Cliffwater LLC
CIK 1659851 · View on SEC EDGAR ↗
- Portfolio value
- $401.7M
- Positions
- 22
- As of
- June 30, 2026
#4,349 of 9,443 by 13F value · top 46.1%
Portfolio value QoQ: +6.4% 13F does not disclose cash
- Top 10 holdings weight
- 96.30%
- Top 25 holdings weight
- 100.00%
- Positions above 1%
- 11
- Effective number of positions
- 6.0
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: 7.0 quarters Tracked Q4 2024–Q2 2026 · 75.9% still held
- New positions
- 2
- Increased
- 2
- Decreased
- 3
- Closed
- 2
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
- Related The person behind this filer, where we can match one.
Sector breakdown
Financial Services
16.1%
Financials
2.4%
Healthcare
0.5%
Retail
0.2%
Technology
0.1%
Other/Unmapped
80.8%
Full portfolio 22 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| VTI | $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 | $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 | $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 | $6,742,675 | 1.68% | 69,923 | $540,505 | |||
| Unknown issuer (CUSIP: 34520K105) | $5,126,852 | 1.28% | 280,309 | Up ×1 | |||
| EEM | $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 | $120,224 | 0.03% | 5,902 | $-236 | |||
| IEFA | $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 | -24.1% |
| MSDL | June 30, 2025 | 242,195 | $4,834,212 | -17.5% |
| TEM | June 30, 2025 | 13,824 | $666,870 | -12.3% |
| IWM | March 31, 2026 | 1,213 | $298,592 | No longer tracked |
| TECX | June 30, 2025 | 15,369 | $272,185 | 83.9% |
| PAY | Sept. 30, 2025 | 3,789 | $124,090 | 28.3% |