P2 Capital Partners’s Shutterfly, Inc. SFLY Stock Holding History

P2 Capital Partners’s Portfolio SFLY Stock Details SFLY Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q1	–	Sell	-1,556,828	Closed	-$77.5M	–	16
2017 Q4	$77.5M	Sell	1,556,828 -125,000	-7%	-$5.66M	9.14%	5
2017 Q3	$81.5M	Hold	1,681,828	–	–	9.54%	4
2017 Q2	$79.9M	Hold	1,681,828	–	–	9.29%	5
2017 Q1	$81.2M	Hold	1,681,828	–	–	11.41%	5
2016 Q4	$84.4M	Buy	1,681,828 +345,000	+26%	+$16.7M	11.08%	4
2016 Q3	$59.7M	Hold	1,336,828	–	–	9.4%	5
2016 Q2	$62.3M	Sell	1,336,828 -116,100	-8%	-$5.44M	10.71%	5
2016 Q1	$67.4M	Hold	1,452,928	–	–	10.38%	4
2015 Q4	$64.7M	Buy	1,452,928 +544,862	+60%	+$23.4M	10.92%	3
2015 Q3	$32.5M	Buy	908,066 +195,958	+28%	+$8.18M	6.28%	10
2015 Q2	$34M	Buy	+712,108	New	+$33M	5.41%	9

Other funds holding SFLY

Primecap Management Pasadena, California $127B AUM 44.11% 1-Year Est. Return

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

EAM

EastBay Asset Management New York $27.9M AUM 37.2% 1-Year Est. Return

Dimensional Fund Advisors Austin, Texas $481B AUM 30.42% 1-Year Est. Return

Wellington Management Group Boston, Massachusetts $535B AUM 26.23% 1-Year Est. Return

SQN Investors Menlo Park, California $12.8M AUM

BAMCO Inc New York $33.1B AUM 11.16% 1-Year Est. Return

FCM

Freshford Capital Management Rye Brook, New York $200M AUM 31.49% 1-Year Est. Return

HAM

HHR Asset Management Berkeley Heights, New Jersey $552M AUM 15.61% 1-Year Est. Return

P2 Capital Partners's SFLY Position: Q1 2018 in Review

P2 Capital Partners sold out of Shutterfly, Inc. (SFLY) in Q1 2018, closing a stake of 1,556,828 shares — an estimated $77.5M sold.

P2 Capital Partners first reported a position in SFLY in Q2 2015 and held it in 11 quarters. The position peaked at $84.4M in Q4 2016. 210 funds tracked by Wall St. Rank hold SFLY as of Q1 2018.

P2 Capital Partners reported no remaining Shutterfly, Inc. position as of Q1 2018 after selling out during the quarter.
P2 Capital Partners sold 1,556,828 Shutterfly, Inc. shares in Q1 2018, an estimated $77.5M.
P2 Capital Partners first reported a position in Shutterfly, Inc. in Q2 2015 and held it in 11 quarters.
P2 Capital Partners's Shutterfly, Inc. position peaked at $84.4M in Q4 2016.
210 funds tracked by Wall St. Rank held Shutterfly, Inc. as of Q1 2018.

Based on P2 Capital Partners's 13F filing for Q1 2018, filed 15 May 2018.