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
+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
–
Avg Time Held Equity + Options
3.4 years
Top 10 Avg Time Held Equity + Options
2.5 years
Top 20 Avg Time Held Equity + Options
3.4 years
Avg Time Held Equity only
3.7 years
Top 10 Avg Time Held Equity only
2.8 years
Top 20 Avg Time Held Equity only
3.7 years

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 icon
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 Held Since
CBZ icon
1
CBIZ
CBZ
$3.01B
$90.9M 17.46%
1,716,325
-89,983
-5% -$5.8M
2013 Q2
49 quarters
JBTM icon
2
JBT Marel
JBTM
$5.43B
$63.2M 12.14%
449,952
-95,000
-17% -$13M
2023 Q1
10 quarters
ACHC icon
3
Acadia Healthcare
ACHC
$2.95B
$57.9M 11.12%
2,337,188
+195,000
+9% +$4.35M
2017 Q1
34 quarters
IAS icon
4
DELISTED
Integral Ad Science
IAS
$49.1M 9.44%
4,830,805
-79,195
-2% -$686K
2023 Q4
7 quarters
BLKB icon
5
Blackbaud
BLKB
$2.22B
$40.5M 7.79%
630,303
+139,549
+28% +$9.14M
2022 Q2
13 quarters
TNC icon
6
Tennant Co
TNC
$1.12B
$39.3M 7.55%
484,950
-20,000
-4% -$1.64M
2021 Q1
18 quarters
ZETA icon
7
Zeta Global
ZETA
$8.1B
$33.8M 6.49%
1,700,000
– –
2025 Q1
2 quarters
ZETA icon
8
PUT
Zeta Global
ZETA
$8.1B
$33.8M 6.49%
1,700,000
– –
2025 Q2
1 quarter
LIVN icon
9
LivaNova
LIVN
$4.19B
$25.9M 4.97%
493,902
-20,000
-4% -$1.01M
2021 Q4
15 quarters
HSIC icon
10
Henry Schein
HSIC
$9.54B
$24M 4.61%
361,786
-15,000
-4% -$1.04M
2024 Q4
3 quarters
MSA icon
11
Mine Safety
MSA
$7B
$23.5M 4.51%
136,343
-5,000
-4% -$864K
2025 Q2
1 quarter
AVNT icon
12
Avient
AVNT
$3.56B
$20.6M 3.96%
624,934
-25,000
-4% -$869K
2020 Q4
19 quarters
ENOV icon
13
Enovis
ENOV
$1.07B
$18.1M 3.47%
595,000
-22,149
-4% -$672K
2024 Q2
5 quarters

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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.