Q2 2026 13F · SEC CIK 1659851
Cliffwater LLC
Mutual fund managerFiled 2026-08-12 for Q2 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $401.7M
- Reported positions
- 22
- Top holdings a year, 3 yrs
- +9.9%
- Assets under management
- $48.5B
Cliffwater LLC is a mutual fund manager that reported 22 positions worth $401.7M in its Q2 2026 13F, filed 2026-08-12. Its largest holdings were Vanguard Index Fds (VTI, 28.3%), Vanguard Scottsdale Fds (VGIT, 17.6%), Blue Owl Technology Finance (OTF, 15.2%). A portfolio copying its top holdings returned 9.9% a year over the last 3 years, against 22.3% for the S&P 500.
Cliffwater LLC holdings all 22 positions.
Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| VTIVanguard Index Fds | 28.3% | -4.5% | $113.6M |
| VGITVanguard Scottsdale Fds | 17.6% | +55.5% | $70.8M |
| OTFBlue Owl Technology Finance | 15.2% | +0.0% | $61.2M |
| VEAVanguard Ftse Developed Markets Index Fu | 13.6% | -0.2% | $54.8M |
| VTHRVanguard Russell 3000 ETF | 10.7% | -37.1% | $42.9M |
| VWOVanguard Intl Equity Index F | 3.1% | +0.0% | $12.4M |
| CVBFCvb Finl Corp | 2.3% | +0.0% | $9.3M |
| SPYState Str Spdr S&p 500 ETF T | 2.0% | +0.0% | $8.0M |
| VCSHVanguard Scottsdale Fds | 1.8% | +0.0% | $7.1M |
| VNQVanguard Index Fds | 1.7% | +0.0% | $6.7M |
| FRBTForbright Inc | 1.3% | — | $5.1M |
| EEMIshares Tr | 0.7% | +0.0% | $2.8M |
| CGBDCarlyle Secured Lending Inc | 0.5% | +0.0% | $2.2M |
| XERSXeris Biopharma Holdings Inc | 0.5% | — | $2.1M |
| BBDCBarings BDC Inc. | 0.3% | +0.0% | $1.1M |
| CVNACarvana Co | 0.2% | +400.0% | $614K |
| TOSTToast Inc | 0.1% | +0.0% | $267K |
| RBRKRubrik Inc. | 0.1% | +0.0% | $256K |
| NUNu Hldgs Ltd | 0.0% | +0.0% | $127K |
| OSCROscar Health, Inc. | 0.0% | +0.0% | $126K |
| BKLNInvesco Exch Traded Fd Tr II | 0.0% | +0.0% | $120K |
| IEFAIshares Tr | 0.0% | +0.0% | $100K |
What Cliffwater LLC bought and sold in Q2 2026, against Q1 2026.
New positions
- FRBT Forbright Inc1.3% of 13F
- XERS Xeris Biopharma Holdings Inc0.5% of 13F
Added to
- CVNA Carvana Co+400.0% shares
- VGIT Vanguard Scottsdale Fds+55.5% shares
Reduced
- VTHR Vanguard Russell 3000 ETF-37.1% shares
Sold out
Nothing sold out.
Share counts compared with the Q1 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- +1.4% /yr
- S&P 500 +11.7%
- 3 years
- +9.9% /yr
- S&P 500 +22.3%
- 5 years
- +1.6% /yr
- S&P 500 +10.6%
A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F 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 |
Questions about Cliffwater LLC's portfolio
What stocks does Cliffwater LLC own?
Cliffwater LLC's latest 13F, for Q2 2026 and filed Aug 12, 2026, lists 22 positions worth $401.7M. The largest are Vanguard Index Fds (VTI) at 28.3%, Vanguard Scottsdale Fds (VGIT) at 17.6%, Blue Owl Technology Finance (OTF) at 15.2%, Vanguard Ftse Developed Markets Index Fu (VEA) at 13.6% and Vanguard Russell 3000 ETF (VTHR) at 10.7%.
What did Cliffwater LLC buy last quarter?
In Q2 2026, Cliffwater LLC added a new position in Forbright Inc (FRBT), a new position in Xeris Biopharma Holdings Inc (XERS), Carvana Co (CVNA) (+400.0% shares) and Vanguard Scottsdale Fds (VGIT) (+55.5% shares), compared with its Q1 2026 filing.
What did Cliffwater LLC sell last quarter?
In Q2 2026, Cliffwater LLC Vanguard Russell 3000 ETF (VTHR) (-37.1% shares), compared with its Q1 2026 filing.
How has Cliffwater LLC's portfolio performed?
A portfolio copying Cliffwater LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +9.9% a year over the last 3 years, against +22.3% for the S&P 500. Over 1 year: +1.4% against +11.7%. Over 5 years: +1.6% a year against +10.6%.
When is Cliffwater LLC's next 13F filing due?
13F filings are due 45 days after each quarter ends. Cliffwater LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.
How much money does Cliffwater LLC manage?
Cliffwater LLC reported $48.5B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $401.7M.