# Cliffwater LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1659851. Source: https://holderbook.com/funds/1659851-cliffwater-llc/

- Reported value: $401.7M
- Positions: 22
- Weight of the ten largest: 96.3%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $113.6M | 307,085 | 28.3% | 31 |
| VANGUARD SCOTTSDALE FDS | [VGIT](https://holderbook.com/stocks/VGIT/) | $70.8M | 1,200,527 | 17.6% | 11 |
| BLUE OWL TECHNOLOGY FIN CORP | [OTF](https://holderbook.com/stocks/OTF/) | $61.2M | 5,908,955 | 15.2% | 5 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $54.8M | 768,881 | 13.6% | 31 |
| VANGUARD SCOTTSDALE FDS | [VTHR](https://holderbook.com/stocks/VTHR/) | $42.9M | 129,315 | 10.7% | 24 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $12.4M | 208,320 | 3.1% | 31 |
| CVB FINL CORP | [CVBF](https://holderbook.com/stocks/CVBF/) | $9.3M | 412,247 | 2.3% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $8.0M | 10,752 | 2.0% | 31 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $7.1M | 89,515 | 1.8% | 31 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $6.7M | 69,923 | 1.7% | 31 |
| FORBRIGHT INC | [FRBT](https://holderbook.com/stocks/FRBT/) | $5.1M | 280,309 | 1.3% | 1 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $2.8M | 40,400 | 0.7% | 31 |
| CARLYLE SECURED LENDING INC | [CGBD](https://holderbook.com/stocks/CGBD/) | $2.2M | 207,319 | 0.5% | 5 |
| XERIS BIOPHARMA HOLDINGS INC | [XERS](https://holderbook.com/stocks/XERS/) | $2.1M | 263,158 | 0.5% | 1 |
| BARINGS BDC INC | [BBDC](https://holderbook.com/stocks/BBDC/) | $1.1M | 126,753 | 0.3% | 29 |
| CARVANA CO | [CVNA](https://holderbook.com/stocks/CVNA/) | $613.8K | 9,325 | 0.2% | 5 |
| TOAST INC | [TOST](https://holderbook.com/stocks/TOST/) | $266.8K | 9,591 | 0.1% | 7 |
| RUBRIK INC. | [RBRK](https://holderbook.com/stocks/RBRK/) | $255.6K | 3,184 | 0.1% | 6 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $126.7K | 9,485 | 0.0% | 7 |
| OSCAR HEALTH INC | [OSCR](https://holderbook.com/stocks/OSCR/) | $126.4K | 4,431 | 0.0% | 6 |
| INVESCO EXCH TRADED FD TR II | [BKLN](https://holderbook.com/stocks/BKLN/) | $120.2K | 5,902 | 0.0% | 10 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $100.1K | 1,036 | 0.0% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.0% | +14.8% | -8.9% | 100% |
| Q1 2026 | -3.9% | -4.6% | +0.7% | 100% |
| Q4 2025 | +2.6% | +2.4% | +0.2% | 100% |
| Q3 2025 | +2.4% | +7.8% | -5.4% | 100% |
| Q2 2025 | +6.8% | +10.5% | -3.6% | 100% |
| Q1 2025 | -0.8% | -4.6% | +3.8% | 100% |
| Q4 2024 | -2.0% | +2.1% | -4.1% | 100% |
| Q3 2024 | +3.4% | +5.4% | -2.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $401.7M | 22 |
| Q1 2026 | $377.4M | 20 |
| Q4 2025 | $476.4M | 22 |
| Q3 2025 | $474.7M | 22 |
| Q2 2025 | $486.3M | 24 |
| Q1 2025 | $382.5M | 23 |
| Q4 2024 | $408.7M | 19 |
| Q3 2024 | $432.4M | 23 |
| Q2 2024 | $467.3M | 26 |
| Q1 2024 | $371.0M | 25 |
| Q4 2023 | $349.7M | 23 |
| Q3 2023 | $305.3M | 26 |