Cliffwater LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Cliffwater LLC reported 26 stock positions worth $467.3 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 21.8% of the portfolio, followed by iShares MSCI Acwi Ex US ETF (ACWX, 16.0%) and Vanguard Russell 3000 (VTHR, 10.3%). Compared with Q1 2024, it opened 1 new position, added to 7 and reduced 9. The biggest buy was a new position in iShares MSCI Acwi Ex US ETF (ACWX) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- MARINA DEL REY, CA
- CIK
- 0001659851
- Portfolio Value
- $467.3M (Q2 2024)
- SEC Filing
- 0001104659-24-089415 ↗ filed Aug 14, 2024
Holdings Value
Holdings 26 stocks · $467.3M
| VTI VG Morningstar TS MKT ETF-US | 21.83% | 381,306 | $102.0M | Reduce -3.0% |
| ACWX iShares MSCI Acwi Ex US ETF | 15.98% | 1,405,445 | $74.7M | New |
| VTHR Vanguard Russell 3000 | 10.32% | 201,322 | $48.2M | Add +183.4% |
| MSDL Morgan Stanley Direct Lendin | 10.20% | 2,182,590 | $47.7M | No change |
| VGIT Vanguard Intermediate-Term T | 9.57% | 767,859 | $44.7M | Reduce -0.3% |
| VEA Vanguard Ftse Developed ETF | 8.28% | 782,575 | $38.7M | Reduce -0.6% |
| FBRT Franklin BSP Realty Trust Inc. | 5.92% | 2,196,171 | $27.7M | No change |
| ARCC Ares Capital Corp. | 2.10% | 470,794 | $9.8M | Add +4.1% |
| VWO Vanguard Ftse Emerging Marke | 1.98% | 211,582 | $9.3M | No change |
| TSLX Sixth Street Specialty Lendi | 1.72% | 375,542 | $8.0M | Reduce -23.4% |
| VCSH Vanguard S/T Corp. Bond ETF | 1.67% | 100,955 | $7.8M | Reduce -1.3% |
| CVBF CVB Financial Corp. | 1.52% | 412,247 | $7.1M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.42% | 12,204 | $6.6M | No change |
| VNQ Vanguard Real Estate ETF | 1.25% | 69,923 | $5.9M | No change |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 1.14% | 434,780 | $5.3M | Add +2.3% |
| OBDC Blue Owl Capital Corp. | 1.13% | 344,313 | $5.3M | Reduce -22.5% |
| BXSL Blackstone Secured Lending F | 1.03% | 156,890 | $4.8M | Add +1.9% |
| TCPC BlackRock TCP Capital Corp. | 0.84% | 364,185 | $3.9M | Reduce -0.6% |
| OCSL Oaktree Specialty Lending Co. | 0.57% | 141,402 | $2.7M | Add +2.2% |
| GBDC Golub Capital BDC Inc. | 0.53% | 158,036 | $2.5M | Reduce -64.5% |
| EEM iShares MSCI Emerging Market | 0.37% | 40,400 | $1.7M | No change |
| SCM Stellus Capital Investment C | 0.30% | 102,889 | $1.4M | Add +2.9% |
| BBDC Barings BDC Inc. | 0.24% | 116,490 | $1.1M | Add +2.8% |
| IWM iShares Russell 2000 ETF | 0.05% | 1,213 | $246K | No change |
| BKLN Invesco Senior Loan ETF | 0.03% | 5,902 | $124K | Reduce -0.7% |
| IEFA iShares Core MSCI Eafe ETF | 0.02% | 1,036 | $75K | No change |
Portfolio Sells Q1 2024 → Q2 2024
| VTI VG Morningstar TS MKT ETF-US | Reduce -3.0% | 21.83% | −5.71 |
| VGIT Vanguard Intermediate-Term T | Reduce -0.3% | 9.57% | −2.51 |
| VEA Vanguard Ftse Developed ETF | Reduce -0.6% | 8.28% | −2.37 |
| GBDC Golub Capital BDC Inc. | Reduce -64.5% | 0.53% | −1.42 |
| TSLX Sixth Street Specialty Lendi | Reduce -23.4% | 1.72% | −1.11 |
| OBDC Blue Owl Capital Corp. | Reduce -22.5% | 1.13% | −0.71 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -1.3% | 1.67% | −0.45 |
| TCPC BlackRock TCP Capital Corp. | Reduce -0.6% | 0.84% | −0.19 |
| BKLN Invesco Senior Loan ETF | Reduce -0.7% | 0.03% | −0.01 |
Portfolio Buys Q1 2024 → Q2 2024
| ACWX iShares MSCI Acwi Ex US ETF | New | 15.98% | +15.98 |
| VTHR Vanguard Russell 3000 | Add +183.4% | 10.32% | +5.86 |
| BBDC Barings BDC Inc. | Add +2.8% | 0.24% | −0.04 |
| SCM Stellus Capital Investment C | Add +2.9% | 0.30% | −0.05 |
| OCSL Oaktree Specialty Lending Co. | Add +2.2% | 0.57% | −0.16 |
| BXSL Blackstone Secured Lending F | Add +1.9% | 1.03% | −0.26 |
| NMFC New Mountain Finance Corp. | Add +2.3% | 1.14% | −0.31 |
| ARCC Ares Capital Corp. | Add +4.1% | 2.10% | −0.44 |
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 |