PCP

P2 Capital Partners Portfolio holdings

AUM $246M Turnover 16.67%
1-Year Est. Return 17.67%
This Fund
S&P 500
This Quarter Est. Return
-2.62%
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
$522M
AUM Growth
+$7.3M
Cap. Flow
+$1.77M
Cap. Flow %
0.34%
Top 10 Hldgs %
87.85%
Holding
14
New
2
Increased
4
Reduced
6
Closed
1
Avg Time Held Equity + Options
3.2 years
Top 10 Avg Time Held Equity + Options
2.3 years
Top 20 Avg Time Held Equity + Options
3.2 years
Avg Time Held Equity only
3.4 years
Top 10 Avg Time Held Equity only
2.6 years
Top 20 Avg Time Held Equity only
3.4 years

Top Buys

Rank Stock Value
1
MSA icon
Mine Safety
MSA
+$22.1M
2
ZETA icon
Zeta Global
ZETA
+$12.9M
3
ENOV icon
Enovis
ENOV
+$9.5M
4
BLKB icon
Blackbaud
BLKB
+$2.78M
5
IAS icon
Integral Ad Science
IAS
+$763K

Top Sells

Rank Stock Value
1
FUL icon
H.B. Fuller
FUL
+$16M
2
HSIC icon
Henry Schein
HSIC
+$12.8M
3
CBZ icon
CBIZ
CBZ
+$8.01M
4
JBTM icon
JBT Marel
JBTM
+$5.43M
5
AVNT icon
Avient
AVNT
+$1.62M

Sector Composition

Rank Sector Weight
1 Industrials 49.36%
2 Healthcare 22.7%
3 Technology 11.07%
4 Communication Services 7.81%
5 Miscellaneous 5.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
CBZ icon
1
CBIZ
CBZ
$3.01B
$130M 24.79%
1,806,308
-110,755
-6% -$8.01M
2013 Q2
48 quarters
JBTM icon
2
JBT Marel
JBTM
$5.43B
$65.5M 12.54%
544,952
-48,606
-8% -$5.43M
2023 Q1
9 quarters
ACHC icon
3
Acadia Healthcare
ACHC
$2.95B
$48.6M 9.3%
2,142,188
– –
2017 Q1
33 quarters
IAS icon
4
DELISTED
Integral Ad Science
IAS
$40.8M 7.81%
4,910,000
+100,000
+2% +$763K
2023 Q4
6 quarters
TNC icon
5
Tennant Co
TNC
$1.12B
$39.1M 7.49%
504,950
-12,128
-2% -$896K
2021 Q1
17 quarters
BLKB icon
6
Blackbaud
BLKB
$2.22B
$31.5M 6.03%
490,754
+44,495
+10% +$2.78M
2022 Q2
12 quarters
HSIC icon
7
Henry Schein
HSIC
$9.54B
$27.5M 5.27%
376,786
-186,000
-33% -$12.8M
2024 Q4
2 quarters
ZETA icon
8
Zeta Global
ZETA
$8.1B
$26.3M 5.04%
1,700,000
+975,000
+134% +$12.9M
2025 Q1
1 quarter
ZETA icon
9
PUT
Zeta Global
ZETA
$8.1B
$26.3M 5.04%
+1,700,000
New +$22.6M
2025 Q2
0 quarters
MSA icon
10
Mine Safety
MSA
$7B
$23.7M 4.53%
+141,343
New +$22.1M
2025 Q2
0 quarters
LIVN icon
11
LivaNova
LIVN
$4.19B
$23.1M 4.43%
513,902
-39,000
-7% -$1.61M
2021 Q4
14 quarters
AVNT icon
12
Avient
AVNT
$3.56B
$21M 4.02%
649,934
-46,933
-7% -$1.62M
2020 Q4
18 quarters
ENOV icon
13
Enovis
ENOV
$1.07B
$19.4M 3.7%
617,149
+287,149
+87% +$9.5M
2024 Q2
4 quarters
FUL icon
14
H.B. Fuller
FUL
$2.71B
– –
-284,442
Closed -$16M –

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P2 Capital Partners's Q2 2025 Portfolio in Review

As of Q2 2025, P2 Capital Partners held 14 positions worth $522M, up 1.4% from $515M the previous quarter. Its ten largest holdings account for 88% of the portfolio.

P2 Capital Partners's Q2 2025 filing shows 2 new, 4 increased, 6 reduced and 1 closed positions. Its largest new stake was Mine Safety: 141,343 shares worth $23.7M. The largest sale was H.B. Fuller, an estimated $16M.

By sector, the portfolio is most concentrated in Industrials at 49% of assets, down from 50% a quarter earlier, followed by Healthcare and Technology.

  • P2 Capital Partners's largest Q2 2025 buy was Mine Safety: 141,343 shares worth $23.7M.
  • P2 Capital Partners added most to Zeta Global in Q2 2025, an estimated $12.9M increase.
  • P2 Capital Partners's biggest Q2 2025 reduction was Henry Schein, cutting an estimated $12.8M.
  • P2 Capital Partners fully exited H.B. Fuller in Q2 2025, selling an estimated $16M.
  • P2 Capital Partners's ten largest holdings make up 88% of its $522M portfolio in Q2 2025.
  • P2 Capital Partners opened 2 new positions and closed 1 in Q2 2025.
  • P2 Capital Partners's portfolio value rose 1.4% quarter-over-quarter to $522M.

Based on P2 Capital Partners's 13F filing for Q2 2025, filed 14 Aug 2025.