Skip to main content
Livermore
Livermore
ZHEN

Cliffwater LLC

SEC CIK
0001659851
Latest filing
Aug 12, 2026

The latest 13F from Cliffwater LLC covers Q2 2026 (filed Aug 12, 2026): 22 long positions worth $401.7M. The top 10 holdings make up 96.3% of the portfolio, and the largest is Vanguard Morningstar Total Stock Market ETF at 28.3%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$7.21M
Added
1
Est. +$25.3M
Reduced
3
Est. −$30.7M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Morningstar Total Stock Market ETF922908769
    28.3%$113.6M
  2. Vanguard Scottsdale FDS92206C706
    17.6%$70.8M
  3. OTFBlue Owl Technology Finance Corp.
    15.2%$61.2MHistory
  4. Vanguard Ftse Developed Markets ETF921943858
    13.6%$54.8M
  5. Vanguard Scottsdale FDS92206C599
    10.7%$42.9M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Scottsdale FDS92206C706
    +$25.3MAdded
  2. FRBTForbright, Inc.
    +$5.13MNewHistory
  3. XERSXeris Biopharma Holdings, Inc.
    +$2.08MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Vanguard Scottsdale FDS92206C706
    +5.45 pp12.2% → 17.6%
  2. FRBTForbright, Inc.
    +1.28 pp0.0% → 1.3%History
  3. XERSXeris Biopharma Holdings, Inc.
    +0.52 pp0.0% → 0.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Scottsdale FDS92206C599
    −$25.3MReduced
  2. Vanguard Morningstar Total Stock Market ETF922908769
    −$5.38MReduced
  3. Vanguard Ftse Developed Markets ETF921943858
    −$92.6KReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Vanguard Scottsdale FDS92206C599
    −4.99 pp15.7% → 10.7%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$401.7M
+$24.3M (+6.4%) vs. prior quarter
Positions
22
+2 vs. prior quarter
Top 10 concentration
96.3%
Top 10 as share of value
Turnover
7.9%
Q2 2026, one quarter
Average holding period
16.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $486.3M (Q2 2025)

Q1 2021: $419.8MQ2 2021: $379.6MQ3 2021: $381.1MQ4 2021: $384.9MQ1 2022: $381.2MQ2 2022: $309.7MQ3 2022: $296.1MQ4 2022: $355.0MQ1 2023: $312.5MQ2 2023: $304.6MQ3 2023: $305.3MQ4 2023: $349.7MQ1 2024: $371.0MQ2 2024: $467.3MQ3 2024: $432.4MQ4 2024: $408.7MQ1 2025: $382.5MQ2 2025: $486.3MQ3 2025: $474.7MQ4 2025: $476.4MQ1 2026: $377.4MQ2 2026: $401.7M
Q1 2021Q2 2026
13F filings of Cliffwater LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 202622$401.7MVanguard Morningstar Total Stock Market ETFVanguard Scottsdale FDSOTFvs. Q1 2026SEC
Q1 2026May 13, 202620$377.4MVanguard Morningstar Total Stock Market ETFOTFVanguard Scottsdale FDSvs. Q4 2025SEC
Q4 2025Feb 12, 202622$476.4MVanguard Morningstar Total Stock Market ETFOTFiShares MSCI Acwi Ex U.S. ETFvs. Q3 2025SEC
Q3 2025Nov 13, 202522$474.7MVanguard Morningstar Total Stock Market ETFOTFVanguard Scottsdale FDSvs. Q2 2025SEC
Q2 2025Aug 13, 202524$486.3MVanguard Morningstar Total Stock Market ETFOTFVanguard Scottsdale FDSvs. Q1 2025SEC
Q1 2025May 14, 202523$382.5MVanguard Morningstar Total Stock Market ETFVanguard Scottsdale FDSiShares MSCI Acwi Ex U.S. ETFvs. Q4 2024SEC
Q4 2024Feb 14, 202519$408.7MVanguard Morningstar Total Stock Market ETFVanguard Scottsdale FDSiShares MSCI Acwi Ex U.S. ETFvs. Q3 2024SEC
Q3 2024Nov 13, 202423$432.4MVanguard Morningstar Total Stock Market ETFiShares MSCI Acwi Ex U.S. ETFVanguard Scottsdale FDSvs. Q2 2024SEC
Q2 2024Aug 14, 202426$467.3MVanguard Morningstar Total Stock Market ETFiShares MSCI Acwi Ex U.S. ETFVanguard Scottsdale FDSvs. Q1 2024SEC
Q1 2024May 10, 202425$371.0MVanguard Morningstar Total Stock Market ETFMSDLVanguard Scottsdale FDSvs. Q4 2023SEC
Q4 2023Feb 13, 202423$349.7MVanguard Morningstar Total Stock Market ETFVanguard Scottsdale FDSVanguard Ftse Developed Markets ETFvs. Q3 2023SEC
Q3 2023Nov 14, 202326$305.3MVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFFBRTvs. Q2 2023SEC
Q2 2023Aug 14, 202326$304.6MVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFFBRTvs. Q1 2023SEC
Q1 2023May 12, 202326$312.5MVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFFBRTvs. Q4 2022SEC
Q4 2022Feb 10, 202326$355.0MVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFFBRTvs. Q3 2022SEC
Q3 2022Nov 10, 202225$296.1MVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFVanguard Scottsdale FDSvs. Q2 2022SEC
Q2 2022Aug 12, 202225$309.7MVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFVanguard Scottsdale FDSvs. Q1 2022SEC
Q1 2022May 13, 202225$381.2MVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFVanguard Scottsdale FDSvs. Q4 2021SEC
Q4 2021Feb 11, 202225$384.9MVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFARCCvs. Q3 2021SEC
Q3 2021Nov 15, 202124$381.1MVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFVanguard Scottsdale FDSvs. Q2 2021SEC
Q2 2021Aug 13, 202124$379.6MVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFVanguard Scottsdale FDSvs. Q1 2021SEC
Q1 2021May 14, 202124$419.8MVanguard Ftse Developed Markets ETFVanguard Morningstar Total Stock Market ETFNMFC–SEC

13D and 13G filings

Companies where Cliffwater LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Cliffwater LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
Silver Point Specialty Lending FundCommon Shares of Beneficial Interest, par value $0.001 per share13G/A30.30%11.2M shares–Feb 10, 20233 filingsJun 6, 2025SEC

Latest filings

31 filings on file made by Cliffwater LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Cliffwater LLC
CompanyFiled (ET)FilerFormStakeChangeEvent dateFiling
Barings Private Credit CorpCommon StockMay 15, 202611:06 AM ETCliffwater Corporate Lending Fundand 1 other13D/A28.70%42.0M shares–Jan 23, 2026SEC
TCW Specialty Lending LLCCommon Limited Liability Company UnitsMay 7, 20262:31 PM ETCliffwater Corporate Lending Fundand 1 other13G15.50%3.20M sharesNewApr 1, 2026SEC
26North BDC, Inc.Shares of Common Stock, par value $0.001 per shareFeb 17, 202610:43 AM ETCliffwater Corporate Lending Fundand 1 other13G/A4.96%1.19M shares−0.74 ppfrom 5.70%Below 5%Dec 31, 2025SEC
Golub Capital Private Credit FundCommon Shares, par value $0.01 per shareFeb 17, 202610:39 AM ETCliffwater Corporate Lending Fundand 1 other13G/A4.93%8.77M shares−0.17 ppfrom 5.10%Below 5%Dec 31, 2025SEC
Stone Point Credit Income FundCommon Shares, par value $0.001 per shareFeb 17, 202610:36 AM ETCliffwater Corporate Lending Fundand 1 other13G/A10.89%1.22M shares−14.11 ppfrom 25.00%Dec 31, 2025SEC
KKR FS Income Trust SelectCommon Shares of Beneficial Interest, par value $0.01 per shareNov 14, 20258:46 PM ETCliffwater Corporate Lending Fundand 2 others13G/A3.10%992.6K shares–Below 5%Sep 30, 2025SEC
KKR FS Income TrustCommon Shares of Beneficial Interest, par value $0.01 per shareNov 14, 20258:30 PM ETCliffwater Corporate Lending Fundand 2 others13G/A4.50%2.09M shares–Below 5%Sep 30, 2025SEC
New Mountain Private Credit FundCommon shares of beneficial interest, par value $0.001 per shareNov 14, 20258:10 PM ETCliffwater Corporate Lending Fundand 2 others13G/A4.70%2.00M shares−0.44 ppfrom 5.14%Below 5%Sep 30, 2025SEC
Golub Capital Direct Lending CorpCommon Stock, par value $0.001 per shareNov 14, 20257:31 PM ETCliffwater Corporate Lending Fundand 2 others13G/A9.20%3.34M shares–Sep 30, 2025SEC
Ares Strategic Income FundClass I Shares of Beneficial Interest, par value $0.001 per shareNov 14, 20257:30 PM ETCliffwater Corporate Lending Fundand 2 others13G/A1.00%3.82M shares–Below 5%Sep 30, 2025SEC
Golub Capital Private Credit FundCommon Shares, par value $0.01 per shareNov 14, 20257:19 PM ETCliffwater Corporate Lending Fundand 2 others13G/A5.10%8.58M shares–Sep 30, 2025SEC
Stone Point Credit CorpCommon Stock, par value $0.01 per shareNov 14, 20257:08 PM ETCliffwater Corporate Lending Fundand 2 others13G/A5.80%3.86M shares–Sep 30, 2025SEC
Barings Capital Investment CorpCommon StockNov 14, 20256:34 PM ETCliffwater Corporate Lending Fundand 2 others13G/A17.40%5.59M shares–Sep 30, 2025SEC
Vista Credit Strategic Lending Corp.Common Stock, par value $0.01 per shareNov 14, 20256:29 PM ETCliffwater Corporate Lending Fundand 2 others13G/A9.10%2.69M shares−7.70 ppfrom 16.80%Sep 30, 2025SEC
Stellus Private Credit BDCCommon Stock, par value $0.01 per shareNov 13, 20252:27 PM ETCliffwater Corporate Lending Fundand 4 others13G/A33.40%4.13M shares–Sep 30, 2025SEC
Golub Capital BDC 4, Inc.Common Stock, par value $0.001 per shareAug 13, 20252:09 PM ETCliffwater Corporate Lending Fundand 2 others13G/A20.10%13.3M shares−2.70 ppfrom 22.80%Jun 16, 2025SEC
Silver Point Specialty Lending FundCommon Shares of Beneficial Interest, par value $0.001 per shareJun 6, 20256:12 PM ETCliffwater LLCand 2 others13G/A30.30%11.2M shares–Apr 30, 2025SEC
Vista Credit Strategic Lending Corp.Common Stock, par value $0.01 per shareMay 13, 20252:16 PM ETCliffwater Corporate Lending Fundand 2 others13G/A16.80%2.69M shares−1.20 ppfrom 18.00%Mar 31, 2025SEC
Vista Credit Strategic Lending Corp.Common Stock, par value $0.01 per shareFeb 14, 20251:32 PM ETCliffwater Corporate Lending Fundand 2 others13G/A18.00%2.42M shares–Dec 26, 2024SEC
26North BDC, Inc.Shares of Common Stock, par value $0.001 per shareFeb 14, 20251:27 PM ETCliffwater Corporate Lending Fundand 2 others13G/A5.70%797.9K shares–Dec 19, 2024SEC