P2
Phase 2 Partners, LLC Historical SEC 13F Holdings & Archive (Q4 2024)
Phase 2 Partners, LLCCIK: 0001841126
Sector-focusedQuality / disciplined sizingLong-term holder
Total reported value
$133.2M
Reporting period: 2024-12-31 · Number of holdings: 26
Phase 2 Partners, LLC disclosed 26 holdings in its latest 13F filing for the period ending 2024-12-31, with total reported value of $133.2M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 20.88
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 100
- Diversification
- 52
- Sizing Uniformity
- 93.9
Phase 2 Partners, LLC's disclosed holdings carry a Herfindahl concentration index of 0.052 — mathematically equivalent to about 19 equally-sized positions, close to its 26 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.61), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 22% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNo holding changes this quarter
Holdings Map
New buyAddUnchangedTrim
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ECPG | Encore Capital Group Inc | Stock-Other | 12.05% | — | +39.21% | |
| 2 | MCY | Mercury General CORP | Stock-Other | 7.13% | — | -47.84% | |
| 3 | KMPR | Kemper CORP | Stock-Other | 6.01% | — | -38.98% | |
| 4 | WLFC | Willis Lease Finance CORP | Stock-Other | 5.83% | — | -28.56% | |
| 5 | HCI | Hci Group Inc | Stock-Other | 5.36% | — | +44.24% | |
| 6 | ✓ | Despegar.com CORP | Stock-Other | 5.20% | — | — | |
| 7 | DFIN | Donnelley Financial Solution | Stock-Other | 4.83% | — | — | |
| 8 | WT | Wisdomtree Inc | Stock-Other | 4.66% | — | -6.54% | |
| 9 | CCS | Century Communities Inc | Stock-Other | 4.59% | — | — | |
| 10 | RPC | Ridgepost Capital Inc-a | Stock-Other | 4.33% | — | -35.07% | |
| 11 | MTH | Meritage Homes CORP | Stock-Consumer Disc | 4.09% | — | +6.42% | |
| 12 | MCHB | Mechanics Bancorp-a | Stock-Other | 3.71% | — | — | |
| 13 | SKWD | Skyward Specialty Insurance | Stock-Other | 3.62% | — | -31.52% | |
| 14 | WAL | Western Alliance Bancorp | Stock-Financials | 3.46% | — | +4.58% | |
| 15 | FHI | Federated Hermes Inc | Stock-Financials | 3.39% | — | — | |
| 16 | DFSEUR | Discover Financial Services | Stock-Other | 2.90% | — | -51.42% | |
| 17 | BOW | Bowhead Specialty Holdings I | Stock-Other | 2.46% | — | -32.48% | |
| 18 | CG | Carlyle Group Inc/the | Stock-Financials | 2.42% | — | -62.84% | |
| 19 | SEIC | Sei Investments Company | Stock-Financials | 2.38% | — | — | |
| 20 | BLK | Blackrock Inc | Stock-Financials | 2.31% | — | — | |
| 21 | AB | Alliancebernstein Holding LP | Stock-Other | 2.11% | — | +24.36% | |
| 22 | HHH | Howard Hughes Holdings Inc | Stock-Real Estate | 2.08% | — | -38.05% | |
| 23 | HOV | Hovnanian Enterprises-a | Stock-Other | 1.80% | — | — | |
| 24 | RKT | Rocket Cos Inc-class A | Stock-Financials | 1.79% | — | — | |
| 25 | MQ | Marqeta Inc-a | Stock-Other | 1.24% | — | — | |
| 26 | GCMGW | Gcm Grosvenor Inc A -cw25 | Stock-Other | 0.25% | — | -3.68% |
Portfolio Performance
Performance for Q3 2026
+15.9%
Performance Last 4 Quarters
+19.2%
- Stdev
- +19.8%
- Beta
- +0.88
- Alpha
- +2.4%
- Max Drawdown
- -12.9%
- Annualized Perf
- +19.6%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +1.91
- Stutzer
- +0.3
- Treynor
- +0.23
- Sterling
- +0.98
- Calmar
- +1.52
- Information Ratio
- -0.01
- Tracking Error
- +16.3%
- Stdev Down
- +10.4%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +47.1%
- Worst 12 Months
- +4.3%
- Efficiency Ratio
- +0.42
- Sharpe
- +1.01
- Stdev Sectors
- +27.5%
- Skewness
- +0.1
- Kurtosis
- -0.67
- Upside Potential
- +3.68
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|
Filing History
FAQ
What is Phase 2 Partners, LLC and what type of investor is it?
Phase 2 Partners, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2024-12-31), the firm manages a tracked equity portfolio valued at approximately $133.2M, spread across 26 disclosed positions.
What are Phase 2 Partners, LLC's largest equity positions?
Based on the latest 13F filing, Phase 2 Partners, LLC's top holdings by market value are:
1. Encore Capital Group Inc (ECPG) — $16.1M (12.1%)
2. Mercury General CORP (MCY) — $9.5M (7.1%)
3. Kemper CORP (KMPR) — $8.0M (6.0%)
4. Willis Lease Finance CORP (WLFC) — $7.8M (5.8%)
5. Hci Group Inc (HCI) — $7.1M (5.4%)
What changes did Phase 2 Partners, LLC make in its most recent portfolio filing?
No notable portfolio changes were recorded for Phase 2 Partners, LLC in the most recent quarter. Holdings appear to have remained relatively stable.
What sectors does Phase 2 Partners, LLC focus on?
Phase 2 Partners, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 71.8%
• Consumer Discretionary: 18.7%
• Real Estate: 9.5%
Investment Profile
Phase 2 Partners, LLC returned an annualized 19.6% over the trailing 36 months — outperforming the S&P 500 by 2.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.88 (less volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 71.8% of the portfolio concentrated in Financials.
It has added to its ECPG position over the past two quarters (+$12.9M, now $16.1M), while trimming HHH over the same stretch (-$6.7M, still holding $2.8M).
Peer Institutions
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Total reported value
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Concentration57.4
Portfolio Stability13.2
Sector conviction77.6
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TG
Tukman Grossman Capital Management Inc
CIK 0000778925
Total reported value
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PF
Personal Financial Consultants Inc /adv
CIK 0000077657
Total reported value
$133.2M
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Concentration44.6
Portfolio Stability4.5
Sector conviction0.0
AUM within 0.0% of this institution
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Developer Access
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