Cliffwater LLC
Long book
$377.4M
Q1 2026
Positions
20
Top-10 weight
98%
concentration
Last quarter
+6.9%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsCliffwater LLC is a wealth-management firm allocating client money, specialised in financials (89% of the long book), running a $377.4M US long book across 20 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: VANGUARD TOTAL STOCK MKT ETF, BLUE OWL TECHNOLOGY FINANCE, VANGUARD RUSSELL 3000, VANGUARD FTSE DEVELOPED ETF, VANGUARD INTERMEDIATE-TERM T.
Over the last 9 quarters its long book ran on average 1.8pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.6%
Q2 2024
+4.4%
Q3 2024
-0.8%
Q4 2024
-0.1%
Q1 2025
+7.7%
Q2 2025
+3.4%
Q3 2025
+3.9%
Q4 2025
-3.2%
Q1 2026
+6.9%
Sector allocation
Other 89%
Financials 10%
Consumer discretionary 1%
Technology 0%
Long book by quarter
What does Cliffwater LLC own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| OTF BLUE OWL TECHNOLOGY FINANCE | — | 5.9M | $73.2M | 19.4% | Held |
| CVBF CVB FINANCIAL CORP | Financials | 412.2K | $8.0M | 2.1% | Held |
| CGBD CARLYLE SECURED LENDING INC | — | 207.3K | $2.3M | 0.6% | Held |
| BBDC BARINGS BDC INC | — | 126.8K | $1.0M | 0.3% | Held |
| CVNA CARVANA CO | Consumer discretionary | 1.9K | $586K | 0.2% | Held |
| TOST TOAST INC-CLASS A | Technology | 9.6K | $254K | 0.1% | Held |
| RBRK RUBRIK INC-A | Technology | 3.2K | $156K | 0.0% | Held |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 9.5K | $136K | 0.0% | Held |
| OSCR OSCAR HEALTH INC - CLASS A | Financials | 4.4K | $51K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 20 | $377.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 22 | $476.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 22 | $474.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 24 | $486.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 23 | $382.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 19 | $408.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 23 | $432.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 26 | $467.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 25 | $371.0M | canonical | SEC ↗ |