Cliffwater LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Cliffwater LLC reported 23 stock positions worth $432.4 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 23.0% of the portfolio, followed by iShares MSCI Acwi Ex US ETF (ACWX, 18.6%) and Vanguard Russell 3000 (VTHR, 11.8%). Compared with Q2 2024, it sold out of 3, added to 1 and reduced 11. The biggest buy was Barings BDC (BBDC, shares +3%) and the biggest sale an exit from Ares Capital (ARCC).
- Most Recent 13F
- Q2 2026
- Location
- MARINA DEL REY, CA
- CIK
- 0001659851
- Portfolio Value
- $432.4M (Q3 2024)
- SEC Filing
- 0001104659-24-117022 ↗ filed Nov 13, 2024
Holdings Value
Holdings 23 stocks · $432.4M
| VTI VG Morningstar TS MKT ETF-US | 23.05% | 351,962 | $99.7M | Reduce -7.7% |
| ACWX iShares MSCI Acwi Ex US ETF | 18.60% | 1,405,445 | $80.4M | No change |
| VTHR Vanguard Russell 3000 | 11.77% | 200,672 | $50.9M | Reduce -0.3% |
| VGIT Vanguard Intermediate-Term T | 10.73% | 767,859 | $46.4M | No change |
| MSDL Morgan Stanley Direct Lendin | 9.72% | 2,124,028 | $42.0M | Reduce -2.7% |
| VEA Vanguard Ftse Developed ETF | 9.47% | 775,030 | $40.9M | Reduce -1.0% |
| FBRT Franklin BSP Realty Trust Inc. | 6.63% | 2,196,171 | $28.7M | No change |
| VWO Vanguard Ftse Emerging Marke | 2.33% | 210,943 | $10.1M | Reduce -0.3% |
| VCSH Vanguard S/T Corp. Bond ETF | 1.85% | 100,955 | $8.0M | No change |
| CVBF CVB Financial Corp. | 1.70% | 412,247 | $7.3M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.62% | 12,204 | $7.0M | No change |
| VNQ Vanguard Real Estate ETF | 1.58% | 69,923 | $6.8M | No change |
| EEM iShares MSCI Emerging Market | 0.43% | 40,400 | $1.9M | No change |
| BBDC Barings BDC Inc. | 0.27% | 119,607 | $1.2M | Add +2.7% |
| IWM iShares Russell 2000 ETF | 0.06% | 1,213 | $268K | No change |
| TSLX Sixth Street Specialty Lendi | 0.04% | 8,501 | $175K | Reduce -97.7% |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 0.03% | 12,057 | $144K | Reduce -97.2% |
| BKLN Invesco Senior Loan ETF | 0.03% | 5,902 | $124K | No change |
| BXSL Blackstone Secured Lending F | 0.03% | 4,135 | $121K | Reduce -97.4% |
| OBDC Blue Owl Capital Corp. | 0.03% | 8,298 | $121K | Reduce -97.6% |
| IEFA iShares Core MSCI Eafe ETF | 0.02% | 1,036 | $81K | No change |
| OCSL Oaktree Specialty Lending Co. | 0.02% | 4,154 | $68K | Reduce -97.1% |
| SCM Stellus Capital Investment C | 0.00% | 981 | $13K | Reduce -99.0% |
Portfolio Sells Q2 2024 → Q3 2024
| ARCC Ares Capital Corp. | Sold out | 0.00% | −2.10 |
| TSLX Sixth Street Specialty Lendi | Reduce -97.7% | 0.04% | −1.68 |
| NMFC New Mountain Finance Corp. | Reduce -97.2% | 0.03% | −1.11 |
| OBDC Blue Owl Capital Corp. | Reduce -97.6% | 0.03% | −1.10 |
| BXSL Blackstone Secured Lending F | Reduce -97.4% | 0.03% | −1.00 |
| TCPC BlackRock TCP Capital Corp. | Sold out | 0.00% | −0.84 |
| OCSL Oaktree Specialty Lending Co. | Reduce -97.1% | 0.02% | −0.55 |
| GBDC Golub Capital BDC Inc. | Sold out | 0.00% | −0.53 |
| MSDL Morgan Stanley Direct Lendin | Reduce -2.7% | 9.72% | −0.49 |
| SCM Stellus Capital Investment C | Reduce -99.0% | 0.00% | −0.30 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.3% | 2.33% | +0.35 |
| VEA Vanguard Ftse Developed ETF | Reduce -1.0% | 9.47% | +1.19 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -7.7% | 23.05% | +1.22 |
| VTHR Vanguard Russell 3000 | Reduce -0.3% | 11.77% | +1.45 |
Portfolio Buys Q2 2024 → Q3 2024
| BBDC Barings BDC Inc. | Add +2.7% | 0.27% | +0.03 |
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 |