Managers / Q4 2023 · 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 $189M in U.S.-listed holdings across 21 positions for Q4 2023.
Its largest position, UI2, represents 10.0% of the portfolio.
Compared with Q3 2023, the fund opened 12 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 · 72.6% · $137M
- REIT · 21.7% · $41M
- MLP · 3.0% · $6M
- Other · 2.7% · $5M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2023 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| ALSALLSTATE CORP | NEW | +83.7K | 83.7K | +$12M | $12M |
| TRVCCITIGROUP INC | NEW | +225.1K | 225.1K | +$12M | $12M |
| KRCKILROY RLTY CORP | NEW | +224.8K | 224.8K | +$9M | $9M |
| GPNGLOBAL PMTS INC | NEW | +65.9K | 65.9K | +$8M | $8M |
| TWOTWO HBRS INVT CORP | NEW | +581.9K | 581.9K | +$8M | $8M |
| WEAWESTERN ALLIANCE BANCORP | NEW | +120.9K | 120.9K | +$8M | $8M |
| FAFFIRST AMERN FINL CORP | NEW | +119.1K | 119.1K | +$8M | $8M |
| ICEINTERCONTINENTAL EXCHANGE IN | NEW | +56.6K | 56.6K | +$7M | $7M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2023
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 ↗.