1y return−11.7%S&P 500 +20.9%
3y return−22.5%S&P 500 +68.5%
5y return−21.4%S&P 500 +74.5%
10y return+56.3%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $156 against $357 in the S&P 500.2
P2 Capital Partners, LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| ACHCAcadia Healthcare Company In | $52.4M | 21.3% | |
| CBZCbiz Inc | $36.5M | 14.9% | |
| JBTMJbt Marel Corporation | $32.7M | 13.3% | |
| HSICSchein Henry Inc | $22.1M | 9.0% | −11.7% |
| TNCTennant Co | $19.7M | 8.0% | −26.0% |
| ZETAZeta Global Holdings Corp | $18.1M | 7.4% | |
| MSAMsa Safety Inc | $17.3M | 7.0% | −4.0% |
| BLKBBlackbaud Inc | $14.3M | 5.8% | |
| CWSTCasella Waste Sys Inc | $14.3M | 5.8% | New |
| LRNStride Inc | $10.1M | 4.1% | New |
| ENOVEnovis Corporation | $6.6M | 2.7% | |
| Livanova PLCCUSIP G5509L101 | $1.5M | 0.6% | −87.3% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| ZETAZeta Global Holdings Corp | March 31, 2025 | +45.1% | $18.1M |
| CBZCbiz Inc | June 30, 2020 | +33.8% | $36.5M |
| JBTMJbt Marel Corporation | March 31, 2023 | +32.7% | $32.7M |
| ACHCAcadia Healthcare Company In | March 31, 2026 | +26.3% | $52.4M |
| HSICSchein Henry Inc | December 31, 2024 | +20.7% | $22.1M |
| TNCTennant Co | March 31, 2021 | +9.6% | $19.7M |
| MSAMsa Safety Inc | June 30, 2025 | +4.2% | $17.3M |
| Livanova PLCCUSIP G5509L101 | December 31, 2021 | −5.9% | $1.5M |
| BLKBBlackbaud Inc | June 30, 2022 | −49.0% | $14.3M |
| ENOVEnovis Corporation | June 30, 2024 | −54.2% | $6.6M |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +15.4% | +14.8% |
| March 31, 2026 | −19.7% | −4.6% |
| December 31, 2025 | −5.1% | +2.4% |
| September 30, 2025 | +0.3% | +7.8% |
| June 30, 2025 | −4.2% | +10.5% |
| March 31, 2025 | −11.5% | −4.6% |
| December 31, 2024 | −4.2% | +2.1% |
| September 30, 2024 | +4.1% | +5.4% |
| June 30, 2024 | −7.7% | +4.0% |
| March 31, 2024 | +5.8% | +10.0% |
| December 31, 2023 | +13.5% | +11.2% |
| September 30, 2023 | −6.2% | −3.6% |
| June 30, 2023 | +6.3% | +8.3% |
| March 31, 2023 | +5.4% | +7.0% |
| December 31, 2022 | +12.6% | +7.1% |
| September 30, 2022 | −4.7% | −5.3% |
| June 30, 2022 | −17.5% | −16.5% |
| March 31, 2022 | −4.3% | −4.9% |
| December 31, 2021 | +8.7% | +10.7% |
| September 30, 2021 | −1.7% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: P2 Capital Partners, LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1406313&type=13F-HR&dateb=&owner=include&count=40CIK 1406313
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1406313/000117266126003641/Filed August 14, 2026 · accession 0001172661-26-003641