SEC 13F Intelligence

Managers / Q1 2026

Cliffwater LLC

CIK 0001659851 · 4640 ADMIRALTY WAY, 11TH FLOOR, MARINA DEL REY, CA, 90292 · 310-448-5000

Reported Value
$377M
Q1 2026
Positions
20
Filings on Record
30
2019–present window
Filed
May 13, 2026
original filing

Summary

Cliffwater LLC reported $377M in U.S.-listed holdings across 20 positions for Q1 2026.

The portfolio is heavily concentrated: Vanguard Index Fds alone accounts for 27.3% of reported value.

Compared with Q4 2025, the fund opened 0 new positions and exited 2.

Portfolio Metrics

Turnover
+0.4%
vs prior filed quarter
Top-10 Concentration
+98.1%
share of reported value
Largest Position
+27.3%
Vanguard Index Fds

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $297MQ4 ’18Q1 ’19: $339MQ2 ’19: $288MQ3 ’19: $256MQ4 ’19: $303MQ4 ’19Q1 ’20: $226MQ2 ’20: $294MQ3 ’20: $335MQ4 ’20: $463MQ4 ’20Q1 ’21: $420MQ2 ’21: $380MQ3 ’21: $381MQ4 ’21: $385MQ4 ’21Q1 ’22: $381MQ2 ’22: $310MQ3 ’22: $296MQ4 ’22: $355MQ4 ’22Q1 ’23: $313MQ2 ’23: $305MQ3 ’23: $305MQ4 ’23: $350MQ4 ’23Q1 ’24: $371MQ2 ’24: $467MQ3 ’24: $432MQ4 ’24: $409MQ4 ’24Q1 ’25: $383MQ2 ’25: $486MQ3 ’25: $475MQ4 ’25: $476MQ4 ’25Q1 ’26: $377Mfilingsflow.com

Portfolio Composition

By security type
ETP: 77.3%Common Stock: 22.7%Other: 0.0%
  • ETP · 77.3% · $292M
  • Common Stock · 22.7% · $86M
  • Other · 0.0% · $136,299

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ISHARES TRSOLD OUT−1.05M0−$70M$0
ISHARES TRSOLD OUT−1.2K0−$298,592$0
SPDR S&P 500 ETF TRTRIMMED−1.5K10.8K−$1M$7M
VANGUARD INDEX FDSTRIMMED−22.4K321.6K−$12M$103M
VANGUARD SCOTTSDALE FDSHELD−69289.5K−$96,350$7M
OTFBLUE OWL TECHNOLOGY FIN CORPHELD+05.91M−$13M$73M
VANGUARD SCOTTSDALE FDSHELD+0205.5K−$3M$59M
VANGUARD TAX-MANAGED FDSHELD+0770.2K+$1M$49M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

16 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VANGUARD SCOTTSDALE FDSVNG RUS3000IDX · INTER TERM TREAS · SHRT TRM CORP BD29.72%$112M1.07M
2VANGUARD INDEX FDSTOTAL STK MKT · REAL ESTATE ETF28.99%$109M391.5K
3OTFBLUE OWL TECHNOLOGY FIN CORPhistory →COMMON STOCK19.40%$73M5.91M
4VANGUARD TAX-MANAGED FDSVAN FTSE DEV MKT13.08%$49M770.2K
5VANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF2.98%$11M208.3K
6CVBFCVB FINL CORPhistory →COM2.12%$8M412.2K
7SPDR S&P 500 ETF TRTR UNIT1.85%$7M10.8K
8ISHARES TRMSCI EMG MKT ETF · CORE MSCI EAFE0.63%$2M41.4K
9CGBDCARLYLE SECURED LENDING INCCOM0.60%$2M207.3K
10TRYBARINGS BDC INCCOM0.28%$1M126.8K
11CVNACARVANA COCL A0.16%$586,3191.9K
12TOSTTOAST INCCL A0.07%$254,2579.6K
13RBRKRUBRIK INC.CL A0.04%$155,9203.2K
14NU HLDGS LTDORD SHS CL A0.04%$136,2999.5K
15INVESCO EXCH TRADED FD TR IISR LN ETF0.03%$120,4605.9K
16OSCROSCAR HEALTH INCCL A0.01%$50,8244.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$377M20May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$476M22Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$475M22Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$486M24Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$383M23May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$409M19Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$432M23Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$467M26Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$371M25May 10, 202413F-HRchanges · EDGAR ↗
Q4 2023$350M23Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$305M26Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$305M26Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$313M26May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$355M26Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$296M25Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$310M25Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$381M25May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$385M25Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$381M24Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$380M24Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$420M24May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$463M24Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$335M24Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$294M23Aug 12, 202013F-HRchanges · EDGAR ↗
Q1 2020$226M22May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$303M22Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$256M21Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$288M20Aug 13, 201913F-HRchanges · EDGAR ↗
Q1 2019$339M18May 9, 201913F-HRchanges · EDGAR ↗
Q4 2018$297M20Feb 8, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.