P2 Capital Partners, LLC

Sector-focusedContrarianHigh-turnover trader

Total reported value

$209.9M

Reporting period: 2026-03-31 · Number of holdings: 10

P2 Capital Partners, LLC disclosed 10 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $209.9M and a quarterly turnover rate of 87.8%.

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Personality snowflake

Concentration: 48.77
Portfolio Stability: 87.77
Momentum/Contrarian: 0
Sector conviction: 100
Diversification: 20
Sizing Uniformity: 95.07

Recent moves

Trim CBZ
-35.7%　-$58.8M
Trim JBTM
-49.9%　-$39.0M
Add HSIC
-17.2%　-$5.3M
Trim LIVN
-70.5%　-$21.1M
Trim ZETA
-46.2%　-$20.0M
Trim BLKB
-23.4%　-$21.3M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	ACHC	Acadia Healthcare Co INC	Stock-Other	19.77%	+19.77%	NEW
2	CBZ	Cbiz INC	Stock-Other	14.59%	-8.33%	-35.68%
3	JBTM	Jbt Marel CORP	Stock-Industrials	13.73%	-3.64%	-49.89%
4	HSIC	Henry Schein INC	Stock-Healthcare	10.51%	+3.51%	-17.22%
5	TNC	Tennant Co	Stock-Other	9.62%	+0.46%	-37.27%
6	BLKB	Blackbaud INC	Stock-Other	8.88%	-1.34%	-23.39%
7	MSA	Msa Safety INC	Stock-Industrials	8.07%	+0.45%	-44.38%
8	ZETA	Zeta Global Holdings Corp-a	Stock-Tech	6.94%	-1.92%	-46.18%
9	LIVN	LivaNova PLC	Stock-Other	4.41%	-3.38%	-70.49%
10	ENOV	Enovis CORP	Stock-Other	3.47%	-0.59%	-46.22%

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	10	$209.9M	88	1ACHC 2CBZ 3JBTM Top holdings2026-03-31 1.ACHC 2.CBZ 3.JBTM 4.HSIC 5.TNC 6.BLKB 7.MSA 8.ZETA 9.LIVN 10.ENOV
2025-12-31	10	$390.3M	37	1CBZ 2JBTM 3BLKB Top holdings2025-12-31 1.CBZ 2.JBTM 3.BLKB 4.TNC 5.ZETA 6.LIVN 7.MSA 8.HSIC 9.AVNT 10.ENOV
2025-09-30	13	$520.5M	43	1CBZ 2ZETA 3JBTM Top holdings2025-09-30 1.CBZ 2.ZETA 3.JBTM 4.ACHC 5.IAS 6.BLKB 7.TNC 8.LIVN 9.HSIC 10.MSA
2025-06-30	13	$522.5M	0	1CBZ 2JBTM 3ZETA Top holdings2025-06-30 1.CBZ 2.JBTM 3.ZETA 4.ACHC 5.IAS 6.TNC 7.BLKB 8.HSIC 9.MSA 10.LIVN
2025-03-31	12	$515.2M	100	1CBZ 2JBTM 3ACHC Top holdings2025-03-31 1.CBZ 2.JBTM 3.ACHC 4.TNC 5.IAS 6.HSIC 7.BLKB 8.AVNT 9.LIVN 10.FUL
2024-12-31	11	$588.8M	0	1CBZ 2ACHC 3JBTM Top holdings2024-12-31 1.CBZ 2.ACHC 3.JBTM 4.BLKB 5.IAS 6.TNC 7.HSIC 8.AVNT 9.LIVN 10.FUL
2024-09-30	15	$875.8M	0	1CBZ 2BLKB 3ACHC Top holdings2024-09-30 1.CBZ 2.BLKB 3.ACHC 4.IAS 5.JBTM 6.TNC 7.OPCH 8.LIVN 9.AVNT 10.FUL
2024-06-30	18	$911.8M	0	1RCM1USD 2ACHC 3BLKB Top holdings2024-06-30 1.RCM1USD 2.ACHC 3.BLKB 4.CBZ 5.JBTM 6.TNC 7.IAS 8.LIVN 9.MIR 10.FUL
2024-03-31	15	$845.9M	0	1CBZ 2ACHC 3BLKB Top holdings2024-03-31 1.CBZ 2.ACHC 3.BLKB 4.TNC 5.JBTM 6.MIR 7.FUL 8.AVNT 9.LIVN 10.SITE
2023-12-31	15	$908.6M	0	1CBZ 2BLKB 3ACHC Top holdings2023-12-31 1.CBZ 2.BLKB 3.ACHC 4.TNC 5.MIR 6.FUL 7.JBTM 8.SITE 9.AVNT 10.LIVN
2023-09-30	14	$764.2M	0	1CBZ 2BLKB 3ACHC Top holdings2023-09-30 1.CBZ 2.BLKB 3.ACHC 4.FUL 5.TNC 6.SITE 7.LIVN 8.RCM1USD 9.AVNT 10.JBTM
2023-06-30	15	$859.2M	0	1CBZ 2BLKB 3ACHC Top holdings2023-06-30 1.CBZ 2.BLKB 3.ACHC 4.FUL 5.TNC 6.BCOREUR 7.AVNT 8.SITE 9.RCM1USD 10.LIVN
2023-03-31	15	$780.1M	0	1CBZ 2BLKB 3ACHC Top holdings2023-03-31 1.CBZ 2.BLKB 3.ACHC 4.BCOREUR 5.FUL 6.AVNT 7.TNC 8.SITE 9.LIVN 10.RCM1USD
2022-12-31	15	$756.4M	0	1CBZ 2ACHC 3BLKB Top holdings2022-12-31 1.CBZ 2.ACHC 3.BLKB 4.FUL 5.BCOREUR 6.LIVN 7.AQUAUSD 8.AVNT 9.TNC 10.MIR
2022-09-30	19	$810.3M	0	1CBZ 2ACHC 3BLKB Top holdings2022-09-30 1.CBZ 2.ACHC 3.BLKB 4.FUL 5.BCOREUR 6.LIVN 7.ACIW 8.BCO 9.AQUAUSD 10.AVNT
2022-06-30	21	$882.8M	0	1CBZ 2ACHC 3LIVN Top holdings2022-06-30 1.CBZ 2.ACHC 3.LIVN 4.ACIW 5.FUL 6.HLLY 7.BCO 8.AVNT 9.BCOREUR 10.BLKB
2022-03-31	22	$1.1B	0	1CBZ 2ACHC 3OUT Top holdings2022-03-31 1.CBZ 2.ACHC 3.OUT 4.NOTVQ 5.ACIW 6.FUL 7.BCO 8.CDK 9.LIVN 10.AQUAUSD
2021-12-31	21	$1.3B	0	1CBZ 2NOTVQ 3ACHC Top holdings2021-12-31 1.CBZ 2.NOTVQ 3.ACHC 4.FUL 5.BCO 6.OUT 7.ACIW 8.AVNT 9.AQUAUSD 10.CDK
2021-09-30	20	$1.2B	0	1ACHC 2CBZ 3BCO Top holdings2021-09-30 1.ACHC 2.CBZ 3.BCO 4.AQUAUSD 5.OUT 6.IWM 7.FUL 8.ACIW 9.CDK 10.BCBUSD
2021-06-30	19	$1.3B	23	1CSOD 2ACHC 3CBZ Top holdings2021-06-30 1.CSOD 2.ACHC 3.CBZ 4.BCO 5.BCBUSD 6.FUL 7.AQUAUSD 8.OUT 9.CDK 10.ACIW
2021-03-31	20	$1.5B	40	1BCO 2ACHC 3CSOD Top holdings2021-03-31 1.BCO 2.ACHC 3.CSOD 4.CBZ 5.BCBUSD 6.FUL 7.CDK 8.AQUAUSD 9.NXST 10.ACIW
2020-12-31	18	$1.5B	22	1ACHC 2BCO 3CHNGUSD Top holdings2020-12-31 1.ACHC 2.BCO 3.CHNGUSD 4.CSOD 5.AQUAUSD 6.BCBUSD 7.CBZ 8.CDK 9.ACIW 10.FUL
2020-09-30	18	$1.3B	20	1ACHC 2BCBUSD 3NXST Top holdings2020-09-30 1.ACHC 2.BCBUSD 3.NXST 4.AQUAUSD 5.HGV 6.CHNGUSD 7.CSOD 8.BCO 9.CBZ 10.FUL
2020-06-30	17	$1.2B	44	1ACHC 2BCBUSD 3NXST Top holdings2020-06-30 1.ACHC 2.BCBUSD 3.NXST 4.BCO 5.HGV 6.AQUAUSD 7.CBZ 8.FUL 9.MD 10.CDK
2020-03-31	14	$836.4M	67	1BCO 2ACHC 3NXST Top holdings2020-03-31 1.BCO 2.ACHC 3.NXST 4.BCBUSD 5.HGV 6.CBZ 7.AQUAUSD 8.FUL 9.ACIW 10.MD
2019-12-31	16	$1.4B	20	1NXST 2ACHC 3HGV Top holdings2019-12-31 1.NXST 2.ACHC 3.HGV 4.BCO 5.MD 6.AQUAUSD 7.CBZ 8.FUL 9.MMS 10.BCBEUR
2019-09-30	16	$1.5B	21	1NXST 2ACHC 3BCO Top holdings2019-09-30 1.NXST 2.ACHC 3.BCO 4.HGV 5.MMS 6.AQUAUSD 7.FUL 8.BCBEUR 9.CBZ 10.MD
2019-06-30	16	$1.3B	13	1BCO 2NXST 3ACHC Top holdings2019-06-30 1.BCO 2.NXST 3.ACHC 4.HGV 5.MMS 6.AQUAUSD 7.BCBEUR 8.EBIXEUR 9.MD 10.GRPNCHF
2019-03-31	17	$1.2B	27	1NXST 2BCO 3ACHC Top holdings2019-03-31 1.NXST 2.BCO 3.ACHC 4.HGV 5.MMS 6.EBIXEUR 7.BCBEUR 8.AQUAUSD 9.GRPNCHF 10.FUL
2018-12-31	17	$991.1M	40	1BCO 2NXST 3HGV Top holdings2018-12-31 1.BCO 2.NXST 3.HGV 4.ACHC 5.MMS 6.GRPNCHF 7.CBZ 8.ACIW 9.EBIXEUR 10.BCBEUR
2018-09-30	16	$1.1B	26	1NXST 2BCO 3ACIW Top holdings2018-09-30 1.NXST 2.BCO 3.ACIW 4.MD 5.ACHC 6.GRPNCHF 7.EBIXEUR 8.CBZ 9.MMS 10.BCBEUR
2018-06-30	17	$985.7M	66	1NXST 2ACHC 3ACIW Top holdings2018-06-30 1.NXST 2.ACHC 3.ACIW 4.MD 5.CBZ 6.EBIXEUR 7.MMS 8.GRPNCHF 9.BCBEUR 10.STMP
2018-03-31	15	$1.0B	58	109238E2ACHC 3NXST Top holdings2018-03-31 1.09238E 2.ACHC 3.NXST 4.44967H 5.STMP 6.ACIW 7.60671Q 8.CBZ 9.MMS 10.BCBEUR
2017-12-31	14	$847.7M	40	1STMP209238E3ACHC Top holdings2017-12-31 1.STMP 2.09238E 3.ACHC 4.NXST 5.SFLY 6.11133B 7.ACIW 8.NTCT 9.SPUSD 10.EBIXEUR
2017-09-30	15	$854.8M	32	109238E211133B3STMP Top holdings2017-09-30 1.09238E 2.11133B 3.STMP 4.SFLY 5.44967H 6.NTCT 7.ACIW 8.ACHC 9.SPUSD 10.BCBEUR
2017-06-30	14	$859.6M	35	109238E244967H3NTCT Top holdings2017-06-30 1.09238E 2.44967H 3.NTCT 4.STMP 5.SFLY 6.ACIW 7.ACHC 8.BCBEUR 9.11133B 10.CBZ
2017-03-31	12	$712.1M	47	109238E2NTCT344967H Top holdings2017-03-31 1.09238E 2.NTCT 3.44967H 4.STMP 5.SFLY 6.ACIW 7.BCBEUR 8.MWA 9.CBZ 10.FORR
2016-12-31	14	$761.8M	57	109238E2ACIW 3EBIXEUR Top holdings2016-12-31 1.09238E 2.ACIW 3.EBIXEUR 4.SFLY 5.STMP 6.NTCT 7.MWA 8.BCBEUR 9.FORR 10.44967H
2016-09-30	15	$634.7M	23	126882D2EBIXEUR309238E Top holdings2016-09-30 1.26882D 2.EBIXEUR 3.09238E 4.ACIW 5.SFLY 6.MWA 7.FORR 8.PTC 9.NTCT 10.BCBEUR
2016-06-30	14	$581.6M	31	126882D2EBIXEUR309238E Top holdings2016-06-30 1.26882D 2.EBIXEUR 3.09238E 4.PTC 5.SFLY 6.ACIW 7.MWA 8.FORR 9.BCBEUR 10.46113M
2016-03-31	14	$649.1M	35	126882D20951803EBIXEUR Top holdings2016-03-31 1.26882D 2.095180 3.EBIXEUR 4.SFLY 5.PTC 6.09238E 7.ACIW 8.FORR 9.ABG 10.MWA
2015-12-31	14	$593.0M	43	126882D20951803SFLY Top holdings2015-12-31 1.26882D 2.095180 3.SFLY 4.G87210 5.EBIXEUR 6.PTC 7.ABG 8.ACIW 9.09238E 10.FORR
2015-09-30	15	$516.6M	45	126882D25840453G87210 Top holdings2015-09-30 1.26882D 2.584045 3.G87210 4.09238E 5.EBIXEUR 6.095180 7.FORR 8.PTC 9.ABG 10.SFLY
2015-06-30	12	$629.9M	39	1G87210226882D3095180 Top holdings2015-06-30 1.G87210 2.26882D 3.095180 4.09238E 5.584045 6.ACIW 7.ABG 8.FORR 9.SFLY 10.PTC
2015-03-31	11	$651.7M	16	1G87210226882D3095180 Top holdings2015-03-31 1.G87210 2.26882D 3.095180 4.09238E 5.584045 6.ACIW 7.PTC 8.ABG 9.FORR 10.MWA
2014-12-31	12	$747.9M	17	1G872102095180326882D Top holdings2014-12-31 1.G87210 2.095180 3.26882D 4.09238E 5.ACIW 6.584045 7.PTC 8.FORR 9.ABG 10.MWA
2014-09-30	13	$711.3M	27	1G872102095180326882D Top holdings2014-09-30 1.G87210 2.095180 3.26882D 4.09238E 5.ACIW 6.PTC 7.584045 8.FORR 9.88632Q 10.ABG
2014-06-30	13	$635.0M	37	1G8721020951803PTC Top holdings2014-06-30 1.G87210 2.095180 3.PTC 4.ACIW 5.584045 6.09238E 7.FORR 8.ABG 9.MWA 10.88632Q
2014-03-31	13	$649.6M	31	1G8721020951803ACIW Top holdings2014-03-31 1.G87210 2.095180 3.ACIW 4.PTC 5.584045 6.FORR 7.MWA 8.ABG 9.MIC2EUR 10.26882D
2013-12-31	12	$738.9M	17	1G8721020951803ACIW Top holdings2013-12-31 1.G87210 2.095180 3.ACIW 4.PTC 5.FORR 6.584045 7.MIC2EUR 8.MWA 9.26882D 10.CBZ
2013-09-30	12	$683.8M	41	1G8721020951803ACIW Top holdings2013-09-30 1.G87210 2.095180 3.ACIW 4.584045 5.FORR 6.MIC2EUR 7.PTC 8.MWA 9.BALY 10.26882D
2013-06-30	13	$623.3M	0	1G872102BALY 3ACIW Top holdings2013-06-30 1.G87210 2.BALY 3.ACIW 4.FORR 5.584045 6.918194 7.095180 8.MWA 9.PTC 10.26882D

Holding changes this quarter

P2 Capital Partners, LLC's most significant position changes for 2026-03-31: New buy: Acadia Healthcare Co INC (ACHC); Sold out: Avient CORP (AVNT); Trim: Cbiz INC (CBZ) — shares -35.68%; Trim: Jbt Marel CORP (JBTM) — shares -49.89%; Trim: Henry Schein INC (HSIC) — shares -17.22%.

Position changes disclosed by P2 Capital Partners, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	HSIC	Henry Schein INC	+3.5%	-17.22%	Trim
2	TNC	Tennant Co	+0.5%	-37.27%	Trim
3	MSA	Msa Safety INC	+0.5%	-44.38%	Trim
4	ENOV	Enovis CORP	-0.6%	-46.22%	Trim
5	BLKB	Blackbaud INC	-1.3%	-23.39%	Trim
6	ZETA	Zeta Global Holdings Corp-a	-1.9%	-46.18%	Trim
7	LIVN	LivaNova PLC	-3.4%	-70.49%	Trim
8	JBTM	Jbt Marel CORP	-3.6%	-49.89%	Trim
9	CBZ	Cbiz INC	-8.3%	-35.68%	Trim
10	ACHC	Acadia Healthcare Co INC	—	NEW	New buy
11	AVNT	Avient CORP	—	EXIT	Sold out

FAQ

What is P2 Capital Partners, LLC and what type of investor is it?

P2 Capital Partners, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $209.9M, spread across 10 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) — $41.5M (19.8%) 2. Cbiz INC (CBZ) — $30.6M (14.6%) 3. Jbt Marel CORP (JBTM) — $28.8M (13.7%) 4. Henry Schein INC (HSIC) — $22.1M (10.5%) 5. Tennant Co (TNC) — $20.2M (9.6%)

What changes did P2 Capital Partners, LLC make in its most recent portfolio filing?

In the latest reported quarter, P2 Capital Partners, LLC made 11 notable position adjustments: 1 new positions were initiated, 0 existing holdings were added to, 9 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Acadia Healthcare Co INC (ACHC); Sold out: Avient CORP (AVNT); Trim: Cbiz INC (CBZ) — shares -35.68%; Trim: Jbt Marel CORP (JBTM) — shares -49.89%; Trim: Henry Schein INC (HSIC) — shares -17.22%

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: 55.5% • Health Care: 26.8% • Information Technology: 17.7%