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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
-2.44%
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
$210M
AUM Growth
-$180M
Cap. Flow
-$128M
Cap. Flow %
-60.75%
Top 10 Hldgs %
100%
Holding
11
New
1
Increased
–
Reduced
9
Closed
1

Top Buys

Rank Stock Value
1
ACHC icon
Acadia Healthcare
ACHC
+$32.1M

Top Sells

Rank Stock Value
1
JBTM
JBT Marel
JBTM
+$33.9M
2
LIVN icon
LivaNova
LIVN
+$22.5M
3
CBZ icon
CBIZ
CBZ
+$22.3M
4
AVNT icon
Avient
AVNT
+$19.5M
5
MSA icon
Mine Safety
MSA
+$15.1M

Sector Composition

Rank Sector Weight
1 Industrials 46.01%
2 Healthcare 38.17%
3 Technology 15.82%
4 Materials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ACHC icon
1
Acadia Healthcare
ACHC
$2.66B
$41.5M 19.77%
+1,774,484
New +$32.1M
CBZ icon
2
CBIZ
CBZ
$2.96B
$30.6M 14.59%
1,140,674
-632,717
-36% -$22.3M
JBTM
3
JBT Marel
JBTM
$6.14B
$28.8M 13.73%
225,470
-224,482
-50% -$33.9M
HSIC icon
4
Henry Schein
HSIC
$9.98B
$22.1M 10.51%
299,486
-62,300
-17% -$4.81M
TNC icon
5
Tennant Co
TNC
$1.19B
$20.2M 9.62%
304,207
-180,743
-37% -$13.1M
BLKB icon
6
Blackbaud
BLKB
$2.21B
$18.6M 8.88%
482,874
-147,429
-23% -$7.36M
MSA icon
7
Mine Safety
MSA
$7.34B
$16.9M 8.07%
103,269
-82,406
-44% -$15.1M
ZETA icon
8
Zeta Global
ZETA
$7.67B
$14.6M 6.94%
915,000
-785,000
-46% -$14.5M
LIVN icon
9
LivaNova
LIVN
$4.43B
$9.26M 4.41%
145,729
-348,173
-70% -$22.5M
ENOV icon
10
Enovis
ENOV
$1.44B
$7.28M 3.47%
320,000
-275,000
-46% -$6.5M
AVNT icon
11
Avient
AVNT
$4.1B
– –
-624,934
Closed -$19.5M

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P2 Capital Partners's Q1 2026 Portfolio in Review

As of Q1 2026, P2 Capital Partners held 11 positions worth $210M, down 46% from $390M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

P2 Capital Partners withdrew a net $128M in Q1 2026, closing 1 position and reducing 9 holdings. Its most notable exit was Avient, an estimated $19.5M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 46% of assets, down from 57% a quarter earlier, followed by Healthcare and Technology.

Against the trend, P2 Capital Partners opened a new position in Acadia Healthcare worth $41.5M.

  • P2 Capital Partners's largest Q1 2026 buy was Acadia Healthcare: 1,774,484 shares worth $41.5M.
  • P2 Capital Partners's biggest Q1 2026 reduction was JBT Marel, cutting an estimated $33.9M.
  • P2 Capital Partners fully exited Avient in Q1 2026, selling an estimated $19.5M.
  • P2 Capital Partners's ten largest holdings make up 100% of its $210M portfolio in Q1 2026.
  • P2 Capital Partners opened 1 new position and closed 1 in Q1 2026.
  • P2 Capital Partners's portfolio value fell 46% quarter-over-quarter to $210M.

Based on P2 Capital Partners's 13F filing for Q1 2026, filed 15 May 2026.