SEC 13F Intelligence

Managers / Q3 2022 · view latest →

Phase 2 Partners, LLC

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

Reported Value
$211M
Q3 2022
Positions
26
Filings on Record
13
2019–present window
Filed
Nov 14, 2022
original filing

Summary

Phase 2 Partners, LLC reported $211M in U.S.-listed holdings across 26 positions for Q3 2022.

Its largest position, MQ, represents 6.7% of the portfolio.

Compared with Q2 2022, the fund opened 11 new positions and exited 9.

Portfolio Metrics

Turnover
+44.8%
vs prior filed quarter
Top-10 Concentration
+50.1%
share of reported value
Largest Position
+6.7%
Marqeta
New / Exited
11 / 9
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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: 86.6%REIT: 10.5%Other: 3.0%
  • Common Stock · 86.6% · $182M
  • REIT · 10.5% · $22M
  • Other · 3.0% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MQMARQETA INCNEW+1.97M1.97M+$14M$14M
MFAMFA FINL INCNEW+1.75M1.75M+$14M$14M
AVDXAVIDXCHANGE HOLDINGS INCNEW+1.30M1.30M+$11M$11M
FHIFEDERATED HERMES INCNEW+271.9K271.9K+$9M$9M
AMERICAN EQTY INVT LIFE HLDNEW+202.8K202.8K+$8M$8M
SFSTIFEL FINL CORPNEW+144.1K144.1K+$7M$7M
CBOECBOE GLOBAL MKTS INCNEW+60.9K60.9K+$7M$7M
TRUTRANSUNIONNEW+110.9K110.9K+$7M$7M

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

Holdings — Q3 2022

26 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MQMARQETA INChistory →CLASS A COM6.66%$14M1.97M
2MFAMFA FINL INChistory →COM6.48%$14M1.75M
3BTRS HOLDINGS INCCOM CL 15.76%$12M1.31M
4AVDXAVIDXCHANGE HOLDINGS INChistory →COM5.19%$11M1.30M
5BLACK KNIGHT INCCOM4.76%$10M154.7K
6CGCARLYLE GROUP INChistory →COM4.56%$10M371.5K
7GCMGGCM GROSVENOR INChistory →COM CL A4.35%$9M1.16M
8FHIFEDERATED HERMES INChistory →CL B4.28%$9M271.9K
9BILLBILL COM HLDGS INChistory →COM4.08%$9M64.9K
10DEIDOUGLAS EMMETT INChistory →COM4.01%$8M470.5K
11MAMASTERCARD INCORPORATEDhistory →CL A3.99%$8M29.6K
12FLYWFLYWIRE CORPORATIONhistory →COM VTG3.82%$8M350.0K
13LPLALPL FINL HLDGS INChistory →COM3.77%$8M36.3K
14ESNTESSENT GROUP LTDhistory →COM3.67%$8M221.3K
15AMERICAN EQTY INVT LIFE HLDCOM3.59%$8M202.8K
16SFSTIFEL FINL CORPhistory →COM3.55%$7M144.1K
17CBOECBOE GLOBAL MKTS INChistory →COM3.40%$7M60.9K
18WDWALKER & DUNLOP INChistory →COM3.27%$7M82.3K
19TRUTRANSUNIONhistory →COM3.13%$7M110.9K
20RDNRADIAN GROUP INChistory →COM3.04%$6M331.6K
21NUVEI CORPORATIONSUB VTG SHS2.95%$6M230.0K
22ENGAGESMART INCCOMMON STOCK2.85%$6M290.0K
23SPGIS&P GLOBAL INChistory →COM2.83%$6M19.5K
24BGC PARTNERS INCCL A2.77%$6M1.85M
25WTWISDOMTREE INVTS INChistory →COM1.96%$4M880.5K
26SNEXSTONEX GROUP INChistory →COM1.29%$3M32.8K

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 ↗.