Cliffwater LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Cliffwater LLC reported 19 stock positions worth $408.7 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 24.9% of the portfolio, followed by Vanguard Russell 3000 (VTHR, 16.7%) and iShares MSCI Acwi Ex US ETF (ACWX, 14.0%). Compared with Q3 2024, it opened 2 new positions, sold out of 6, added to 1 and reduced 6. The biggest buy was Vanguard Russell 3000 (VTHR, shares +31%) and the biggest sale iShares MSCI Acwi Ex US ETF (ACWX, shares −22%).
- Most Recent 13F
- Q2 2026
- Location
- MARINA DEL REY, CA
- CIK
- 0001659851
- Portfolio Value
- $408.7M (Q4 2024)
- SEC Filing
- 0001104659-25-013716 ↗ filed Feb 14, 2025
Holdings Value
Holdings 19 stocks · $408.7M
| VTI VG Morningstar TS MKT ETF-US | 24.87% | 350,796 | $101.7M | Reduce -0.3% |
| VTHR Vanguard Russell 3000 | 16.66% | 262,086 | $68.1M | Add +30.6% |
| ACWX iShares MSCI Acwi Ex US ETF | 14.02% | 1,098,677 | $57.3M | Reduce -21.8% |
| VGIT Vanguard Intermediate-Term T | 10.90% | 767,859 | $44.5M | No change |
| VEA Vanguard Ftse Developed ETF | 9.06% | 774,022 | $37.0M | Reduce -0.1% |
| MSDL Morgan Stanley Direct Lendin | 7.31% | 1,446,014 | $29.9M | Reduce -31.9% |
| FBRT Franklin BSP Realty Trust Inc. | 6.74% | 2,196,171 | $27.5M | No change |
| VWO Vanguard Ftse Emerging Marke | 2.26% | 209,303 | $9.2M | Reduce -0.8% |
| CVBF CVB Financial Corp. | 2.16% | 412,247 | $8.8M | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 1.91% | 100,189 | $7.8M | Reduce -0.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.75% | 12,204 | $7.2M | No change |
| VNQ Vanguard Real Estate ETF | 1.52% | 69,923 | $6.2M | No change |
| EEM iShares MSCI Emerging Market | 0.41% | 40,400 | $1.7M | No change |
| BBDC Barings BDC Inc. | 0.28% | 119,607 | $1.1M | No change |
| IWM iShares Russell 2000 ETF | 0.07% | 1,213 | $268K | No change |
| BKLN Invesco Senior Loan ETF | 0.03% | 5,902 | $124K | No change |
| TOST Toast Inc. Class A | 0.03% | 3,197 | $117K | New |
| IEFA iShares Core MSCI Eafe ETF | 0.02% | 1,036 | $73K | No change |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.01% | 5,472 | $57K | New |
Portfolio Sells Q3 2024 → Q4 2024
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -21.8% | 14.02% | −4.58 |
| MSDL Morgan Stanley Direct Lendin | Reduce -31.9% | 7.31% | −2.41 |
| VEA Vanguard Ftse Developed ETF | Reduce -0.1% | 9.06% | −0.41 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.8% | 2.26% | −0.08 |
| TSLX Sixth Street Specialty Lendi | Sold out | 0.00% | −0.04 |
| NMFC New Mountain Finance Corp. | Sold out | 0.00% | −0.03 |
| BXSL Blackstone Secured Lending F | Sold out | 0.00% | −0.03 |
| OBDC Blue Owl Capital Corp. | Sold out | 0.00% | −0.03 |
| OCSL Oaktree Specialty Lending Co. | Sold out | 0.00% | −0.02 |
| SCM Stellus Capital Investment C | Sold out | 0.00% | −0.00 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -0.8% | 1.91% | +0.06 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.3% | 24.87% | +1.83 |
Portfolio Buys Q3 2024 → Q4 2024
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 |