Cliffwater Corporate Lending Fund
Cliffwater Corporate Lending Fund · Series LEI:549300H513RTF4I5T758
data updated 2026-08-10
Fund profile
This fund files no prospectus profile. Unit investment trusts and closed-end funds register on forms that carry no objective or fee tagging, and some fund families file without it — a gap in what was filed, not a fund without an objective or without fees.
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Loans | 106.59% |
| Stocks | 20.87% |
| Derivatives | 12.03% |
| Cash & short-term | 1.53% |
| 2 smaller | 0.21% |
| Securitized | -1.00% |
These positions come to 140.23% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: EURO FORWARD CONTRACT 06/30/2026, EURO FORWARD CONTRACT 05/29/2026, EURO FORWARD CONTRACT 04/30/2026, CLFK, LLC SERIES 2025-1, VARAGON STRUCTURED NOTES ISSUER I LLC, ASP CLO HOLDCO LLC SERIES 1, PIER 44 FUNDING LP FKA ABPCI PACIFIC LP, GBP FWD CONTRACT 06/30/2026
Largest exited: EUR FORWARD CONTRACT 03/31/26, EUR FORWARD CONTRACT 02/27/26, EUR FORWARD CONTRACT 01/30/26, ASP SUMMA HOLDCO 1 LP, ABPCI PACIFIC FUNDING GP SUB NOTES, VARAGON STRUCTURED NOTE ISSUER I LLC, ASP SUMMA 1 LLC CLASS A, AGTB PRIVATE BDC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
Mar 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-03-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 67.0% |
| Zero-coupon or unclassified | 16.7% |
| Fixed rate | 16.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.9% |
| 1-3y | 15.4% |
| 3-5y | 27.4% |
| 5-10y | 50.4% |
| 10y+ | 4.9% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 100% |
| Interest rates | 0% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +1.30 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.00 yr | 0% |
| 5 yr | 0.00 yr | 14% |
| 10 yr | 0.00 yr | 83% |
| 30 yr | 0.00 yr | 3% |
1 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.11 yr | 8% |
| 1 yr | 0.25 yr | 19% |
| 5 yr | 0.78 yr | 60% |
| 10 yr | 0.16 yr | 12% |
| 30 yr | 0.00 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.11 | $0 | $329.5k |
| 1 yr | -0.00 | +0.00 | +0.25 | $0 | $780.2k |
| 5 yr | +0.00 | +0.00 | +0.78 | $0 | $2.45m |
| 10 yr | +0.00 | +0.00 | +0.16 | $0 | $490.9k |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $10.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 0.00 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | SILVER POINT LOAN NOTE ISSUER LLC0.00% · due 2033-10-20 | 3.31% | $1.04B | — |
| — | CCLF3/28/27 IRS SWAP FIXED 4.10% | 2.85% | $891.62M | — |
| — | PRIVATE CREDIT FUND C-1 HLDCO LLC SER 1 | 2.77% | $868.51M | 1 |
| — | BARINGS PRIVATE CREDIT CORPORATION | 2.71% | $848.02M | 42.0M |
| — | BLACKROCK SHASTA CLO VII LLC0.00% · due 2033-01-22 | 1.92% | $600.99M | — |
| — | GPG Loan Funding, LL Subordinate Note0.00% · due 2030-04-29 | 1.78% | $557.47M | — |
| — | SOUTH COVE FUNDING SUB NOTES0.00% · due 2033-01-22 | 1.58% | $494.48M | — |
| — | CCLF8/15/29 IRS SWAP FIXED 6.32% | 1.57% | $491.97M | — |
| — | BLACKROCK MT. LASSEN SENIOR LOAN XII | 1.49% | $467.54M | 1 |
| — | RAVEN SENIOR LOAN FUND LLC CLO0.00% · due 2099-12-31 | 1.47% | $458.57M | — |
Top 10 positions are 21.45% of net assets, top 25 34.41%, across 3.3K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free