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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
+0.45%
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
$390M
AUM Growth
-$130M
Cap. Flow
-$96M
Cap. Flow %
-24.58%
Top 10 Hldgs %
100%
Holding
13
New
–
Increased
2
Reduced
–
Closed
3

Top Buys

Rank Stock Value
1
MSA icon
Mine Safety
MSA
+$8.03M
2
CBZ icon
CBIZ
CBZ
+$3M

Top Sells

Rank Stock Value
1
ACHC icon
Acadia Healthcare
ACHC
+$57.9M
2
IAS
Integral Ad Science
IAS
+$49.1M

Sector Composition

Rank Sector Weight
1 Industrials 57.06%
2 Technology 19.09%
3 Healthcare 18.85%
4 Materials 5%
5 Communication Services 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CBZ icon
1
CBIZ
CBZ
$2.96B
$89.5M 22.92%
1,773,391
+57,066
+3% +$3M
JBTM
2
JBT Marel
JBTM
$6.14B
$67.8M 17.37%
449,952
– –
BLKB icon
3
Blackbaud
BLKB
$2.21B
$39.9M 10.22%
630,303
– –
TNC icon
4
Tennant Co
TNC
$1.19B
$35.7M 9.16%
484,950
– –
ZETA icon
5
Zeta Global
ZETA
$7.67B
$34.6M 8.86%
1,700,000
– –
LIVN icon
6
LivaNova
LIVN
$4.43B
$30.4M 7.79%
493,902
– –
MSA icon
7
Mine Safety
MSA
$7.34B
$29.7M 7.62%
185,675
+49,332
+36% +$8.03M
HSIC icon
8
Henry Schein
HSIC
$9.98B
$27.3M 7%
361,786
– –
AVNT icon
9
Avient
AVNT
$4.1B
$19.5M 5%
624,934
– –
ENOV icon
10
Enovis
ENOV
$1.44B
$15.9M 4.06%
595,000
– –
ACHC icon
11
Acadia Healthcare
ACHC
$2.66B
– –
-2,337,188
Closed -$57.9M
IAS
12
DELISTED
Integral Ad Science
IAS
– –
-4,830,805
Closed -$49.1M
ZETA icon
13
PUT
Zeta Global
ZETA
$7.67B
– –
-1,700,000
Closed -$33.8M

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P2 Capital Partners's Q4 2025 Portfolio in Review

As of Q4 2025, P2 Capital Partners held 13 positions worth $390M, down 25% from $520M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

P2 Capital Partners withdrew a net $96M in Q4 2025, closing 3 positions. Its most notable exit was Acadia Healthcare, an estimated $57.9M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 57% of assets, up from 42% a quarter earlier, followed by Technology and Healthcare.

Against the trend, P2 Capital Partners added an estimated $8.03M to Mine Safety.

  • P2 Capital Partners added most to Mine Safety in Q4 2025, an estimated $8.03M increase.
  • P2 Capital Partners fully exited Acadia Healthcare in Q4 2025, selling an estimated $57.9M.
  • P2 Capital Partners's ten largest holdings make up 100% of its $390M portfolio in Q4 2025.
  • P2 Capital Partners opened 0 new positions and closed 3 in Q4 2025.
  • P2 Capital Partners's portfolio value fell 25% quarter-over-quarter to $390M.

Based on P2 Capital Partners's 13F filing for Q4 2025, filed 17 Feb 2026.