Cliffwater Enhanced Lending Fund
Cliffwater Enhanced Lending Fund
Fund classification
Classified from what the fund holds · as of 2026 Q2
Cliffwater Enhanced Lending Fund is an aggressive allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Closed-end fund
- Equity exposure
- Aggressive
- Features
- Interval fund · Non-diversified
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 Q2
| Stocks | 77.22% |
| Loans | 33.12% |
| Cash & short-term | 6.32% |
| Derivatives | -3.37% |
| Securitized | -0.52% |
These positions come to 112.77% 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 09/30/2026, SENIOR SECURED NOTES 6.35% 5YR MT 6/15/31, CELF6/15/31 IRSSWAP FIXED 6.35%, EURO FORWARD CONTRACT 08/31/2026, EURO FORWARD CONTRACT 07/31/2026, SENIOR SECURED NOTES 6.58 %7YR MT 6/15/33, CELF6/15/33 IRSSWAP FIXED 6.58%, CORINTHIA BIDCO LIMI
Largest exited: EURO FORWARD CONTRACT 06/30/2026, EURO FORWARD CONTRACT 05/29/2026, EURO FORWARD CONTRACT 04/30/2026, CEDAR ELECTRONICS TRADING Corp., LINC SYSTEMS LLC, CLAROS MORTGAGE TRUS, IKI MANUFACTURING Co., GBP FWD CONTRACT 04/30/2026
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 63.0% |
| Fixed rate | 36.3% |
| Zero-coupon or unclassified | 0.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 10.2% |
| 1-3y | 19.2% |
| 3-5y | 35.3% |
| 5-10y | 29.1% |
| 10y+ | 6.3% |
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 2026Q2
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 | 97% |
| Interest rates | 3% |
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 | +0.32 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.
| 5 yr | 0.00 yr | 8% |
| 10 yr | 0.01 yr | 90% |
| 30 yr | 0.00 yr | 1% |
| 3 mo | 0.00 yr | 1% |
| 1 yr | 0.09 yr | 29% |
| 5 yr | 0.17 yr | 51% |
| 10 yr | 0.06 yr | 18% |
| 30 yr | 0.00 yr | 1% |
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 | +0.00 | $0 | $1.6k |
| 1 yr | +0.00 | +0.00 | +0.09 | $0 | $73.4k |
| 5 yr | +0.00 | +0.00 | +0.17 | $0 | $129.3k |
| 10 yr | +0.01 | +0.00 | +0.06 | $0 | $45.0k |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $2.4k |
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 0.01 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 | Reported price | Value | Shares |
|---|---|---|---|---|---|
| GVMXX | State Street Institutional USGVMXX | 6.21% | — | $485.03M | — |
| — | DAWSON PORTFOLIO FINANCE EVERGREEN | 4.42% | $1,196.64 | $344.88M | 288.2K |
| — | HERCULES EVERGREEN FUND LP | 3.02% | $235,704,989.00 | $235.70M | 1 |
| — | SYMBIOTIC CAPITAL CREDIT PARALLEL | 2.55% | $198,924,308.00 | $198.92M | 1 |
| — | PG LENDING FUND I,LP | 2.21% | $172,423,966.00 | $172.42M | 1 |
| — | DAWSON PORT FINANCE SICAV | 2.12% | $55.20 | $165.60M | 3.0M |
| — | BANNER RIDGE SECONDARY FUND V LP | 2.06% | $160,797,902.00 | $160.80M | 1 |
| — | BSOF SRT ONSHORE CLASS SRT SERIES 6 | 1.96% | $152,820,679.00 | $152.82M | 1 |
| — | AG ASSET BASED CREDI EVERGREEN FUND LP | 1.69% | $131,556,416.00 | $131.56M | 1 |
| — | ACRE CREDIT PRTLIO II LP | 1.60% | $124,554,658.00 | $124.55M | 1 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 27.83% of net assets, top 25 47.19%, across 479 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