# Phase 2 Partners, LLC

> Institutional holdings reported to the SEC as of Q4 2024 on Form 13F. CIK 1841126. Source: https://holderbook.com/funds/1841126-phase-2-partners-llc/

- Reported value: $133.2M
- Positions: 26
- Weight of the ten largest: 60.0%
- Filed: 2025-02-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ENCORE CAP GROUP INC | [ECPG](https://holderbook.com/stocks/ECPG/) | $16.1M | 336,193 | 12.1% | 3 |
| MERCURY GENL CORP NEW | [MCY](https://holderbook.com/stocks/MCY/) | $9.5M | 142,899 | 7.1% | 4 |
| KEMPER CORP | [KMPR](https://holderbook.com/stocks/KMPR/) | $8.0M | 120,441 | 6.0% | 8 |
| WILLIS LEASE FIN CORP | [WLFC](https://holderbook.com/stocks/WLFC/) | $7.8M | 37,455 | 5.8% | 3 |
| HCI GROUP INC | [HCI](https://holderbook.com/stocks/HCI/) | $7.1M | 61,265 | 5.4% | 2 |
| DESPEGAR COM CORP | [DESP](https://holderbook.com/stocks/DESP/) | $6.9M | 359,765 | 5.2% | 1 |
| DONNELLEY FINL SOLUTIONS INC | [DFIN](https://holderbook.com/stocks/DFIN/) | $6.4M | 102,586 | 4.8% | 1 |
| WISDOMTREE INC | [WT](https://holderbook.com/stocks/WT/) | $6.2M | 591,129 | 4.7% | 8 |
| CENTURY COMMUNITIES INC | [CCS](https://holderbook.com/stocks/CCS/) | $6.1M | 83,282 | 4.6% | 1 |
| RIDGEPOST CAP INC | [RPC](https://holderbook.com/stocks/RPC/) | $5.8M | 457,585 | 4.3% | 4 |
| MERITAGE HOMES CORP | [MTH](https://holderbook.com/stocks/MTH/) | $5.5M | 35,436 | 4.1% | 2 |
| MECHANICS BANCORP | [MCHB](https://holderbook.com/stocks/MCHB/) | $4.9M | 432,514 | 3.7% | 1 |
| SKYWARD SPECIALTY INS GROUP | [SKWD](https://holderbook.com/stocks/SKWD/) | $4.8M | 95,500 | 3.6% | 2 |
| WESTERN ALLIANCE BANCORP | [WAL](https://holderbook.com/stocks/WAL/) | $4.6M | 55,258 | 3.5% | 2 |
| FEDERATED HERMES INC | [FHI](https://holderbook.com/stocks/FHI/) | $4.5M | 109,981 | 3.4% | 1 |
| DISCOVER FINL SVCS | [DFS](https://holderbook.com/stocks/DFS/) | $3.9M | 22,285 | 2.9% | 4 |
| BOWHEAD SPECIALTY HLDGS INC | [BOW](https://holderbook.com/stocks/BOW/) | $3.3M | 92,294 | 2.5% | 3 |
| CARLYLE GROUP INC | [CG](https://holderbook.com/stocks/CG/) | $3.2M | 63,887 | 2.4% | 2 |
| SEI INVTS CO | [SEIC](https://holderbook.com/stocks/SEIC/) | $3.2M | 38,418 | 2.4% | 1 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $3.1M | 2,996 | 2.3% | 1 |
| ALLIANCEBERNSTEIN HLDG L P | [AB](https://holderbook.com/stocks/AB/) | $2.8M | 75,743 | 2.1% | 2 |
| HOWARD HUGHES HOLDINGS INC | [HHH](https://holderbook.com/stocks/HHH/) | $2.8M | 36,069 | 2.1% | 3 |
| HOVNANIAN ENTERPRISES INC | [HOV](https://holderbook.com/stocks/HOV/) | $2.4M | 17,897 | 1.8% | 1 |
| ROCKET COS INC | [RKT](https://holderbook.com/stocks/RKT/) | $2.4M | 211,880 | 1.8% | 1 |
| MARQETA INC | [MQ](https://holderbook.com/stocks/MQ/) | $1.7M | 436,793 | 1.2% | 1 |
| GCM GROSVENOR INC | [GCMGW](https://holderbook.com/stocks/GCMGW/) | $329.0K | 261,072 | 0.2% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2024 | +7.3% | +2.1% | +5.2% | 100% |
| Q3 2024 | +19.7% | +5.4% | +14.3% | 100% |
| Q2 2024 | -7.3% | +4.0% | -11.4% | 100% |
| Q1 2024 | +8.6% | +10.0% | -1.5% | 100% |
| Q4 2023 | +7.9% | +11.2% | -3.3% | 100% |
| Q3 2023 | -0.9% | -3.6% | +2.6% | 100% |
| Q2 2023 | +4.6% | +8.3% | -3.6% | 100% |
| Q1 2023 | -1.1% | +7.0% | -8.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2024 | $133.2M | 26 |
| Q3 2024 | $169.3M | 27 |
| Q2 2024 | $166.3M | 27 |
| Q1 2024 | $191.3M | 27 |
| Q4 2023 | $189.3M | 21 |
| Q3 2023 | $226.4M | 20 |
| Q2 2023 | $220.4M | 23 |
| Q1 2023 | $231.9M | 26 |
| Q4 2022 | $221.5M | 19 |
| Q3 2022 | $210.5M | 26 |
| Q2 2022 | $194.5M | 24 |
| Q1 2022 | $153.2M | 21 |