Cliffwater LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 12, 2026), Cliffwater LLC reported 22 stock positions worth $401.7 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 28.3% of the portfolio, followed by Vanguard Intermediate-Term T (VGIT, 17.6%) and Blue Owl Technology Finance (OTF, 15.2%). Compared with Q1 2026, it opened 2 new positions, added to 1 and reduced 3. The biggest buy was Vanguard Intermediate-Term T (VGIT, shares +56%) and the biggest sale Vanguard Russell 3000 (VTHR, shares −37%).

Most Recent 13F
Q2 2026
Location
MARINA DEL REY, CA
CIK
0001659851
Portfolio Value
$401.7M (Q2 2026)
SEC Filing
0001104659-26-094702 ↗ filed Aug 12, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $371.0M Q1 2024 Q2 2024: $467.3M Q2 2024 Q3 2024: $432.4M Q3 2024 Q4 2024: $408.7M Q4 2024 Q1 2025: $382.5M Q1 2025 Q2 2025: $486.3M Q2 2025 Q3 2025: $474.7M Q3 2025 Q4 2025: $476.4M Q4 2025 Q1 2026: $377.4M Q1 2026 Q2 2026: $401.7M $401.7M Q2 2026

Holdings 22 stocks · $401.7M
VTI VG Morningstar TS MKT ETF-US 28.29% 307,085 $113.6M Reduce -4.5%
VGIT Vanguard Intermediate-Term T 17.63% 1,200,527 $70.8M Add +55.5%
OTF Blue Owl Technology Finance 15.23% 5,908,955 $61.2M No change
VEA Vanguard Ftse Developed ETF 13.64% 768,881 $54.8M Reduce -0.2%
VTHR Vanguard Russell 3000 10.67% 129,315 $42.9M Reduce -37.1%
VWO Vanguard Ftse Emerging Marke 3.10% 208,320 $12.4M No change
CVBF CVB Financial Corp. 2.31% 412,247 $9.3M No change
SPY SS SPDR S&P 500 ETF Trust-US 2.00% 10,752 $8.0M No change
VCSH Vanguard S/T Corp. Bond ETF 1.76% 89,515 $7.1M No change
VNQ Vanguard Real Estate ETF 1.68% 69,923 $6.7M No change
FRBT Forbright Inc. Class A 1.28% 280,309 $5.1M New
EEM iShares MSCI Emerging Market 0.69% 40,400 $2.8M No change
CGBD Carlyle Secured Lending Inc. 0.54% 207,319 $2.2M No change
XERS Xeris Biopharma Holdings Inc. 0.52% 263,158 $2.1M New
BBDC Barings BDC Inc. 0.27% 126,753 $1.1M No change
CVNA Carvana Co. 0.15% 9,325 $614K No change
TOST Toast Inc. Class A 0.07% 9,591 $267K No change
RBRK Rubrik Inc. Class A 0.06% 3,184 $256K No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.03% 9,485 $127K No change
OSCR Oscar Health Inc. Class A 0.03% 4,431 $126K No change
BKLN Invesco Senior Loan ETF 0.03% 5,902 $120K No change
IEFA iShares Core MSCI Eafe ETF 0.02% 1,036 $100K No change

Portfolio Sells Q1 2026 → Q2 2026
VTHR Vanguard Russell 3000 Reduce -37.1% 10.67% −4.99
VEA Vanguard Ftse Developed ETF Reduce -0.2% 13.64% +0.56
VTI VG Morningstar TS MKT ETF-US Reduce -4.5% 28.29% +0.95

Portfolio Buys Q1 2026 → Q2 2026
VGIT Vanguard Intermediate-Term T Add +55.5% 17.63% +5.45
FRBT Forbright Inc. Class A New 1.28% +1.28
XERS Xeris Biopharma Holdings Inc. New 0.52% +0.52

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 22$401.7MVTI, VGIT, OTF, VEA, VTHR
Q1 2026 20$377.4MVTI, OTF, VTHR, VEA, VGIT
Q4 2025 22$476.4MVTI, OTF, ACWX, VTHR, VEA
Q3 2025 22$474.7MVTI, OTF, VTHR, ACWX, VGIT
Q2 2025 24$486.3MVTI, OTF, VTHR, ACWX, VEA
Q1 2025 23$382.5MVTI, VTHR, ACWX, VGIT, VEA
Q4 2024 19$408.7MVTI, VTHR, ACWX, VGIT, VEA
Q3 2024 23$432.4MVTI, ACWX, VTHR, VGIT, MSDL
Q2 2024 26$467.3MVTI, ACWX, VTHR, MSDL, VGIT
Q1 2024 25$371.0MVTI, MSDL, VGIT, VEA, FBRT