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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
(+8.3%)
Cap. Flow
+$22.5M
Cap. Flow
% of AUM
10.69%
Top 10 Holdings %
Top 10 Hldgs %
50.12%
Holding
35
New
11
Increased
6
Reduced
9
Closed
9
Top Buys
| 1 |
MFA
MFA Financial
MFA
|
+$19.6M |
| 2 |
Marqeta
MQ
|
+$16.4M |
| 3 |
AVDX
AvidXchange
AVDX
|
+$10.1M |
| 4 |
Federated Hermes
FHI
|
+$9.28M |
| 5 |
TransUnion
TRU
|
+$8.53M |
Top Sells
| 1 |
COWN
Cowen Inc. Class A Common Stock
COWN
|
+$17.6M |
| 2 |
Kemper
KMPR
|
+$11.2M |
| 3 |
Interactive Brokers
IBKR
|
+$9.01M |
| 4 |
BILL Holdings
BILL
|
+$8.03M |
| 5 |
HCI Group
HCI
|
+$7.58M |
Sector Composition
| 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 | |
|---|---|---|---|---|---|---|
|
1
Marqeta
MQ
$1.84B
| $14M | 6.66% |
+492,590
| New | +$16.4M |
|
|
MFA
2
MFA Financial
MFA
$960M
| $13.6M | 6.48% |
+1,752,885
| New | +$19.6M |
|
|
BTRS
3
DELISTED
BTRS Holdings Inc. Class 1 Common Stock
BTRS
| $12.1M | 5.76% |
1,309,961
+534,764
| +69% | +$3.46M |
|
|
AVDX
4
DELISTED
AvidXchange
AVDX
| $10.9M | 5.19% |
+1,298,642
| New | +$10.1M |
|
|
BKI
5
DELISTED
Black Knight, Inc. Common Stock
BKI
| $10M | 4.76% |
154,683
+21,840
| +16% | +$1.44M |
|
6
Carlyle Group
CG
$16.6B
| $9.6M | 4.56% |
371,500
+58,046
| +19% | +$1.91M |
|
7
GCM Grosvenor
GCMG
$779M
| $9.15M | 4.35% |
1,159,637
-291,987
| -20% | -$2.29M |
|
|
8
Federated Hermes
FHI
$4.46B
| $9.01M | 4.28% |
+271,913
| New | +$9.28M |
|
|
9
BILL Holdings
BILL
$4.45B
| $8.59M | 4.08% |
64,897
-55,883
| -46% | -$8.03M |
|
10
Douglas Emmett
DEI
$2.1B
| $8.44M | 4.01% |
470,480
+93,464
| +25% | +$1.99M |
|
11
Mastercard
MA
$480B
| $8.41M | 3.99% |
29,579
+8,264
| +39% | +$2.74M |
|
12
Flywire
FLYW
$2.24B
| $8.04M | 3.82% |
349,962
-288,336
| -45% | -$6.88M |
|
13
LPL Financial
LPLA
$26B
| $7.94M | 3.77% |
36,334
-3,598
| -9% | -$765K |
|
14
Essent Group
ESNT
$6.15B
| $7.72M | 3.67% |
221,308
-13,288
| -6% | -$533K |
|
|
AEL
15
DELISTED
American Equity Investment Life Holding Company
AEL
| $7.56M | 3.59% |
+202,803
| New | +$7.61M |
|
|
SF
16
Stifel
SF
$11.8B
| $7.48M | 3.55% |
+216,177
| New | +$8.51M |
|
17
Cboe Global Markets
CBOE
$28.6B
| $7.15M | 3.4% |
+60,937
| New | +$7.33M |
|
18
Walker & Dunlop
WD
$1.72B
| $6.89M | 3.27% |
82,346
+15,899
| +24% | +$1.62M |
|
|
19
TransUnion
TRU
$15.4B
| $6.6M | 3.13% |
+110,872
| New | +$8.53M |
|
20
Radian Group
RDN
$5.24B
| $6.4M | 3.04% |
331,650
-19,610
| -6% | -$418K |
|
|
NVEI
21
DELISTED
Nuvei Corporation Subordinate Voting Shares
NVEI
| $6.22M | 2.95% |
+229,953
| New | +$7.5M |
|
|
ESMT
22
DELISTED
EngageSmart, Inc.
ESMT
| $6M | 2.85% |
+289,983
| New | +$5.68M |
|
23
S&P Global
SPGI
$133B
| $5.95M | 2.83% |
19,482
-8,469
| -30% | -$3.03M |
|
24
BGC Group
BGC
$5.41B
| $5.82M | 2.77% |
+1,854,805
| New | +$7.18M |
|
25
WisdomTree
WT
$3.07B
| $4.12M | 1.96% |
880,529
-323,717
| -27% | -$1.66M |
|
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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.