SEC 13F Intelligence

Managers / Q2 2024 · view latest →

Phase 2 Partners, LLC

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

Reported Value
$166M
Q2 2024
Positions
27
Filings on Record
13
2019–present window
Filed
Aug 14, 2024
original filing

Summary

Phase 2 Partners, LLC reported $166M in U.S.-listed holdings across 27 positions for Q2 2024.

Its largest position, KMPR, represents 6.0% of the portfolio.

Compared with Q1 2024, the fund opened 12 new positions and exited 12.

Portfolio Metrics

Turnover
+37.4%
vs prior filed quarter
Top-10 Concentration
+53.2%
share of reported value
Largest Position
+6.0%
Kemper
New / Exited
12 / 12
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: 78.3%REIT: 10.1%ADR: 9.1%Other: 2.5%Equity WRT: 0.1%
  • Common Stock · 78.3% · $130M
  • REIT · 10.1% · $17M
  • ADR · 9.1% · $15M
  • Other · 2.5% · $4M
  • Equity WRT · 0.1% · $132,841

Quarter-over-Quarter Changes full breakdown →

vs Q1 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
EZPWEZCORP INCNEW+911.5K911.5K+$10M$10M
HHHHOWARD HUGHES HOLDINGS INCNEW+145.4K145.4K+$9M$9M
NOAHNOAH HLDGS LTDNEW+622.1K622.1K+$6M$6M
GRBKGREEN BRICK PARTNERS INCNEW+90.4K90.4K+$5M$5M
WLFCWILLIS LEASE FIN CORPNEW+70.4K70.4K+$5M$5M
ALAIR LEASE CORPNEW+88.5K88.5K+$4M$4M
PATRIA INVESTMENTS LIMITEDNEW+343.4K343.4K+$4M$4M
BOWBOWHEAD SPECIALTY HLDGS INCNEW+125.0K125.0K+$3M$3M

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

Holdings — Q2 2024

26 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1KMPRKEMPER CORPhistory →COM6.03%$10M168.9K
2EZPWEZCORP INChistory →CL A NON VTG5.74%$10M911.5K
3HHHHOWARD HUGHES HOLDINGS INChistory →COM5.67%$9M145.4K
4KRCKILROY RLTY CORPhistory →COM5.54%$9M295.5K
5FUTUFUTU HLDGS LTDhistory →SPON ADS CL A5.50%$9M139.3K
6BILLBILL HOLDINGS INChistory →COM5.36%$9M169.3K
7DISCOVER FINL SVCSCOM5.24%$9M66.7K
8ZZILLOW GROUP INChistory →CL C CAP STK4.95%$8M177.5K
9GCMGGCM GROSVENOR INCCOM CL A · *W EXP 11/17/2024.65%$8M1.05M
10DEIDOUGLAS EMMETT INChistory →COM4.53%$8M565.7K
11RPAYREPAY HLDGS CORPhistory →COM CL A4.13%$7M649.8K
12WTWISDOMTREE INChistory →COM3.97%$7M665.4K
13RELYREMITLY GLOBAL INChistory →COM3.94%$7M540.2K
14MCYMERCURY GENL CORP NEWhistory →COM3.62%$6M113.1K
15NOAHNOAH HLDGS LTDhistory →SPON ADS3.61%$6M622.1K
16CBOECBOE GLOBAL MKTS INChistory →COM3.54%$6M34.6K
17RPCP10 INChistory →COM CL A3.31%$6M649.2K
18GRBKGREEN BRICK PARTNERS INChistory →COM3.11%$5M90.4K
19WLFCWILLIS LEASE FIN CORPhistory →COM2.93%$5M70.4K
20NMRKNEWMARK GROUP INChistory →CL A2.66%$4M431.6K
21ALAIR LEASE CORPhistory →CL A2.53%$4M88.5K
22PATRIA INVESTMENTS LIMITEDCOM CL A2.49%$4M343.4K
23BOWBOWHEAD SPECIALTY HLDGS INChistory →COM SHS1.91%$3M125.0K
24ECPGENCORE CAP GROUP INChistory →COM1.89%$3M75.5K
25VIRTVIRTU FINL INChistory →CL A1.87%$3M138.6K
26IMXIINTERNATIONAL MNY EXPRESS INhistory →COM1.27%$2M101.7K

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 ↗.