P2 Capital Partners, LLC
Long book
$209.9M
Q1 2026
Positions
10
Top-10 weight
100%
concentration
Last quarter
+20.4%
SPY +14.8%
Turnover
18%
of book per quarter
Strategy in plain words
auto-generated from filingsP2 Capital Partners, LLC is a concentrated fundamental stock-picker, running a $209.9M US long book across 10 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: ACADIA HEALTHCARE CO INC, CBIZ INC, JBT MAREL CORP, HENRY SCHEIN INC, TENNANT CO.
Over the last 9 quarters its long book ran on average 7.9pp per quarter behind the S&P 500, beating the index in 1 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-8.0%
Q2 2024
+3.0%
Q3 2024
-4.2%
Q4 2024
-10.4%
Q1 2025
-4.7%
Q2 2025
-1.5%
Q3 2025
-5.6%
Q4 2025
-19.6%
Q1 2026
+20.4%
Sector allocation
Healthcare 36%
Industrials 23%
Technology 16%
Services media 15%
Consumer discretionary 11%
Long book by quarter
What does P2 Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ACHC ACADIA HEALTHCARE CO INC | Healthcare | 1.8M | $41.5M | 19.8% | New |
| CBZ CBIZ INC | Services media | 1.1M | $30.6M | 14.6% | -35.7% |
| JBTM JBT MAREL CORP | Industrials | 225.5K | $28.8M | 13.7% | -49.9% |
| HSIC HENRY SCHEIN INC | Consumer discretionary | 299.5K | $22.1M | 10.5% | -17.2% |
| TNC TENNANT CO | Industrials | 304.2K | $20.2M | 9.6% | -37.3% |
| BLKB BLACKBAUD INC | Technology | 482.9K | $18.6M | 8.9% | -23.4% |
| MSA MSA SAFETY INC | Healthcare | 103.3K | $16.9M | 8.1% | -44.4% |
| ZETA ZETA GLOBAL HOLDINGS CORP-A | Technology | 915.0K | $14.6M | 6.9% | -46.2% |
| LIVN LIVANOVA PLC | Healthcare | 145.7K | $9.3M | 4.4% | -70.5% |
| ENOV ENOVIS CORP | Healthcare | 320.0K | $7.3M | 3.5% | -46.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 10 | $209.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 10 | $390.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 13 | $520.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 13 | $522.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 12 | $515.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 11 | $588.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 15 | $875.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 18 | $911.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 15 | $845.9M | canonical | SEC ↗ |
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