Phase 2 Partners 13F annual report
Phase 2 Partners is an investment fund managing more than $194 million ran by Rachael Clarke. There are currently 24 companies in Mrs. Clarke’s portfolio. The largest investments include Cowen Inc and Bill.com Inc, together worth $30.8 million.
$194 million Assets Under Management (AUM)
As of 8th August 2022, Phase 2 Partners’s top holding is 741,285 shares of Cowen Inc currently worth over $17.6 million and making up 9.0% of the portfolio value.
Relative to the number of outstanding shares of Cowen Inc, Phase 2 Partners owns less than approximately 0.1% of the company.
In addition, the fund holds 120,780 shares of Bill.com Inc worth $13.3 million, whose value fell 37.9% in the past six months.
The third-largest holding is Flywire Corporation worth $11.3 million and the next is Kemper Corp worth $11.2 million, with 234,708 shares owned.
Currently, Phase 2 Partners's portfolio is worth at least $194 million. The total portfolio value may be much higher due to cash
assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.
Careers at Phase 2 Partners
The Phase 2 Partners office and employees reside in San Francisco, California. According to the last 13-F report filed with the SEC, Rachael Clarke serves as the CCO and COO at Phase 2 Partners.
Recent trades
In the most recent 13F filing, Phase 2 Partners revealed that it had opened a new position in
Kemper Corp and bought 234,708 shares worth $11.2 million.
The investment fund also strengthened its position in Cowen Inc by buying
229,552 additional shares.
This makes their stake in Cowen Inc total 741,285 shares worth $17.6 million.
Cowen Inc dropped approximately 0.1% in the past year.
On the other hand, there are companies that Phase 2 Partners is getting rid of from its portfolio.
Phase 2 Partners closed its position in Bridge Invt Group Hldgs Inc on 15th August 2022.
It sold the previously owned 375,178 shares for $7.64 million.
Rachael Clarke also disclosed a decreased stake in HCI Inc by 0.2%.
This leaves the value of the investment at $7.59 million and 111,943 shares.
One of the smallest hedge funds
The two most similar investment funds to Phase 2 Partners are Okabena Investment Services Inc and Marvin & Palmer Associates Inc. They manage $194 million and $194 million respectively.
Rachael Clarke investment strategy
Phase 2 Partners’s portfolio is diversified across 5 sectors.
Currently, their heaviest sector is Finance — making up 34.0% of
the total portfolio value.
The fund focuses on investments in the United States as
50.0% of the portfolio companies
are based in the United States.
The majority of the companies in the fund’s portfolio are large-cap stocks.
Stocks with a size of more than $10 billion in market cap make up
25% of the total holdings value.
On the other hand, small-cap stocks make up only 4.2% of the portfolio.
The average market cap of the portfolio companies is close to $36.9 billion.
The complete list of Phase 2 Partners trades based on 13F SEC filings
These positions were updated on August 15th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.
| Security | Shares Owned | Value | Allocation |
|---|---|---|---|
| Cowen Inc |
44.86%
741,285
|
$17,561,000 | 9.03% |
| Bill.com Holdings Inc |
107.47%
120,780
|
$13,279,000 | 6.83% |
| Flywire Corporation |
21.97%
638,298
|
$11,253,000 | 5.79% |
| Kemper Corp |
Opened
234,708
|
$11,243,000 | 5.78% |
| GCM Grosvenor Inc. |
22.06%
1,451,624
|
$9,944,000 | 5.11% |
| Carlyle Group Inc (The) |
Opened
313,454
|
$9,924,000 | 5.10% |
| S&P Global Inc |
86.69%
27,951
|
$9,421,000 | 4.84% |
| Essent Group Ltd |
54.25%
234,596
|
$9,126,000 | 4.69% |
| Interactive Brokers Group In |
Opened
163,744
|
$9,008,000 | 4.63% |
| Black Knight Inc |
28.27%
132,843
|
$8,687,000 | 4.47% |
| Douglas Emmett Inc |
66.68%
377,016
|
$8,438,000 | 4.34% |
| Bridge Invt Group Hldgs Inc |
Closed
375,178
|
$7,635,000 | |
| HCI Group Inc |
17.46%
111,943
|
$7,585,000 | 3.90% |
| Lpl Finl Hldgs Inc |
39.97%
39,932
|
$7,367,000 | 3.79% |
| Blucora Inc |
Closed
375,962
|
$7,350,000 | |
| Schwab Charles Corp |
Opened
112,859
|
$7,130,000 | 3.67% |
| Radian Group, Inc. |
39.79%
351,260
|
$6,902,000 | 3.55% |
| Metropolitan Bk Hldg Corp |
Closed
67,726
|
$6,892,000 | |
| Mastercard Incorporated |
Opened
21,315
|
$6,724,000 | 3.46% |
| Walker & Dunlop Inc |
Opened
66,447
|
$6,402,000 | 3.29% |
| Wisdomtree Invts Inc |
47.52%
1,204,246
|
$6,106,000 | 3.14% |
| Raymond James Finl Inc |
102.94%
68,223
|
$6,100,000 | 3.14% |
| Shift4 Pmts Inc |
Opened
158,867
|
$5,252,000 | 2.70% |
| Stonex Group Inc |
23.38%
64,592
|
$5,043,000 | 2.59% |
| SS&C Technologies Holdings Inc |
Opened
82,629
|
$4,798,000 | 2.47% |
| KB Home |
Closed
136,211
|
$4,411,000 | |
| Virtu Finl Inc |
Closed
111,423
|
$4,147,000 | |
| Btrs Holdings Inc |
Opened
775,197
|
$3,860,000 | 1.99% |
| Morgan Stanley |
Opened
43,364
|
$3,298,000 | 1.70% |
| Ejf Acquisition Corp |
Closed
187,351
|
$1,853,000 | |
| CME Group Inc |
Closed
4,020
|
$956,000 | |
| No transactions found | |||
| Showing first 500 out of 31 holdings | |||
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