1y return+7.0%S&P 500 +20.9%
3y return+27.5%S&P 500 +68.5%
5y return+12.1%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2017: $132 against $280 in the S&P 500.2
Cliffwater LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| VTIVanguard Index Fds | $113.6M | 28.3% | −4.5% |
| VGITVanguard Scottsdale Fds | $70.8M | 17.6% | +55.5% |
| OTFBlue Owl Technology Fin Corp | $61.2M | 15.2% | |
| VEAVanguard Tax-managed Fds | $54.8M | 13.6% | |
| VTHRVanguard Scottsdale Fds | $42.9M | 10.7% | −37.1% |
| VWOVanguard Intl Equity Index F | $12.4M | 3.1% | |
| CVBFCvb Finl Corp | $9.3M | 2.3% | |
| SPYSpdr S&p 500 Etf Tr | $8.0M | 2.0% | |
| VCSHVanguard Scottsdale Fds | $7.1M | 1.8% | |
| VNQVanguard Index Fds | $6.7M | 1.7% | |
| FRBTForbright Inc | $5.1M | 1.3% | New |
| EEMIshares Tr | $2.8M | 0.7% | |
| CGBDCarlyle Secured Lending Inc | $2.2M | 0.5% | |
| XERSXeris Biopharma Holdings Inc | $2.1M | 0.5% | New |
| BBDCBarings Bdc Inc | $1.1M | 0.3% | |
| CVNACarvana Co | $614K | 0.2% | |
| TOSTToast Inc | $267K | 0.1% | |
| RBRKRubrik Inc. | $256K | 0.1% | |
| Nu Hldgs LtdCUSIP G6683N103 | $127K | 0.0% | |
| OSCROscar Health Inc | $126K | 0.0% | |
| BKLNInvesco Exch Traded Fd Tr II | $120K | 0.0% | |
| IEFAIshares Tr | $100K | 0.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| SPYSpdr S&p 500 Etf Tr | June 30, 2020 | +142.2% | $8.0M |
| VTIVanguard Index Fds | June 30, 2020 | +136.4% | $113.6M |
| VTHRVanguard Scottsdale Fds | September 30, 2020 | +117.7% | $42.9M |
| OSCROscar Health Inc | March 31, 2025 | +117.5% | $126K |
| VEAVanguard Tax-managed Fds | June 30, 2020 | +83.7% | $54.8M |
| EEMIshares Tr | June 30, 2020 | +71.1% | $2.8M |
| IEFAIshares Tr | June 30, 2020 | +69.0% | $100K |
| VWOVanguard Intl Equity Index F | June 30, 2020 | +50.7% | $12.4M |
| RBRKRubrik Inc. | March 31, 2025 | +31.6% | $256K |
| Nu Hldgs LtdCUSIP G6683N103 | December 31, 2024 | +29.0% | $127K |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +6.0% | +14.8% |
| March 31, 2026 | −3.9% | −4.6% |
| December 31, 2025 | +2.6% | +2.4% |
| September 30, 2025 | +2.4% | +7.8% |
| June 30, 2025 | +6.8% | +10.5% |
| March 31, 2025 | −0.8% | −4.6% |
| December 31, 2024 | −2.0% | +2.1% |
| September 30, 2024 | +3.4% | +5.4% |
| June 30, 2024 | +0.4% | +4.0% |
| March 31, 2024 | +3.8% | +10.0% |
| December 31, 2023 | +7.2% | +11.2% |
| September 30, 2023 | −0.6% | −3.6% |
| June 30, 2023 | +5.8% | +8.3% |
| March 31, 2023 | −1.4% | +7.0% |
| December 31, 2022 | +7.5% | +7.1% |
| September 30, 2022 | −7.6% | −5.3% |
| June 30, 2022 | −14.9% | −16.5% |
| March 31, 2022 | −3.5% | −4.9% |
| December 31, 2021 | +3.9% | +10.7% |
| September 30, 2021 | −0.5% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Cliffwater LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1659851&type=13F-HR&dateb=&owner=include&count=40CIK 1659851
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1659851/000110465926094702/Filed August 12, 2026 · accession 0001104659-26-094702