Cliffwater LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Cliffwater LLC reported 23 stock positions worth $382.5 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 25.2% of the portfolio, followed by Vanguard Russell 3000 (VTHR, 16.9%) and iShares MSCI Acwi Ex US ETF (ACWX, 15.9%). Compared with Q4 2024, it opened 4 new positions, added to 1 and reduced 4. The biggest buy was a new position in Tempus AI Class A (TEM) and the biggest sale Morgan Stanley Direct Lendin (MSDL, shares −83%).

Most Recent 13F
Q2 2026
Location
MARINA DEL REY, CA
CIK
0001659851
Portfolio Value
$382.5M (Q1 2025)
SEC Filing
0001104659-25-048072 ↗ filed May 14, 2025

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 $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 Q2 2026

Holdings 23 stocks · $382.5M
VTI VG Morningstar TS MKT ETF-US 25.18% 350,519 $96.3M Reduce -0.1%
VTHR Vanguard Russell 3000 16.91% 262,086 $64.7M No change
ACWX iShares MSCI Acwi Ex US ETF 15.93% 1,098,677 $60.9M No change
VGIT Vanguard Intermediate-Term T 11.92% 767,859 $45.6M No change
VEA Vanguard Ftse Developed ETF 10.28% 773,638 $39.3M Reduce -0.1%
FBRT Franklin BSP Realty Trust Inc. 7.31% 2,196,171 $28.0M No change
VWO Vanguard Ftse Emerging Marke 2.48% 209,303 $9.5M No change
VCSH Vanguard S/T Corp. Bond ETF 2.05% 99,427 $7.8M Reduce -0.8%
CVBF CVB Financial Corp. 1.99% 412,247 $7.6M No change
SPY SS SPDR S&P 500 ETF Trust-US 1.78% 12,204 $6.8M No change
VNQ Vanguard Real Estate ETF 1.65% 69,923 $6.3M No change
MSDL Morgan Stanley Direct Lendin 1.26% 242,195 $4.8M Reduce -83.3%
EEM iShares MSCI Emerging Market 0.46% 40,400 $1.8M No change
BBDC Barings BDC Inc. 0.32% 126,753 $1.2M Add +6.0%
TEM Tempus AI Inc. Class A 0.17% 13,824 $667K New
TECX Tectonic Therapeutic Inc. 0.07% 15,369 $272K New
IWM iShares Russell 2000 ETF 0.06% 1,213 $242K No change
RBRK Rubrik Inc. Class A 0.05% 3,184 $194K New
BKLN Invesco Senior Loan ETF 0.03% 5,902 $122K No change
TOST Toast Inc. Class A 0.03% 3,197 $106K No change
IEFA iShares Core MSCI Eafe ETF 0.02% 1,036 $78K No change
OSCR Oscar Health Inc. Class A 0.02% 4,431 $58K New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.01% 5,472 $56K No change

Portfolio Sells Q4 2024 → Q1 2025
MSDL Morgan Stanley Direct Lendin Reduce -83.3% 1.26% −6.05
VCSH Vanguard S/T Corp. Bond ETF Reduce -0.8% 2.05% +0.14
VTI VG Morningstar TS MKT ETF-US Reduce -0.1% 25.18% +0.31
VEA Vanguard Ftse Developed ETF Reduce -0.1% 10.28% +1.22

Portfolio Buys Q4 2024 → Q1 2025
TEM Tempus AI Inc. Class A New 0.17% +0.17
TECX Tectonic Therapeutic Inc. New 0.07% +0.07
RBRK Rubrik Inc. Class A New 0.05% +0.05
BBDC Barings BDC Inc. Add +6.0% 0.32% +0.04
OSCR Oscar Health Inc. Class A New 0.02% +0.02

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