SEC 13F Intelligence

Managers / Q1 2024 · view latest →

Phase 2 Partners, LLC

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

Reported Value
$191M
Q1 2024
Positions
27
Filings on Record
13
2019–present window
Filed
May 15, 2024
original filing

Summary

Phase 2 Partners, LLC reported $191M in U.S.-listed holdings across 27 positions for Q1 2024.

Its largest position, KRC, represents 6.8% of the portfolio.

Compared with Q4 2023, the fund opened 15 new positions and exited 9.

Portfolio Metrics

Turnover
+54.9%
vs prior filed quarter
Top-10 Concentration
+55.2%
share of reported value
Largest Position
+6.8%
Kilroy Rlty
New / Exited
15 / 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: 72.6%REIT: 19.6%ADR: 5.3%MLP: 2.5%
  • Common Stock · 72.6% · $139M
  • REIT · 19.6% · $38M
  • ADR · 5.3% · $10M
  • MLP · 2.5% · $5M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BILLBILL HOLDINGS INCNEW+187.7K187.7K+$13M$13M
FUTUFUTU HLDGS LTDNEW+188.4K188.4K+$10M$10M
FHIFEDERATED HERMES INCNEW+224.2K224.2K+$8M$8M
RPAYREPAY HLDGS CORPNEW+698.6K698.6K+$8M$8M
CBOECBOE GLOBAL MKTS INCNEW+35.7K35.7K+$7M$7M
DISCOVER FINL SVCSNEW+45.6K45.6K+$6M$6M
RELYREMITLY GLOBAL INCNEW+278.3K278.3K+$6M$6M
TMHCTAYLOR MORRISON HOME CORPNEW+87.3K87.3K+$5M$5M

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

Holdings — Q1 2024

27 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1KRCKILROY RLTY CORPhistory →COM6.78%$13M355.8K
2BILLBILL HOLDINGS INChistory →COM6.74%$13M187.7K
3WTWISDOMTREE INChistory →COM5.86%$11M1.22M
4KMPRKEMPER CORPhistory →COM5.71%$11M176.5K
5FLYWFLYWIRE CORPORATIONhistory →COM VTG5.46%$10M421.2K
6FUTUFUTU HLDGS LTDhistory →SPON ADS CL A5.33%$10M188.4K
7DEIDOUGLAS EMMETT INChistory →COM5.13%$10M707.9K
8BXPBOSTON PROPERTIES INChistory →COM5.02%$10M147.0K
9ZZILLOW GROUP INChistory →CL C CAP STK4.95%$9M194.1K
10FHIFEDERATED HERMES INChistory →CL B4.23%$8M224.2K
11RPAYREPAY HLDGS CORPhistory →COM CL A4.02%$8M698.6K
12CBOECBOE GLOBAL MKTS INChistory →COM3.43%$7M35.7K
13ENVESTNET INCCOM3.38%$6M111.5K
14ALLALLSTATE CORPhistory →COM3.23%$6M35.7K
15FCFSFIRSTCASH HOLDINGS INChistory →COM3.15%$6M47.2K
16DISCOVER FINL SVCSCOM3.12%$6M45.6K
17RELYREMITLY GLOBAL INChistory →COM3.02%$6M278.3K
18TMHCTAYLOR MORRISON HOME CORPhistory →COM2.84%$5M87.3K
19NLYANNALY CAPITAL MANAGEMENT INhistory →COM NEW2.68%$5M260.2K
20CGCARLYLE GROUP INChistory →COM2.64%$5M107.8K
21RPCP10 INChistory →COM CL A2.54%$5M577.6K
22ABALLIANCEBERNSTEIN HLDG L Phistory →UNIT LTD PARTN2.48%$5M136.4K
23NMRKNEWMARK GROUP INChistory →CL A2.19%$4M378.0K
24GCMGGCM GROSVENOR INChistory →COM CL A1.86%$4M369.2K
25BRIDGE INVT GROUP HLDGS INCCOM CL A1.46%$3M408.5K
26LAZLAZARD INChistory →COM1.42%$3M64.7K
27MCYMERCURY GENL CORP NEWhistory →COM1.34%$3M49.6K

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 ↗.