CL
Cliffwater LLC 13F Disclosure (Q2 2026) — Portfolio & Holdings
Cliffwater LLCCIK: 0001659851
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$401.7M
Reporting period: 2026-06-30 · Number of holdings: 22
Cliffwater LLC disclosed 22 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $401.7M and a quarterly turnover rate of 20.8%.
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Personality snowflake
- Concentration
- 66.82
- Portfolio Stability
- 20.83
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 44
- Sizing Uniformity
- 83.26
Cliffwater LLC's disclosed holdings carry a Herfindahl concentration index of 0.167 — mathematically equivalent to about 6 equally-sized positions, well below its 22 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.67), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 5.3 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 0% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd VGIT
+55.5% $24.8M
Trim VTHR
-37.1% -$16.2M
Trim OTF
0.0% -$12.1M
New buy 34520K105
Add VTI
-4.5% $10.5M
Add VEA
-0.2% $5.4M
Holdings Map
New buyAddUnchangedTrim
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 28.29% | +0.95% | -4.52% | |
| 2 | VGIT | Vanguard Intermediate-term T | ETF-Other | 17.63% | +5.45% | +55.50% | |
| 3 | OTF | Blue Owl Technology Finance | Stock-Other | 15.23% | -4.17% | — | |
| 4 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 13.64% | +0.56% | -0.17% | |
| 5 | VTHR | Vanguard Russell 3000 | ETF-Other | 10.67% | -4.99% | -37.07% | |
| 6 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 3.10% | +0.12% | — | |
| 7 | CVBF | Cvb Financial CORP | Stock-Other | 2.31% | +0.19% | — | |
| 8 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 2.00% | +0.15% | — | |
| 9 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 1.76% | -0.12% | — | |
| 10 | VNQ | Vanguard Real Estate ETF | ETF-Other | 1.68% | +0.04% | — | |
| 11 | ✓ | Stock-Other | 1.28% | +1.28% | NEW | ||
| 12 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 0.69% | +0.08% | — | |
| 13 | CGBD | Carlyle Secured Lending Inc | Stock-Other | 0.54% | -0.06% | — | |
| 14 | XERS | Xeris Biopharma Holdings Inc | Stock-Other | 0.52% | +0.52% | NEW | |
| 15 | BBDC | Barings Bdc Inc | Stock-Other | 0.27% | -0.01% | — | |
| 16 | CVNA | Carvana Co | Stock-Consumer Disc | 0.15% | -0.01% | +400.00% | |
| 17 | TOST | Toast Inc-class A | Stock-Tech | 0.07% | — | — | |
| 18 | RBRK | Rubrik Inc-a | Stock-Tech | 0.06% | +0.02% | — | |
| 19 | NU | Nu Holdings Ltd. | Stock-Financials | 0.03% | -0.01% | — | |
| 20 | OSCR | Oscar Health Inc - Class A | Stock-Healthcare | 0.03% | +0.02% | — | |
| 21 | BKLN | Invesco Senior Loan ETF | ETF-Other | 0.03% | — | — | |
| 22 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.02% | — | — |
Portfolio Performance
Performance for Q3 2026
+2.8%
Performance Last 4 Quarters
+13.2%
- Stdev
- +9.4%
- Beta
- +0.66
- Alpha
- +0.7%
- Max Drawdown
- -3.9%
- Annualized Perf
- +14.3%
- Batting Avg vs S&P
- +33.3%
- Sortino
- +3.27
- Stutzer
- +0.44
- Treynor
- +0.21
- Sterling
- +1.07
- Calmar
- +3.67
- Information Ratio
- -1.03
- Tracking Error
- +6%
- Stdev Down
- +4.2%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +24.1%
- Worst 12 Months
- +4.8%
- Efficiency Ratio
- +0.58
- Sharpe
- +1.48
- Stdev Sectors
- +16.1%
- Skewness
- +0.18
- Kurtosis
- -0.53
- Upside Potential
- +5
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 22 | $401.7M | 21 | ||
| 2026 Q1 | 20 | $377.4M | 24 | ||
| 2025 Q4 | 22 | $476.4M | 4 | ||
| 2025 Q3 | 22 | $474.7M | 34 | ||
| 2025 Q2 | 24 | $486.3M | 0 | ||
| 2025 Q1 | 23 | $382.5M | 100 | ||
| 2024 Q4 | 19 | $408.7M | 0 | ||
| 2024 Q3 | 23 | $432.4M | 0 | ||
| 2024 Q2 | 26 | $467.3M | 0 | ||
| 2024 Q1 | 25 | $371.0M | 0 | ||
| 2023 Q4 | 23 | $349.7M | 0 | ||
| 2023 Q3 | 26 | $305.3M | 0 | ||
| 2023 Q2 | 26 | $304.6M | 0 | ||
| 2023 Q1 | 26 | $312.5M | 0 | ||
| 2022 Q4 | 26 | $355.0M | 0 | ||
| 2022 Q3 | 25 | $296.1M | 0 | ||
| 2022 Q2 | 25 | $309.7M | 0 | ||
| 2022 Q1 | 25 | $381.2M | 0 | ||
| 2021 Q4 | 25 | $384.9M | 0 | ||
| 2021 Q3 | 24 | $381.1M | 0 | ||
| 2021 Q2 | 24 | $379.6M | 100 | ||
| 2021 Q1 | 24 | $419.8M | 23 | ||
| 2020 Q4 | 24 | $463.4M | 33 | ||
| 2020 Q3 | 24 | $335.5M | 15 | ||
| 2020 Q2 | 23 | $293.9M | 34 | ||
| 2020 Q1 | 22 | $226.3M | 31 | ||
| 2019 Q4 | 22 | $303.2M | 27 | ||
| 2019 Q3 | 21 | $256.0M | 49 | ||
| 2019 Q2 | 20 | $288.1M | 27 | ||
| 2019 Q1 | 18 | $338.7M | 20 | ||
| 2018 Q4 | 20 | $296.7M | 27 | ||
| 2018 Q3 | 20 | $247.5M | 84 | ||
| 2018 Q2 | 19 | $115.7M | 3 | ||
| 2018 Q1 | 19 | $114.6M | 3 | ||
| 2017 Q4 | 19 | $115.4M | — |
Holding changes this quarter
Cliffwater LLC's most significant position changes for 2026-06-30: New buy: ; New buy: Xeris Biopharma Holdings Inc (XERS); Add: Vanguard Intermediate-term T (VGIT) — shares +55.50%; Trim: Vanguard Russell 3000 (VTHR) — shares -37.07%; Trim: Vanguard Total Stock Mkt ETF (VTI) — shares -4.52%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VGIT | Vanguard Intermediate-term T | +5.5% | +55.50% | Add |
| 2 | ✓ | +1.3% | NEW | New buy | |
| 3 | VTI | Vanguard Total Stock Mkt ETF | +1% | -4.52% | Trim |
| 4 | VEA | Vanguard Ftse Developed ETF | +0.6% | -0.17% | Trim |
| 5 | XERS | Xeris Biopharma Holdings Inc | +0.5% | NEW | New buy |
| 6 | CVBF | Cvb Financial CORP | +0.2% | — | Unchanged |
| 7 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.2% | — | Unchanged |
| 8 | VWO | Vanguard Ftse Emerging Marke | +0.1% | — | Unchanged |
| 9 | EEM | Ishares Msci Emerging Market | +0.1% | — | Unchanged |
| 10 | VNQ | Vanguard Real Estate ETF | 0% | — | Unchanged |
| 11 | RBRK | Rubrik Inc-a | 0% | — | Unchanged |
| 12 | OSCR | Oscar Health Inc - Class A | 0% | — | Unchanged |
| 13 | TOST | Toast Inc-class A | — | — | Unchanged |
| 14 | IEFA | Ishares Core Msci Eafe ETF | — | — | Unchanged |
| 15 | BKLN | Invesco Senior Loan ETF | — | — | Unchanged |
| 16 | BBDC | Barings Bdc Inc | 0% | — | Unchanged |
| 17 | CVNA | Carvana Co | 0% | +400.00% | Add |
| 18 | NU | Nu Holdings Ltd. | 0% | — | Unchanged |
| 19 | CGBD | Carlyle Secured Lending Inc | -0.1% | — | Unchanged |
| 20 | VCSH | Vanguard S/t CORP Bond ETF | -0.1% | — | Unchanged |
| 21 | OTF | Blue Owl Technology Finance | -4.2% | — | Unchanged |
| 22 | VTHR | Vanguard Russell 3000 | -5% | -37.07% | Trim |
Filing History
FAQ
What is Cliffwater LLC and what type of investor is it?
Cliffwater LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $401.7M, spread across 22 disclosed positions.
What are Cliffwater LLC's largest equity positions?
Based on the latest 13F filing, Cliffwater LLC's top holdings by market value are:
1. Vanguard Total Stock Mkt ETF (VTI) — $113.6M (28.3%)
2. Vanguard Intermediate-term T (VGIT) — $70.8M (17.6%)
3. Blue Owl Technology Finance (OTF) — $61.2M (15.2%)
4. Vanguard Ftse Developed ETF (VEA) — $54.8M (13.6%)
5. Vanguard Russell 3000 (VTHR) — $42.9M (10.7%)
What changes did Cliffwater LLC make in its most recent portfolio filing?
In the latest reported quarter, Cliffwater LLC made 7 notable position adjustments: 2 new positions were initiated, 2 existing holdings were added to, 3 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: ; New buy: Xeris Biopharma Holdings Inc (XERS); Add: Vanguard Intermediate-term T (VGIT) — shares +55.50%; Trim: Vanguard Russell 3000 (VTHR) — shares -37.07%; Trim: Vanguard Total Stock Mkt ETF (VTI) — shares -4.52%
What sectors does Cliffwater LLC focus on?
Cliffwater LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 44.2%
• Information Technology: 37.6%
• Financials: 9.1%
• Health Care: 9.1%
Investment Profile
Cliffwater LLC returned an annualized 14.3% over the trailing 36 months — outperforming the S&P 500 by 0.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.66 (less volatile than the market) and a 33% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 44.2% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 21 over the past 4 quarters — a shift toward more active trading.
It has added to its VEA position over the past two quarters (+$6.7M, now $54.8M), while trimming OTF over the same stretch (-$24.8M, still holding $61.2M).
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Developer Access
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