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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
+3.5%
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
$520M
AUM Growth
-$1.99M
Cap. Flow
-$12.1M
Cap. Flow %
-2.32%
Top 10 Hldgs %
88.07%
Holding
13
New
–
Increased
2
Reduced
9
Closed
–

Top Buys

Rank Stock Value
1
BLKB icon
Blackbaud
BLKB
+$9.14M
2
ACHC icon
Acadia Healthcare
ACHC
+$4.35M

Top Sells

Rank Stock Value
1
JBTM
JBT Marel
JBTM
+$13M
2
CBZ icon
CBIZ
CBZ
+$5.8M
3
TNC icon
Tennant Co
TNC
+$1.64M
4
HSIC icon
Henry Schein
HSIC
+$1.04M
5
LIVN icon
LivaNova
LIVN
+$1.01M

Sector Composition

Rank Sector Weight
1 Industrials 41.67%
2 Healthcare 24.17%
3 Technology 14.28%
4 Communication Services 9.44%
5 Miscellaneous 6.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CBZ icon
1
CBIZ
CBZ
$2.96B
$90.9M 17.46%
1,716,325
-89,983
-5% -$5.8M
JBTM
2
JBT Marel
JBTM
$6.14B
$63.2M 12.14%
449,952
-95,000
-17% -$13M
ACHC icon
3
Acadia Healthcare
ACHC
$2.66B
$57.9M 11.12%
2,337,188
+195,000
+9% +$4.35M
IAS
4
DELISTED
Integral Ad Science
IAS
$49.1M 9.44%
4,830,805
-79,195
-2% -$686K
BLKB icon
5
Blackbaud
BLKB
$2.21B
$40.5M 7.79%
630,303
+139,549
+28% +$9.14M
TNC icon
6
Tennant Co
TNC
$1.19B
$39.3M 7.55%
484,950
-20,000
-4% -$1.64M
ZETA icon
7
Zeta Global
ZETA
$7.67B
$33.8M 6.49%
1,700,000
– –
ZETA icon
8
PUT
Zeta Global
ZETA
$7.67B
$33.8M 6.49%
1,700,000
– –
LIVN icon
9
LivaNova
LIVN
$4.43B
$25.9M 4.97%
493,902
-20,000
-4% -$1.01M
HSIC icon
10
Henry Schein
HSIC
$9.98B
$24M 4.61%
361,786
-15,000
-4% -$1.04M
MSA icon
11
Mine Safety
MSA
$7.34B
$23.5M 4.51%
136,343
-5,000
-4% -$864K
AVNT icon
12
Avient
AVNT
$4.1B
$20.6M 3.96%
624,934
-25,000
-4% -$869K
ENOV icon
13
Enovis
ENOV
$1.44B
$18.1M 3.47%
595,000
-22,149
-4% -$672K

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P2 Capital Partners's Q3 2025 Portfolio in Review

As of Q3 2025, P2 Capital Partners held 13 positions worth $520M, down 0.38% from $522M the previous quarter. Its ten largest holdings account for 88% of the portfolio.

Trading was light in Q3 2025: portfolio turnover was 0%. P2 Capital Partners opened no new positions and made no exits, leaving the 13-position portfolio largely intact.

By sector, the portfolio is most concentrated in Industrials at 42% of assets, down from 49% a quarter earlier, followed by Healthcare and Technology.

  • P2 Capital Partners added most to Blackbaud in Q3 2025, an estimated $9.14M increase.
  • P2 Capital Partners's biggest Q3 2025 reduction was JBT Marel, cutting an estimated $13M.
  • P2 Capital Partners's ten largest holdings make up 88% of its $520M portfolio in Q3 2025.
  • P2 Capital Partners opened 0 new positions and closed 0 in Q3 2025.
  • P2 Capital Partners's portfolio value fell 0.38% quarter-over-quarter to $520M.

Based on P2 Capital Partners's 13F filing for Q3 2025, filed 14 Nov 2025.