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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
-1.87%
1 Year Est. Return
+30.43%
3 Year Est. Return
+25.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$232M
AUM Growth
+$10.4M
Cap. Flow
+$27.8M
Cap. Flow %
11.98%
Top 10 Hldgs %
55.15%
Holding
34
New
15
Increased
5
Reduced
6
Closed
8

Top Buys

1
WAL icon
Western Alliance Bancorporation
WAL
+$28.9M
2
CME icon
CME Group
CME
+$18.8M
3
QTWO icon
Q2 Holdings
QTWO
+$13.9M
4
SLM icon
SLM Corp
SLM
+$13.8M
5
BLK icon
Blackrock
BLK
+$12M

Top Sells

1
FLYW icon
Flywire
FLYW
+$19.2M
2
AVDX
AvidXchange
AVDX
+$18.5M
3
MQ icon
Marqeta
MQ
+$17.7M
4
BILL icon
BILL Holdings
BILL
+$14.7M
5
CG icon
Carlyle Group
CG
+$14.4M

Sector Composition

1 Financials 72.39%
2 Technology 27.61%
3 Industrials 0%
4 Real Estate 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CME icon
1
CME Group
CME
$88.5B
$19.9M 8.6%
+104,160
New +$18.8M
WAL icon
2
Western Alliance Bancorporation
WAL
$8.99B
$16.8M 7.23%
+471,595
New +$28.9M
BKI
3
DELISTED
Black Knight, Inc. Common Stock
BKI
$13.9M 6%
241,620
+28,782
+14% +$1.72M
SLM icon
4
SLM Corp
SLM
$4.78B
$11.6M 5.01%
+937,520
New +$13.8M
QTWO icon
5
Q2 Holdings
QTWO
$3.43B
$11.5M 4.97%
+468,442
New +$13.9M
BLK icon
6
Blackrock
BLK
$166B
$11.4M 4.93%
+17,075
New +$12M
SSNC icon
7
SS&C Technologies
SSNC
$16.8B
$11.3M 4.89%
200,943
+30,572
+18% +$1.76M
SPGI icon
8
S&P Global
SPGI
$133B
$10.8M 4.66%
31,362
-1,906
-6% -$671K
KMPR icon
9
Kemper
KMPR
$1.65B
$10.7M 4.6%
+194,990
New +$11.3M
RDN icon
10
Radian Group
RDN
$5.24B
$9.91M 4.27%
448,596
+147,641
+49% +$3.14M
MA icon
11
Mastercard
MA
$480B
$8.95M 3.86%
24,638
+3,626
+17% +$1.32M
ACIW icon
12
ACI Worldwide
ACIW
$5.9B
$8.84M 3.81%
+327,803
New +$8.68M
TRU icon
13
TransUnion
TRU
$15.4B
$8.71M 3.76%
140,169
-88,375
-39% -$5.78M
LPLA icon
14
LPL Financial
LPLA
$26B
$8.17M 3.52%
40,341
-33,770
-46% -$7.72M
AB icon
15
AllianceBernstein
AB
$3.54B
$7.17M 3.09%
+196,063
New +$7.39M
WEX icon
16
WEX
WEX
$5.7B
$7.16M 3.09%
+38,950
New +$7.1M
JKHY icon
17
Jack Henry & Associates
JKHY
$10.8B
$7.01M 3.02%
46,536
+14,624
+46% +$2.44M
ALLY icon
18
Ally Financial
ALLY
$14B
$7.01M 3.02%
+275,150
New +$7.89M
KEY icon
19
KeyCorp
KEY
$25.4B
$6.89M 2.97%
+550,581
New +$9.3M
MTB icon
20
M&T Bank
MTB
$36.1B
$6.05M 2.61%
+50,557
New +$7.34M
ESNT icon
21
Essent Group
ESNT
$6.15B
$5.91M 2.55%
147,683
-145,586
-50% -$5.99M
CFG icon
22
Citizens Financial Group
CFG
$30.6B
$5.64M 2.43%
+185,729
New +$7.27M
PYPL icon
23
PayPal
PYPL
$49.9B
$5.29M 2.28%
+69,645
New +$5.36M
TW icon
24
Tradeweb Markets
TW
$21.3B
$4.36M 1.88%
55,167
-86,704
-61% -$6.28M
FLYW icon
25
Flywire
FLYW
$2.24B
$4.22M 1.82%
143,893
-729,013
-84% -$19.2M
1
2

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Phase 2 Partners's Q1 2023 Portfolio in Review

As of Q1 2023, Phase 2 Partners held 34 positions worth $232M, up 4.7% from $221M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Phase 2 Partners deployed $27.8M of net new capital in Q1 2023, opening 15 new positions and adding to 5 existing holdings. Its largest new stake was Western Alliance Bancorporation: 471,595 shares worth $16.8M.

By sector, the portfolio is most concentrated in Financials at 72% of assets, up from 44% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was Flywire, an estimated $19.2M trimmed.

  • Phase 2 Partners's largest Q1 2023 buy was Western Alliance Bancorporation: 471,595 shares worth $16.8M.
  • Phase 2 Partners added most to Radian Group in Q1 2023, an estimated $3.14M increase.
  • Phase 2 Partners's biggest Q1 2023 reduction was Flywire, cutting an estimated $19.2M.
  • Phase 2 Partners fully exited AvidXchange in Q1 2023, selling an estimated $18.5M.
  • Phase 2 Partners's ten largest holdings make up 55% of its $232M portfolio in Q1 2023.
  • Phase 2 Partners opened 15 new positions and closed 8 in Q1 2023.
  • Phase 2 Partners's portfolio value rose 4.7% quarter-over-quarter to $232M.

Based on Phase 2 Partners's 13F filing for Q1 2023, filed 15 May 2023.