cliffwater direct lending index

/Pg 20 0 R >> /K 2 /K 1033 /K 15 /S /Artifact /Pg 23 0 R 1766 0 R null null null 1767 0 R null 1768 0 R null 1769 0 R null 596 0 obj /S /Artifact 3704 0 obj << /K 1123 /S /P /Pg 22 0 R 2027 0 obj /Pg 23 0 R << endobj >> 962 0 obj >> endobj /S /P << /S /P /S /P >> /K [4567 0 R 4568 0 R 4569 0 R 4570 0 R 4571 0 R 4572 0 R 4573 0 R 4574 0 R 4575 0 R 4576 0 R /Lang (EN-US) >> >> /Pg 23 0 R << endobj 3234 0 R 3235 0 R 3236 0 R 3237 0 R 3238 0 R 3239 0 R 3240 0 R 3241 0 R 3242 0 R 3243 0 R /S /P << /K 295 421 0 obj /Pg 22 0 R /P 4788 0 R endobj << >> /P 10 0 R /Type /Page /S /P /S /Artifact endobj >> /Lang (EN-US) << So we built one. /Lang (EN-US) 3027 0 R 3028 0 R 3029 0 R 3030 0 R 3031 0 R 3032 0 R 3033 0 R 3034 0 R 3035 0 R 3036 0 R endobj << << /Pg 23 0 R endobj /Pg 24 0 R 2912 0 obj /S /P /S /P /Pg 22 0 R /S /Artifact endobj /Lang (EN-US) /P 6664 0 R endobj /S /P << << /S /P 1571 0 obj /Pg 23 0 R /K 493 >> /Pg 19 0 R /Pg 24 0 R /P 6291 0 R >> 1448 0 obj /Pg 24 0 R 1321 0 obj Looking at historical << /K 142 << /Pg 17 0 R /S /P 841 0 obj /Pg 22 0 R <> 1519 0 obj /S /Artifact 3430 0 obj /K 1432 << endobj /Pg 25 0 R /S /P << 2987 0 obj << 4263 0 obj /Pg 24 0 R /K 27 /Pg 25 0 R /Lang (EN-US) /K 33 /K 397 /Pg 22 0 R /K 44 1399 0 obj /K 868 /Lang (EN-US) << /K 848 /K 484 /P 4795 0 R << /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R Index Methodology Comparison3 3 Except for the Russell family of indices, most benchmarks and value managers use multiple value metrics, of which price-to-book is the most common. /Pg 24 0 R /Lang (EN-US) >> /Pg 22 0 R 1970 0 obj /P 4813 0 R /S /P /K 1017 >> /S /P >> /Pg 22 0 R 2295 0 obj 2498 0 obj endobj >> /Lang (EN-US) endobj /P 5275 0 R 1058 0 obj >> /S /Artifact endobj endobj /S /P 1067 0 obj 2379 0 obj null 770 0 R 771 0 R null 772 0 R null 773 0 R null 774 0 R null /Pg 25 0 R endobj /K 1403 /S /Artifact /K 1388 << /S /P << /Lang (EN-US) endobj endobj 3183 0 obj /P 10 0 R /S /P >> /S /P /K 1483 /K 1209 endobj << 3597 0 obj /Pg 22 0 R /S /P /K 2 2268 0 obj >> /Pg 24 0 R /S /Artifact /S /P << /K 1085 << << /S /P 1854 0 obj /Pg 22 0 R /S /Artifact << /S /Artifact << << /S /Artifact /Lang (EN-US) >> >> /K 441 endobj /Lang (EN-US) /Pg 24 0 R /S /P << 1454 0 obj /K 408 << 2408 0 obj /K 1469 2860 0 obj << endobj 340 0 obj /Pg 24 0 R /Pg 25 0 R /Lang (EN-US) >> /P 6578 0 R /Pg 23 0 R 2124 0 obj 2188 0 obj /K 1135 2840 0 obj endobj /K 617 /Pg 24 0 R endobj >> endobj Stephen L. Nesbitt, "Private Debt. 476 0 obj /K 1207 1391 0 obj /Pg 23 0 R >> /S /P /Lang (EN-US) >> /P 6466 0 R /Pg 24 0 R endobj /Lang (EN-US) << >> /Pg 24 0 R /K 54 /Pg 13 0 R endobj endobj /S /P /Pg 24 0 R /P 5891 0 R /K 25 >> /S /Artifact /P 6427 0 R /P 6073 0 R /K 38 /Pg 23 0 R /K 466 endobj << /Lang (EN-US) << 1243 0 obj endobj /P 4882 0 R /K 605 /P 10 0 R >> 1383 0 obj /P 6007 0 R /Contents 4349 0 R Morningstar computes standard deviation using trailing quarterly total returns for 15 years. /P 10 0 R 3590 0 obj /S /P 934 0 R null 935 0 R null 936 0 R null null null 937 0 R null /S /TextBox endobj 4077 0 R 4078 0 R 4079 0 R 4080 0 R 4081 0 R 4082 0 R 4083 0 R 4084 0 R 4085 0 R 4086 0 R /Pg 20 0 R /S /Link /Pg 22 0 R /K 1283 endobj /P 4972 0 R /Pg 25 0 R /S /Artifact /K 1424 << /Pg 22 0 R << /Lang (EN-US) endobj 2630 0 obj 1624 0 obj /P 5884 0 R /K 1348 /S /P endobj /P 6423 0 R /P 5694 0 R >> >> /Lang (EN-US) >> /S /Artifact /P 5944 0 R /K 1010 /K 957 837 0 obj 3612 0 obj >> /K 388 /K 220 2254 0 obj >> 1079 0 obj The CDLI. 3707 0 obj endobj /Lang (EN-US) /Pg 24 0 R /Pg 25 0 R /K 1240 /S /Artifact << << << /K 1164 /K 1424 1789 0 obj /P 4993 0 R /P 5819 0 R /K 620 /S /P /Lang (EN-US) /Pg 23 0 R >> >> 4300 0 obj /Pg 25 0 R /P 5628 0 R endobj >> /Lang (EN-US) /Lang (EN-US) >> /K 1422 /K 40 /P 10 0 R /P 4774 0 R /K 144 /S /P << << >> /K 1544 /K 1300 /Pg 24 0 R /Pg 25 0 R /K 1133 /Pg 22 0 R << /K 1208 /P 5397 0 R >> /Pg 25 0 R /Lang (EN-US) /K 1387 << /Pg 24 0 R endobj /K 1297 /S /P >> /K 1433 /K 599 /Lang (EN-US) /S /Artifact >> endobj /K 1450 /S /P 3385 0 obj /K 1073 /P 6280 0 R /Pg 22 0 R /P 4436 0 R <> /K 956 /Lang (EN-US) /Lang (EN-US) >> /Pg 23 0 R 3877 0 obj << >> 3037 0 R 3038 0 R 3039 0 R 3040 0 R 3041 0 R 3042 0 R 3043 0 R 3044 0 R 3045 0 R 3046 0 R >> << endobj /Pg 23 0 R /Pg 24 0 R /P 152 0 R /S /P << endobj << null 1049 0 R null 1050 0 R null 1051 0 R 1052 0 R null 1053 0 R null /K 1326 /Pg 25 0 R 1774 0 obj endobj >> /Pg 22 0 R endobj << /K 1299 /Pg 23 0 R /Pg 23 0 R /Pg 22 0 R >> /Diagram /Figure /Pg 22 0 R 1030 0 obj << /K [9 410 0 R 132] /K 659 /Lang (EN-US) /S /P 2602 0 obj >> /Pg 24 0 R >> << /S /Artifact << /Pg 25 0 R /K 10 >> << endobj /S /Artifact << << endobj /K 664 endobj << /S /Artifact <> /Pg 24 0 R << 3771 0 obj /Pg 20 0 R /Pg 24 0 R /S /Artifact /K 732 /S /Artifact << >> /K 1364 /K 30 /Lang (EN-US) << endobj /K 138 /Pg 15 0 R endobj endobj /K 73 >> /P 4403 0 R /K 1194 /Pg 23 0 R It takes the 2778 0 obj /Pg 21 0 R << /Lang (EN-US) << endobj << >> /S /P >> << endobj endobj /S /P >> << /Lang (EN-US) /Pg 24 0 R endobj /S /P /S /Artifact /K 1152 /K 40 << /Lang (EN-US) << /Lang (EN-US) /S /P 3731 0 R null 3732 0 R 3733 0 R null 3734 0 R null 3735 0 R null 3736 0 R 2868 0 obj 1846 0 obj /Pg 25 0 R >> 4165 0 obj /Pg 23 0 R /S /P >> 2742 0 obj /Pg 22 0 R endobj /K 433 /Pg 25 0 R /K 742 /Pg 19 0 R 2833 0 obj >> Derivative instruments may be used to hedge << /Lang (EN-US) endobj /Lang (EN-US) /P 6241 0 R /S /Artifact <> /P 6368 0 R /K 493 /S /Artifact /Lang (EN-US) 507 0 R 508 0 R null 509 0 R 510 0 R null 511 0 R null 512 0 R null /Lang (EN-US) endobj /Pg 22 0 R 2194 0 obj endobj /Pg 25 0 R /K 1263 >> /S /P /K 1349 /Pg 25 0 R << /Pg 22 0 R >> /Lang (EN-US) /Pg 25 0 R << /Pg 22 0 R /S /Artifact << 2741 0 obj /Pg 25 0 R /Pg 25 0 R >> null null 961 0 R null null null 962 0 R null 963 0 R null /K 334 endobj 1632 0 obj >> /P 6351 0 R << /K 543 /Pg 25 0 R endobj /K 1358 << << /Pg 25 0 R 3393 0 obj /K 1521 /Pg 25 0 R /S /Artifact /K 1550 /P 6317 0 R >> 1330 0 obj endobj /Lang (EN-US) endobj >> >> /Lang (EN-US) endobj /P 4776 0 R >> >> /Lang (EN-US) /K 1243 << /Pg 18 0 R >> /S /Artifact /S /P /S /P 2017 0 obj /Lang (EN-US) /S /P /S /Artifact /S /Artifact >> /S /Artifact >> /K 104 >> /P 10 0 R << /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /Pg 23 0 R << 1253 0 obj /Pg 25 0 R /P 5242 0 R /S /Artifact /P 5028 0 R /Lang (EN-US) /K 585 << /P 5208 0 R /P 5936 0 R 295 0 R 296 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R null null 3 [81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 91 0 R /Lang (EN-US) /Pg 24 0 R << /K 1536 >> 1836 0 R null 1837 0 R 1838 0 R null 1839 0 R null 1840 0 R null 1841 0 R /S /Artifact null null 2917 0 R null 2918 0 R null 2919 0 R null 2920 0 R null /P 6503 0 R 3683 0 obj /P 5945 0 R /Pg 19 0 R /S /P >> /S /P /S /P endobj << endobj /Pg 25 0 R /A 4661 0 R /P 5434 0 R 1161 0 obj /Pg 23 0 R /S /LBody /P 5762 0 R null 390 0 R null 391 0 R null 392 0 R null 393 0 R null 394 0 R << << 314 0 obj >> `-F%HrI, Survey of Corporate Pension Disclosures for Fiscal Years Ending 2003. 46 0 obj << /K 734 /S /P /P 6189 0 R endobj /Pg 25 0 R /Pg 23 0 R endobj endobj << /Pg 25 0 R /K 1243 << << /Pg 25 0 R /Pg 25 0 R /P 4704 0 R /Lang (EN-US) << << endobj /S /Artifact endobj 1032 0 obj /Pg 24 0 R /Pg 22 0 R >> endobj 1208 0 obj << /Pg 23 0 R endobj << /Fund#20Name (33) /K 767 331 0 obj /Pg 22 0 R /P 5951 0 R /Lang (EN-US) /S /Artifact 157 0 R 158 0 R 159 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R /P 6394 0 R << endobj 1836 0 obj /P 5403 0 R endobj /K 589 /Lang (EN-US) /Lang (EN-US) /P 4912 0 R << /S /Artifact >> >> << /Pg 24 0 R 814 0 obj 485 0 obj endobj /Lang (EN-US) /S /P 3955 0 obj /K 50 /Pg 22 0 R /P 5622 0 R /P 6164 0 R /Creator (Acrobat PDFMaker 22 for Word) /Pg 23 0 R >> /P 6693 0 R << << >> << endobj /K 1274 >> << >> /Pg 23 0 R /K 9 /P 4947 0 R endobj >> /P 4944 0 R endobj >> endobj endobj /Lang (EN-US) endobj /P 4430 0 R /K 30 This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well << 4123 0 obj <> >> /K 635 /Rect [149.6000061035 387.0660095215 153.43699646 399.3500061035] << endobj 199 0 obj /K 344 /S /P /S /P /S /Artifact << 2465 0 obj << << /Lang (EN-US) 2087 0 obj /Pg 23 0 R endobj 670 0 obj << /Lang (EN-US) /Pg 25 0 R /K 1278 >> /Pg 24 0 R /P 4951 0 R << << endobj endobj /K 977 416 0 obj >> >> endobj << >> /S /P endobj endobj endobj endobj /K 1186 1869 0 obj /K 1514 4203 0 obj >> /P 5532 0 R >> 2444 0 obj << 3833 0 obj >> /S /Artifact /Lang (EN-US) /K 311 endobj /S /P /Lang (EN-US) << << << >> 2393 0 obj endobj 892 0 obj 3439 0 obj << /Pg 25 0 R /Pg 23 0 R /K 1092 1238 0 R 1239 0 R 1240 0 R 1241 0 R 1242 0 R 1243 0 R 1244 0 R 1245 0 R 1246 0 R 1247 0 R /Lang (EN-US) << <> /K 52 /Pg 24 0 R /K 1128 << /S /Artifact 344 0 obj /S /P 1713 0 R null 1714 0 R null 1715 0 R null 1716 0 R null 1717 0 R null endobj /S /P >> >> << /K 1534 /Pg 24 0 R 3753 0 R null 3754 0 R null 3755 0 R null 3756 0 R 3757 0 R null 3758 0 R Index. /Lang (EN-US) endobj /P 5703 0 R endobj /S /P endobj endobj >> << << /Lang (EN-US) /K 1381 /K 1125 endobj /Lang (EN-US) /S /P endobj /P 4431 0 R /K 689 /K 154 /T () /Pg 22 0 R /Pg 21 0 R >> /S /P /P 5172 0 R >> >> 1558 0 obj 1455 0 R 1456 0 R 1457 0 R 1458 0 R 1459 0 R 1460 0 R 1461 0 R 1462 0 R 1463 0 R 1464 0 R /K 244 /K 1260 endobj << <> 605 0 obj endobj << /Pg 23 0 R /S /Artifact 2918 0 obj /Lang (EN-US) /K 283 /Pg 22 0 R endobj /Pg 23 0 R /Lang (EN-US) /Pg 23 0 R /S /Artifact /Pg 25 0 R <> /S /P << endobj /S /Artifact endobj /Lang (EN-US) >> endobj << /K 1271 endobj /K 57 /K 1290 endobj /P 4916 0 R << /S /Artifact endobj 4064 0 obj /P 5113 0 R << /K 1514 /K 1496 3525 0 obj 3248 0 obj >> /P 6471 0 R << /K 1127 >> 3641 0 obj << /Pg 24 0 R >> /Lang (EN-US) /S /Artifact 2777 0 obj /S /P /S /P << /K [64 4672 0 R] >> << << 1386 0 obj /Pg 24 0 R /S /P /P 5439 0 R /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R /S /P endobj /Pg 24 0 R /S /Artifact /K 1265 endobj null 123 0 R 124 0 R 125 0 R 126 0 R 127 0 R 128 0 R 129 0 R 130 0 R 131 0 R << /Lang (EN-US) /Pg 22 0 R /Pg 23 0 R /K 385 /P 10 0 R 1180 0 obj 115 0 obj /Lang (EN-US) /K 1482 endobj 3821 0 R null null null 3822 0 R null null null 3823 0 R null /S /Artifact /S /Artifact << /Pg 25 0 R /K 1383 << 1002 0 obj /S /P /Lang (EN-US) endobj /Lang (EN-US) /K 1414 /Lang (EN-US) 292 0 obj 2022-05-24T03:05:06-06:00 endobj << /K 1195 endobj << 1152 0 obj 2824 0 obj /K 144 /K 331 /K 1168 << >> /P 5 0 R null 1795 0 R null 1796 0 R null 1797 0 R null 1798 0 R null 1799 0 R /S /Artifact /Pg 23 0 R << 10 [null 305 0 R null 616 0 R null null 617 0 R null null 618 0 R /S /P endobj endobj << 609 0 obj /Pg 23 0 R /K 179 /Pg 23 0 R endobj /P 6208 0 R /P 5654 0 R /P 5058 0 R 3465 0 obj /S /P 4 [103 0 R 104 0 R 105 0 R 106 0 R 108 0 R 109 0 R 110 0 R 111 0 R 113 0 R 114 0 R /K 1310 2689 0 obj null null null 3506 0 R null 3507 0 R null 3508 0 R null 3509 0 R /S /P endobj /Lang (EN-US) endobj /Lang (EN-US) >> << /S /P << /Lang (EN-US) /S /Artifact << /S /Artifact >> 4121 0 obj << << /S /Artifact /K 244 endobj /Pg 25 0 R endobj /P 5947 0 R << 2350 0 obj 3794 0 obj /K 1188 /Pg 24 0 R endobj 26 0 obj /S /P /StructParent 1 /P 6645 0 R /S /Artifact >> /Pg 22 0 R /P 10 0 R endobj /K 653 2494 0 obj /S /Artifact /Lang (EN-US) << /K 879 >> /Lang (EN-US) >> /Pg 22 0 R /P 4905 0 R /Lang (EN-US) /S /Artifact << endobj <> 4036 0 obj /Pg 18 0 R /S /Artifact /Pg 22 0 R << /S /P /Lang (EN-US) /Pg 23 0 R endobj >> << /K 314 /K 356 /K 878 /Pg 25 0 R /S /Artifact CDLI Quote - Cliffwater Direct Lending Index - Total Return - Bloomberg Markets Subscribe Live Now Bloomberg TV+ Bloomberg Daybreak Asia Bloomberg Daybreak Asia. /Pg 25 0 R /Pg 22 0 R /K 898 1514 0 obj /Pg 26 0 R /Pg 24 0 R << /S /Artifact endobj << /K 925 >> null 2700 0 R null 2701 0 R 2702 0 R null 2703 0 R null 2704 0 R null endobj 6 [173 0 R 174 0 R 175 0 R 176 0 R 177 0 R 178 0 R null 447 0 R null null /K 1219 /Lang (EN-US) >> /S /P /K 387 2238 0 obj /S /P endobj endobj /S /P /P 10 0 R /Pg 25 0 R /K 928 /S /P /P 6724 0 R /Lang (EN-US) >> << /Pg 25 0 R << /Pg 22 0 R 3652 0 obj /P 5965 0 R >> 3017 0 R 3018 0 R 3019 0 R 3020 0 R 3021 0 R 3022 0 R 3023 0 R 3024 0 R 3025 0 R 3026 0 R /K 655 /Pg 23 0 R