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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
+6.27%
1 Year Est. Return
+30.43%
3 Year Est. Return
+25.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$191M
AUM Growth
+$1.96M
Cap. Flow
-$12.9M
Cap. Flow %
-6.75%
Top 10 Hldgs %
55.22%
Holding
36
New
15
Increased
5
Reduced
7
Closed
9

Top Buys

1
BILL icon
BILL Holdings
BILL
+$13.1M
2
FUTU icon
Futu Holdings
FUTU
+$9.71M
3
FHI icon
Federated Hermes
FHI
+$7.88M
4
CBOE icon
Cboe Global Markets
CBOE
+$6.58M
5
RPAY icon
Repay Holdings
RPAY
+$6.18M

Top Sells

1
KMPR icon
Kemper
KMPR
+$12.1M
2
C icon
Citigroup
C
+$11.6M
3
ENV
ENVESTNET, INC.
ENV
+$10.8M
4
INVH icon
Invitation Homes
INVH
+$9.12M
5
GPN icon
Global Payments
GPN
+$8.37M

Sector Composition

1 Financials 47.8%
2 Real Estate 21.8%
3 Technology 19.24%
4 Communication Services 4.95%
5 Industrials 3.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KRC icon
1
Kilroy Realty
KRC
$4.68B
$13M 6.78%
355,789
+130,987
+58% +$4.84M
BILL icon
2
BILL Holdings
BILL
$4.45B
$12.9M 6.74%
+187,688
New +$13.1M
WT icon
3
WisdomTree
WT
$3.07B
$11.2M 5.86%
1,219,276
+133,528
+12% +$1.02M
KMPR icon
4
Kemper
KMPR
$1.65B
$10.9M 5.71%
176,547
-211,128
-54% -$12.1M
FLYW icon
5
Flywire
FLYW
$2.24B
$10.5M 5.46%
421,229
-270,044
-39% -$6.31M
FUTU icon
6
Futu Holdings
FUTU
$13.3B
$10.2M 5.33%
+188,387
New +$9.71M
DEI icon
7
Douglas Emmett
DEI
$2.1B
$9.82M 5.13%
707,895
+352,246
+99% +$4.82M
BXP icon
8
Boston Properties
BXP
$11.1B
$9.6M 5.02%
147,012
+8,255
+6% +$546K
Z icon
9
Zillow
Z
$7.76B
$9.47M 4.95%
194,060
+89,684
+86% +$4.88M
FHI icon
10
Federated Hermes
FHI
$4.46B
$8.1M 4.23%
+224,165
New +$7.88M
RPAY icon
11
Repay Holdings
RPAY
$321M
$7.68M 4.02%
+698,620
New +$6.18M
CBOE icon
12
Cboe Global Markets
CBOE
$28.6B
$6.55M 3.43%
+35,664
New +$6.58M
ENV
13
DELISTED
ENVESTNET, INC.
ENV
$6.46M 3.38%
111,497
-206,989
-65% -$10.8M
ALL icon
14
Allstate
ALL
$64.3B
$6.18M 3.23%
35,724
-47,940
-57% -$7.57M
FCFS icon
15
FirstCash
FCFS
$9.36B
$6.02M 3.15%
47,199
-15,644
-25% -$1.81M
DFS
16
DELISTED
Discover Financial Services
DFS
$5.97M 3.12%
+45,553
New +$5.22M
RELY icon
17
Remitly
RELY
$5.08B
$5.77M 3.02%
+278,318
New +$5.29M
TMHC icon
18
Taylor Morrison
TMHC
$6.64B
$5.43M 2.84%
+87,306
New +$4.81M
NLY icon
19
Annaly Capital Management
NLY
$16.9B
$5.12M 2.68%
+260,174
New +$5.02M
CG icon
20
Carlyle Group
CG
$16.6B
$5.06M 2.64%
+107,830
New +$4.66M
RPC
21
Ridgepost Capital
RPC
$964M
$4.86M 2.54%
+577,579
New +$5.06M
AB icon
22
AllianceBernstein
AB
$3.54B
$4.74M 2.48%
136,376
-48,630
-26% -$1.62M
NMRK icon
23
Newmark Group
NMRK
$2.77B
$4.19M 2.19%
+377,979
New +$3.95M
GCMG icon
24
GCM Grosvenor
GCMG
$779M
$3.57M 1.86%
+369,249
New +$3.21M
BRDG
25
DELISTED
Bridge Investment Group
BRDG
$2.8M 1.46%
+408,543
New +$3.4M
1
2

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Phase 2 Partners's Q1 2024 Portfolio in Review

As of Q1 2024, Phase 2 Partners held 36 positions worth $191M, up 1% from $189M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Phase 2 Partners withdrew a net $12.9M in Q1 2024, closing 9 positions and reducing 7 holdings. Its most notable exit was Citigroup, an estimated $11.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 48% of assets, up from 47% a quarter earlier, followed by Real Estate and Technology.

Against the trend, Phase 2 Partners opened a new position in BILL Holdings worth $12.9M.

  • Phase 2 Partners's largest Q1 2024 buy was BILL Holdings: 187,688 shares worth $12.9M.
  • Phase 2 Partners added most to Zillow in Q1 2024, an estimated $4.88M increase.
  • Phase 2 Partners's biggest Q1 2024 reduction was Kemper, cutting an estimated $12.1M.
  • Phase 2 Partners fully exited Citigroup in Q1 2024, selling an estimated $11.6M.
  • Phase 2 Partners's ten largest holdings make up 55% of its $191M portfolio in Q1 2024.
  • Phase 2 Partners opened 15 new positions and closed 9 in Q1 2024.
  • Phase 2 Partners's portfolio value rose 1% quarter-over-quarter to $191M.

Based on Phase 2 Partners's 13F filing for Q1 2024, filed 15 May 2024.