M 1.58%
96,812
-2,615
-3% -$206K
SPY icon
11
State Street SPDR S&P 500 ETF Trust
SPY
$818B
$7.54M 1.55%
12,204
– –
CGBD icon
12
Carlyle Secured Lending
CGBD
$796M
$7.51M 1.54%
+548,617
New +$7.8M
VNQ icon
13
Vanguard Real Estate ETF
VNQ
$38.4B
$6.23M 1.28%
69,923
– –
EEM icon
14
iShares MSCI Emerging Markets ETF
EEM
$31.4B
$1.95M 0.4%
40,400
– –
BBDC icon
15
Barings BDC
BBDC
$941M
$1.16M 0.24%
126,753
– –
CVNA icon
16
Carvana
CVNA
$52.9B
$628K 0.13%
+9,325
New +$511K
RBRK icon
17
Rubrik
RBRK
$19.1B
$285K 0.06%
3,184
– –
IWM icon
18
iShares Russell 2000 ETF
IWM
$81B
$262K 0.05%
1,213
– –
TOST icon
19
Toast
TOST
$19.6B
$198K 0.04%
4,476
+1,279
+40% +$50.3K
PAY icon
20
Paymentus
PAY
$4.63B
$124K 0.03%
+3,789
New +$127K
BKLN icon
21
Invesco Senior Loan ETF
BKLN
$6.73B
$123K 0.03%
5,902
– –
OSCR icon
22
Oscar Health
OSCR
$9.95B
$95K 0.02%
4,431
– –
IEFA icon
23
iShares Core MSCI EAFE ETF
IEFA
$196B
$86.5K 0.02%
1,036
– –
NU icon
24
Nu Holdings
NU
$75.7B
$75.1K 0.02%
5,472
– –
MSDL icon
25
Morgan Stanley Direct Lending Fund
MSDL
$1.28B
– –
-242,195
Closed -$4.83M
1
2

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
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 Q2 2025 Portfolio in Review

As of Q2 2025, Cliffwater held 27 positions worth $486M, up 27% from $383M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Cliffwater deployed $81.3M of net new capital in Q2 2025, opening 4 new positions and adding to 1 existing holding. Its largest new stake was Blue Owl Technology Finance Corp: 6,678,147 shares worth $102M.

By sector, the portfolio is most concentrated in Miscellaneous at 73% of assets, down from 89% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was Franklin BSP Realty Trust, an estimated $13.2M trimmed.

  • Cliffwater's largest Q2 2025 buy was Blue Owl Technology Finance Corp: 6,678,147 shares worth $102M.
  • Cliffwater added most to Toast in Q2 2025, an estimated $50.3K increase.
  • Cliffwater's biggest Q2 2025 reduction was Franklin BSP Realty Trust, cutting an estimated $13.2M.
  • Cliffwater fully exited Morgan Stanley Direct Lending Fund in Q2 2025, selling an estimated $4.83M.
  • Cliffwater's ten largest holdings make up 95% of its $486M portfolio in Q2 2025.
  • Cliffwater opened 4 new positions and closed 3 in Q2 2025.
  • Cliffwater's portfolio value rose 27% quarter-over-quarter to $486M.

Based on Cliffwater's 13F filing for Q2 2025, filed 13 Aug 2025.