Phase 2 Partners, LLC

CIK

1841126

Location

SAN FRANCISCO, CA

Portfolio Value

Small $119,389,381

Diversification

Diversified

Filing Date

Global Rank

#5,022 / 8,036 ▼ 630

Top Industry

Insurance - Property & Casualty 27.4%

3Y Alpha vs SPY

-1.3%

Period ended 1 year ago

Filed Feb 14, 2025 · 1y

13 quarters · since Dec 2021

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+70.7%

SPY

+76.3%

Annualised alpha

-1.3%

Max drawdown

−23.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

23 positions · as of Dec 31, 2024 · Δ vs Sep 30, 2024

Top Position

13.5%

+1.8 pts

Top 5

40.6%

+1.2 pts

Top 10

65.3%

+3.6 pts

HHI

590

Diversified+38

Portfolio Trend

13 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2024

Sector	% Portfolio	Value	Positions
Financial Services	75.0%	$89,520,580	16
Real Estate	7.4%	$8,883,994	2
Technology	6.8%	$8,090,664	2
Industrials	6.5%	$7,773,785	1
Consumer Cyclical	4.3%	$5,120,358	2

Last Quarter's Activity

Export CSV

Dec 31, 2024 vs Sep 30, 2024

Added To

Positions the filer increased

5 positions

Ticker	Company	Δ Shares	Shares	Value
ECPG	Encore Capital Group Inc	+94,684	336,193	$16,059,939
HCI	HCI Group, Inc.	+18,791	61,265	$7,139,210
AB	Alliancebernstein Holding L.P.	+14,838	75,743	$2,809,307
WAL	Western Alliance Bancorporation	+2,421	55,258	$4,616,253
MTH	Meritage Homes CORP	+2,137	35,436	$2,725,382
No positions match the current search.

Trimmed

Positions the filer reduced

9 positions

Ticker	Company	Δ Shares	Shares	Value
RPC	Ridgepost Capital, Inc.	−247,143	457,585	$5,770,146
MCY	Mercury General Corp	−131,056	142,899	$9,499,925
CG	Carlyle Group Inc.	−108,023	63,887	$3,225,654
KMPR	KEMPER Corp	−76,953	120,441	$8,002,100
BOW	Bowhead Specialty Holdings Inc.	−44,403	92,294	$3,278,282
SKWD	Skyward Specialty Insurance Group, Inc.	−43,947	95,500	$4,826,570
WT	WisdomTree, Inc.	−41,384	591,129	$6,206,854
HHH	Howard Hughes Holdings Inc.	−22,152	36,069	$2,774,427
WLFC	Willis Lease Finance Corp	−14,973	37,455	$7,773,785
No positions match the current search.

New Positions

Positions the filer opened this quarter

9 positions

Ticker	Company	Shares	Value
DFIN	Donnelley Financial Solutions, Inc.	102,586	$6,435,219
CCS	Century Communities, Inc.	83,282	$6,109,567
MCHB	Mechanics Bancorp	432,514	$4,939,309
FHI	Federated Hermes, Inc.	109,981	$4,521,318
SEIC	Sei Investments Co	38,418	$3,168,716
BLK	BlackRock, Inc.	2,996	$3,071,229
HOV	Hovnanian Enterprises Inc	17,897	$2,394,976
RKT	Rocket Companies, Inc.	211,880	$2,385,768
MQ	Marqeta, Inc.	436,793	$1,655,445
No positions match the current search.

Sold Out

Positions the filer fully exited

9 positions

Ticker	Company	Shares	Value
KRC	Kilroy Realty Corp	250,949	$9,711,726
PAX	Patria Investments Ltd	541,602	$6,049,694
CME	Cme Group Inc.	25,756	$5,683,061
FUTU	Futu Holdings Ltd	59,355	$5,677,305
VIRT	Virtu Financial, Inc.	185,979	$5,664,920
GCMG	GCM Grosvenor Inc.	427,394	$4,838,100
AER	AerCap Holdings N.V.	47,270	$4,477,414
LINE	Lineage, Inc.	50,000	$3,919,000
ICE	Intercontinental Exchange, Inc.	21,219	$3,408,620
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

23 positions · $119,389,381 total · as of Dec 31, 2024

All sectors Consumer Cyclical Financial Services Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
ECPG	Encore Capital Group Inc Financial Services	Added	336,193	+94,684	$16,059,939	+40.7%	13.45%
MCY	Mercury General Corp Financial Services	Reduced	142,899	-131,056	$9,499,925	−44.9%	7.96%
KMPR	KEMPER Corp Financial Services	Reduced	120,441	-76,953	$8,002,100	−33.8%	6.70%
WLFC	Willis Lease Finance Corp Industrials	Reduced	37,455	-14,973	$7,773,785	−0.4%	6.51%
HCI	HCI Group, Inc. Financial Services	Added	61,265	+18,791	$7,139,210	+57.0%	5.98%
DFIN	Donnelley Financial Solutions, Inc. Technology	NEW	102,586	NEW	$6,435,219	NEW	5.39%
WT	WisdomTree, Inc. Financial Services	Reduced	591,129	-41,384	$6,206,854	−1.8%	5.20%
CCS	Century Communities, Inc. Real Estate	NEW	83,282	NEW	$6,109,567	NEW	5.12%
RPC	Ridgepost Capital, Inc. Financial Services	Reduced	457,585	-247,143	$5,770,146	−23.6%	4.83%
MCHB	Mechanics Bancorp Financial Services	NEW	432,514	NEW	$4,939,309	NEW	4.14%
SKWD	Skyward Specialty Insurance Group, Inc. Financial Services	Reduced	95,500	-43,947	$4,826,570	−15.0%	4.04%
WAL	Western Alliance Bancorporation Financial Services	Added	55,258	+2,421	$4,616,253	+1.0%	3.87%
FHI	Federated Hermes, Inc. Financial Services	NEW	109,981	NEW	$4,521,318	NEW	3.79%
BOW	Bowhead Specialty Holdings Inc. Financial Services	Reduced	92,294	-44,403	$3,278,282	−14.4%	2.75%
CG	Carlyle Group Inc. Financial Services	Reduced	63,887	-108,023	$3,225,654	−56.4%	2.70%
SEIC	Sei Investments Co Financial Services	NEW	38,418	NEW	$3,168,716	NEW	2.65%
BLK	BlackRock, Inc. Financial Services	NEW	2,996	NEW	$3,071,229	NEW	2.57%
AB	Alliancebernstein Holding L.P. Financial Services	Added	75,743	+14,838	$2,809,307	+32.2%	2.35%
HHH	Howard Hughes Holdings Inc. Real Estate	Reduced	36,069	-22,152	$2,774,427	−38.5%	2.32%
MTH	Meritage Homes CORP Consumer Cyclical	Added	35,436	+2,137	$2,725,382	−20.2%	2.28%
HOV	Hovnanian Enterprises Inc Consumer Cyclical	NEW	17,897	NEW	$2,394,976	NEW	2.01%
RKT	Rocket Companies, Inc. Financial Services	NEW	211,880	NEW	$2,385,768	NEW	2.00%
MQ	Marqeta, Inc. Technology	NEW	436,793	NEW	$1,655,445	NEW	1.39%