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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
+21.09%
1 Year Est. Return
+30.43%
3 Year Est. Return
+25.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$169M
AUM Growth
+$3.08M
Cap. Flow
-$19M
Cap. Flow %
-11.22%
Top 10 Hldgs %
54.81%
Holding
38
New
11
Increased
7
Reduced
8
Closed
12

Top Buys

1
MCY icon
Mercury Insurance
MCY
+$9.56M
2
ECPG icon
Encore Capital Group
ECPG
+$7.88M
3
CG icon
Carlyle Group
CG
+$7.21M
4
MTH icon
Meritage Homes
MTH
+$6.29M
5
SKWD icon
Skyward Specialty Insurance
SKWD
+$5.4M

Top Sells

1
EZPW icon
Ezcorp Inc
EZPW
+$9.54M
2
BILL icon
BILL Holdings
BILL
+$8.91M
3
DEI icon
Douglas Emmett
DEI
+$7.53M
4
RPAY icon
Repay Holdings
RPAY
+$6.86M
5
HHH icon
Howard Hughes
HHH
+$6.66M

Sector Composition

1 Financials 74.54%
2 Real Estate 10.71%
3 Industrials 7.25%
4 Consumer Discretionary 4.03%
5 Communication Services 3.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MCY icon
1
Mercury Insurance
MCY
$5.89B
$17.3M 10.19%
273,955
+160,808
+142% +$9.56M
KMPR icon
2
Kemper
KMPR
$1.65B
$12.1M 7.14%
197,394
+28,513
+17% +$1.75M
ECPG icon
3
Encore Capital Group
ECPG
$1.96B
$11.4M 6.74%
241,509
+166,014
+220% +$7.88M
KRC icon
4
Kilroy Realty
KRC
$4.68B
$9.71M 5.74%
250,949
-44,578
-15% -$1.58M
WLFC icon
5
Willis Lease Finance
WLFC
$1.53B
$7.8M 4.61%
52,428
-17,965
-26% -$1.77M
RPC
6
Ridgepost Capital
RPC
$964M
$7.55M 4.46%
704,728
+55,496
+9% +$545K
CG icon
7
Carlyle Group
CG
$16.6B
$7.4M 4.37%
+171,910
New +$7.21M
MTH icon
8
Meritage Homes
MTH
$4.95B
$6.83M 4.03%
+66,598
New +$6.29M
DFS
9
DELISTED
Discover Financial Services
DFS
$6.44M 3.8%
45,875
-20,785
-31% -$2.8M
WT icon
10
WisdomTree
WT
$3.07B
$6.32M 3.73%
632,513
-32,882
-5% -$334K
PAX icon
11
Patria Investments
PAX
$1.76B
$6.05M 3.57%
541,602
+198,225
+58% +$2.35M
BLK icon
12
Blackrock
BLK
$166B
$5.69M 3.36%
+5,992
New +$5.19M
CME icon
13
CME Group
CME
$88.5B
$5.68M 3.36%
+25,756
New +$5.33M
SKWD icon
14
Skyward Specialty Insurance
SKWD
$2.4B
$5.68M 3.35%
+139,447
New +$5.4M
FUTU icon
15
Futu Holdings
FUTU
$13.3B
$5.68M 3.35%
59,355
-79,921
-57% -$5.09M
VIRT icon
16
Virtu Financial
VIRT
$4.85B
$5.66M 3.35%
185,979
+47,380
+34% +$1.35M
Z icon
17
Zillow
Z
$7.76B
$5.62M 3.32%
88,000
-89,490
-50% -$4.81M
GCMG icon
18
GCM Grosvenor
GCMG
$779M
$4.84M 2.86%
427,394
-351,239
-45% -$3.78M
WAL icon
19
Western Alliance Bancorporation
WAL
$8.99B
$4.57M 2.7%
+52,837
New +$4.07M
HCI icon
20
HCI Group
HCI
$2.27B
$4.55M 2.69%
+42,474
New +$4.03M
HHH icon
21
Howard Hughes
HHH
$4.19B
$4.51M 2.66%
58,221
-94,350
-62% -$6.66M
AER icon
22
AerCap
AER
$23.2B
$4.48M 2.64%
+47,270
New +$4.43M
LINE
23
Lineage Inc
LINE
$10.2B
$3.92M 2.31%
+50,000
New +$4.18M
BOW
24
Bowhead Specialty Holdings
BOW
$1.01B
$3.83M 2.26%
136,697
+11,648
+9% +$327K
ICE icon
25
Intercontinental Exchange
ICE
$79B
$3.41M 2.01%
+21,219
New +$3.27M
1
2

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Phase 2 Partners's Q3 2024 Portfolio in Review

As of Q3 2024, Phase 2 Partners held 38 positions worth $169M, up 1.9% from $166M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Phase 2 Partners withdrew a net $19M in Q3 2024, closing 12 positions and reducing 8 holdings. Its most notable exit was Ezcorp Inc, an estimated $9.54M position sold in full.

By sector, the portfolio is most concentrated in Financials at 75% of assets, up from 53% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Phase 2 Partners opened a new position in Carlyle Group worth $7.4M.

  • Phase 2 Partners's largest Q3 2024 buy was Carlyle Group: 171,910 shares worth $7.4M.
  • Phase 2 Partners added most to Mercury Insurance in Q3 2024, an estimated $9.56M increase.
  • Phase 2 Partners's biggest Q3 2024 reduction was Howard Hughes, cutting an estimated $6.66M.
  • Phase 2 Partners fully exited Ezcorp Inc in Q3 2024, selling an estimated $9.54M.
  • Phase 2 Partners's ten largest holdings make up 55% of its $169M portfolio in Q3 2024.
  • Phase 2 Partners opened 11 new positions and closed 12 in Q3 2024.
  • Phase 2 Partners's portfolio value rose 1.9% quarter-over-quarter to $169M.

Based on Phase 2 Partners's 13F filing for Q3 2024, filed 14 Nov 2024.