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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
+13.11%
1 Year Est. Return
+30.43%
3 Year Est. Return
+25.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$189M
AUM Growth
-$37.1M
(-16%)
Cap. Flow
-$53.9M
Cap. Flow
% of AUM
-28.45%
Top 10 Holdings %
Top 10 Hldgs %
62.44%
Holding
32
New
12
Increased
3
Reduced
6
Closed
11
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Allstate
ALL
|
+$10.9M |
| 2 |
Citigroup
C
|
+$9.97M |
| 3 |
Flywire
FLYW
|
+$8.76M |
| 4 |
Global Payments
GPN
|
+$7.63M |
| 5 |
TWO
Two Harbors Investment
TWO
|
+$7.52M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BILL Holdings
BILL
|
+$14.4M |
| 2 |
Q2 Holdings
QTWO
|
+$13.2M |
| 3 |
MGIC Investment
MTG
|
+$12.1M |
| 4 |
Radian Group
RDN
|
+$11.2M |
| 5 |
SEI Investments
SEIC
|
+$9.85M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 47.49% |
| 2 | Real Estate | 24.35% |
| 3 | Industrials | 12.75% |
| 4 | Technology | 12.22% |
| 5 | Communication Services | 3.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Kemper
KMPR
$1.65B
| $18.9M | 9.97% |
387,675
+42,917
| +12% | +$1.88M |
|
|
2
Flywire
FLYW
$2.24B
| $16M | 8.45% |
691,273
+347,497
| +101% | +$8.76M |
|
|
ENV
3
DELISTED
ENVESTNET, INC.
ENV
| $15.8M | 8.33% |
318,486
-222,789
| -41% | -$9.11M |
|
|
4
Allstate
ALL
$66.3B
| $11.7M | 6.19% |
+83,664
| New | +$10.9M |
|
|
5
Citigroup
C
$228B
| $11.6M | 6.12% |
+225,112
| New | +$9.97M |
|
6
Boston Properties
BXP
$10.9B
| $9.74M | 5.14% |
138,757
-77,534
| -36% | -$4.58M |
|
7
Invitation Homes
INVH
$16.9B
| $9.12M | 4.82% |
267,434
-130,612
| -33% | -$4.25M |
|
8
Kilroy Realty
KRC
$4.34B
| $8.96M | 4.73% |
+224,802
| New | +$7.41M |
|
|
9
Global Payments
GPN
$24.2B
| $8.37M | 4.42% |
+65,895
| New | +$7.63M |
|
|
TWO
10
DELISTED
Two Harbors Investment
TWO
| $8.11M | 4.28% |
+581,871
| New | +$7.52M |
|
11
Western Alliance Bancorporation
WAL
$8.81B
| $7.95M | 4.2% |
+120,914
| New | +$6.1M |
|
12
First American
FAF
$7.67B
| $7.68M | 4.05% |
+119,127
| New | +$6.79M |
|
13
WisdomTree
WT
$3.73B
| $7.52M | 3.97% |
1,085,748
+180,572
| +20% | +$1.2M |
|
14
Intercontinental Exchange
ICE
$90.7B
| $7.27M | 3.84% |
+56,578
| New | +$6.41M |
|
15
SS&C Technologies
SSNC
$19.4B
| $7.13M | 3.77% |
+116,696
| New | +$6.37M |
|
16
FirstCash
FCFS
$9.72B
| $6.81M | 3.6% |
62,843
-46,419
| -42% | -$5.02M |
|
17
Zillow
Z
$7.8B
| $6.04M | 3.19% |
+104,376
| New | +$4.6M |
|
18
AllianceBernstein
AB
$3.44B
| $5.74M | 3.03% |
185,006
-169,681
| -48% | -$4.99M |
|
19
Douglas Emmett
DEI
$1.91B
| $5.16M | 2.72% |
355,649
-593,876
| -63% | -$7.53M |
|
|
HPP
20
Hudson Pacific Properties
HPP
$684M
| $5.03M | 2.66% |
+77,174
| New | +$3.4M |
|
21
Lazard
LAZ
$4.28B
| $4.79M | 2.53% |
+137,586
| New | +$4.14M |
|
|
22
BILL Holdings
BILL
$4.16B
| – | – |
-132,761
| Closed | -$14.4M |
|
23
Blackrock
BLK
$172B
| – | – |
-14,740
| Closed | -$9.53M |
|
24
LPL Financial
LPLA
$27.9B
| – | – |
-37,142
| Closed | -$8.83M |
|
|
25
MGIC Investment
MTG
$6.41B
| – | – |
-725,508
| Closed | -$12.1M |
|
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Phase 2 Partners's Q4 2023 Portfolio in Review
As of Q4 2023, Phase 2 Partners held 32 positions worth $189M, down 16% from $226M the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Phase 2 Partners withdrew a net $53.9M in Q4 2023, closing 11 positions and reducing 6 holdings. Its most notable exit was BILL Holdings, an estimated $14.4M position sold in full.
By sector, the portfolio is most concentrated in Financials at 47% of assets, down from 52% a quarter earlier, followed by Real Estate and Industrials.
Against the trend, Phase 2 Partners opened a new position in Allstate worth $11.7M.
- Phase 2 Partners's largest Q4 2023 buy was Allstate: 83,664 shares worth $11.7M.
- Phase 2 Partners added most to Flywire in Q4 2023, an estimated $8.76M increase.
- Phase 2 Partners's biggest Q4 2023 reduction was ENVESTNET, INC., cutting an estimated $9.11M.
- Phase 2 Partners fully exited BILL Holdings in Q4 2023, selling an estimated $14.4M.
- Phase 2 Partners's ten largest holdings make up 62% of its $189M portfolio in Q4 2023.
- Phase 2 Partners opened 12 new positions and closed 11 in Q4 2023.
- Phase 2 Partners's portfolio value fell 16% quarter-over-quarter to $189M.
Based on Phase 2 Partners's 13F filing for Q4 2023, filed 14 Feb 2024.