Managers / Q4 2022 · view latest →
Phase 2 Partners, LLC
CIK 0001841126 · 44 MONTGOMERY STREET, SUITE 2970, SAN FRANCISCO, CA, 94104 · 415-503-5712
Summary
Phase 2 Partners, LLC reported $221M in U.S.-listed holdings across 19 positions for Q4 2022.
Its largest position, FLYW, represents 9.6% of the portfolio.
Compared with Q3 2022, the fund opened 4 new positions and exited 11.
Portfolio Metrics
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
Portfolio Composition
- Common Stock · 94.0% · $208M
- REIT · 6.0% · $13M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| ENVESTNET INC | NEW | +168.9K | 168.9K | +$10M | $10M |
| TWTRADEWEB MKTS INC | NEW | +141.9K | 141.9K | +$9M | $9M |
| SSNCSS&C TECHNOLOGIES HLDGS INC | NEW | +170.4K | 170.4K | +$9M | $9M |
| JKHYHENRY JACK & ASSOC INC | NEW | +31.9K | 31.9K | +$6M | $6M |
| FLYWFLYWIRE CORPORATION | ADDED | +522.9K | 872.9K | +$13M | $21M |
| BILLBILL COM HLDGS INC | ADDED | +70.3K | 135.2K | +$6M | $15M |
| TRUTRANSUNION | ADDED | +117.7K | 228.5K | +$6M | $13M |
| LPLALPL FINL HLDGS INC | ADDED | +37.8K | 74.1K | +$8M | $16M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2022
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | FLYWFLYWIRE CORPORATIONhistory → | COM VTG | 9.64% | $21M | 872.9K |
| 2 | AVDXAVIDXCHANGE HOLDINGS INChistory → | COM | 8.34% | $18M | 1.86M |
| 3 | MQMARQETA INChistory → | CLASS A COM | 8.00% | $18M | 2.90M |
| 4 | LPLALPL FINL HLDGS INChistory → | COM | 7.23% | $16M | 74.1K |
| 5 | BILLBILL COM HLDGS INChistory → | COM | 6.65% | $15M | 135.2K |
| 6 | CGCARLYLE GROUP INChistory → | COM | 6.50% | $14M | 482.6K |
| 7 | MFAMFA FINL INChistory → | COM | 6.00% | $13M | 1.35M |
| 8 | BLACK KNIGHT INC | COM | 5.93% | $13M | 212.8K |
| 9 | TRUTRANSUNIONhistory → | COM | 5.86% | $13M | 228.5K |
| 10 | ESNTESSENT GROUP LTDhistory → | COM | 5.15% | $11M | 293.3K |
| 11 | SPGIS&P GLOBAL INChistory → | COM | 5.03% | $11M | 33.3K |
| 12 | ENVESTNET INC | COM | 4.70% | $10M | 168.9K |
| 13 | TWTRADEWEB MKTS INChistory → | CL A | 4.16% | $9M | 141.9K |
| 14 | SSNCSS&C TECHNOLOGIES HLDGS INChistory → | COM | 4.00% | $9M | 170.4K |
| 15 | MAMASTERCARD INCORPORATEDhistory → | CL A | 3.30% | $7M | 21.0K |
| 16 | RDNRADIAN GROUP INChistory → | COM | 2.59% | $6M | 301.0K |
| 17 | JKHYHENRY JACK & ASSOC INChistory → | COM | 2.53% | $6M | 31.9K |
| 18 | CBOECBOE GLOBAL MKTS INChistory → | COM | 2.32% | $5M | 40.9K |
| 19 | BGC PARTNERS INC | CL A | 2.06% | $5M | 1.21M |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q4 2024 | $133M | 26 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $169M | 27 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $166M | 27 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $191M | 27 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $189M | 21 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $226M | 20 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $220M | 23 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $232M | 26 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $221M | 19 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $211M | 26 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $194M | 24 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $153M | 21 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $161M | 20 | Feb 14, 2022 | 13F-HR | changes · 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 ↗.