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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
+21.09%
1 Year Est. Return
+30.43%
3 Year Est. Return
+25.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$169M
AUM Growth
+$3.08M
Cap. Flow
-$19M
Cap. Flow %
-11.22%
Top 10 Hldgs %
54.81%
Holding
38
New
11
Increased
7
Reduced
8
Closed
12

Top Buys

Rank Stock Value
1
MCY icon
Mercury Insurance
MCY
+$9.56M
2
ECPG icon
Encore Capital Group
ECPG
+$7.88M
3
CG icon
Carlyle Group
CG
+$7.21M
4
MTH icon
Meritage Homes
MTH
+$6.29M
5
SKWD icon
Skyward Specialty Insurance
SKWD
+$5.4M

Top Sells

Rank Stock Value
1
EZPW icon
Ezcorp Inc
EZPW
+$9.54M
2
BILL icon
BILL Holdings
BILL
+$8.91M
3
DEI icon
Douglas Emmett
DEI
+$7.53M
4
RPAY icon
Repay Holdings
RPAY
+$6.86M
5
HHH icon
Howard Hughes
HHH
+$6.66M

Sector Composition

Rank Sector Weight
1 Financials 74.54%
2 Real Estate 10.71%
3 Industrials 7.25%
4 Consumer Discretionary 4.03%
5 Communication Services 3.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AB icon
26
AllianceBernstein
AB
$3.48B
$2.12M 1.25%
+60,905
New +$2.08M
GCMGW
27
DELISTED
GCM Grosvenor Inc Warrant
GCMGW
– –
-271,048
Closed -$217K
AL
28
DELISTED
Air Lease Corp
AL
– –
-88,531
Closed -$4.21M
BILL icon
29
BILL Holdings
BILL
$4.19B
– –
-169,317
Closed -$8.91M
CBOE icon
30
Cboe Global Markets
CBOE
$31.2B
– –
-34,645
Closed -$5.89M
DEI icon
31
Douglas Emmett
DEI
$1.91B
– –
-565,736
Closed -$7.53M
EZPW icon
32
Ezcorp Inc
EZPW
$2.05B
– –
-911,453
Closed -$9.54M
GRBK icon
33
Green Brick Partners
GRBK
$3.06B
– –
-90,437
Closed -$5.18M
IMXI icon
34
International Money Express
IMXI
$438M
– –
-101,665
Closed -$2.12M
NMRK icon
35
Newmark Group
NMRK
$2.76B
– –
-431,637
Closed -$4.42M
NOAH
36
Noah Holdings
NOAH
$579M
– –
-622,110
Closed -$6M
RELY icon
37
Remitly
RELY
$5.54B
– –
-540,244
Closed -$6.55M
RPAY icon
38
Repay Holdings
RPAY
$322M
– –
-649,840
Closed -$6.86M
1
2

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Phase 2 Partners's Q3 2024 Portfolio in Review

As of Q3 2024, Phase 2 Partners held 38 positions worth $169M, up 1.9% from $166M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Phase 2 Partners withdrew a net $19M in Q3 2024, closing 12 positions and reducing 8 holdings. Its most notable exit was Ezcorp Inc, an estimated $9.54M position sold in full.

By sector, the portfolio is most concentrated in Financials at 75% of assets, up from 53% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Phase 2 Partners opened a new position in Carlyle Group worth $7.4M.

  • Phase 2 Partners's largest Q3 2024 buy was Carlyle Group: 171,910 shares worth $7.4M.
  • Phase 2 Partners added most to Mercury Insurance in Q3 2024, an estimated $9.56M increase.
  • Phase 2 Partners's biggest Q3 2024 reduction was Howard Hughes, cutting an estimated $6.66M.
  • Phase 2 Partners fully exited Ezcorp Inc in Q3 2024, selling an estimated $9.54M.
  • Phase 2 Partners's ten largest holdings make up 55% of its $169M portfolio in Q3 2024.
  • Phase 2 Partners opened 11 new positions and closed 12 in Q3 2024.
  • Phase 2 Partners's portfolio value rose 1.9% quarter-over-quarter to $169M.

Based on Phase 2 Partners's 13F filing for Q3 2024, filed 14 Nov 2024.