PC
P2 Capital Partners, LLC 13F Filings Tracker & Latest Positions (Q2 2026)
P2 Capital Partners, LLCCIK: 0001406313
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$245.6M
Reporting period: 2026-06-30 · Number of holdings: 12
P2 Capital Partners, LLC disclosed 12 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $245.6M and a quarterly turnover rate of 27.3%.
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Personality snowflake
- Concentration
- 47.79
- Portfolio Stability
- 27.26
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 24
- Sizing Uniformity
- 93.12
P2 Capital Partners, LLC's disclosed holdings carry a Herfindahl concentration index of 0.119 — mathematically equivalent to about 8 equally-sized positions, close to its 12 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.69), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 47% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy CWST
New buy LRN
Trim LIVN
-87.3% -$7.7M
Trim BLKB
0.0% -$4.3M
Trim TNC
-26.0% -$480.5K
Add ACHC
0.0% $10.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ACHC | Acadia Healthcare Co Inc | Stock-Other | 21.34% | +1.57% | — | |
| 2 | CBZ | Cbiz Inc | Stock-Other | 14.85% | +0.26% | -0.32% | |
| 3 | JBTM | Jbt Marel CORP | Stock-Industrials | 13.31% | -0.42% | — | |
| 4 | HSIC | Henry Schein Inc | Stock-Healthcare | 9.00% | -1.51% | -11.69% | |
| 5 | TNC | Tennant Co | Stock-Other | 8.03% | -1.59% | -25.95% | |
| 6 | ZETA | Zeta Global Holdings Corp-a | Stock-Tech | 7.37% | +0.43% | +0.55% | |
| 7 | MSA | Msa Safety Inc | Stock-Industrials | 7.05% | -1.02% | -4.02% | |
| 8 | BLKB | Blackbaud Inc | Stock-Other | 5.82% | -3.06% | — | |
| 9 | CWST | Casella Waste Systems Inc-a | Stock-Industrials | 5.81% | +5.81% | NEW | |
| 10 | LRN | Stride Inc | Stock-Consumer Staples | 4.10% | +4.10% | NEW | |
| 11 | ENOV | Enovis CORP | Stock-Other | 2.70% | -0.77% | — | |
| 12 | LIVN | LivaNova PLC | Stock-Other | 0.62% | -3.79% | -87.34% |
Portfolio Performance
Performance for Q3 2026
+21.3%
Performance Last 4 Quarters
+4.2%
- Stdev
- +21.9%
- Beta
- +1
- Alpha
- -18%
- Max Drawdown
- -35.5%
- Annualized Perf
- -0.3%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +0.14
- Stutzer
- +0.03
- Treynor
- +0.02
- Sterling
- -0.01
- Calmar
- -0.01
- Information Ratio
- -1.02
- Tracking Error
- +17.6%
- Stdev Down
- +14.3%
- Winning Months %
- +50%
- Losing Months %
- +50%
- Best 12 Months
- +17.8%
- Worst 12 Months
- -26%
- Efficiency Ratio
- 0
- Sharpe
- +0.09
- Stdev Sectors
- +18.4%
- Skewness
- +0.25
- Kurtosis
- -0.67
- Upside Potential
- +2.32
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 12 | $245.6M | 27 | ||
| 2026 Q1 | 10 | $209.9M | 88 | ||
| 2025 Q4 | 10 | $390.3M | 37 | ||
| 2025 Q3 | 13 | $520.5M | 43 | ||
| 2025 Q2 | 13 | $522.5M | 0 | ||
| 2025 Q1 | 12 | $515.2M | 100 | ||
| 2024 Q4 | 11 | $588.8M | 0 | ||
| 2024 Q3 | 15 | $875.8M | 0 | ||
| 2024 Q2 | 18 | $911.8M | 0 | ||
| 2024 Q1 | 15 | $845.9M | 0 | ||
| 2023 Q4 | 15 | $908.6M | 0 | ||
| 2023 Q3 | 14 | $764.2M | 0 | ||
| 2023 Q2 | 15 | $859.2M | 0 | ||
| 2023 Q1 | 15 | $780.1M | 0 | ||
| 2022 Q4 | 15 | $756.4M | 0 | ||
| 2022 Q3 | 19 | $810.3M | 0 | ||
| 2022 Q2 | 21 | $882.8M | 0 | ||
| 2022 Q1 | 22 | $1.1B | 0 | ||
| 2021 Q4 | 21 | $1.3B | 0 | ||
| 2021 Q3 | 20 | $1.2B | 0 | ||
| 2021 Q2 | 19 | $1.3B | 23 | ||
| 2021 Q1 | 20 | $1.5B | 40 | ||
| 2020 Q4 | 18 | $1.5B | 22 | ||
| 2020 Q3 | 18 | $1.3B | 20 | ||
| 2020 Q2 | 17 | $1.2B | 44 | ||
| 2020 Q1 | 14 | $836.4M | 67 | ||
| 2019 Q4 | 16 | $1.4B | 20 | ||
| 2019 Q3 | 16 | $1.5B | 21 | ||
| 2019 Q2 | 16 | $1.3B | 13 | ||
| 2019 Q1 | 17 | $1.2B | 27 | ||
| 2018 Q4 | 17 | $991.1M | 40 | ||
| 2018 Q3 | 16 | $1.1B | 26 | ||
| 2018 Q2 | 17 | $985.7M | 66 | ||
| 2018 Q1 | 15 | $1.0B | 58 | ||
| 2017 Q4 | 14 | $847.7M | 40 | ||
| 2017 Q3 | 15 | $854.8M | 32 | ||
| 2017 Q2 | 14 | $859.6M | 35 | ||
| 2017 Q1 | 12 | $712.1M | 47 | ||
| 2016 Q4 | 14 | $761.8M | 57 | ||
| 2016 Q3 | 15 | $634.7M | 23 | ||
| 2016 Q2 | 14 | $581.6M | 31 | ||
| 2016 Q1 | 14 | $649.1M | 35 | ||
| 2015 Q4 | 14 | $593.0M | 43 | ||
| 2015 Q3 | 15 | $516.6M | 45 | 126882D25840453G87210 | |
| 2015 Q2 | 12 | $629.9M | 39 | 1G87210226882D3095180 | |
| 2015 Q1 | 11 | $651.7M | 16 | 1G87210226882D3095180 | |
| 2014 Q4 | 12 | $747.9M | 17 | 1G872102095180326882D | |
| 2014 Q3 | 13 | $711.3M | 27 | 1G872102095180326882D | |
| 2014 Q2 | 13 | $635.0M | 37 | ||
| 2014 Q1 | 13 | $649.6M | 31 | ||
| 2013 Q4 | 12 | $738.9M | 17 | ||
| 2013 Q3 | 12 | $683.8M | 41 | ||
| 2013 Q2 | 13 | $623.3M | 0 |
Holding changes this quarter
P2 Capital Partners, LLC's most significant position changes for 2026-06-30: New buy: Casella Waste Systems Inc-a (CWST); New buy: Stride Inc (LRN); Trim: LivaNova PLC (LIVN) — shares -87.34%; Trim: Tennant Co (TNC) — shares -25.95%; Trim: Henry Schein Inc (HSIC) — shares -11.69%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CWST | Casella Waste Systems Inc-a | +5.8% | NEW | New buy |
| 2 | LRN | Stride Inc | +4.1% | NEW | New buy |
| 3 | ACHC | Acadia Healthcare Co Inc | +1.6% | — | Unchanged |
| 4 | ZETA | Zeta Global Holdings Corp-a | +0.4% | +0.55% | Add |
| 5 | CBZ | Cbiz Inc | +0.3% | -0.32% | Trim |
| 6 | JBTM | Jbt Marel CORP | -0.4% | — | Unchanged |
| 7 | ENOV | Enovis CORP | -0.8% | — | Unchanged |
| 8 | MSA | Msa Safety Inc | -1% | -4.02% | Trim |
| 9 | HSIC | Henry Schein Inc | -1.5% | -11.69% | Trim |
| 10 | TNC | Tennant Co | -1.6% | -25.95% | Trim |
| 11 | BLKB | Blackbaud Inc | -3.1% | — | Unchanged |
| 12 | LIVN | LivaNova PLC | -3.8% | -87.34% | Trim |
Filing History
FAQ
What is P2 Capital Partners, LLC and what type of investor is it?
P2 Capital Partners, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $245.6M, spread across 12 disclosed positions.
What are P2 Capital Partners, LLC's largest equity positions?
Based on the latest 13F filing, P2 Capital Partners, LLC's top holdings by market value are:
1. Acadia Healthcare Co Inc (ACHC) — $52.4M (21.3%)
2. Cbiz Inc (CBZ) — $36.5M (14.8%)
3. Jbt Marel CORP (JBTM) — $32.7M (13.3%)
4. Henry Schein Inc (HSIC) — $22.1M (9.0%)
5. Tennant Co (TNC) — $19.7M (8.0%)
What changes did P2 Capital Partners, LLC make in its most recent portfolio filing?
In the latest reported quarter, P2 Capital Partners, LLC made 8 notable position adjustments: 2 new positions were initiated, 1 existing holdings were added to, 5 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Casella Waste Systems Inc-a (CWST); New buy: Stride Inc (LRN); Trim: LivaNova PLC (LIVN) — shares -87.34%; Trim: Tennant Co (TNC) — shares -25.95%; Trim: Henry Schein Inc (HSIC) — shares -11.69%
What sectors does P2 Capital Partners, LLC focus on?
P2 Capital Partners, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 56.1%
• Health Care: 19.3%
• Information Technology: 15.8%
• Consumer Staples: 8.8%
Investment Profile
P2 Capital Partners, LLC returned an annualized -0.3% over the trailing 36 months — underperforming the S&P 500 by 18.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.00 (roughly in line with the market) and a 36% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 56.1% of the portfolio concentrated in Industrials.
Its turnover score has risen from 0 to 27 over the past 4 quarters — a shift toward more active trading.
It has trimmed its LIVN position for two straight quarters, cutting it by $28.9M while still holding $1.5M.
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Developer Access
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