Cliffwater LLC
Sector Allocation
- Other95.5%$383.6M
- Financials3.6%$14.7M
- Healthcare0.6%$2.2M
- Consumer Discretionary0.1%$613,772
- Technology0.1%$522,434
AUM History
13fpro.ai/research/fund/cliffwater-llc-1659851
Conviction and streaks
Diversifying · top 10 = 96.3%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
- VANGUARD$113.6M
- VANGUARD$70.8M
OTF
$61.2M- VANGUARD$54.8M
- VANGUARD$42.9M
- VANGUARD$12.4M
CVBF
$9.3MSPY
$8.0M- VANGUARD$7.1M
- VANGUARD$6.7M
FRBT
$5.1M- ISHARES$2.8M
CGBD
$2.2MXERS
$2.1MBBDC
$1.1MCVNA
$614KTOST
$267KRBRK
$256KNU
$127KOSCR
$126K
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/cliffwater-llc-1659851
Cliffwater LLC 13F holdings — Q2 2026
$401.7M portfolio (+6.4% QoQ) · 22 holdings · Q2 2026 13F · top 10 are 96% of the stock portfolio
- 1
VANGUARD INDEX FDS - TOTAL STK MKT
$113.6M
28.3% of stocks
-5%This quarter—Since filed—HeldAIQuality—Est. buy— - 2
VANGUARD SCOTTSDALE FDS - INTER TERM TREAS
$70.8M
17.6% of stocks
+56%This quarter—Since filed—HeldAIQuality—Est. buy— $61.2M
15.2% of stocks
No changeThis quarter-21.2%Since filed5 qtrsHeld- 4
VANGUARD TAX-MANAGED FDS - VAN FTSE DEV MKT
$54.8M
13.6% of stocks
-0.2%This quarter—Since filed—HeldAIQuality—Est. buy— - 5
VANGUARD SCOTTSDALE FDS - VNG RUS3000IDX
$42.9M
10.7% of stocks
-37%This quarter—Since filed—HeldAIQuality—Est. buy— - 6
VANGUARD INTL EQUITY INDEX F - FTSE EMR MKT ETF
$12.4M
3.1% of stocks
No changeThis quarter—Since filed—HeldAIQuality—Est. buy— $9.3M
2.3% of stocks
No changeThis quarter-0.4%Since filed8+ qtrsHeld$8.0M
2.0% of stocks
No changeThis quarter-0.9%Since filed8+ qtrsHeld- 9
VANGUARD SCOTTSDALE FDS - SHRT TRM CORP BD
$7.1M
1.8% of stocks
No changeThis quarter—Since filed—HeldAIQuality—Est. buy— - 10
VANGUARD INDEX FDS - REAL ESTATE ETF
$6.7M
1.7% of stocks
No changeThis quarter—Since filed—HeldAIQuality—Est. buy—
| # | Company | Value | Weight | This quarter | Since filed | Held | AI quality | Est. buy | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | VANGUARD INDEX FDS - TOTAL STK MKT | $113.6M | 28.3% | -5% | — | — | — | — | |
| 2 | VANGUARD SCOTTSDALE FDS - INTER TERM TREAS | $70.8M | 17.6% | +56% | — | — | — | — | |
| 3 | $61.2M | 15.2% | No change | -21.2% | 5 qtrs | 59.3#943 | Estimated buy price is Pro: unlock with a free trial | ||
| 4 | VANGUARD TAX-MANAGED FDS - VAN FTSE DEV MKT | $54.8M | 13.6% | -0.2% | — | — | — | — | |
| 5 | VANGUARD SCOTTSDALE FDS - VNG RUS3000IDX | $42.9M | 10.7% | -37% | — | — | — | — | |
| 6 | VANGUARD INTL EQUITY INDEX F - FTSE EMR MKT ETF | $12.4M | 3.1% | No change | — | — | — | — | |
| 7 | $9.3M | 2.3% | No change | -0.4% | 8+ qtrs | 54.7#1,303 | Estimated buy price is Pro: unlock with a free trial | ||
| 8 | $8.0M | 2.0% | No change | -0.9% | 8+ qtrs | — | Estimated buy price is Pro: unlock with a free trial | ||
| 9 | VANGUARD SCOTTSDALE FDS - SHRT TRM CORP BD | $7.1M | 1.8% | No change | — | — | — | — | |
| 10 | VANGUARD INDEX FDS - REAL ESTATE ETF | $6.7M | 1.7% | No change | — | — | — | — |
All holdings — Cliffwater LLC (Q2 2026)
22 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | Forbright, Inc. | Financials | $5.1M | 1.3% | 280K | New | 1 qtr | — | 13F | |
| 12 | — | ISHARES TR - MSCI EMG MKT ETFetf/fund | — | $2.8M | 0.7% | 40K | — | — | — | 13F |
| 13 | Carlyle Secured Lending, Inc. | Other | $2.2M | 0.5% | 207K | — | 5 qtrs | 55.6 | 13F | |
| 14 | Xeris Biopharma Holdings, Inc. | Healthcare | $2.1M | 0.5% | 263K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | Barings BDC, Inc. | Other | $1.1M | 0.3% | 127K | — | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | CARVANA CO. | Consumer Discretionary | $614K | 0.1% | 9,325 | +400% | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | Toast, Inc. | Technology | $267K | 0.1% | 9,591 | — | 7 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | Rubrik, Inc. | Technology | $256K | 0.1% | 3,184 | — | 6 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | Nu Holdings Ltd. | Financials | $127K | 0.0% | 9,485 | — | 7 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | Oscar Health, Inc. | Healthcare | $126K | 0.0% | 4,431 | — | 6 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | Invesco Ltd.etf/fund | Financials | $120K | 0.0% | 5,902 | — | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | — | ISHARES TR - CORE MSCI EAFEetf/fund | — | $100K | 0.0% | 1,036 | — | — | — | 13F |
What changed in Q2 2026
Against the previous quarter's 13F: 2 new, 2 added to, 3 trimmed, 0 sold out. Share-count changes; largest moves by dollar size first.
New positions (2)
Added to (2)
- VANGUARD SCOTTSDALE FDS - INTER TERM TREAS+56%
now $70.8M
now $614K · held 5 qtrs
Trimmed (3)
- VANGUARD SCOTTSDALE FDS - VNG RUS3000IDX-37%
now $42.9M
- VANGUARD INDEX FDS - TOTAL STK MKT-5%
now $113.6M
- VANGUARD TAX-MANAGED FDS - VAN FTSE DEV MKT-0.2%
now $54.8M
Sold out (0)
No positions sold out this quarter.
Holdings by quarter
Every 13F Cliffwater LLC has filed, 34 earlier quarters. Pick one to see what it held then.
Is it too late to follow Cliffwater?
Q2 2026 13F filed with the SEC on Aug 12, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of Cliffwater's top 20 holdings: 59/100 (our AI quality score, weighted by position size; 9 of the 20 are scored)
Top 10 since filing
-15.0%
Value-weighted move of the 10 largest stock positions
Turnover
8%
Last quarter; 9% over the last 4
Top 10 weight
96%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
92%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q3 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Cliffwater LLC disclosed 22 positions worth $401.7M in its Form 13F-HR for Q2 2026. During the quarter the fund opened 2 new positions and exited 0 — including a new stake in $FRBT. The portfolio is most concentrated in Other (95.5% of disclosed assets). All figures are sourced directly from Cliffwater LLC’s Form 13F-HR filing with the SEC under CIK 1659851.
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AI-Powered Hedge Fund Analysis: Cliffwater LLC
13F Pro is an AI hedge fund tracker and stock research platform. For Cliffwater LLC (SEC CIK: 1659851), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.
Every holding in Cliffwater LLC's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.