SEC 13F Intelligence

Managers / Q4 2023 · view latest →

P2 Capital Partners, LLC

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

Reported Value
$909M
Q4 2023
Positions
15
Filings on Record
30
2019–present window
Filed
Feb 14, 2024
original filing

Summary

P2 Capital Partners, LLC reported $909M in U.S.-listed holdings across 15 positions for Q4 2023.

Its largest position, CBZ, represents 17.2% of the portfolio.

Compared with Q3 2023, the fund opened 2 new positions and exited 0.

Portfolio Metrics

Turnover
+0.9%
vs prior filed quarter
Top-10 Concentration
+87.6%
share of reported value
Largest Position
+17.2%
Cbiz

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: 95.2%Other: 4.8%
  • Common Stock · 95.2% · $865M
  • Other · 4.8% · $44M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
OPCHOPTION CARE HEALTH INCNEW+386.4K386.4K+$13M$13M
IASINTEGRAL AD SCIENCE HLDNG CONEW+774.4K774.4K+$11M$11M
JBTJOHN BEAN TECHNOLOGIES CORPADDED+156.2K556.4K+$13M$55M
R1 RCM INCTRIMMED−1.47M3.54M−$6M$37M
SHCSOTERA HEALTH COADDED+500.0K2.35M+$12M$40M
SITESITEONE LANDSCAPE SUPPLY INCADDED+50.0K336.2K+$8M$55M
FULFULLER H B COTRIMMED−125.0K733.8K+$816,556$60M
MIRMIRION TECHNOLOGIES INCADDED+474.4K5.85M+$20M$60M

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

Holdings — Q4 2023

15 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CBZCBIZ INChistory →COM17.19%$156M2.50M
2BLKBBLACKBAUD INChistory →COM15.77%$143M1.65M
3ACHCACADIA HEALTHCARE COMPANY INhistory →COM11.72%$107M1.37M
4TN1TENNANT COhistory →COM7.26%$66M711.5K
5MIRMIRION TECHNOLOGIES INChistory →COM CL A6.60%$60M5.85M
6FULFULLER H B COhistory →COM6.57%$60M733.8K
7JBTJOHN BEAN TECHNOLOGIES CORPhistory →COM6.09%$55M556.4K
8SITESITEONE LANDSCAPE SUPPLY INChistory →COM6.01%$55M336.2K
9AVNTAVIENT CORPORATIONhistory →COM5.50%$50M1.20M
10LIVANOVA PLCSHS4.84%$44M850.0K
11SHCSOTERA HEALTH COhistory →COM4.36%$40M2.35M
12R1 RCM INCCOM4.11%$37M3.54M
13OPCHOPTION CARE HEALTH INChistory →COM NEW1.43%$13M386.4K
142655957DPREMIER INChistory →CL A1.31%$12M532.2K
15IASINTEGRAL AD SCIENCE HLDNG COhistory →COM1.23%$11M774.4K

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 ↗.