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Cliffwater Portfolio holdings

AUM $377M
1-Year Est. Return 5.73%
This Fund
S&P 500
This Quarter Est. Return
+2.61%
1 Year Est. Return
+5.73%
3 Year Est. Return
+28.54%
5 Year Est. Return
+19.31%
10 Year Est. Return
–
AUM
$476M
AUM Growth
+$1.7M
Cap. Flow
-$10.4M
Cap. Flow %
-2.18%
Top 10 Hldgs %
97.01%
Holding
22
New
–
Increased
2
Reduced
3
Closed
–

Top Buys

Rank Stock Value
1
TOST icon
Toast
TOST
+$184K
2
NU icon
Nu Holdings
NU
+$64.5K

Top Sells

Rank Stock Value
1
VTHR icon
Vanguard Russell 3000 ETF
VTHR
+$9.07M
2
VTI icon
Vanguard Total Stock Market ETF
VTI
+$1.36M
3
OTF
Blue Owl Technology Finance Corp
OTF
+$211K

Sector Composition

Rank Sector Weight
1 Financials 20.47%
2 Consumer Discretionary 0.17%
3 Technology 0.12%
4 Healthcare 0.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTI icon
1
Vanguard Total Stock Market ETF
VTI
$658B
$115M 24.21%
344,018
-4,086
-1% -$1.36M
OTF
2
Blue Owl Technology Finance Corp
OTF
$4.67B
$85.9M 18.03%
5,908,955
-15,000
-0.3% -$211K
ACWX icon
3
iShares MSCI ACWI ex US ETF
ACWX
$11.3B
$70.4M 14.78%
1,048,621
– –
VTHR icon
4
Vanguard Russell 3000 ETF
VTHR
$4.66B
$61.7M 12.96%
205,503
-30,433
-13% -$9.07M
VEA icon
5
Vanguard FTSE Developed Markets ETF
VEA
$226B
$48.1M 10.1%
770,181
– –
VGIT icon
6
Vanguard Intermediate-Term Treasury ETF
VGIT
$41.9B
$46.3M 9.71%
772,030
– –
VWO icon
7
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$11.2M 2.35%
208,320
– –
SPY icon
8
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$8.32M 1.75%
12,204
– –
CVBF icon
9
CVB Financial
CVBF
$4.03B
$7.67M 1.61%
412,247
– –
VCSH icon
10
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$7.19M 1.51%
90,207
– –
VNQ icon
11
Vanguard Real Estate ETF
VNQ
$39.6B
$6.19M 1.3%
69,923
– –
CGBD icon
12
Carlyle Secured Lending
CGBD
$726M
$2.59M 0.54%
207,319
– –
EEM icon
13
iShares MSCI Emerging Markets ETF
EEM
$28B
$2.21M 0.46%
40,400
– –
BBDC icon
14
Barings BDC
BBDC
$890M
$1.16M 0.24%
126,753
– –
CVNA icon
15
Carvana
CVNA
$48.2B
$787K 0.17%
9,325
– –
TOST icon
16
Toast
TOST
$17.4B
$341K 0.07%
9,591
+5,115
+114% +$184K
IWM icon
17
iShares Russell 2000 ETF
IWM
$82.2B
$299K 0.06%
1,213
– –
RBRK icon
18
Rubrik
RBRK
$16.3B
$244K 0.05%
3,184
– –
NU icon
19
Nu Holdings
NU
$65.6B
$159K 0.03%
9,485
+4,013
+73% +$64.5K
BKLN icon
20
Invesco Senior Loan ETF
BKLN
$7.19B
$124K 0.03%
5,902
– –
IEFA icon
21
iShares Core MSCI EAFE ETF
IEFA
$186B
$92.7K 0.02%
1,036
– –
OSCR icon
22
Oscar Health
OSCR
$8.77B
$63.7K 0.01%
4,431
– –

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 2025 Portfolio in Review

As of Q4 2025, Cliffwater held 22 positions worth $476M, up 0.36% from $475M the previous quarter. Its ten largest holdings account for 97% of the portfolio.

Trading was light in Q4 2025: portfolio turnover was 0%. Cliffwater opened no new positions and made no exits, leaving the 22-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 20% of assets, up from 20% a quarter earlier, followed by Consumer Discretionary and Technology.

  • Cliffwater added most to Toast in Q4 2025, an estimated $184K increase.
  • Cliffwater's biggest Q4 2025 reduction was Vanguard Russell 3000 ETF, cutting an estimated $9.07M.
  • Cliffwater's ten largest holdings make up 97% of its $476M portfolio in Q4 2025.
  • Cliffwater opened 0 new positions and closed 0 in Q4 2025.
  • Cliffwater's portfolio value rose 0.36% quarter-over-quarter to $476M.

Based on Cliffwater's 13F filing for Q4 2025, filed 12 Feb 2026.