SEC 13F Intelligence

Managers / Q1 2022 · view latest →

Phase 2 Partners, LLC

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

Reported Value
$153M
Q1 2022
Positions
21
Filings on Record
13
2019–present window
Filed
May 16, 2022
original filing

Summary

Phase 2 Partners, LLC reported $153M in U.S.-listed holdings across 21 positions for Q1 2022.

Its largest position, FLYW, represents 10.4% of the portfolio.

Compared with Q4 2021, the fund opened 10 new positions and exited 8.

Portfolio Metrics

Turnover
+42.3%
vs prior filed quarter
Top-10 Concentration
+68.8%
share of reported value
Largest Position
+10.4%
Flywire Corporation
New / Exited
10 / 8
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: 89.8%Other: 5.3%REIT: 4.9%
  • Common Stock · 89.8% · $138M
  • Other · 5.3% · $8M
  • REIT · 4.9% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FLYWFLYWIRE CORPORATIONNEW+523.3K523.3K+$16M$16M
BCORUSDBLUCORA INCNEW+376.0K376.0K+$7M$7M
SPGIS&P GLOBAL INCNEW+15.0K15.0K+$6M$6M
BKIEURBLACK KNIGHT INCNEW+103.6K103.6K+$6M$6M
RDNRADIAN GROUP INCNEW+251.3K251.3K+$6M$6M
WTWISDOMTREE INVTS INCNEW+816.3K816.3K+$5M$5M
VIRTVIRTU FINL INCNEW+111.4K111.4K+$4M$4M
SNEXSTONEX GROUP INCNEW+52.4K52.4K+$4M$4M

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

Holdings — Q1 2022

21 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1FLYWFLYWIRE CORPORATIONhistory →COM VTG10.45%$16M523.3K
2COWNEURCOWEN INChistory →CL A NEW9.05%$14M511.7K
3BILLBILL COM HLDGS INChistory →COM8.62%$13M58.2K
4LPLALPL FINL HLDGS INChistory →COM7.93%$12M66.5K
5GCMGGCM GROSVENOR INChistory →COM CL A7.54%$12M1.19M
6HCIHCI GROUP INChistory →COM6.04%$9M135.6K
753SBRIDGE INVT GROUP HLDGS INChistory →COM CL A4.98%$8M375.2K
8DEIDOUGLAS EMMETT INChistory →COM4.93%$8M226.2K
9BCORUSDBLUCORA INChistory →COM4.80%$7M376.0K
10MCBMETROPOLITAN BK HLDG CORPhistory →COM4.50%$7M67.7K
11ESSENT GROUP LTDCOM4.09%$6M152.1K
12SPGIS&P GLOBAL INChistory →COM4.01%$6M15.0K
13BKIEURBLACK KNIGHT INChistory →COM3.92%$6M103.6K
14RDNRADIAN GROUP INChistory →COM3.64%$6M251.3K
15WTWISDOMTREE INVTS INChistory →COM3.13%$5M816.3K
16KBHKB HOMEhistory →COM2.88%$4M136.2K
17VIRTVIRTU FINL INChistory →CL A2.71%$4M111.4K
18SNEXSTONEX GROUP INChistory →COM2.54%$4M52.4K
19RJFRAYMOND JAMES FINL INChistory →COM2.41%$4M33.6K
20EJF ACQUISITION CORPCL A SHS1.21%$2M187.4K
21CMECME GROUP INCCOM0.62%$956,0004.0K

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 ↗.