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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
+8.53%
1 Year Est. Return
+30.43%
3 Year Est. Return
+25.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$220M
AUM Growth
-$11.5M
Cap. Flow
-$27.8M
Cap. Flow %
-12.59%
Top 10 Hldgs %
58.76%
Holding
34
New
8
Increased
5
Reduced
10
Closed
11

Top Buys

Rank Stock Value
1
ENV
ENVESTNET, INC.
ENV
+$14.2M
2
FLYW icon
Flywire
FLYW
+$12.5M
3
PCOR icon
Procore
PCOR
+$11.7M
4
MTG icon
MGIC Investment
MTG
+$9.92M
5
LAZ icon
Lazard
LAZ
+$9.55M

Top Sells

Rank Stock Value
1
CME icon
CME Group
CME
+$18.9M
2
MA icon
Mastercard
MA
+$8.95M
3
ACIW icon
ACI Worldwide
ACIW
+$8.84M
4
WEX icon
WEX
WEX
+$7.16M
5
JKHY icon
Jack Henry & Associates
JKHY
+$7.01M

Sector Composition

Rank Sector Weight
1 Financials 52.83%
2 Technology 31.63%
3 Real Estate 8.59%
4 Industrials 6.94%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CFG icon
26
Citizens Financial Group
CFG
$30.6B
– –
-185,729
Closed -$5.64M
ESNT icon
27
Essent Group
ESNT
$6.15B
– –
-147,683
Closed -$5.91M
JKHY icon
28
Jack Henry & Associates
JKHY
$10.8B
– –
-46,536
Closed -$7.01M
KEY icon
29
KeyCorp
KEY
$25.4B
– –
-550,581
Closed -$6.89M
MA icon
30
Mastercard
MA
$480B
– –
-24,638
Closed -$8.95M
MTB icon
31
M&T Bank
MTB
$36.1B
– –
-50,557
Closed -$6.05M
PYPL icon
32
PayPal
PYPL
$49.9B
– –
-69,645
Closed -$5.29M
TW icon
33
Tradeweb Markets
TW
$21.3B
– –
-55,167
Closed -$4.36M
WEX icon
34
WEX
WEX
$5.7B
– –
-38,950
Closed -$7.16M
1
2

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Phase 2 Partners's Q2 2023 Portfolio in Review

As of Q2 2023, Phase 2 Partners held 34 positions worth $220M, down 5% from $232M the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Phase 2 Partners withdrew a net $27.8M in Q2 2023, closing 11 positions and reducing 10 holdings. Its most notable exit was Mastercard, an estimated $8.95M position sold in full.

By sector, the portfolio is most concentrated in Financials at 53% of assets, down from 72% a quarter earlier, followed by Technology and Real Estate.

Against the trend, Phase 2 Partners opened a new position in ENVESTNET, INC. worth $14.6M.

  • Phase 2 Partners's largest Q2 2023 buy was ENVESTNET, INC.: 245,487 shares worth $14.6M.
  • Phase 2 Partners added most to Flywire in Q2 2023, an estimated $12.5M increase.
  • Phase 2 Partners's biggest Q2 2023 reduction was CME Group, cutting an estimated $18.9M.
  • Phase 2 Partners fully exited Mastercard in Q2 2023, selling an estimated $8.95M.
  • Phase 2 Partners's ten largest holdings make up 59% of its $220M portfolio in Q2 2023.
  • Phase 2 Partners opened 8 new positions and closed 11 in Q2 2023.
  • Phase 2 Partners's portfolio value fell 5% quarter-over-quarter to $220M.

Based on Phase 2 Partners's 13F filing for Q2 2023, filed 14 Aug 2023.