Cliffwater LLC

CIK 0001659851 · Q1 2026

13F Equity AUM

$377.4M

-20.8% QoQ

Positions

-2 QoQ

AUM Rank

#5,138

Top 41%

Skill Alpha (FF)

-2.6%/yr

Underperformer

Rank #5,930 · Top 72%

vs S&P -10.5%/yr (unadj.)

Quarters Tracked

~8 years

Portfolio Concentration

Top 5: 87.7%Top 10: 98.1%Top 20: 100.0%

VTI27.3%

OTF19.4%

VTHR15.7%

VEA13.1%

VGIT12.2%

VWO3.0%

CVBF2.1%

VCSH1.9%

SPY1.9%

VNQ1.6%

Others (10)1.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services99.7%

Other0.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 20Median: 1.13%Avg: 5.00%

0–0.5%

8(0.7%)

0.5–1%

2(1.2%)

1–3%

5(10.5%)

3–5%

0(0.0%)

5%+

5(87.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 20Unique: 0vs 20 funds

0.3%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.4%

BANK OF AMERICA CORP /DE/

0.4%

0.5%

0.4%

0.6%

0.3%

VANGUARD CAPITAL MANAGEMENT LLC

0.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.2%

GEODE CAPITAL MANAGEMENT, LLC

0.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New0Increased0Decreased3Exited2

Decreased

VTI27.3%

-22,406(-7%)

SPY1.9%

-1,452(-12%)

VCSH1.9%

-692(-1%)

Exited

ACWX

-1,048,621

IWM

-1,213

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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