SEC 13F Intelligence

Managers / Q4 2021 · view latest →

Phase 2 Partners, LLC

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

Reported Value
$161M
Q4 2021
Positions
20
Filings on Record
13
2019–present window
Filed
Feb 14, 2022
original filing

Summary

Phase 2 Partners, LLC reported $161M in U.S.-listed holdings across 20 positions for Q4 2021.

Its largest position, COWNEUR, represents 11.4% of the portfolio.

Portfolio Metrics

Top-10 Concentration
+67.7%
share of reported value
Largest Position
+11.4%
Cowen

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: 87.1%REIT: 7.8%Other: 5.1%
  • Common Stock · 87.1% · $141M
  • REIT · 7.8% · $13M
  • Other · 5.1% · $8M

Quarter-over-Quarter Changes full breakdown →

IssuerMoveShare ΔShares nowValue ΔValue now
HCIHCI GROUP INCNEW+288.8K288.8K+$24M$24M
COWNEURCOWEN INCNEW+509.7K509.7K+$18M$18M
BILLBILL COM HLDGS INCNEW+53.7K53.7K+$13M$13M
GCMGGCM GROSVENOR INCNEW+1.16M1.16M+$12M$12M
MCBMETROPOLITAN BK HLDG CORPNEW+101.6K101.6K+$11M$11M
53SBRIDGE INVT GROUP HLDGS INCNEW+393.5K393.5K+$10M$10M
KBHKB HOMENEW+193.4K193.4K+$9M$9M
ESSENT GROUP LTDNEW+181.7K181.7K+$8M$8M

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

Holdings — Q4 2021

19 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1COWNEURCOWEN INChistory →CL A NEW11.39%$18M509.7K
2HCIHCI GROUP INChistory →COM8.36%$14M161.6K
3BILLBILL COM HLDGS INChistory →COM8.28%$13M53.7K
4GCMGGCM GROSVENOR INChistory →COM CL A7.55%$12M1.16M
5MCBMETROPOLITAN BK HLDG CORPhistory →COM6.70%$11M101.6K
653SBRIDGE INVT GROUP HLDGS INChistory →COM CL A6.08%$10M393.5K
7KBHKB HOMEhistory →COM5.36%$9M193.4K
8ESSENT GROUP LTDCOM5.12%$8M181.7K
9MAMASTERCARD INCORPORATEDhistory →CL A4.72%$8M21.2K
10DEIDOUGLAS EMMETT INChistory →COM4.17%$7M201.2K
11CGCARLYLE GROUP INChistory →COM3.73%$6M109.8K
12LPLALPL FINL HLDGS INChistory →COM3.65%$6M36.8K
13MFA FINL INCCOM3.58%$6M1.27M
14DFINDONNELLEY FINL SOLUTIONS INChistory →COM3.54%$6M121.3K
15A4SAMERIPRISE FINL INChistory →COM3.13%$5M16.7K
16CMECME GROUP INChistory →COM2.76%$4M19.5K
17FCFSFIRSTCASH HOLDINGS INChistory →COM2.59%$4M56.0K
18LCEURLENDINGCLUB CORPhistory →COM NEW1.49%$2M99.7K
19BTRS HOLDINGS INCCOM CL 11.21%$2M249.1K

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 ↗.