SEC 13F Intelligence

Managers / Q4 2024

Phase 2 Partners, LLC

CIK 0001841126 · 44 MONTGOMERY STREET, SUITE 2970, SAN FRANCISCO, CA, 94104 · 415-503-5712

Reported Value
$133M
Q4 2024
Positions
26
Filings on Record
13
2019–present window
Filed
Feb 14, 2025
original filing

Summary

Phase 2 Partners, LLC reported $133M in U.S.-listed holdings across 26 positions for Q4 2024.

Its largest position, ECPG, represents 12.1% of the portfolio.

Compared with Q3 2024, the fund opened 10 new positions and exited 11.

Portfolio Metrics

Turnover
+32.8%
vs prior filed quarter
Top-10 Concentration
+60.0%
share of reported value
Largest Position
+12.1%
Encore Cap
New / Exited
10 / 11
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’21: $161MQ4 ’21Q1 ’22: $153MQ2 ’22: $194MQ2 ’22Q3 ’22: $211MQ4 ’22: $221MQ4 ’22Q1 ’23: $232MQ2 ’23: $220MQ2 ’23Q3 ’23: $226MQ4 ’23: $189MQ4 ’23Q1 ’24: $191MQ2 ’24: $166MQ2 ’24Q3 ’24: $169MQ4 ’24: $133MQ4 ’24filingsflow.com

Portfolio Composition

By security type
Common Stock: 92.4%Other: 5.2%MLP: 2.1%Equity WRT: 0.2%
  • Common Stock · 92.4% · $123M
  • Other · 5.2% · $7M
  • MLP · 2.1% · $3M
  • Equity WRT · 0.2% · $328,951

Quarter-over-Quarter Changes full breakdown →

vs Q3 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DESPEGAR COM CORPNEW+359.8K359.8K+$7M$7M
DFINDONNELLEY FINL SOLUTIONS INCNEW+102.6K102.6K+$6M$6M
CCSCENTURY CMNTYS INCNEW+83.3K83.3K+$6M$6M
MCHBHOMESTREET INCNEW+432.5K432.5K+$5M$5M
FHIFEDERATED HERMES INCNEW+110.0K110.0K+$5M$5M
SEICSEI INVTS CONEW+38.4K38.4K+$3M$3M
BLKBLACKROCK INCNEW+3.0K3.0K+$3M$3M
HOVHOVNANIAN ENTERPRISES INCNEW+17.9K17.9K+$2M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2024

26 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ECPGENCORE CAP GROUP INChistory →COM12.05%$16M336.2K
2MCYMERCURY GENL CORP NEWhistory →COM7.13%$9M142.9K
3UI2KEMPER CORPhistory →COM6.01%$8M120.4K
4WLFCWILLIS LEASE FIN CORPhistory →COM5.83%$8M37.5K
5HCIHCI GROUP INChistory →COM5.36%$7M61.3K
6DESPEGAR COM CORPORD SHS5.20%$7M359.8K
7DFINDONNELLEY FINL SOLUTIONS INChistory →COM4.83%$6M102.6K
8WTWISDOMTREE INChistory →COM4.66%$6M591.1K
9CCSCENTURY CMNTYS INChistory →COM4.59%$6M83.3K
10RPCP10 INChistory →COM CL A4.33%$6M457.6K
11MTHMERITAGE HOMES CORPhistory →COM4.09%$5M35.4K
12MCHBHOMESTREET INChistory →COM3.71%$5M432.5K
13SKWDSKYWARD SPECIALTY INS GROUPhistory →COM3.62%$5M95.5K
14WEAWESTERN ALLIANCE BANCORPhistory →COM3.46%$5M55.3K
15FHIFEDERATED HERMES INChistory →CL B3.39%$5M110.0K
16DFSEURDISCOVER FINL SVCShistory →COM2.90%$4M22.3K
17BOWBOWHEAD SPECIALTY HLDGS INChistory →COM SHS2.46%$3M92.3K
18CGCARLYLE GROUP INChistory →COM2.42%$3M63.9K
19SEICSEI INVTS COhistory →COM2.38%$3M38.4K
20BLKBLACKROCK INChistory →COM2.31%$3M3.0K
21ABALLIANCEBERNSTEIN HLDG L Phistory →UNIT LTD PARTN2.11%$3M75.7K
22HHHHOWARD HUGHES HOLDINGS INChistory →COM2.08%$3M36.1K
23HOVHOVNANIAN ENTERPRISES INChistory →CL A NEW1.80%$2M17.9K
24RKTROCKET COS INChistory →COM CL A1.79%$2M211.9K
25MQMARQETA INChistory →CLASS A COM1.24%$2M436.8K
26GCM GROSVENOR INC*W EXP 11/17/2020.25%$328,951261.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q4 2024$133M26Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$169M27Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$166M27Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$191M27May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$189M21Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$226M20Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$220M23Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$232M26May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$221M19Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$211M26Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$194M24Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$153M21May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$161M20Feb 14, 202213F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.