SEC 13F Intelligence

Managers / Q3 2024 · view latest →

Phase 2 Partners, LLC

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

Reported Value
$169M
Q3 2024
Positions
27
Filings on Record
13
2019–present window
Filed
Nov 14, 2024
original filing

Summary

Phase 2 Partners, LLC reported $169M in U.S.-listed holdings across 27 positions for Q3 2024.

Its largest position, MCY, represents 10.2% of the portfolio.

Compared with Q2 2024, the fund opened 11 new positions and exited 11.

Portfolio Metrics

Turnover
+49.8%
vs prior filed quarter
Top-10 Concentration
+54.8%
share of reported value
Largest Position
+10.2%
Mercury Genl
New / Exited
11 / 11
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: 83.6%REIT: 8.0%Other: 3.6%ADR: 3.4%MLP: 1.3%Equity WRT: 0.1%
  • Common Stock · 83.6% · $142M
  • REIT · 8.0% · $14M
  • Other · 3.6% · $6M
  • ADR · 3.4% · $6M
  • MLP · 1.3% · $2M
  • Equity WRT · 0.1% · $238,522

Quarter-over-Quarter Changes full breakdown →

vs Q2 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CGCARLYLE GROUP INCNEW+171.9K171.9K+$7M$7M
MTHMERITAGE HOMES CORPNEW+33.3K33.3K+$7M$7M
BLACKROCK INCNEW+6.0K6.0K+$6M$6M
CMECME GROUP INCNEW+25.8K25.8K+$6M$6M
SKWDSKYWARD SPECIALTY INS GROUPNEW+139.4K139.4K+$6M$6M
WALWESTERN ALLIANCE BANCORPNEW+52.8K52.8K+$5M$5M
HCIHCI GROUP INCNEW+42.5K42.5K+$5M$5M
AERAERCAP HOLDINGS NVNEW+47.3K47.3K+$4M$4M

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

Holdings — Q3 2024

26 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MCYMERCURY GENL CORP NEWhistory →COM10.19%$17M274.0K
2KMPRKEMPER CORPhistory →COM7.14%$12M197.4K
3ECPGENCORE CAP GROUP INChistory →COM6.74%$11M241.5K
4KRCKILROY RLTY CORPhistory →COM5.74%$10M250.9K
5WLFCWILLIS LEASE FIN CORPhistory →COM4.61%$8M52.4K
6RPCP10 INChistory →COM CL A4.46%$8M704.7K
7CGCARLYLE GROUP INChistory →COM4.37%$7M171.9K
8MTHMERITAGE HOMES CORPhistory →COM4.03%$7M33.3K
9DISCOVER FINL SVCSCOM3.80%$6M45.9K
10WTWISDOMTREE INChistory →COM3.73%$6M632.5K
11PATRIA INVESTMENTS LIMITEDCOM CL A3.57%$6M541.6K
12BLACKROCK INCCOM3.36%$6M6.0K
13CMECME GROUP INChistory →COM3.36%$6M25.8K
14SKWDSKYWARD SPECIALTY INS GROUPhistory →COM3.35%$6M139.4K
15FUTUFUTU HLDGS LTDhistory →SPON ADS CL A3.35%$6M59.4K
16VIRTVIRTU FINL INChistory →CL A3.35%$6M186.0K
17ZZILLOW GROUP INChistory →CL C CAP STK3.32%$6M88.0K
18GCMGGCM GROSVENOR INCCOM CL A · *W EXP 11/17/2023.00%$5M698.4K
19WALWESTERN ALLIANCE BANCORPhistory →COM2.70%$5M52.8K
20HCIHCI GROUP INChistory →COM2.69%$5M42.5K
21HHHHOWARD HUGHES HOLDINGS INChistory →COM2.66%$5M58.2K
22AERAERCAP HOLDINGS NVhistory →SHS2.64%$4M47.3K
23LINELINEAGE INChistory →COM2.31%$4M50.0K
24BOWBOWHEAD SPECIALTY HLDGS INChistory →COM SHS2.26%$4M136.7K
25ICEINTERCONTINENTAL EXCHANGE INhistory →COM2.01%$3M21.2K
26ABALLIANCEBERNSTEIN HLDG L Phistory →UNIT LTD PARTN1.25%$2M60.9K

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 ↗.