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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
+3.54%
1 Year Est. Return
+30.43%
3 Year Est. Return
+25.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$211M
AUM Growth
+$16.1M
Cap. Flow
+$22.5M
Cap. Flow %
10.69%
Top 10 Hldgs %
50.12%
Holding
35
New
11
Increased
6
Reduced
9
Closed
9

Top Buys

Rank Stock Value
1
MFA
MFA Financial
MFA
+$19.6M
2
MQ icon
Marqeta
MQ
+$16.4M
3
AVDX
AvidXchange
AVDX
+$10.1M
4
FHI icon
Federated Hermes
FHI
+$9.28M
5
TRU icon
TransUnion
TRU
+$8.53M

Top Sells

Rank Stock Value
1
COWN
Cowen Inc. Class A Common Stock
COWN
+$17.6M
2
KMPR icon
Kemper
KMPR
+$11.2M
3
IBKR icon
Interactive Brokers
IBKR
+$9.01M
4
BILL icon
BILL Holdings
BILL
+$8.03M
5
HCI icon
HCI Group
HCI
+$7.58M

Sector Composition

Rank Sector Weight
1 Financials 53.44%
2 Technology 33.12%
3 Real Estate 10.48%
4 Industrials 2.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SNEX icon
26
StoneX
SNEX
$8.79B
$2.72M 1.29%
110,757
-107,241
-49% -$2.75M
FOUR icon
27
Shift4
FOUR
$4.1B
– –
-158,867
Closed -$5.25M
HCI icon
28
HCI Group
HCI
$2.28B
– –
-111,943
Closed -$7.58M
IBKR icon
29
Interactive Brokers
IBKR
$41.1B
– –
-654,976
Closed -$9.01M
KMPR icon
30
Kemper
KMPR
$1.66B
– –
-234,708
Closed -$11.2M
MS icon
31
Morgan Stanley
MS
$343B
– –
-43,364
Closed -$3.3M
RJF icon
32
Raymond James Financial
RJF
$33.1B
– –
-68,223
Closed -$6.1M
SCHW
33
Charles Schwab
SCHW
$179B
– –
-112,859
Closed -$7.13M
SSNC icon
34
SS&C Technologies
SSNC
$17B
– –
-82,629
Closed -$4.8M
COWN
35
DELISTED
Cowen Inc. Class A Common Stock
COWN
– –
-741,285
Closed -$17.6M
1
2

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Phase 2 Partners's Q3 2022 Portfolio in Review

As of Q3 2022, Phase 2 Partners held 35 positions worth $211M, up 8.3% from $194M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Phase 2 Partners deployed $22.5M of net new capital in Q3 2022, opening 11 new positions and adding to 6 existing holdings. Its largest new stake was MFA Financial: 1,752,885 shares worth $13.6M.

By sector, the portfolio is most concentrated in Financials at 53% of assets, down from 71% a quarter earlier, followed by Technology and Real Estate.

On the sell side, the largest reduction was BILL Holdings, an estimated $8.03M trimmed.

  • Phase 2 Partners's largest Q3 2022 buy was MFA Financial: 1,752,885 shares worth $13.6M.
  • Phase 2 Partners added most to BTRS Holdings Inc. Class 1 Common Stock in Q3 2022, an estimated $3.46M increase.
  • Phase 2 Partners's biggest Q3 2022 reduction was BILL Holdings, cutting an estimated $8.03M.
  • Phase 2 Partners fully exited Cowen Inc. Class A Common Stock in Q3 2022, selling an estimated $17.6M.
  • Phase 2 Partners's ten largest holdings make up 50% of its $211M portfolio in Q3 2022.
  • Phase 2 Partners opened 11 new positions and closed 9 in Q3 2022.
  • Phase 2 Partners's portfolio value rose 8.3% quarter-over-quarter to $211M.

Based on Phase 2 Partners's 13F filing for Q3 2022, filed 14 Nov 2022.