CL

Cliffwater LLC

Sector-focusedQuality / disciplined sizingConcentrated strategy

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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Personality snowflake

Concentration
68.5
Portfolio Stability
24.01
Momentum/Contrarian
50
Sector conviction
100
Diversification
40
Sizing Uniformity
84.02

Recent moves

  • 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

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1VTIVanguard Total Stock Mkt ETFETF-Other27.34%+3.13%-6.51%
2OTFBlue Owl Technology FinanceStock-Other19.40%+1.37%—
3VTHRVanguard Russell 3000ETF-Other15.66%+2.70%—
4VEAVanguard Ftse Developed ETFETF-Other13.08%+2.98%—
5VGITVanguard Intermediate-term TETF-Other12.18%+2.47%—
6VWOVanguard Ftse Emerging MarkeETF-Emerging Markets2.98%+0.63%—
7CVBFCvb Financial CORPStock-Other2.12%+0.51%—
8VCSHVanguard S/t CORP Bond ETFETF-Corp Bonds1.88%+0.37%-0.77%
9SPYSs Spdr S&p 500 ETF Trust-usETF-Large Cap & Growth1.85%+0.10%-11.90%
10VNQVanguard Real Estate ETFETF-Other1.64%+0.34%—
11EEMIshares Msci Emerging MarketETF-Emerging Markets0.61%+0.15%—
12CGBDCarlyle Secured Lending INCStock-Other0.60%+0.06%—
13BBDCBarings Bdc INCStock-Other0.28%+0.04%—
14CVNACarvana CoStock-Consumer Disc0.16%-0.01%—
15TOSTToast Inc-class AStock-Tech0.07%——
16RBRKRubrik Inc-aStock-Tech0.04%-0.01%—
17NUNu Holdings Ltd.Stock-Financials0.04%+0.01%—
18BKLNInvesco Senior Loan ETFETF-Other0.03%——
19IEFAIshares Core Msci Eafe ETFETF-Other0.02%——
20OSCROscar Health INC - Class AStock-Healthcare0.01%——

Holding changes this quarter

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%.

Position changes disclosed by Cliffwater LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1VTIVanguard Total Stock Mkt ETF+3.1%-6.51%Trim
2VEAVanguard Ftse Developed ETF+3%—Unchanged
3VTHRVanguard Russell 3000+2.7%—Unchanged
4VGITVanguard Intermediate-term T+2.5%—Unchanged
5OTFBlue Owl Technology Finance+1.4%—Unchanged
6VWOVanguard Ftse Emerging Marke+0.6%—Unchanged
7CVBFCvb Financial CORP+0.5%—Unchanged
8VCSHVanguard S/t CORP Bond ETF+0.4%-0.77%Trim
9VNQVanguard Real Estate ETF+0.3%—Unchanged
10EEMIshares Msci Emerging Market+0.2%—Unchanged
11SPYSs Spdr S&p 500 ETF Trust-us+0.1%-11.90%Trim
12CGBDCarlyle Secured Lending INC+0.1%—Unchanged
13BBDCBarings Bdc INC0%—Unchanged
14NUNu Holdings Ltd.0%—Unchanged
15TOSTToast Inc-class A——Unchanged
16OSCROscar Health INC - Class A——Unchanged
17BKLNInvesco Senior Loan ETF——Unchanged
18IEFAIshares Core Msci Eafe ETF——Unchanged
19CVNACarvana Co0%—Unchanged
20RBRKRubrik Inc-a0%—Unchanged
21ACWXIshares Msci Acwi Ex US ETF—EXITSold out
22IWMIshares Russell 2000 ETF—EXITSold out

FAQ

What is Cliffwater LLC and what type of investor is it?
Cliffwater LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $377.4M, spread across 20 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) — $103.2M (27.3%) 2. Blue Owl Technology Finance (OTF) — $73.2M (19.4%) 3. Vanguard Russell 3000 (VTHR) — $59.1M (15.7%) 4. Vanguard Ftse Developed ETF (VEA) — $49.4M (13.1%) 5. Vanguard Intermediate-term T (VGIT) — $46.0M (12.2%)
What changes did Cliffwater LLC make in its most recent portfolio filing?
In the latest quarter, Cliffwater LLC took a more defensive posture — trimming 3 positions and completely exiting 2 holdings. The largest of these moves: 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%
What sectors does Cliffwater LLC focus on?
Cliffwater LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Consumer Discretionary: 49.5% • Information Technology: 34.6% • Financials: 11.5% • Health Care: 4.3%

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