Cliffwater
MARINA DEL REY, CAfiles as Cliffwater LLC
$402m in 22 US stocks at the end of 30 June 2026. The top 10 are 96.3% of the money. It changed about 9.4% of the portfolio this quarter.
Value
$402m
Stocks
22
Top 10 share
96.3%
Turnover
9.4%
What changed this quarter
New
Bought for the first time this quarter.
- ForbrightFRBT1.3% of the fund
- Xeris Biopharma HoldingsXERS0.5% of the fund
Added
Bought more of a stock they already held.
- Vanguard Scottsdale FDSVGIT17.6% of the fund+56%
Cut
Sold some of their stake.
- Vanguard Index FDSVTI28.3% of the fund-5%
- Vanguard Scottsdale FDSVTHR10.7% of the fund-37%
Sold out
Sold their entire stake.
None this quarter.
Holdings
- Vanguard Index FDSVTI
- Share
- 28.3%
- Value
- $114m
- Shares
- 307,085
-5%
- Vanguard Scottsdale FDSVGIT
- Share
- 17.6%
- Value
- $71m
- Shares
- 1,200,527
+56%
- Vanguard Tax-Managed FDSVEA
- Share
- 13.6%
- Value
- $55m
- Shares
- 768,881
Held
- Vanguard Scottsdale FDSVTHR
- Share
- 10.7%
- Value
- $43m
- Shares
- 129,315
-37%
- Vanguard Intl Equity Index FVWO
- Share
- 3.1%
- Value
- $12m
- Shares
- 208,320
Held
- State STR Spdr S&P 500 ETF TSPY
- Share
- 2.0%
- Value
- $8m
- Shares
- 10,752
Held
- Vanguard Scottsdale FDSVCSH
- Share
- 1.8%
- Value
- $7m
- Shares
- 89,515
Held
- Vanguard Index FDSVNQ
- Share
- 1.7%
- Value
- $7m
- Shares
- 69,923
Held
- ForbrightFRBT
- Share
- 1.3%
- Value
- $5m
- Shares
- 280,309
New
- Ishares TREEM
- Share
- 0.7%
- Value
- $3m
- Shares
- 40,400
Held
- Invesco Exch Traded FD TR IIBKLN
- Share
- <0.1%
- Value
- $120,224
- Shares
- 5,902
Held
- Ishares TRIEFA
- Share
- <0.1%
- Value
- $100,057
- Shares
- 1,036
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Vanguard Index FDSVTI | 28.3% | $114m | 307,085 | -5% |
| Vanguard Scottsdale FDSVGIT | 17.6% | $71m | 1,200,527 | +56% |
| Blue Owl Technology FinanceOTF | 15.2% | $61m | 5,908,955 | Held |
| Vanguard Tax-Managed FDSVEA | 13.6% | $55m | 768,881 | Held |
| Vanguard Scottsdale FDSVTHR | 10.7% | $43m | 129,315 | -37% |
| Vanguard Intl Equity Index FVWO | 3.1% | $12m | 208,320 | Held |
| CVB FinancialCVBF | 2.3% | $9m | 412,247 | Held |
| State STR Spdr S&P 500 ETF TSPY | 2.0% | $8m | 10,752 | Held |
| Vanguard Scottsdale FDSVCSH | 1.8% | $7m | 89,515 | Held |
| Vanguard Index FDSVNQ | 1.7% | $7m | 69,923 | Held |
| ForbrightFRBT | 1.3% | $5m | 280,309 | New |
| Ishares TREEM | 0.7% | $3m | 40,400 | Held |
| Carlyle Secured LendingCGBD | 0.5% | $2m | 207,319 | Held |
| Xeris Biopharma HoldingsXERS | 0.5% | $2m | 263,158 | New |
| Barings BDCBBDC | 0.3% | $1m | 126,753 | Held |
| CarvanaCVNA | 0.2% | $613,772 | 9,325 | Held |
| ToastTOST | <0.1% | $266,822 | 9,591 | Held |
| RubrikRBRK | <0.1% | $255,612 | 3,184 | Held |
| Nu HoldingsNU | <0.1% | $126,720 | 9,485 | Held |
| Oscar HealthOSCR | <0.1% | $126,372 | 4,431 | Held |
| Invesco Exch Traded FD TR IIBKLN | <0.1% | $120,224 | 5,902 | Held |
| Ishares TRIEFA | <0.1% | $100,057 | 1,036 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 17.4% since 30 June 2025.
Where the money is
Financial services3.7%
Health care0.5%
Retail & consumer0.2%
Technology0.1%
Other95.5%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.