P2 Capital Partners
New York, NYfiles as P2 Capital Partners, LLC
$246m in 12 US stocks at the end of 30 June 2026. The top 10 are 96.7% of the money. It changed about 12.2% of the portfolio this quarter.
Value
$246m
Stocks
12
Top 10 share
96.7%
Turnover
12.2%
What changed this quarter
New
Bought for the first time this quarter.
- Casella Waste SystemsCWST5.8% of the fund
- StrideLRN4.1% of the fund
Added
Bought more of a stock they already held.
None this quarter.
Cut
Sold some of their stake.
- Henry ScheinHSIC9.0% of the fund-12%
- TennantTNC8.0% of the fund-26%
- MSA SafetyMSA7.0% of the fund-4%
- LivaNovaLIVN0.6% of the fund-87%
Sold out
Sold their entire stake.
None this quarter.
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Acadia Healthcare CompanyACHC | 21.3% | $52m | 1,774,484 | Held |
| CbizCBZ | 14.9% | $36m | 1,136,974 | Held |
| JBT MarelJBTM | 13.3% | $33m | 225,470 | Held |
| Henry ScheinHSIC | 9.0% | $22m | 264,486 | -12% |
| TennantTNC | 8.0% | $20m | 225,255 | -26% |
| Zeta Global HoldingsZETA | 7.4% | $18m | 920,000 | Held |
| MSA SafetyMSA | 7.0% | $17m | 99,117 | -4% |
| BlackbaudBLKB | 5.8% | $14m | 482,874 | Held |
| Casella Waste SystemsCWST | 5.8% | $14m | 147,236 | New |
| StrideLRN | 4.1% | $10m | 116,630 | New |
| EnovisENOV | 2.7% | $7m | 320,000 | Held |
| LivaNovaLIVN | 0.6% | $2m | 18,452 | -87% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 50.5% since 30 June 2025.
Where the money is
Health care33.6%
Industrials28.4%
Technology28.1%
Utilities5.8%
Retail & consumer4.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.