CIK: 0001659851
Total reported value
$377.4M
Reporting period: 2026-03-31 · Number of holdings: 20
Cliffwater LLC disclosed 20 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $377.4M and a quarterly turnover rate of 24.0%.
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Cliffwater LLC's disclosed holdings carry a Herfindahl concentration index of 0.171 — mathematically equivalent to about 6 equally-sized positions, well below its 20 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 1.60), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
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.
Add VTI
-6.5% -$12.2M
Add VEA
0.0% $1.2M
Add VTHR
0.0% -$2.6M
Add VGIT
0.0% -$293.4K
Add OTF
0.0% -$12.7M
Add VWO
0.0% $60.4K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 27.34% | +3.13% | -6.51% | |
| 2 | OTF | Blue Owl Technology Finance | Stock-Other | 19.40% | +1.37% | — | |
| 3 | VTHR | Vanguard Russell 3000 | ETF-Other | 15.66% | +2.70% | — | |
| 4 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 13.08% | +2.98% | — | |
| 5 | VGIT | Vanguard Intermediate-term T | ETF-Other | 12.18% | +2.47% | — | |
| 6 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 2.98% | +0.63% | — | |
| 7 | CVBF | Cvb Financial CORP | Stock-Other | 2.12% | +0.51% | — | |
| 8 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 1.88% | +0.37% | -0.77% | |
| 9 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.85% | +0.10% | -11.90% | |
| 10 | VNQ | Vanguard Real Estate ETF | ETF-Other | 1.64% | +0.34% | — | |
| 11 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 0.61% | +0.15% | — | |
| 12 | CGBD | Carlyle Secured Lending INC | Stock-Other | 0.60% | +0.06% | — | |
| 13 | BBDC | Barings Bdc INC | Stock-Other | 0.28% | +0.04% | — | |
| 14 | CVNA | Carvana Co | Stock-Consumer Disc | 0.16% | -0.01% | — | |
| 15 | TOST | Toast Inc-class A | Stock-Tech | 0.07% | — | — | |
| 16 | RBRK | Rubrik Inc-a | Stock-Tech | 0.04% | -0.01% | — | |
| 17 | NU | Nu Holdings Ltd. | Stock-Financials | 0.04% | +0.01% | — | |
| 18 | BKLN | Invesco Senior Loan ETF | ETF-Other | 0.03% | — | — | |
| 19 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.02% | — | — | |
| 20 | OSCR | Oscar Health INC - Class A | Stock-Healthcare | 0.01% | — | — |
Performance for Q3 2026
+2.5%
Performance Last 4 Quarters
+19.4%
Based on 53% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 20 | $377.4M | 24 | |
| 2025-12-31 | 22 | $476.4M | 4 | |
| 2025-09-30 | 22 | $474.7M | 34 | |
| 2025-06-30 | 24 | $486.3M | 0 | |
| 2025-03-31 | 23 | $382.5M | 100 | |
| 2024-12-31 | 19 | $408.7M | 0 | |
| 2024-09-30 | 23 | $432.4M | 0 | |
| 2024-06-30 | 26 | $467.3M | 0 | |
| 2024-03-31 | 25 | $371.0M | 0 | |
| 2023-12-31 | 23 | $349.7M | 0 | |
| 2023-09-30 | 26 | $305.3M | 0 | |
| 2023-06-30 | 26 | $304.6M | 0 | |
| 2023-03-31 | 26 | $312.5M | 0 | |
| 2022-12-31 | 26 | $355.0M | 0 | |
| 2022-09-30 | 25 | $296.1M | 0 | |
| 2022-06-30 | 25 | $309.7M | 0 | |
| 2022-03-31 | 25 | $381.2M | 0 | |
| 2021-12-31 | 25 | $384.9M | 0 | |
| 2021-09-30 | 24 | $381.1M | 0 | |
| 2021-06-30 | 24 | $379.6M | 100 | |
| 2021-03-31 | 24 | $419.8M | 23 | |
| 2020-12-31 | 24 | $463.4M | 33 | |
| 2020-09-30 | 24 | $335.5M | 15 | |
| 2020-06-30 | 23 | $293.9M | 34 | |
| 2020-03-31 | 22 | $226.3M | 31 | |
| 2019-12-31 | 22 | $303.2M | 27 | |
| 2019-09-30 | 21 | $256.0M | 49 | |
| 2019-06-30 | 20 | $288.1M | 27 | |
| 2019-03-31 | 18 | $338.7M | 20 | |
| 2018-12-31 | 20 | $296.7M | 27 | |
| 2018-09-30 | 20 | $247.5M | 84 | |
| 2018-06-30 | 19 | $115.7M | 3 | |
| 2018-03-31 | 19 | $114.6M | 3 | |
| 2017-12-31 | 19 | $115.4M | — |
Cliffwater LLC's most significant position changes for 2026-03-31: Sold out: Ishares Msci Acwi Ex US ETF (ACWX); Sold out: Ishares Russell 2000 ETF (IWM); Trim: Vanguard Total Stock Mkt ETF (VTI) — shares -6.51%; Trim: Vanguard S/t CORP Bond ETF (VCSH) — shares -0.77%; Trim: Ss Spdr S&p 500 ETF Trust-us (SPY) — shares -11.90%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VTI | Vanguard Total Stock Mkt ETF | +3.1% | -6.51% | Trim |
| 2 | VEA | Vanguard Ftse Developed ETF | +3% | — | Unchanged |
| 3 | VTHR | Vanguard Russell 3000 | +2.7% | — | Unchanged |
| 4 | VGIT | Vanguard Intermediate-term T | +2.5% | — | Unchanged |
| 5 | OTF | Blue Owl Technology Finance | +1.4% | — | Unchanged |
| 6 | VWO | Vanguard Ftse Emerging Marke | +0.6% | — | Unchanged |
| 7 | CVBF | Cvb Financial CORP | +0.5% | — | Unchanged |
| 8 | VCSH | Vanguard S/t CORP Bond ETF | +0.4% | -0.77% | Trim |
| 9 | VNQ | Vanguard Real Estate ETF | +0.3% | — | Unchanged |
| 10 | EEM | Ishares Msci Emerging Market | +0.2% | — | Unchanged |
| 11 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.1% | -11.90% | Trim |
| 12 | CGBD | Carlyle Secured Lending INC | +0.1% | — | Unchanged |
| 13 | BBDC | Barings Bdc INC | 0% | — | Unchanged |
| 14 | NU | Nu Holdings Ltd. | 0% | — | Unchanged |
| 15 | TOST | Toast Inc-class A | — | — | Unchanged |
| 16 | OSCR | Oscar Health INC - Class A | — | — | Unchanged |
| 17 | BKLN | Invesco Senior Loan ETF | — | — | Unchanged |
| 18 | IEFA | Ishares Core Msci Eafe ETF | — | — | Unchanged |
| 19 | CVNA | Carvana Co | 0% | — | Unchanged |
| 20 | RBRK | Rubrik Inc-a | 0% | — | Unchanged |
| 21 | ACWX | Ishares Msci Acwi Ex US ETF | — | EXIT | Sold out |
| 22 | IWM | Ishares Russell 2000 ETF | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-09 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-08 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-08 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-06 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-07-23 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-07-20 | 13F-HR | View on EDGAR |
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