Cliffwater LLC

CIK 1659851 · View on SEC EDGAR ↗

Portfolio value QoQ: +6.4% 13F does not disclose cash

Top 10 holdings weight96.30%

Top 25 holdings weight100.00%

Positions above 1%11

Effective number of positions6.0

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 7.89% Est. buys $32,974,833 · sells $30,718,880

Median holding: 6.0 quarters Tracked Q1 2025–Q2 2026 · 75.9% still held

New positions2

Increased2

Decreased3

Closed2

Portfolio value $401.7M #4,412 of 9,337 by 13F value · top 47.3%

Positions 22

As of June 30, 2026 Data as of Q2 2026

Sector breakdown

Financials 18.5%

Healthcare 0.5%

Retail 0.2%

Technology 0.1%

Other/Unmapped 80.8%

Full portfolio 22 positions

					Streak
VTI VANGUARD INDEX FUNDS	$113,633,733	28.29%	307,085	$10,457,387	Down ×6
VGIT Vanguard Intermediate-Term Treasury ETF	$70,807,082	17.63%	1,200,527	$24,832,695	Up ×1
OTF Blue Owl Technology Finance Corp. Common Stock	$61,157,684	15.23%	5,908,955	$-12,054,268
VEA VANGUARD TAX-MANAGED FUNDS	$54,782,771	13.64%	768,881	$5,429,573	Down ×1
VTHR Vanguard Russell 3000 ETF	$42,858,353	10.67%	129,315	$-16,239,111	Down ×1
VWO VANGUARD INTERNATIONAL EQUITY INDEX FUNDS	$12,434,621	3.10%	208,320	$1,174,925
CVBF CVB Financial Corporation - Common Stock	$9,296,170	2.31%	412,247	$1,302,701
SPY SPY	$8,029,271	2.00%	10,752	$1,036,815
VCSH Vanguard Short-Term Corporate Bond ETF	$7,074,370	1.76%	89,515	$-21,484
VNQ VANGUARD SPECIALIZED FUNDS	$6,742,675	1.68%	69,923	$540,505
Unknown issuer (CUSIP: 34520K105)	$5,126,852	1.28%	280,309		Up ×1
EEM iShares, Inc.	$2,763,764	0.69%	40,400	$469,448
CGBD Carlyle Secured Lending, Inc. - Closed End Fund	$2,183,069	0.54%	207,319	$-85,001
XERS Xeris Biopharma Holdings, Inc. - Common Stock	$2,084,211	0.52%	263,158		Up ×1
BBDC Barings BDC, Inc. Common Stock	$1,079,936	0.27%	126,753	$36,759
CVNA Carvana Co. Class A Common Stock	$613,772	0.15%	9,325	$27,453	Up ×1
TOST Toast, Inc. Class A Common Stock	$266,822	0.07%	9,591	$12,565
RBRK Rubrik, Inc. Class A Common Stock	$255,612	0.06%	3,184	$99,692
NU Nu Holdings Ltd. Class A Ordinary Shares	$126,720	0.03%	9,485	$-9,579
OSCR Oscar Health, Inc. Class A Common Stock	$126,372	0.03%	4,431	$75,548
BKLN Invesco Exchange-Traded Fund Trust II	$120,224	0.03%	5,902	$-236
IEFA iShares Trust	$100,057	0.02%	1,036	$6,268
No matches

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
Unknown issuer (CUSIP: 34520K105)	$5,126,852	280,309	1.28%
XERS	$2,084,211	263,158	0.52%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
VGIT	Bought more	+428K	+$24.8M
VTHR	Trimmed	-76K	-$16.2M
OTF	Price move only	+0	-$12.1M
VTI	Trimmed	-15K	+$10.5M
VEA	Trimmed	-1K	+$5.4M
CVBF	Price move only	+0	+$1.3M
VWO	Price move only	+0	+$1.2M
SPY	Price move only	+0	+$1.0M
VNQ	Price move only	+0	+$541K
EEM	Price move only	+0	+$469K

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
ACWX	March 31, 2026	1,048,621	$70,393,928
FBRT	Sept. 30, 2025	1,022,788	$10,933,605	-42.3%
MSDL	June 30, 2025	242,195	$4,834,212	-27.7%
TEM	June 30, 2025	13,824	$666,870	20.6%
IWM	March 31, 2026	1,213	$298,592	13.7%
TECX	June 30, 2025	15,369	$272,185	13.4%
PAY	Sept. 30, 2025	3,789	$124,090	0.8%

Person profile: Cliffwater LLC