SEC 13F Intelligence

Managers / Q4 2020 · view latest →

P2 Capital Partners, LLC

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

Reported Value
$1.5B
Q4 2020
Positions
18
Filings on Record
30
2019–present window
Filed
Feb 16, 2021
original filing

Summary

P2 Capital Partners, LLC reported $1.5B in U.S.-listed holdings across 18 positions for Q4 2020.

Its largest position, ACHC, represents 11.2% of the portfolio.

Compared with Q3 2020, the fund opened 1 new position and exited 1.

Portfolio Metrics

Turnover
+4.0%
vs prior filed quarter
Top-10 Concentration
+71.5%
share of reported value
Largest Position
+11.2%
Acadia Healthcare Company In
New / Exited
1 / 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: 97.3%Other: 2.7%
  • Common Stock · 97.3% · $1.4B
  • Other · 2.7% · $40M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AVNTAVIENT CORPORATIONNEW+1.00M1.00M+$40M$40M
MMSMaximus, Inc.SOLD OUT−183.6K0−$13M$0
ACHCACADIA HEALTHCARE COMPANY INTRIMMED−2.30M3.27M+$222,000$165M
HGVHILTON GRAND VACATIONS INCTRIMMED−1.57M2.53M−$7M$79M
NXSTNEXSTAR MEDIA GROUP INCTRIMMED−333.1K725.8K−$16M$79M
MDMEDNAX INCTRIMMED−1.10M3.00M+$7M$74M
BCBUSDPRIMO WATER CORPORATIONTRIMMED−2.04M6.02M−$20M$94M
AQUAUSDEVOQUA WATER TECHNOLOGIES COTRIMMED−800.3K3.54M+$3M$96M

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

Holdings — Q4 2020

18 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ACHCACADIA HEALTHCARE COMPANY INhistory →COM11.17%$165M3.27M
2BCOBRINKS COhistory →COM9.61%$142M1.97M
3CHNGUSDCHANGE HEALTHCARE INChistory →COM7.62%$112M6.02M
4CSODCORNERSTONE ONDEMAND INChistory →COM6.83%$101M2.28M
5AQUAUSDEVOQUA WATER TECHNOLOGIES COhistory →COM6.49%$96M3.54M
6BCBUSDPRIMO WATER CORPORATIONhistory →COM6.40%$94M6.02M
7CBZCBIZ INChistory →COM6.29%$93M3.49M
8CDKCDK GLOBAL INChistory →COM5.86%$86M1.67M
9TSAACI WORLDWIDE INChistory →COM5.74%$85M2.20M
10FULFULLER H B COhistory →COM5.45%$80M1.55M
11HGVHILTON GRAND VACATIONS INChistory →COM5.38%$79M2.53M
12NXSTNEXSTAR MEDIA GROUP INChistory →CL A5.38%$79M725.8K
13MDMEDNAX INChistory →COM4.99%$74M3.00M
14EBIXEUREBIX INChistory →COM NEW2.83%$42M1.10M
15AVNTAVIENT CORPORATIONhistory →COM2.75%$40M1.00M
16OUTFRONT MEDIA INCCOM2.69%$40M2.03M
17K6BKBR INChistory →COM2.67%$39M1.27M
18UPLDEURUPLAND SOFTWARE INChistory →COM1.86%$27M598.0K

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 ↗.