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Trending ETFs

Name

As of 10/13/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.55

$12 B

11.27%

$1.19

1.79%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$12 B

Holdings in Top 10

37.0%

52 WEEK LOW AND HIGH

$10.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.79%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 16.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000,000

IRA

N/A


Fund Classification

Fund Type

Closed-end mutual fund


Name

As of 10/13/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.55

$12 B

11.27%

$1.19

1.79%

CCLFX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 6.24%
DIVIDENDS
  • Dividend Yield 11.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Cliffwater Corporate Lending Fund
  • Fund Family Name
    Cliffwater
  • Inception Date
    Mar 06, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Nesbitt

Fund Description


CCLFX - Performance

Return Ranking - Trailing

Period CCLFX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -4.9% 8.2% 5.84%
1 Yr N/A -4.3% 26.0% 92.45%
3 Yr N/A* -15.6% 20.6% 0.97%
5 Yr N/A* -11.2% 37.3% 1.87%
10 Yr N/A* -4.7% 19.5% N/A

* Annualized

Return Ranking - Calendar

Period CCLFX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -4.7% 14.3% 97.08%
2022 N/A -33.4% 3.6% 0.78%
2021 N/A -8.4% 14.9% 8.72%
2020 N/A -13.9% 302.7% 19.30%
2019 N/A -4.4% 13.3% N/A

Total Return Ranking - Trailing

Period CCLFX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -4.9% 8.2% 5.84%
1 Yr N/A -4.3% 26.0% 92.45%
3 Yr N/A* -15.6% 20.6% 0.97%
5 Yr N/A* -11.2% 37.3% 1.87%
10 Yr N/A* -4.7% 19.5% N/A

* Annualized

Total Return Ranking - Calendar

Period CCLFX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -4.7% 18.7% 95.54%
2022 N/A -33.4% 47.8% 0.78%
2021 N/A -8.4% 24.8% 3.39%
2020 N/A -9.6% 325.6% 7.32%
2019 N/A -3.8% 21.5% N/A

NAV & Total Return History


CCLFX - Holdings

Concentration Analysis

CCLFX Category Low Category High CCLFX % Rank
Net Assets 12 B 1.85 M 22.6 B 5.68%
Number of Holdings 1541 2 2736 2.31%
Net Assets in Top 10 4.45 B -492 M 4.45 B 0.15%
Weighting of Top 10 37.04% 4.2% 149.6% 6.48%

Top 10 Holdings

  1. BARINGS PRIVATE CREDIT Corp. / 7.65%
  2. CCLF3/28/27 IRS SWAP FIXED 4.10% / 5.13%
  3. SILVER POINT LOAN NOTE ISSUER LLC / 5.11%
  4. BLACKROCK SHASTA CLO VII LLC / 4.77%
  5. RAVEN SENIOR LOAN FUND LLC CLO / 3.98%
  6. VARAGON STRUCTURED NOTE ISSUER I LLC / 3.64%
  7. CCLF3/28/27 IRS SWAP FIXED 4.10% / 2.01%
  8. MUFG IRS SWAP 7/19/25 FIXED 5.44% / 1.76%
  9. HPS SLF V FEEDER LP NOTES / 1.56%
  10. COMVEST STRUCTURED NOTE ISSUER I LLC / 1.43%

Asset Allocation

Weighting Return Low Return High CCLFX % Rank
Bonds
98.67% -3.13% 154.38% 5.53%
Stocks
22.45% 0.00% 99.61% 2.46%
Other
10.28% -63.70% 102.57% 2.62%
Cash
1.02% -52.00% 49.49% 89.51%
Preferred Stocks
0.89% 0.00% 8.06% 12.04%
Convertible Bonds
0.00% 0.00% 17.89% 100.00%

Stock Sector Breakdown

Weighting Return Low Return High CCLFX % Rank
Financial Services
100.00% 0.00% 100.00% 3.35%
Utilities
0.00% 0.00% 100.00% 98.88%
Technology
0.00% 0.00% 33.17% 98.04%
Real Estate
0.00% 0.00% 86.71% 98.60%
Industrials
0.00% 0.00% 93.12% 98.88%
Healthcare
0.00% 0.00% 22.17% 98.04%
Energy
0.00% 0.00% 100.00% 99.72%
Communication Services
0.00% 0.00% 99.99% 99.44%
Consumer Defense
0.00% 0.00% 100.00% 98.04%
Consumer Cyclical
0.00% 0.00% 100.00% 98.88%
Basic Materials
0.00% 0.00% 100.00% 98.32%

Stock Geographic Breakdown

Weighting Return Low Return High CCLFX % Rank
US
22.26% 0.00% 99.61% 2.47%
Non US
0.19% -0.01% 0.83% 3.70%

Bond Sector Breakdown

Weighting Return Low Return High CCLFX % Rank
Corporate
83.42% 0.00% 129.69% 88.87%
Securitized
13.48% 0.00% 97.24% 1.70%
Derivative
10.31% -15.04% 42.26% 0.62%
Cash & Equivalents
1.02% 0.00% 49.49% 73.15%
Municipal
0.00% 0.00% 4.66% 97.84%
Government
0.00% 0.00% 99.07% 98.45%

Bond Geographic Breakdown

Weighting Return Low Return High CCLFX % Rank
US
94.15% -3.13% 129.21% 42.90%
Non US
4.53% 0.00% 97.33% 20.06%

CCLFX - Expenses

Operational Fees

CCLFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.79% 0.04% 31.61% 13.73%
Management Fee 1.00% 0.00% 1.84% 98.31%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% 0.93%

Sales Fees

CCLFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

CCLFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CCLFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 16.00% 1.00% 255.00% 1.36%

CCLFX - Distributions

Dividend Yield Analysis

CCLFX Category Low Category High CCLFX % Rank
Dividend Yield 11.27% 0.00% 35.52% 94.79%

Dividend Distribution Analysis

CCLFX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

CCLFX Category Low Category High CCLFX % Rank
Net Income Ratio 6.24% -2.39% 14.30% 4.55%

Capital Gain Distribution Analysis

CCLFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

CCLFX - Fund Manager Analysis

Managers

Stephen Nesbitt


Start Date

Tenure

Tenure Rank

Jun 05, 2019

2.99

3.0%

Stephen L. Nesbitt, Chief Executive Officer and Chief Investment Officer of the Investment Manager, is primarily responsible for the day-to-day management of the Fund. Mr. Nesbitt has been the portfolio manager of the Fund since its inception. Prior to forming the Investment Manager in 2004, Mr. Nesbitt was a Senior Managing Director at Wilshire Associates. From 1990 to 2004, Mr. Nesbitt led the Consulting division at Wilshire Associates and also started and built its asset management business using a “manager of managers” investment approach, including private equity and hedge fund-of-fund portfolios. Mr. Nesbitt started his career at Wells Fargo Investment Advisors, an early pioneer in index funds, where he developed and managed index funds and oversaw asset allocation

Jason Breaux


Start Date

Tenure

Tenure Rank

Jun 05, 2019

2.99

3.0%

Jason Breaux serves on the Sub-Adviser Investment Committee. Mr. Breaux is Chief Executive Officer of Crescent Capital BDC, Inc. and serves as Chairman of the BDC Advisor’s investment committee. In addition, Mr. Breaux serves as a managing director of Crescent Capital within private credit and is a member of Crescent’s Management Committee. Prior to joining Crescent in 2000, he worked at Robertson Stephens where he served in the mergers and acquisitions group. Prior to that, he worked in the investment banking division of Salomon Brothers. Mr. Breaux received an MBA from the Darden School of Business at the University of Virginia and an AB from Georgetown University.

Christopher Wright


Start Date

Tenure

Tenure Rank

Jun 05, 2019

2.99

3.0%

Christopher G. Wright serves on the Sub-Adviser Investment Committee. Mr. Wright is a Managing Director of Crescent Capital focusing on mezzanine,the Head of Private Markets, and a member of Crescent Capital’s Management Committee. Prior to joining the team in 2001, Mr. Wright completed the Financial Management Program with the General Electric Company and upon completion, worked in various finance roles within GE Industrial Systems. Mr. Wright is a current and former member or observer of the Board of numerous private companies. In addition, Mr. Wright is a member of the Board of Crescent Capital BDC, Inc. and other non-profit organizations including St. Raphael School Development Board. Mr. Wright received his MBA from Harvard Business School and his BA from Michigan State University.

John Bowman


Start Date

Tenure

Tenure Rank

Jun 05, 2019

2.99

3.0%

John S. Bowman, serves on the Sub-Adviser Investment Committee. Mr. Bowman is a Managing Director of Crescent Capital focusing on Direct Lending. Prior to joining the team in 2012, Mr. Bowman was the President of HighPoint Capital Management, LLC. Prior to joining HighPoint Capital in 2005, Mr. Bowman was a Managing Director of Leveraged Finance at FleetBoston Financial from 1998 to 2003, where he was a senior member of Fleet’s preliminary structuring and loan screening committees. Mr. Bowman also had primary leveraged finance responsibility for covering New England middle market companies, including Fleet’s mezzanine loan origination business based in Boston. Prior to joining FleetBoston, Mr. Bowman was a Senior Vice President in Leveraged Finance with Donaldson, Lufkin & Jenrette Securities Corporation (“DLJ”), and was involved in DLJ’s start-up of its Senior Loan business in 1997. Mr. Bowman also worked at Kidder, Peabody, & Co. Incorporated, State Street Bank & Trust Company, Drexel Burnham Lambert Incorporated and Lehman Brothers. Mr. Bowman earned an MBA from Harvard Business School and a BS in Business Administration from Northeastern University.

Patrick Wolfe


Start Date

Tenure

Tenure Rank

Jun 05, 2019

2.99

3.0%

Patrick Wolfe, Managing Director, is a member of Blackrock’s Global Credit Platform. He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund, and middle-market CLOs in the US. Mr. Wolfe joined BlackRock through the acquisition of TCP. At TCP, Mr. Wolfe launched the middle-market CLO platform taking the business to over $1 billion of assets. He also co-led led the development of the firm’s proprietary private credit software platform and was one of the creators of the Direct Lending fund structure designed for insurance company clients. Prior to TCP, Mr. Wolfe was in structured credit at Deutsche Bank for six years focusing on the structuring, issuance, and management of CLOs and other credit strategies. He began his career in 2006 as an accountant at KSJG LLP focused on mortgage banking. Mr. Wolfe earned a B.S. in Accounting from San Diego State University in 2006.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.12 8.17