Latest Phase 2 Partners, LLC Stock Portfolio

Phase 2 Partners, LLC Performance:

2024 Q4: 3.45%YTD: 16.85%2023: 6.13%

Performance for 2024 Q4 is 3.45%, and YTD is 16.85%, and 2023 is 6.13%.

About Phase 2 Partners, LLC and 13F Hedge Fund Stock Holdings

Phase 2 Partners, LLC is a hedge fund based in SAN FRANCISCO, CA. On 05-Jul-2023, the fund reported that it had an AUM (Regulated Assets under Management) of $475.5 Millions. In it's latest 13F Holdings report, Phase 2 Partners, LLC reported an equity portfolio of $133.2 Millions as of 31 Dec, 2024.

The top stock holdings of Phase 2 Partners, LLC are ECPG, MCY, KMPR. The fund has invested 12.1% of it's portfolio in ENCORE CAP GROUP INC and 7.1% of portfolio in MERCURY GENL CORP NEW.

The fund managers got completely rid off KILROY RLTY CORP (KRC), PATRIA INVESTMENTS LIMITED (PAX) and BLACKROCK INC (BLK) stocks. They significantly reduced their stock positions in CARLYLE GROUP INC (CG), DISCOVER FINL SVCS (DFS) and MERCURY GENL CORP NEW (MCY). Phase 2 Partners, LLC opened new stock positions in DESPEGAR COM CORP (DESP), DONNELLEY FINL SOLUTIONS INC (DFIN) and CENTURY CMNTYS INC (CCS). The fund showed a lot of confidence in some stocks as they added substantially to HCI GROUP INC (HCI), ENCORE CAP GROUP INC (ECPG) and ALLIANCEBERNSTEIN HLDG L P (AB).

Phase 2 Partners, LLC Annual Return Estimates Vs S&P 500

Our best estimate is that Phase 2 Partners, LLC made a return of 3.45% in the last quarter. In trailing 12 months, it's portfolio return was 16.85%.

New Buys

Ticker	$ Bought
despegar com corp	6,925,480
donnelley finl solutions inc	6,435,220
century cmntys inc	6,109,570
homestreet inc	4,939,310
federated hermes inc	4,521,320
sei invts co	3,168,720
blackrock inc	3,071,230
hovnanian enterprises inc	2,394,980

New stocks bought by Phase 2 Partners, LLC

Additions

Ticker	% Inc.
hci group inc	44.24
encore cap group inc	39.21
alliancebernstein hldg l p	24.36
meritage homes corp	6.42
western alliance bancorp	4.58

Additions to existing portfolio by Phase 2 Partners, LLC

Reductions

Ticker	% Reduced
carlyle group inc	-62.84
discover finl svcs	-51.42
mercury genl corp new	-47.84
kemper corp	-38.98
howard hughes holdings inc	-38.05
p10 inc	-35.07
bowhead specialty hldgs inc	-32.48
skyward specialty ins group	-31.52

Phase 2 Partners, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
patria investments limited	-6,049,690
gcm grosvenor inc	-4,838,100
kilroy rlty corp	-9,711,730
virtu finl inc	-5,664,920
zillow group inc	-5,618,800
futu hldgs ltd	-5,677,310
lineage inc	-3,919,000
aercap holdings nv	-4,477,410

Phase 2 Partners, LLC got rid off the above stocks

Sector Distribution

Phase 2 Partners, LLC has about 62.1% of it's holdings in Financial Services sector.

Sector	%
Financial Services	62.1
Others	15.7
Consumer Cyclical	10.5
Industrials	5.8
	4.7
Technology	1.2

Market Cap. Distribution

Phase 2 Partners, LLC has about 5.3% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
SMALL-CAP	39.1
MID-CAP	36.2
UNALLOCATED	15.7
LARGE-CAP	5.3
MICRO-CAP	3.7

Stocks belong to which Index?

About 58.1% of the stocks held by Phase 2 Partners, LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
RUSSELL 2000	55.2
Others	41.9
S&P 500	2.9

Top 5 Winners (%)		%
GCMG	gcm grosvenor inc	41.7 %
WLFC	willis lease fin corp	38.4 %
DFS	discover finl svcs	23.5 %
CG	carlyle group inc	17.3 %
PX	p10 inc	15.8 %

Top 5 Winners ($)		$
WLFC	willis lease fin corp	3.0 M
DFS	discover finl svcs	1.5 M
CG	carlyle group inc	1.3 M
PX	p10 inc	1.2 M
MCY	mercury genl corp new	1.1 M

Top 5 Losers (%)		%
MTH	meritage homes corp	-28.4 %
HOV	hovnanian enterprises inc	-24.0 %
RKT	rocket cos inc	-22.6 %
CCS	century cmntys inc	-17.3 %
MQ	marqeta inc	-5.7 %

Top 5 Losers ($)		$
MTH	meritage homes corp	-2.2 M
CCS	century cmntys inc	-1.3 M
HOV	hovnanian enterprises inc	-0.8 M
RKT	rocket cos inc	-0.7 M
WAL	western alliance bancorp	-0.2 M

Phase 2 Partners, LLC Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Phase 2 Partners, LLC

Phase 2 Partners, LLC has 26 stocks in it's portfolio. About 60% of the portfolio is in top 10 stocks. MTH proved to be the most loss making stock for the portfolio. WLFC was the most profitable stock for Phase 2 Partners, LLC last quarter.

Last Reported on: 14 Feb, 2025

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AB	alliancebernstein hldg l p	2.11	75,743	2,809,310	added	24.36

BLK	blackrock inc	0.00	0.00	0.00	sold off	-100

CCS	century cmntys inc	4.59	83,282	6,109,570	new

CG	carlyle group inc	2.42	63,887	3,225,660	reduced	-62.84

CME	cme group inc	0.00	0.00	0.00	sold off	-100

DESP	despegar com corp	5.20	359,765	6,925,480	new

DFIN	donnelley finl solutions inc	4.83	102,586	6,435,220	new

DFS	discover finl svcs	2.90	22,285	3,860,430	reduced	-51.42

ECPG	encore cap group inc	12.05	336,193	16,059,900	added	39.21

FHI	federated hermes inc	3.39	109,981	4,521,320	new

FUTU	futu hldgs ltd	0.00	0.00	0.00	sold off	-100

GCMG	gcm grosvenor inc	0.25	261,072	328,951	reduced	-3.68

GCMG	gcm grosvenor inc	0.00	0.00	0.00	sold off	-100

HCI	hci group inc	5.36	61,265	7,139,210	added	44.24

HMST	homestreet inc	3.71	432,514	4,939,310	new

HOV	hovnanian enterprises inc	1.80	17,897	2,394,980	new

ICE	intercontinental exchange in	0.00	0.00	0.00	sold off	-100

KMPR	kemper corp	6.01	120,441	8,002,100	reduced	-38.98

KRC	kilroy rlty corp	0.00	0.00	0.00	sold off	-100

MCY	mercury genl corp new	7.13	142,899	9,499,930	reduced	-47.84