SEC 13F Intelligence

Managers / Q3 2023 · view latest →

Phase 2 Partners, LLC

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

Reported Value
$226M
Q3 2023
Positions
20
Filings on Record
13
2019–present window
Filed
Nov 14, 2023
original filing

Summary

Phase 2 Partners, LLC reported $226M in U.S.-listed holdings across 20 positions for Q3 2023.

Its largest position, ENVUSD, represents 10.5% of the portfolio.

Compared with Q2 2023, the fund opened 6 new positions and exited 9.

Portfolio Metrics

Turnover
+41.7%
vs prior filed quarter
Top-10 Concentration
+60.9%
share of reported value
Largest Position
+10.5%
Envestnet
New / Exited
6 / 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: 78.6%REIT: 16.6%MLP: 4.8%
  • Common Stock · 78.6% · $178M
  • REIT · 16.6% · $38M
  • MLP · 4.8% · $11M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
INVHINVITATION HOMES INCNEW+398.0K398.0K+$13M$13M
FCFSFIRSTCASH HOLDINGS INCNEW+109.3K109.3K+$11M$11M
SEICSEI INVTS CONEW+163.5K163.5K+$10M$10M
VVISA INCNEW+37.8K37.8K+$9M$9M
PARPAR TECHNOLOGY CORPNEW+200.1K200.1K+$8M$8M
TWTRADEWEB MKTS INCNEW+80.2K80.2K+$6M$6M
BILLBILL HOLDINGS INCADDED+108.9K132.8K+$12M$14M
UI2KEMPER CORPADDED+202.2K344.8K+$8M$14M

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

Holdings — Q3 2023

20 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ENVUSDENVESTNET INChistory →COM10.53%$24M541.3K
2UI2KEMPER CORPhistory →COM6.40%$14M344.8K
3BILLBILL HOLDINGS INChistory →COM6.37%$14M132.8K
4QTWOQ2 HLDGS INChistory →COM5.85%$13M410.1K
5BXPBOSTON PROPERTIES INChistory →COM5.68%$13M216.3K
6INVHINVITATION HOMES INChistory →COM5.57%$13M398.0K
7DEIDOUGLAS EMMETT INChistory →COM5.35%$12M949.5K
8MTGMGIC INVT CORP WIShistory →COM5.35%$12M725.5K
9RDNRADIAN GROUP INChistory →COM4.94%$11M445.0K
10FCFSFIRSTCASH HOLDINGS INChistory →COM4.84%$11M109.3K
11FLYWFLYWIRE CORPORATIONhistory →COM VTG4.84%$11M343.8K
12ABALLIANCEBERNSTEIN HLDG L Phistory →UNIT LTD PARTN4.75%$11M354.7K
13SEICSEI INVTS COhistory →COM4.35%$10M163.5K
14BLKCHFBLACKROCK INChistory →COM4.21%$10M14.7K
15TRUTRANSUNIONhistory →COM4.19%$9M132.2K
16LPLALPL FINL HLDGS INChistory →COM3.90%$9M37.1K
17VVISA INChistory →COM CL A3.84%$9M37.8K
18PARPAR TECHNOLOGY CORPhistory →COM3.41%$8M200.1K
19TWTRADEWEB MKTS INChistory →CL A2.84%$6M80.2K
20WTWISDOMTREE INChistory →COM2.80%$6M905.2K

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 ↗.