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P2P

Phase 2 Partners Portfolio holdings

AUM $133M Turnover 55.56%
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
Avg Time Held
0.4 years
Top 10 Avg Time Held
0.3 years
Top 20 Avg Time Held
0.4 years

Top Buys

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

Top Sells

Rank Stock Value
1
KRC icon
Kilroy Realty
KRC
+$9.7M
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

Rank Sector Weight
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 Held Since
GCMGW icon
26
DELISTED
GCM Grosvenor Inc Warrant
GCMGW
$329K 0.25%
+261,072
New +$282K
2024 Q4
0 quarters
AER icon
27
AerCap
AER
$22.8B
– –
-47,270
Closed -$4.48M –
CME icon
28
CME Group
CME
$106B
– –
-25,756
Closed -$5.68M –
FUTU icon
29
Futu Holdings
FUTU
$14.8B
– –
-59,355
Closed -$5.68M –
GCMG icon
30
GCM Grosvenor
GCMG
$754M
– –
-427,394
Closed -$4.84M –
ICE icon
31
Intercontinental Exchange
ICE
$88.9B
– –
-21,219
Closed -$3.41M –
KRC icon
32
Kilroy Realty
KRC
$3.96B
– –
-250,949
Closed -$9.7M –
PAX icon
33
Patria Investments
PAX
$1.92B
– –
-541,602
Closed -$6.05M –
VIRT icon
34
Virtu Financial
VIRT
$4.99B
– –
-185,979
Closed -$5.66M –
Z icon
35
Zillow
Z
$6.92B
– –
-88,000
Closed -$5.62M –
LINE icon
36
Lineage Inc
LINE
$7.56B
– –
-50,000
Closed -$3.92M –
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 $9.7M 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 $9.7M.
  • 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.