Cliffwater LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), Cliffwater LLC reported 25 stock positions worth $371.0 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 27.5% of the portfolio, followed by Morgan Stanley Direct Lendin (MSDL, 12.7%) and Vanguard Intermediate-Term T (VGIT, 12.1%). Compared with Q4 2023, it opened 2 new positions, added to 5 and reduced 10. The biggest buy was a new position in Morgan Stanley Direct Lendin (MSDL) and the biggest sale Sixth Street Specialty Lendi (TSLX, shares −40%).
- Most Recent 13F
- Q2 2026
- Location
- MARINA DEL REY, CA
- CIK
- 0001659851
- Portfolio Value
- $371.0M (Q1 2024)
- SEC Filing
- 0001104659-24-059843 ↗ filed May 10, 2024
Holdings Value
Holdings 25 stocks · $371.0M
| VTI VG Morningstar TS MKT ETF-US | 27.53% | 393,028 | $102.1M | Reduce -0.3% |
| MSDL Morgan Stanley Direct Lendin | 12.68% | 2,182,590 | $47.0M | New |
| VGIT Vanguard Intermediate-Term T | 12.08% | 769,975 | $44.8M | Add +0.7% |
| VEA Vanguard Ftse Developed ETF | 10.64% | 787,054 | $39.5M | Add +0.1% |
| FBRT Franklin BSP Realty Trust Inc. | 7.91% | 2,196,171 | $29.3M | No change |
| VTHR Vanguard Russell 3000 | 4.46% | 71,048 | $16.6M | No change |
| TSLX Sixth Street Specialty Lendi | 2.83% | 489,979 | $10.5M | Reduce -40.3% |
| ARCC Ares Capital Corp. | 2.54% | 452,062 | $9.4M | Reduce -42.0% |
| VWO Vanguard Ftse Emerging Marke | 2.38% | 211,582 | $8.8M | Add +0.1% |
| VCSH Vanguard S/T Corp. Bond ETF | 2.12% | 102,264 | $7.9M | Add +0.3% |
| CVBF CVB Financial Corp. | 1.98% | 412,247 | $7.4M | No change |
| GBDC Golub Capital BDC Inc. | 1.95% | 444,840 | $7.2M | Reduce -41.2% |
| OBDC Blue Owl Capital Corp. | 1.84% | 444,110 | $6.8M | Reduce -45.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.72% | 12,204 | $6.4M | No change |
| VNQ Vanguard Real Estate ETF | 1.63% | 69,923 | $6.0M | No change |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 1.45% | 425,174 | $5.4M | Reduce -43.0% |
| BXSL Blackstone Secured Lending F | 1.29% | 153,945 | $4.8M | Reduce -46.8% |
| TCPC BlackRock TCP Capital Corp. | 1.03% | 366,345 | $3.8M | Reduce -41.8% |
| OCSL Oaktree Specialty Lending Co. | 0.73% | 138,413 | $2.7M | Reduce -50.9% |
| EEM iShares MSCI Emerging Market | 0.45% | 40,400 | $1.7M | No change |
| SCM Stellus Capital Investment C | 0.35% | 99,960 | $1.3M | Add +2.9% |
| BBDC Barings BDC Inc. | 0.28% | 113,298 | $1.1M | No change |
| IWM iShares Russell 2000 ETF | 0.07% | 1,213 | $255K | Reduce -29.8% |
| BKLN Invesco Senior Loan ETF | 0.03% | 5,944 | $125K | New |
| IEFA iShares Core MSCI Eafe ETF | 0.02% | 1,036 | $77K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| TSLX Sixth Street Specialty Lendi | Reduce -40.3% | 2.83% | −2.24 |
| ARCC Ares Capital Corp. | Reduce -42.0% | 2.54% | −1.93 |
| OBDC Blue Owl Capital Corp. | Reduce -45.6% | 1.84% | −1.60 |
| GBDC Golub Capital BDC Inc. | Reduce -41.2% | 1.95% | −1.32 |
| NMFC New Mountain Finance Corp. | Reduce -43.0% | 1.45% | −1.26 |
| TCPC BlackRock TCP Capital Corp. | Reduce -41.8% | 1.03% | −1.05 |
| BXSL Blackstone Secured Lending F | Reduce -46.8% | 1.29% | −0.99 |
| OCSL Oaktree Specialty Lending Co. | Reduce -50.9% | 0.73% | −0.91 |
| IWM iShares Russell 2000 ETF | Reduce -29.8% | 0.07% | −0.03 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.3% | 27.53% | +0.80 |
Portfolio Buys Q4 2023 → Q1 2024
| MSDL Morgan Stanley Direct Lendin | New | 12.68% | +12.68 |
| BKLN Invesco Senior Loan ETF | New | 0.03% | +0.03 |
| SCM Stellus Capital Investment C | Add +2.9% | 0.35% | −0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +0.1% | 2.38% | −0.10 |
| VEA Vanguard Ftse Developed ETF | Add +0.1% | 10.64% | −0.13 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +0.3% | 2.12% | −0.13 |
| VGIT Vanguard Intermediate-Term T | Add +0.7% | 12.08% | −0.89 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 22 | $401.7M | VTI, VGIT, OTF, VEA, VTHR |
| Q1 2026 | 20 | $377.4M | VTI, OTF, VTHR, VEA, VGIT |
| Q4 2025 | 22 | $476.4M | VTI, OTF, ACWX, VTHR, VEA |
| Q3 2025 | 22 | $474.7M | VTI, OTF, VTHR, ACWX, VGIT |
| Q2 2025 | 24 | $486.3M | VTI, OTF, VTHR, ACWX, VEA |
| Q1 2025 | 23 | $382.5M | VTI, VTHR, ACWX, VGIT, VEA |
| Q4 2024 | 19 | $408.7M | VTI, VTHR, ACWX, VGIT, VEA |
| Q3 2024 | 23 | $432.4M | VTI, ACWX, VTHR, VGIT, MSDL |
| Q2 2024 | 26 | $467.3M | VTI, ACWX, VTHR, MSDL, VGIT |
| Q1 2024 | 25 | $371.0M | VTI, MSDL, VGIT, VEA, FBRT |