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PCP

P2 Capital Partners Portfolio holdings

AUM $246M
1-Year Est. Return 17.67%
This Fund
S&P 500
This Quarter Est. Return
+10.74%
1 Year Est. Return
+17.67%
3 Year Est. Return
+7.96%
5 Year Est. Return
+28.62%
10 Year Est. Return
+203.67%
AUM
$1.51B
AUM Growth
+$33.5M
Cap. Flow
-$98.4M
Cap. Flow %
-6.53%
Top 10 Hldgs %
71.53%
Holding
23
New
5
Increased
5
Reduced
5
Closed
3

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$52.5M
2
VG
Vonage Holdings Corporation
VG
+$40.3M
3
AVTA
Avantax, Inc. Common Stock
AVTA
+$38.6M
4
CSOD
Cornerstone OnDemand, Inc.
CSOD
+$22.8M
5
UPLD icon
Upland Software
UPLD
+$22.4M

Top Sells

Rank Stock Value
1
CHNG
Change Healthcare Inc. Common Stock
CHNG
+$112M
2
MD icon
Pediatrix Medical
MD
+$73.6M
3
EBIX
Ebix Inc
EBIX
+$41.6M
4
ACHC icon
Acadia Healthcare
ACHC
+$40.3M
5
HGV icon
Hilton Grand Vacations
HGV
+$29.9M

Sector Composition

Rank Sector Weight
1 Industrials 34.41%
2 Technology 16.51%
3 Materials 10.86%
4 Healthcare 9.83%
5 Communication Services 8.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BCO icon
1
Brink's
BCO
$4.47B
$156M 10.34%
1,967,632
– –
ACHC icon
2
Acadia Healthcare
ACHC
$2.62B
$145M 9.59%
2,529,442
-745,036
-23% -$40.3M
CSOD
3
DELISTED
Cornerstone OnDemand, Inc.
CSOD
$121M 8.04%
2,779,782
+495,256
+22% +$22.8M
CBZ icon
4
CBIZ
CBZ
$2.96B
$114M 7.55%
3,486,031
– –
PRMW
5
DELISTED
Primo Water Corporation
PRMW
$107M 7.12%
6,603,472
+585,566
+10% +$9.41M
FUL icon
6
H.B. Fuller
FUL
$2.73B
$97.4M 6.46%
1,548,014
– –
CDK
7
DELISTED
CDK Global, Inc.
CDK
$90.1M 5.98%
1,667,529
– –
AQUA
8
DELISTED
Evoqua Water Technologies Corp. Common Stock
AQUA
$85.6M 5.68%
3,255,930
-286,747
-8% -$7.64M
NXST icon
9
Nexstar Media Group
NXST
$5.04B
$84.6M 5.62%
602,712
-123,104
-17% -$16.1M
ACIW icon
10
ACI Worldwide
ACIW
$5.21B
$77.5M 5.14%
2,036,920
-163,080
-7% -$6.43M
AVNT icon
11
Avient
AVNT
$3.75B
$66.3M 4.4%
1,401,647
+396,800
+39% +$17.7M
HGV icon
12
Hilton Grand Vacations
HGV
$2.88B
$63.6M 4.22%
1,696,563
-831,484
-33% -$29.9M
KBR icon
13
KBR
KBR
$4.61B
$58.4M 3.87%
1,520,821
+249,186
+20% +$7.95M
IWM icon
14
iShares Russell 2000 ETF
IWM
$76.5B
$53.1M 3.53%
+240,564
New +$52.5M
UPLD icon
15
Upland Software
UPLD
$11.7M
$50.2M 3.33%
106,308
+46,508
+78% +$22.4M
OUT icon
16
Outfront Media
OUT
$4.96B
$44.3M 2.94%
2,060,603
– –
AVTA
17
DELISTED
Avantax, Inc. Common Stock
AVTA
$38.3M 2.54%
+2,300,000
New +$38.6M
VG
18
DELISTED
Vonage Holdings Corporation
VG
$36.6M 2.43%
+3,094,900
New +$40.3M
TNC icon
19
Tennant Co
TNC
$1.16B
$14.8M 0.98%
+185,000
New +$14M
PINC
20
DELISTED
Premier
PINC
$3.67M 0.24%
+108,463
New +$3.76M
MD icon
21
Pediatrix Medical
MD
$2.12B
– –
-2,998,445
Closed -$73.6M
CHNG
22
DELISTED
Change Healthcare Inc. Common Stock
CHNG
– –
-6,021,209
Closed -$112M
EBIX
23
DELISTED
Ebix Inc
EBIX
– –
-1,096,720
Closed -$41.6M

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P2 Capital Partners's Q1 2021 Portfolio in Review

As of Q1 2021, P2 Capital Partners held 23 positions worth $1.51B, up 2.3% from $1.47B the previous quarter. Its ten largest holdings account for 72% of the portfolio.

P2 Capital Partners withdrew a net $98.4M in Q1 2021, closing 3 positions and reducing 5 holdings. Its most notable exit was Change Healthcare Inc. Common Stock, an estimated $112M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 34% of assets, up from 31% a quarter earlier, followed by Technology and Materials.

Against the trend, P2 Capital Partners opened a new position in iShares Russell 2000 ETF worth $53.1M.

  • P2 Capital Partners's largest Q1 2021 buy was iShares Russell 2000 ETF: 240,564 shares worth $53.1M.
  • P2 Capital Partners added most to Cornerstone OnDemand, Inc. in Q1 2021, an estimated $22.8M increase.
  • P2 Capital Partners's biggest Q1 2021 reduction was Acadia Healthcare, cutting an estimated $40.3M.
  • P2 Capital Partners fully exited Change Healthcare Inc. Common Stock in Q1 2021, selling an estimated $112M.
  • P2 Capital Partners's ten largest holdings make up 72% of its $1.51B portfolio in Q1 2021.
  • P2 Capital Partners opened 5 new positions and closed 3 in Q1 2021.
  • P2 Capital Partners's portfolio value rose 2.3% quarter-over-quarter to $1.51B.

Based on P2 Capital Partners's 13F filing for Q1 2021, filed 17 May 2021.