The Cliffwater Direct Lending Index (the "CDLI") and the CDLI – Senior (“CDLI-S”) are owned exclusively by Cliffwater LLC ("Cliffwater"), and are protected by law including, but not limited to, United States copyright, trade secret, and trademark law, as well as other state, national, and international laws and regulations. All information on the performance and CDLI and CDLI-S characteristics is and shall remain the exclusive property of Cliffwater. All content is provided for informational purposes only. Cliffwater provides this information on an "as is" and "as available" basis, without any warranty of any kind, whether express or implied.
Past performance of the CDLI or CDLI-S is not an indication of future results. It is not possible to invest directly in the CDLI or CDLI-S. The CDLI and CDLI-S returns shown are not based on actual advisory client returns and do not reflect the actual trading of investible assets. The performance of the CDLI and CDLI-S have not been reviewed by an independent accounting firm and have been prepared for informational purposes only.
Exposure to the asset class represented by the CDLI and CDLI-S is available through investing in a fund, account or other financial product (each, a "Product") referencing them. Products that reference the CDLI and CDLI-S may not be sponsored or endorsed by Cliffwater, and in such cases, Cliffwater does not make any representation regarding the advisability of investing in them. Cliffwater makes no assurance that any Product referencing the CDLI or CDLI-S will accurately track their performance or provide positive investment returns. No representation is being made that any person that invests in a Product will or is likely to achieve results similar to those presented herein. A decision to invest in a Product should not be made in reliance on any of the statements set forth on this website (the "Website").
The data universe of the CDLI is comprised of all underlying assets held by business development companies (a "BDC") that satisfy certain eligibility requirements. The data universe of the CDLI-S is a smaller sub-set of the foregoing. Inclusion in the CDLI or CDLI-S of the assets held by a BDC does not in any way reflect an opinion of Cliffwater regarding the investment merits of such assets or the BDC, nor should it be interpreted as an offer to buy or sell such assets or the BDC. None of the assets included in the CDLI or CDLI-S or their respective BDCs has given any real or implied endorsement or support to Cliffwater or to the CDLI or CDLI-S. Cliffwater has no obligation to take the needs of a person investing in a Product or any other person into consideration in determining, composing or calculating the CDLI or CDLI-S.
Returns of the CDLI and CDLI-S do not reflect payment of any sales charges or fees a person may pay to purchase the assets underlying the CDLI, CDLI-S or a Product that is intended to track the performance of the CDLI or CDLI-S. The imposition of these fees and charges would cause the actual and back-tested performance of these assets or Products to be lower than the CDLI or CDLI-S performance shown.
Any information presented prior to the Launch Dates of the CDLI and the CDLI-S is back-tested. Back-tested performance is not actual performance, but is hypothetical. Unless otherwise indicated, the back-tested calculations are based on the same methodology that was in effect when the CDLI and CDLI-S were officially launched. Please refer to the “methodology” section of this Website for more details about the CDLI and CDLI-S, including their Base Date/Value, the Launch Date, the manner in which they are reconstituted and their eligibility criteria. Prospective application of the methodology used to construct the CDLI and CDLI-S may not result in performance commensurate with any back-tested returns shown. The back-test period does not necessarily correspond to the entire available history of the CDLI and CDLI-S.
Another limitation of back-tested hypothetical information is that generally the back-tested calculation is prepared with the benefit of hindsight. Back-tested data reflect the application of the CDLI and CDLI-S methodology and selection of CDLI and CDLI-S constituents in hindsight. No hypothetical record can completely account for the impact of financial risk in actual trading. For example, there are numerous factors related to the financial markets in general which cannot be, and have not been accounted for in the preparation of the CDLI and CDLI-S information set forth, all of which can affect actual performance.
When Cliffwater was unable to determine the nature of a BDC’s investments because of limited information included in historical SEC filings, Cliffwater did not apply the portfolio composition criteria (a substantial majority (approximately 75%) of reported total assets are represented by direct loans made to corporate borrowers, as categorized by each BDC and subject to Cliffwater’s discretion) to the BDC. In addition, the criteria regarding the timing of SEC filings were not applied for periods prior to the Launch Date. All other eligibility criteria were applied to determine whether to include the BDC in the historical CDLI or CDLI-S composition and return. Returns generally are published 75 days after calendar quarter-end.
Cliffwater may receive compensation in connection with licensing the CDLI or CDLI-S to third parties. All information provided on the Website is impersonal and not tailored to the needs of any person or group of persons. Cliffwater reserves the right at any time, and without notice, to change, amend, or cease publication of the CDLI or CDLI-S. The eligibility criteria for the CDLI or CDLI-S may be adjusted from time to time, including to address changes in industry trends. Any material adjustments will be publicly announced.
It is expressly forbidden to disseminate this content, or to use this content, or any portion thereof, for purposes of investment management, advice, benchmarking, or any other commercial or private purpose, except under terms granted under separate contract by Cliffwater.
THE CDLI AND THE CDLI-S AND THE INFORMATION CONTAINED ON THE WEBSITE ARE DERIVED FROM SOURCES THAT ARE CONSIDERED RELIABLE, BUT CLIFFWATER DOES NOT GUARANTEE THE VERACITY, CURRENCY, COMPLETENESS OR ACCURACY OF THE CDLI OR CDLI-S OR OTHER INFORMATION FURNISHED IN CONNECTION THEREWITH OR OTHERWISE ON THE WEBSITE. NO REPRESENTATION, WARRANTY OR CONDITION, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, AS TO CONDITION, SATISFACTORY QUALITY, PERFORMANCE, OR FITNESS FOR PURPOSE ARE GIVEN OR DUTY OR LIABILITY ASSUMED BY CLIFFWATER IN RESPECT OF THE CDLI OR CDLI-S OR ANY INFORMATION CONTAINED ON THE WEBSITE, OMISSIONS THEREFROM OR THE USE OF THE CDLI OR CDLI-S IN CONNECTION WITH ANY PRODUCT, AND ALL THOSE REPRESENTATIONS, WARRANTIES AND CONDITIONS ARE EXCLUDED SAVE TO THE EXTENT SUCH EXCLUSION IS PROHIBITED BY APPLICABLE LAW.
THE CDLI AND CDLI-S AND THE INFORMATION CONTAINED ON THE WEBSITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS. DUE TO VARIOUS FACTORS, INCLUDING THE INHERENT POSSIBILITY OF HUMAN OR MECHANICAL ERROR, THE ACCURACY, COMPLETENESS, TIMELINESS AND CORRECT SEQUENCING OF SUCH INFORMATION AND THE RESULTS OBTAINED FROM ITS USE ARE NOT GUARANTEED BY CLIFFWATER.
To the fullest extent permitted by applicable law, Cliffwater shall have no liability or responsibility to any person for any loss, damages, costs, charges, expenses or other liabilities, including without limitation liability for any special, punitive, indirect or consequential damages (including, without limitation, lost profits, lost time and goodwill), even if notified of the possibility of such damages, whether arising in tort, contract, strict liability or otherwise, in connection with the use of the CDLI or CDLI-S, any Product or any information contained on the Website.
NO INVESTMENT ADVICE OR RECOMMENDATIONS
The information and opinions presented on the Website are intended for informational purposes only and should not be construed as any advice, recommendation or endorsement from Cliffwater as to any legal, tax, investment or other matter. The information on the Website does not constitute and should not be construed as an offering of advisory services or a promise to undertake or solicit business. The Website should not be considered a solicitation or offering for any Product or service to any person in any jurisdiction where such solicitation or offer would be unlawful. Your particular needs, investment objectives and financial situation were not taken into account in the preparation of the Website or the CDLI or CDLI-S and the materials contained on the Website. The fact that Cliffwater has made available to you through the Website, investment opinions and other information constitutes neither a recommendation that you enter into a particular transaction nor a representation that any Product is suitable or appropriate for you. You should consult a financial adviser or other professional before making any investment decision. Cliffwater takes no responsibility for any loss or damage arising due to any decision relating to investments taken by you based on the reports, data and/or information contained on the Website.
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