SEC 13F Intelligence

Managers / Q3 2020 · view latest →

P2 Capital Partners, LLC

CIK 0001406313 · 590 MADISON AVENUE, 25TH FLOOR, NEW YORK, NY, 10022 · (212) 508-5500

Reported Value
$1.3B
Q3 2020
Positions
18
Filings on Record
30
2019–present window
Filed
Nov 16, 2020
original filing

Summary

P2 Capital Partners, LLC reported $1.3B in U.S.-listed holdings across 18 positions for Q3 2020.

Its largest position, ACHC, represents 12.9% of the portfolio.

Compared with Q2 2020, the fund opened 2 new positions and exited 1.

Portfolio Metrics

Turnover
+6.7%
vs prior filed quarter
Top-10 Concentration
+74.7%
share of reported value
Largest Position
+12.9%
Acadia Healthcare Company
New / Exited
2 / 1
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $991MQ4 ’18Q1 ’19: $1.2BQ2 ’19: $1.3BQ3 ’19: $1.5BQ4 ’19: $1.4BQ4 ’19Q1 ’20: $836MQ2 ’20: $1.2BQ3 ’20: $1.3BQ4 ’20: $1.5BQ4 ’20Q1 ’21: $1.5BQ2 ’21: $1.3BQ3 ’21: $1.2BQ4 ’21: $1.3BQ4 ’21Q1 ’22: $1.1BQ2 ’22: $883MQ3 ’22: $810MQ4 ’22: $756MQ4 ’22Q1 ’23: $780MQ2 ’23: $859MQ3 ’23: $764MQ4 ’23: $909MQ4 ’23Q1 ’24: $846MQ2 ’24: $912MQ3 ’24: $876MQ4 ’24: $589MQ4 ’24Q1 ’25: $515MQ2 ’25: $522MQ3 ’25: $520MQ4 ’25: $390MQ4 ’25Q1 ’26: $210Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 97.4%Other: 2.6%
  • Common Stock · 97.4% · $1.2B
  • Other · 2.6% · $33M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
K6BKBR, Inc.NEW+1.35M1.35M+$30M$30M
UPLDEURUpland Software, Inc.NEW+700.0K700.0K+$26M$26M
SP PLUS CORPSOLD OUT−810.3K0−$17M$0
MMSMaximus, Inc.TRIMMED−507.6K183.6K−$36M$13M
CSODCornerstone OnDemand, Inc.ADDED+633.0K2.24M+$19M$81M
CHNGUSDChange Healthcare Inc.ADDED+982.8K5.66M+$30M$82M
NXSTNexstar Media Group, Inc.TRIMMED−262.3K1.06M−$15M$95M
TSAACI Worldwide, IncADDED+205.0K2.20M+$4M$57M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2020

18 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ACHCAcadia Healthcare Company, Inc.history →COM12.86%$164M5.58M
2BCBUSDPrimo Water Corporationhistory →COM8.96%$114M8.06M
3NXSTNexstar Media Group, Inc.history →CLA7.45%$95M1.06M
4AQUAUSDEvoqua Water Technologies Corphistory →COM7.21%$92M4.34M
5HGVHilton Grand Vacations, Inc.history →COM6.73%$86M4.10M
6CHNGUSDChange Healthcare Inc.history →COM6.43%$82M5.66M
7CSODCornerstone OnDemand, Inc.history →COM6.36%$81M2.24M
8BCOBrink's Companyhistory →COM6.33%$81M1.97M
9CBZCBIZ, Inc.history →COM6.24%$80M3.49M
10FULH.B. Fuller Companyhistory →COM6.11%$78M1.71M
11CDKCDK Global, Inc.history →COM5.54%$71M1.62M
12MDMednax, Inc.history →COM5.23%$67M4.10M
13TSAACI Worldwide, Inchistory →COM4.50%$57M2.20M
14OUTFRONT Media Inc.COM2.61%$33M2.29M
15K6BKBR, Inc.history →COM2.37%$30M1.35M
16UPLDEURUpland Software, Inc.history →COM2.07%$26M700.0K
17EBIXEUREbix Inc.history →COM NEW2.02%$26M1.25M
18MMSMaximus, Inc.history →COM0.98%$13M183.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$210M10May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$390M10Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$520M13Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$522M13Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$515M12May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$589M11Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$876M15Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$912M18Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$846M15May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$909M15Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$764M14Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$859M15Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$780M15May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$756M15Feb 23, 202313F-HRchanges · EDGAR ↗
Q3 2022$810M19Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$883M21Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.1B22May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.3B21Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.2B20Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.3B19Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.5B20May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.5B18Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.3B18Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.2B17Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$836M14May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.4B16Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$1.5B16Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.3B16Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.2B17May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$991M17Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.