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P2P

Phase 2 Partners Portfolio holdings

AUM $133M
1-Year Est. Return 30.43%
This Fund
S&P 500
This Quarter Est. Return
+6.23%
1 Year Est. Return
+30.43%
3 Year Est. Return
+25.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$133M
AUM Growth
-$36.1M
Cap. Flow
-$44.9M
Cap. Flow %
-33.7%
Top 10 Hldgs %
59.99%
Holding
36
New
10
Increased
5
Reduced
11
Closed
10

Top Buys

1
CCS icon
Century Communities
CCS
+$7.42M
2
DFIN icon
Donnelley Financial Solutions
DFIN
+$6.4M
3
DESP
Despegar.com
DESP
+$5.66M
4
MCHB
Mechanics Bancorp
MCHB
+$5.35M
5
ECPG icon
Encore Capital Group
ECPG
+$4.49M

Top Sells

1
KRC icon
Kilroy Realty
KRC
+$9.71M
2
MCY icon
Mercury Insurance
MCY
+$9.22M
3
PAX icon
Patria Investments
PAX
+$6.05M
4
CME icon
CME Group
CME
+$5.68M
5
FUTU icon
Futu Holdings
FUTU
+$5.68M

Sector Composition

1 Financials 70.09%
2 Consumer Discretionary 11.09%
3 Real Estate 6.67%
4 Technology 6.07%
5 Industrials 5.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ECPG icon
1
Encore Capital Group
ECPG
$1.96B
$16.1M 12.05%
336,193
+94,684
+39% +$4.49M
MCY icon
2
Mercury Insurance
MCY
$5.89B
$9.5M 7.13%
142,899
-131,056
-48% -$9.22M
KMPR icon
3
Kemper
KMPR
$1.65B
$8M 6.01%
120,441
-76,953
-39% -$5.08M
WLFC icon
4
Willis Lease Finance
WLFC
$1.53B
$7.77M 5.83%
37,455
-14,973
-29% -$2.91M
HCI icon
5
HCI Group
HCI
$2.27B
$7.14M 5.36%
61,265
+18,791
+44% +$2.14M
DESP
6
DELISTED
Despegar.com
DESP
$6.93M 5.2%
+359,765
New +$5.66M
DFIN icon
7
Donnelley Financial Solutions
DFIN
$1.25B
$6.44M 4.83%
+102,586
New +$6.4M
WT icon
8
WisdomTree
WT
$3.07B
$6.21M 4.66%
591,129
-41,384
-7% -$448K
CCS icon
9
Century Communities
CCS
$1.89B
$6.11M 4.59%
+83,282
New +$7.42M
RPC
10
Ridgepost Capital
RPC
$964M
$5.77M 4.33%
457,585
-247,143
-35% -$3.02M
MTH icon
11
Meritage Homes
MTH
$4.95B
$5.45M 4.09%
70,872
+4,274
+6% +$390K
MCHB
12
Mechanics Bancorp
MCHB
$3.6B
$4.94M 3.71%
+432,514
New +$5.35M
SKWD icon
13
Skyward Specialty Insurance
SKWD
$2.4B
$4.83M 3.62%
95,500
-43,947
-32% -$2.13M
WAL icon
14
Western Alliance Bancorporation
WAL
$8.99B
$4.62M 3.46%
55,258
+2,421
+5% +$213K
FHI icon
15
Federated Hermes
FHI
$4.46B
$4.52M 3.39%
+109,981
New +$4.44M
DFS
16
DELISTED
Discover Financial Services
DFS
$3.86M 2.9%
22,285
-23,590
-51% -$3.87M
BOW
17
Bowhead Specialty Holdings
BOW
$1.01B
$3.28M 2.46%
92,294
-44,403
-32% -$1.46M
CG icon
18
Carlyle Group
CG
$16.6B
$3.23M 2.42%
63,887
-108,023
-63% -$5.48M
SEIC icon
19
SEI Investments
SEIC
$11.9B
$3.17M 2.38%
+38,418
New +$3.01M
BLK icon
20
Blackrock
BLK
$166B
$3.07M 2.31%
2,996
-2,996
-50% -$3.04M
AB icon
21
AllianceBernstein
AB
$3.54B
$2.81M 2.11%
75,743
+14,838
+24% +$541K
HHH icon
22
Howard Hughes
HHH
$4.19B
$2.77M 2.08%
36,069
-22,152
-38% -$1.76M
HOV icon
23
Hovnanian Enterprises
HOV
$772M
$2.39M 1.8%
+17,897
New +$3.14M
RKT icon
24
Rocket Companies
RKT
$41.1B
$2.39M 1.79%
+211,880
New +$3.15M
MQ icon
25
Marqeta
MQ
$1.84B
$1.66M 1.24%
+109,198
New +$1.92M
1
2

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Phase 2 Partners's Q4 2024 Portfolio in Review

As of Q4 2024, Phase 2 Partners held 36 positions worth $133M, down 21% from $169M the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Phase 2 Partners withdrew a net $44.9M in Q4 2024, closing 10 positions and reducing 11 holdings. Its most notable exit was Kilroy Realty, an estimated $9.71M position sold in full.

By sector, the portfolio is most concentrated in Financials at 70% of assets, down from 75% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Phase 2 Partners opened a new position in Century Communities worth $6.11M.

  • Phase 2 Partners's largest Q4 2024 buy was Century Communities: 83,282 shares worth $6.11M.
  • Phase 2 Partners added most to Encore Capital Group in Q4 2024, an estimated $4.49M increase.
  • Phase 2 Partners's biggest Q4 2024 reduction was Mercury Insurance, cutting an estimated $9.22M.
  • Phase 2 Partners fully exited Kilroy Realty in Q4 2024, selling an estimated $9.71M.
  • Phase 2 Partners's ten largest holdings make up 60% of its $133M portfolio in Q4 2024.
  • Phase 2 Partners opened 10 new positions and closed 10 in Q4 2024.
  • Phase 2 Partners's portfolio value fell 21% quarter-over-quarter to $133M.

Based on Phase 2 Partners's 13F filing for Q4 2024, filed 14 Feb 2025.