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Cliffwater Portfolio holdings

AUM $402M
1-Year Est. Return 7.57%
This Fund
S&P 500
This Quarter Est. Return
+3.29%
1 Year Est. Return
+7.57%
3 Year Est. Return
+29.41%
5 Year Est. Return
+20.56%
10 Year Est. Return
–
AUM
$475M
AUM Growth
-$11.6M
Cap. Flow
-$24.6M
Cap. Flow %
-5.18%
Top 10 Hldgs %
97.04%
Holding
24
New
–
Increased
1
Reduced
6
Closed
2

Top Buys

Rank Stock Value
1
VGIT icon
Vanguard Intermediate-Term Treasury ETF
VGIT
+$3.7M

Top Sells

Rank Stock Value
1
OTF
Blue Owl Technology Finance Corp
OTF
+$11.3M
2
FBRT
Franklin BSP Realty Trust
FBRT
+$10.9M
3
CGBD icon
Carlyle Secured Lending
CGBD
+$4.68M
4
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$661K
5
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$525K

Sector Composition

Rank Sector Weight
1 Miscellaneous 80.06%
2 Financials 19.69%
3 Consumer Discretionary 0.15%
4 Technology 0.09%
5 Healthcare 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Morningstar Total Stock Market ETF
VTI
$690B
$114M 24.07%
348,104
-2,091
-0.6% -$661K
OTF
2
Blue Owl Technology Finance Corp
OTF
$5.24B
$81.9M 17.25%
5,923,955
-754,192
-11% -$11.3M
VTHR icon
3
Vanguard Russell 3000 ETF
VTHR
$4.85B
$69.4M 14.63%
235,936
– –
ACWX icon
4
iShares MSCI ACWI ex US ETF
ACWX
$12.6B
$68.2M 14.36%
1,048,621
– –
VGIT icon
5
Vanguard Intermediate-Term Treasury ETF
VGIT
$42.1B
$46.3M 9.76%
772,030
+61,943
+9% +$3.7M
VEA icon
6
Vanguard FTSE Developed Markets ETF
VEA
$239B
$46.1M 9.72%
770,181
-941
-0.1% -$54.8K
VWO icon
7
Vanguard FTSE Emerging Markets ETF
VWO
$127B
$11.3M 2.38%
208,320
-293
-0.1% -$15.1K
SPY icon
8
State Street SPDR S&P 500 ETF Trust
SPY
$818B
$8.13M 1.71%
12,204
– –
CVBF icon
9
CVB Financial
CVBF
$3.96B
$7.8M 1.64%
412,247
– –
VCSH icon
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$7.21M 1.52%
90,207
-6,605
-7% -$525K
VNQ icon
11
Vanguard Real Estate ETF
VNQ
$38.4B
$6.39M 1.35%
69,923
– –
CGBD icon
12
Carlyle Secured Lending
CGBD
$796M
$2.59M 0.55%
207,319
-341,298
-62% -$4.68M
EEM icon
13
iShares MSCI Emerging Markets ETF
EEM
$31.4B
$2.16M 0.45%
40,400
– –
BBDC icon
14
Barings BDC
BBDC
$941M
$1.11M 0.23%
126,753
– –
CVNA icon
15
Carvana
CVNA
$52.9B
$704K 0.15%
9,325
– –
IWM icon
16
iShares Russell 2000 ETF
IWM
$81B
$293K 0.06%
1,213
– –
RBRK icon
17
Rubrik
RBRK
$19.1B
$262K 0.06%
3,184
– –
TOST icon
18
Toast
TOST
$19.6B
$163K 0.03%
4,476
– –
BKLN icon
19
Invesco Senior Loan ETF
BKLN
$6.73B
$124K 0.03%
5,902
– –
IEFA icon
20
iShares Core MSCI EAFE ETF
IEFA
$196B
$90.5K 0.02%
1,036
– –
NU icon
21
Nu Holdings
NU
$75.7B
$87.6K 0.02%
5,472
– –
OSCR icon
22
Oscar Health
OSCR
$9.95B
$83.9K 0.02%
4,431
– –
FBRT
23
Franklin BSP Realty Trust
FBRT
$708M
– –
-1,022,788
Closed -$10.9M
PAY icon
24
Paymentus
PAY
$4.63B
– –
-3,789
Closed -$124K

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PCM
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HWMO
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ACM
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GAM
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WG
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PFS
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Cliffwater's Q3 2025 Portfolio in Review

As of Q3 2025, Cliffwater held 24 positions worth $475M, down 2.4% from $486M the previous quarter. Its ten largest holdings account for 97% of the portfolio.

Cliffwater withdrew a net $24.6M in Q3 2025, closing 2 positions and reducing 6 holdings. Its most notable exit was Franklin BSP Realty Trust, an estimated $10.9M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 80% of assets, up from 73% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Cliffwater added an estimated $3.7M to Vanguard Intermediate-Term Treasury ETF.

  • Cliffwater added most to Vanguard Intermediate-Term Treasury ETF in Q3 2025, an estimated $3.7M increase.
  • Cliffwater's biggest Q3 2025 reduction was Blue Owl Technology Finance Corp, cutting an estimated $11.3M.
  • Cliffwater fully exited Franklin BSP Realty Trust in Q3 2025, selling an estimated $10.9M.
  • Cliffwater's ten largest holdings make up 97% of its $475M portfolio in Q3 2025.
  • Cliffwater opened 0 new positions and closed 2 in Q3 2025.
  • Cliffwater's portfolio value fell 2.4% quarter-over-quarter to $475M.

Based on Cliffwater's 13F filing for Q3 2025, filed 13 Nov 2025.