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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
-2.62%
1 Year Est. Return
+30.43%
3 Year Est. Return
+25.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$226M
AUM Growth
+$5.98M
Cap. Flow
+$15.9M
Cap. Flow %
7.01%
Top 10 Hldgs %
60.87%
Holding
29
New
6
Increased
10
Reduced
4
Closed
9

Top Buys

1
ENV
ENVESTNET, INC.
ENV
+$16.2M
2
INVH icon
Invitation Homes
INVH
+$13.7M
3
BILL icon
BILL Holdings
BILL
+$12.4M
4
FCFS icon
FirstCash
FCFS
+$10.3M
5
SEIC icon
SEI Investments
SEIC
+$10.1M

Top Sells

1
PCOR icon
Procore
PCOR
+$13M
2
SSNC icon
SS&C Technologies
SSNC
+$12.2M
3
SPGI icon
S&P Global
SPGI
+$12.2M
4
WAL icon
Western Alliance Bancorporation
WAL
+$10.8M
5
BKI
Black Knight, Inc. Common Stock
BKI
+$10.4M

Sector Composition

1 Financials 52.41%
2 Technology 20.46%
3 Real Estate 16.6%
4 Industrials 10.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ENV
1
DELISTED
ENVESTNET, INC.
ENV
$23.8M 10.53%
541,275
+295,788
+120% +$16.2M
KMPR icon
2
Kemper
KMPR
$1.65B
$14.5M 6.4%
344,758
+202,163
+142% +$9.59M
BILL icon
3
BILL Holdings
BILL
$4.45B
$14.4M 6.37%
132,761
+108,930
+457% +$12.4M
QTWO icon
4
Q2 Holdings
QTWO
$3.43B
$13.2M 5.85%
410,145
-39,424
-9% -$1.31M
BXP icon
5
Boston Properties
BXP
$11.1B
$12.9M 5.68%
216,291
+36,135
+20% +$2.31M
INVH icon
6
Invitation Homes
INVH
$17.9B
$12.6M 5.57%
+398,046
New +$13.7M
DEI icon
7
Douglas Emmett
DEI
$2.1B
$12.1M 5.35%
949,525
+268,095
+39% +$3.63M
MTG icon
8
MGIC Investment
MTG
$6.23B
$12.1M 5.35%
725,508
+56,489
+8% +$960K
RDN icon
9
Radian Group
RDN
$5.24B
$11.2M 4.94%
445,030
+196,949
+79% +$5.21M
FCFS icon
10
FirstCash
FCFS
$9.36B
$11M 4.84%
+109,262
New +$10.3M
FLYW icon
11
Flywire
FLYW
$2.24B
$11M 4.84%
343,776
-216,956
-39% -$6.94M
AB icon
12
AllianceBernstein
AB
$3.54B
$10.8M 4.75%
354,687
+11,730
+3% +$373K
SEIC icon
13
SEI Investments
SEIC
$11.9B
$9.85M 4.35%
+163,528
New +$10.1M
BLK icon
14
Blackrock
BLK
$166B
$9.53M 4.21%
14,740
+1,290
+10% +$901K
TRU icon
15
TransUnion
TRU
$15.4B
$9.49M 4.19%
132,176
+33,029
+33% +$2.59M
LPLA icon
16
LPL Financial
LPLA
$26B
$8.83M 3.9%
37,142
-26,351
-42% -$6.12M
V icon
17
Visa
V
$682B
$8.7M 3.84%
+37,830
New +$9.09M
PAR icon
18
PAR Technology
PAR
$674M
$7.71M 3.41%
+200,054
New +$7.57M
TW icon
19
Tradeweb Markets
TW
$21.3B
$6.44M 2.84%
+80,242
New +$6.4M
WT icon
20
WisdomTree
WT
$3.07B
$6.34M 2.8%
905,176
-406,273
-31% -$2.84M
ALTG icon
21
Alta Equipment Group
ALTG
$208M
– –
-42,417
Closed -$735K
CME icon
22
CME Group
CME
$88.5B
– –
-1,765
Closed -$327K
LAZ icon
23
Lazard
LAZ
$4.25B
– –
-308,813
Closed -$9.88M
PCOR icon
24
Procore
PCOR
$6.93B
– –
-199,557
Closed -$13M
SLM icon
25
SLM Corp
SLM
$4.78B
– –
-528,356
Closed -$8.62M
1
2

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Phase 2 Partners's Q3 2023 Portfolio in Review

As of Q3 2023, Phase 2 Partners held 29 positions worth $226M, up 2.7% from $220M the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Phase 2 Partners deployed $15.9M of net new capital in Q3 2023, opening 6 new positions and adding to 10 existing holdings. Its largest new stake was Invitation Homes: 398,046 shares worth $12.6M.

By sector, the portfolio is most concentrated in Financials at 52% of assets, down from 53% a quarter earlier, followed by Technology and Real Estate.

On the sell side, the largest reduction was Flywire, an estimated $6.94M trimmed.

  • Phase 2 Partners's largest Q3 2023 buy was Invitation Homes: 398,046 shares worth $12.6M.
  • Phase 2 Partners added most to ENVESTNET, INC. in Q3 2023, an estimated $16.2M increase.
  • Phase 2 Partners's biggest Q3 2023 reduction was Flywire, cutting an estimated $6.94M.
  • Phase 2 Partners fully exited Procore in Q3 2023, selling an estimated $13M.
  • Phase 2 Partners's ten largest holdings make up 61% of its $226M portfolio in Q3 2023.
  • Phase 2 Partners opened 6 new positions and closed 9 in Q3 2023.
  • Phase 2 Partners's portfolio value rose 2.7% quarter-over-quarter to $226M.

Based on Phase 2 Partners's 13F filing for Q3 2023, filed 14 Nov 2023.