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PCP

P2 Capital Partners Portfolio holdings

AUM $210M
1-Year Est. Return 1.23%
This Fund
S&P 500
This Quarter Est. Return
-2.47%
1 Year Est. Return
-1.23%
3 Year Est. Return
-0.1%
5 Year Est. Return
+17.4%
10 Year Est. Return
+173.91%
AUM
$1.19B
AUM Growth
-$146M
Cap. Flow
-$107M
Cap. Flow %
-9.03%
Top 10 Hldgs %
70.23%
Holding
23
New
4
Increased
4
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$80.8M
2
PINC
Premier
PINC
+$34.3M
3
ENV
ENVESTNET, INC.
ENV
+$25.2M
4
VG
Vonage Holdings Corporation
VG
+$16.3M
5
TNC icon
Tennant Co
TNC
+$15M

Top Sells

Rank Stock Value
1
CSOD
Cornerstone OnDemand, Inc.
CSOD
+$148M
2
PRMW
Primo Water Corporation
PRMW
+$38.1M
3
HGV icon
Hilton Grand Vacations
HGV
+$32.3M
4
KBR icon
KBR
KBR
+$18.3M
5
NXST icon
Nexstar Media Group
NXST
+$16.3M

Sector Composition

Rank Sector Weight
1 Industrials 34.61%
2 Healthcare 14.03%
3 Materials 11.06%
4 Technology 8.98%
5 Communication Services 8.89%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ACHC icon
1
Acadia Healthcare
ACHC
$2.62B
$124M 10.45%
1,944,293
-164,900
-8% -$10.4M
CBZ icon
2
CBIZ
CBZ
$3B
$113M 9.5%
3,486,031
– –
BCO icon
3
Brink's
BCO
$4.84B
$87.5M 7.37%
1,381,632
– –
AQUA
4
DELISTED
Evoqua Water Technologies Corp. Common Stock
AQUA
$82.7M 6.97%
2,202,097
-351,790
-14% -$12.7M
OUT icon
5
Outfront Media
OUT
$5.62B
$82M 6.91%
3,306,741
– –
IWM icon
6
iShares Russell 2000 ETF
IWM
$80.2B
$79.7M 6.72%
+364,374
New +$80.8M
FUL icon
7
H.B. Fuller
FUL
$2.98B
$74M 6.24%
1,145,909
-219,562
-16% -$14.2M
ACIW icon
8
ACI Worldwide
ACIW
$5.86B
$64.4M 5.43%
2,096,850
+296,850
+16% +$9.85M
CDK
9
DELISTED
CDK Global, Inc.
CDK
$64.1M 5.41%
1,506,946
– –
PRMW
10
DELISTED
Primo Water Corporation
PRMW
$61.9M 5.22%
3,937,004
-2,264,499
-37% -$38.1M
VG
11
DELISTED
Vonage Holdings Corporation
VG
$61.5M 5.19%
3,817,000
+1,127,000
+42% +$16.3M
AVNT icon
12
Avient
AVNT
$3.36B
$57.2M 4.82%
1,233,815
-75,000
-6% -$3.6M
NXST icon
13
Nexstar Media Group
NXST
$5.88B
$43.9M 3.7%
289,099
-110,901
-28% -$16.3M
PINC
14
DELISTED
Premier
PINC
$42.4M 3.57%
1,093,994
+931,019
+571% +$34.3M
UPLD icon
15
Upland Software
UPLD
$13.6M
$39M 3.28%
116,500
-11,000
-9% -$4.12M
TNC icon
16
Tennant Co
TNC
$1.41B
$37M 3.12%
500,002
+199,667
+66% +$15M
AVTA
17
DELISTED
Avantax, Inc. Common Stock
AVTA
$35.9M 3.02%
2,300,000
– –
ENV
18
DELISTED
ENVESTNET, INC.
ENV
$26.5M 2.23%
+330,243
New +$25.2M
HLLY icon
19
Holley
HLLY
$326M
$6.66M 0.56%
+557,989
New +$6.26M
CHNG
20
DELISTED
Change Healthcare Inc. Common Stock
CHNG
$3.14M 0.26%
+150,000
New +$3.27M
HGV icon
21
Hilton Grand Vacations
HGV
$3.64B
– –
-780,585
Closed -$32.3M
KBR icon
22
KBR
KBR
$4.36B
– –
-479,195
Closed -$18.3M
CSOD
23
DELISTED
Cornerstone OnDemand, Inc.
CSOD
– –
-2,870,000
Closed -$148M

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TP
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GHP
Great Hill Partners Boston, Massachusetts $210M AUM 134.81% 1-Year Est. Return
BSCCG
Blue Sky Capital Consultants Group Poway, California $210M AUM 28.65% 1-Year Est. Return
CAM
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ESC
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FSA
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WI
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P2 Capital Partners's Q3 2021 Portfolio in Review

As of Q3 2021, P2 Capital Partners held 23 positions worth $1.19B, down 11% from $1.33B the previous quarter. Its ten largest holdings account for 70% of the portfolio.

P2 Capital Partners withdrew a net $107M in Q3 2021, closing 3 positions and reducing 7 holdings. Its most notable exit was Cornerstone OnDemand, Inc., an estimated $148M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 35% of assets, up from 32% a quarter earlier, followed by Healthcare and Materials.

Against the trend, P2 Capital Partners opened a new position in iShares Russell 2000 ETF worth $79.7M.

  • P2 Capital Partners's largest Q3 2021 buy was iShares Russell 2000 ETF: 364,374 shares worth $79.7M.
  • P2 Capital Partners added most to Premier in Q3 2021, an estimated $34.3M increase.
  • P2 Capital Partners's biggest Q3 2021 reduction was Primo Water Corporation, cutting an estimated $38.1M.
  • P2 Capital Partners fully exited Cornerstone OnDemand, Inc. in Q3 2021, selling an estimated $148M.
  • P2 Capital Partners's ten largest holdings make up 70% of its $1.19B portfolio in Q3 2021.
  • P2 Capital Partners opened 4 new positions and closed 3 in Q3 2021.
  • P2 Capital Partners's portfolio value fell 11% quarter-over-quarter to $1.19B.

Based on P2 Capital Partners's 13F filing for Q3 2021, filed 15 Nov 2021.