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
+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
Avg Time Held Equity + Options
3.6 years
Top 10 Avg Time Held Equity + Options
1.7 years
Top 20 Avg Time Held Equity + Options
3.6 years
Avg Time Held Equity only
3.6 years
Top 10 Avg Time Held Equity only
2.1 years
Top 20 Avg Time Held Equity only
3.6 years

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 icon
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 Held Since
CBZ icon
1
CBIZ
CBZ
$3.01B
$89.5M 22.92%
1,773,391
+57,066
+3% +$3M
2013 Q2
50 quarters
JBTM icon
2
JBT Marel
JBTM
$5.43B
$67.8M 17.37%
449,952
– –
2023 Q1
11 quarters
BLKB icon
3
Blackbaud
BLKB
$2.22B
$39.9M 10.22%
630,303
– –
2022 Q2
14 quarters
TNC icon
4
Tennant Co
TNC
$1.12B
$35.7M 9.16%
484,950
– –
2021 Q1
19 quarters
ZETA icon
5
Zeta Global
ZETA
$8.1B
$34.6M 8.86%
1,700,000
– –
2025 Q1
3 quarters
LIVN icon
6
LivaNova
LIVN
$4.19B
$30.4M 7.79%
493,902
– –
2021 Q4
16 quarters
MSA icon
7
Mine Safety
MSA
$7B
$29.7M 7.62%
185,675
+49,332
+36% +$8.03M
2025 Q2
2 quarters
HSIC icon
8
Henry Schein
HSIC
$9.54B
$27.3M 7%
361,786
– –
2024 Q4
4 quarters
AVNT icon
9
Avient
AVNT
$3.56B
$19.5M 5%
624,934
– –
2020 Q4
20 quarters
ENOV icon
10
Enovis
ENOV
$1.07B
$15.9M 4.06%
595,000
– –
2024 Q2
6 quarters
ACHC icon
11
Acadia Healthcare
ACHC
$2.95B
– –
-2,337,188
Closed -$57.9M –
IAS icon
12
DELISTED
Integral Ad Science
IAS
– –
-4,830,805
Closed -$49.1M –
ZETA icon
13
PUT
Zeta Global
ZETA
$8.1B
– –
-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.