Investment adviser reports 4.6% stake in Phreesia (PHR)

Rhea-AI Filing Summary

Champlain Investment Partners, LLC reported a Schedule 13G disclosing a passive stake in Phreesia, Inc. The firm beneficially owns 2,724,553 shares, equal to 4.6% of the outstanding class. Champlain reports sole dispositive power over all 2,724,553 shares and sole voting power over 1,742,028 shares, with no shared voting or dispositive power. The filing identifies the reporting person as an investment adviser and includes a certification that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Insights

Financial Analyst

TL;DR: A 4.6% passive stake with sole dispositive power presents limited near-term market or governance impact.

The Schedule 13G shows Champlain holds 2,724,553 shares (4.6%), under the 5% threshold that typically separates passive disclosures from active 13D filings. The firm reports sole dispositive power and substantial sole voting power for a portion of the stake, but no shared control. From a portfolio- and market-impact perspective, this level of ownership is notable as a sizable position but does not imply control or an activist intent given the certification provided in the filing.

Corporate Governance Expert

TL;DR: Filing signals an investment-adviser holding treated as passive; governance influence appears limited based on reported powers.

The reporting entity is identified as an investment adviser and certifies the holdings are not intended to change control. The absence of shared voting or dispositive power and the owner’s certification align with a passive investor posture. While sole voting power of 1,742,028 shares gives Champlain some voting influence, the overall 4.6% stake does not, by itself, create a control profile that would trigger heightened governance scrutiny in this disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Phreesia, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

71944F106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 71944F106

1

Names of Reporting Persons

Champlain Investment Partners, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VERMONT

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,742,028.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,724,553.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,724,553.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Phreesia, Inc.
(b)	Address of issuer's principal executive offices: 1521 CONCORD PIKE, SUITE 301 PMB 221, WILMINGTON, DELAWARE, 19803
Item 2.
(a)	Name of person filing: Champlain Investment Partners, LLC
(b)	Address or principal business office or, if none, residence: 180 Battery St., Burlington, Vermont 05401
(c)	Citizenship: Vermont
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 71944F106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,724,553.00
(b)	Percent of class: 4.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,742,028.00
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,724,553.00
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Champlain Investment Partners, LLC

Signature:	Matthew Garcia
Name/Title:	Chief Compliance Officer
Date:	08/12/2025

FAQ

Who filed the Schedule 13G for Phreesia (PHR)?

The filing was made by Champlain Investment Partners, LLC.

How many Phreesia (PHR) shares does Champlain own and what percent is that?

Champlain beneficially owns 2,724,553 shares, representing 4.6% of the outstanding class.

What voting and dispositive powers does Champlain report for PHR shares?

Champlain reports sole voting power for 1,742,028 shares, sole dispositive power for 2,724,553 shares, and no shared voting or dispositive power.

Is this position reported as a passive holding or an attempt to influence control of Phreesia (PHR)?

The filing identifies the reporting person as an investment adviser and includes a certification that the securities are held in the ordinary course of business and not to change or influence control.

Does Champlain’s ownership exceed the 5% threshold that would indicate a larger disclosure trigger?

No. The reported stake is 4.6%, which is below the 5% threshold noted in the filing.