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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
+6.9%
1 Year Est. Return
+30.43%
3 Year Est. Return
+25.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$221M
AUM Growth
+$10.9M
Cap. Flow
+$265K
Cap. Flow %
0.12%
Top 10 Hldgs %
69.31%
Holding
30
New
4
Increased
10
Reduced
5
Closed
11

Top Buys

1
FLYW icon
Flywire
FLYW
+$11.3M
2
ENV
ENVESTNET, INC.
ENV
+$8.99M
3
LPLA icon
LPL Financial
LPLA
+$8.83M
4
SSNC icon
SS&C Technologies
SSNC
+$8.63M
5
BILL icon
BILL Holdings
BILL
+$8.44M

Top Sells

1
BTRS
BTRS Holdings Inc. Class 1 Common Stock
BTRS
+$12.1M
2
GCMG icon
GCM Grosvenor
GCMG
+$9.15M
3
FHI icon
Federated Hermes
FHI
+$9.01M
4
DEI icon
Douglas Emmett
DEI
+$8.44M
5
AEL
American Equity Investment Life Holding Company
AEL
+$7.56M

Sector Composition

1 Technology 45.1%
2 Financials 44.19%
3 Real Estate 6%
4 Industrials 4.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FLYW icon
1
Flywire
FLYW
$2.24B
$21.4M 9.64%
872,906
+522,944
+149% +$11.3M
AVDX
2
DELISTED
AvidXchange
AVDX
$18.5M 8.34%
1,858,599
+559,957
+43% +$4.86M
MQ icon
3
Marqeta
MQ
$1.84B
$17.7M 8%
724,932
+232,342
+47% +$6.34M
LPLA icon
4
LPL Financial
LPLA
$26B
$16M 7.23%
74,111
+37,777
+104% +$8.83M
BILL icon
5
BILL Holdings
BILL
$4.45B
$14.7M 6.65%
135,194
+70,297
+108% +$8.44M
CG icon
6
Carlyle Group
CG
$16.6B
$14.4M 6.5%
482,557
+111,057
+30% +$3.17M
MFA
7
MFA Financial
MFA
$960M
$13.3M 6%
1,349,706
-403,179
-23% -$4.05M
BKI
8
DELISTED
Black Knight, Inc. Common Stock
BKI
$13.1M 5.93%
212,838
+58,155
+38% +$3.53M
TRU icon
9
TransUnion
TRU
$15.4B
$13M 5.86%
228,544
+117,672
+106% +$6.9M
ESNT icon
10
Essent Group
ESNT
$6.15B
$11.4M 5.15%
293,269
+71,961
+33% +$2.74M
SPGI icon
11
S&P Global
SPGI
$133B
$11.1M 5.03%
33,268
+13,786
+71% +$4.54M
ENV
12
DELISTED
ENVESTNET, INC.
ENV
$10.4M 4.7%
+168,887
New +$8.99M
TW icon
13
Tradeweb Markets
TW
$21.3B
$9.21M 4.16%
+141,871
New +$8.34M
SSNC icon
14
SS&C Technologies
SSNC
$16.8B
$8.87M 4%
+170,371
New +$8.63M
MA icon
15
Mastercard
MA
$480B
$7.31M 3.3%
21,012
-8,567
-29% -$2.82M
RDN icon
16
Radian Group
RDN
$5.24B
$5.74M 2.59%
300,955
-30,695
-9% -$598K
JKHY icon
17
Jack Henry & Associates
JKHY
$10.8B
$5.6M 2.53%
+31,912
New +$5.89M
CBOE icon
18
Cboe Global Markets
CBOE
$28.6B
$5.14M 2.32%
40,927
-20,010
-33% -$2.47M
BGC icon
19
BGC Group
BGC
$5.41B
$4.56M 2.06%
1,208,777
-646,028
-35% -$2.55M
DEI icon
20
Douglas Emmett
DEI
$2.1B
– –
-470,480
Closed -$8.44M
FHI icon
21
Federated Hermes
FHI
$4.46B
– –
-271,913
Closed -$9.01M
GCMG icon
22
GCM Grosvenor
GCMG
$779M
– –
-1,159,637
Closed -$9.15M
SF
23
Stifel
SF
$11.8B
– –
-216,177
Closed -$7.48M
SNEX icon
24
StoneX
SNEX
$8.16B
– –
-110,757
Closed -$2.72M
WD icon
25
Walker & Dunlop
WD
$1.72B
– –
-82,346
Closed -$6.89M
1
2

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Phase 2 Partners's Q4 2022 Portfolio in Review

As of Q4 2022, Phase 2 Partners held 30 positions worth $221M, up 5.2% from $211M the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Phase 2 Partners's Q4 2022 filing shows 4 new, 10 increased, 5 reduced and 11 closed positions. Its largest new stake was ENVESTNET, INC.: 168,887 shares worth $10.4M. The largest sale was BTRS Holdings Inc. Class 1 Common Stock, an estimated $12.1M.

By sector, the portfolio is most concentrated in Technology at 45% of assets, up from 33% a quarter earlier, followed by Financials and Real Estate.

  • Phase 2 Partners's largest Q4 2022 buy was ENVESTNET, INC.: 168,887 shares worth $10.4M.
  • Phase 2 Partners added most to Flywire in Q4 2022, an estimated $11.3M increase.
  • Phase 2 Partners's biggest Q4 2022 reduction was MFA Financial, cutting an estimated $4.05M.
  • Phase 2 Partners fully exited BTRS Holdings Inc. Class 1 Common Stock in Q4 2022, selling an estimated $12.1M.
  • Phase 2 Partners's ten largest holdings make up 69% of its $221M portfolio in Q4 2022.
  • Phase 2 Partners opened 4 new positions and closed 11 in Q4 2022.
  • Phase 2 Partners's portfolio value rose 5.2% quarter-over-quarter to $221M.

Based on Phase 2 Partners's 13F filing for Q4 2022, filed 14 Feb 2023.