Cliffwater LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Cliffwater LLC reported 20 stock positions worth $377.4 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 27.3% of the portfolio, followed by Blue Owl Technology Finance (OTF, 19.4%) and Vanguard Russell 3000 (VTHR, 15.7%). Compared with Q4 2025, it sold out of 2 and reduced 3. The biggest sale was an exit from iShares MSCI Acwi Ex US ETF (ACWX).

Most Recent 13F
Q2 2026
Location
MARINA DEL REY, CA
CIK
0001659851
Portfolio Value
$377.4M (Q1 2026)
SEC Filing
0001104659-26-059985 ↗ filed May 13, 2026

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 Q1 2025 Q2 2025: $486.3M Q2 2025 Q3 2025: $474.7M Q3 2025 Q4 2025: $476.4M Q4 2025 Q1 2026: $377.4M $377.4M Q1 2026 Q2 2026: $401.7M Q2 2026

Holdings 20 stocks · $377.4M
VTI VG Morningstar TS MKT ETF-US 27.34% 321,612 $103.2M Reduce -6.5%
OTF Blue Owl Technology Finance 19.40% 5,908,955 $73.2M No change
VTHR Vanguard Russell 3000 15.66% 205,503 $59.1M No change
VEA Vanguard Ftse Developed ETF 13.08% 770,181 $49.4M No change
VGIT Vanguard Intermediate-Term T 12.18% 772,030 $46.0M No change
VWO Vanguard Ftse Emerging Marke 2.98% 208,320 $11.3M No change
CVBF CVB Financial Corp. 2.12% 412,247 $8.0M No change
VCSH Vanguard S/T Corp. Bond ETF 1.88% 89,515 $7.1M Reduce -0.8%
SPY SS SPDR S&P 500 ETF Trust-US 1.85% 10,752 $7.0M Reduce -11.9%
VNQ Vanguard Real Estate ETF 1.64% 69,923 $6.2M No change
EEM iShares MSCI Emerging Market 0.61% 40,400 $2.3M No change
CGBD Carlyle Secured Lending Inc. 0.60% 207,319 $2.3M No change
BBDC Barings BDC Inc. 0.28% 126,753 $1.0M No change
CVNA Carvana Co. 0.16% 1,865 $586K No change
TOST Toast Inc. Class A 0.07% 9,591 $254K No change
RBRK Rubrik Inc. Class A 0.04% 3,184 $156K No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.04% 9,485 $136K No change
BKLN Invesco Senior Loan ETF 0.03% 5,902 $120K No change
IEFA iShares Core MSCI Eafe ETF 0.02% 1,036 $94K No change
OSCR Oscar Health Inc. Class A 0.01% 4,431 $51K No change

Portfolio Sells Q4 2025 → Q1 2026
ACWX iShares MSCI Acwi Ex US ETF Sold out 0.00% −14.78
IWM iShares Russell 2000 ETF Sold out 0.00% −0.06
SPY SS SPDR S&P 500 ETF Trust-US Reduce -11.9% 1.85% +0.11
VCSH Vanguard S/T Corp. Bond ETF Reduce -0.8% 1.88% +0.37
VTI VG Morningstar TS MKT ETF-US Reduce -6.5% 27.34% +3.13

Portfolio Buys Q4 2025 → Q1 2026
None this quarter.

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