Institutional Manager · CIK 0001659851
Cliffwater LLC
Marina del Rey, CA · File #028-18848
Latest AUM
$476.4M
Positions
22
Top-10 Concentration
97.0%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | VANGUARD SCOTTSDALE FDS | 92206C599 | -30,433 | -$9.1M | +$1.4M |
| REDUCE | VANGUARD INDEX FDS | 922908769 | -4,086 | -$1.4M | +$2.5M |
| REDUCE | BLUE OWL TECHNOLOGY FIN CORP | OTF | -15,000 | -$218,100 | +$4.3M |
| ADD | TOAST INC | TOST | +5,115 | +$181,633 | -$4,476 |
| ADD | NU HLDGS LTD | NU | +4,013 | +$67,178 | +$3,994 |
| REDUCE | BARINGS BDC INC | BBDC | 0 | $0 | +$53,237 |
| REDUCE | CARLYLE SECURED LENDING INC | CGBD | 0 | $0 | -$2,074 |
| REDUCE | CARVANA CO | CVNA | 0 | $0 | +$83,514 |
| REDUCE | CVB FINL CORP | 126600105 | 0 | $0 | -$127,797 |
| REDUCE | INVESCO EXCH TRADED FD TR II | IVZ | 0 | $0 | +$413 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202522 pos · $476.4M
- 13F HOLDINGS REPORTQ/E Sep 202522 pos · $474.7M
- 13F HOLDINGS REPORTQ/E Jun 202524 pos · $486.3M
- 13F HOLDINGS REPORTQ/E Mar 202523 pos · $382.5M
- 13F HOLDINGS REPORTQ/E Dec 202419 pos · $408.7M
- 13F HOLDINGS REPORTQ/E Sep 202423 pos · $432.4M
- 13F HOLDINGS REPORTQ/E Jun 202426 pos · $467.3M
- 13F HOLDINGS REPORTQ/E Mar 202425 pos · $371.0M
- 13F HOLDINGS REPORTQ/E Dec 202326 pos · $305.3M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | VANGUARD INDEX FDS | 922908769 | 344,018 | $115.3M | 24.21% |
| 2 | BLUE OWL TECHNOLOGY FIN CORP | OTF | 5,908,955 | $85.9M | 18.03% |
| 3 | ISHARES TR | 464288240 | 1,048,621 | $70.4M | 14.78% |
| 4 | VANGUARD SCOTTSDALE FDS | 92206C599 | 205,503 | $61.7M | 12.96% |
| 5 | VANGUARD TAX-MANAGED FDS | 921943858 | 770,181 | $48.1M | 10.10% |
| 6 | VANGUARD SCOTTSDALE FDS | 92206C706 | 772,030 | $46.3M | 9.71% |
| 7 | VANGUARD INTL EQUITY INDEX F | 922042858 | 208,320 | $11.2M | 2.35% |
| 8 | SPDR S&P 500 ETF TR | SPY | 12,204 | $8.3M | 1.75% |
| 9 | CVB FINL CORP | 126600105 | 412,247 | $7.7M | 1.61% |
| 10 | VANGUARD SCOTTSDALE FDS | 92206C409 | 90,207 | $7.2M | 1.51% |
| 11 | VANGUARD INDEX FDS | 922908553 | 69,923 | $6.2M | 1.30% |
| 12 | CARLYLE SECURED LENDING INC | CGBD | 207,319 | $2.6M | 0.54% |
| 13 | ISHARES TR | 464287234 | 40,400 | $2.2M | 0.46% |
| 14 | BARINGS BDC INC | BBDC | 126,753 | $1.2M | 0.24% |
| 15 | CARVANA CO | CVNA | 1,865 | $787,067 | 0.17% |
| 16 | TOAST INC | TOST | 9,591 | $340,576 | 0.07% |
| 17 | ISHARES TR | 464287655 | 1,213 | $298,592 | 0.06% |
| 18 | RUBRIK INC. | RBRK | 3,184 | $243,512 | 0.05% |
| 19 | NU HLDGS LTD | NU | 9,485 | $158,779 | 0.03% |
| 20 | INVESCO EXCH TRADED FD TR II | IVZ | 5,902 | $123,942 | 0.03% |