'Soft Activist' P2 Capital Shows Its Cards

Two years after launching its “soft activist” hedge fund, Claus Moller’s P2 Capital Partners finally revealed its portfolio holdings. The firm’s 12/31/08 filing with the SEC shows that it manages $183 million in equity assets across 14 companies. The firm takes a private equity approach to public equity investing and calls itself a “friendly activist” because it likes to constructively help out management teams of its portfolio companies.

P2 Capital’s top positions were in Pool Corporation (POOL) with $29.5 million, UTi Worldwide Inc (UTIW) with $29.3 million, PSS World Medical Inc (PSSI) with $20.1 million and Corinthian Colleges Inc (COCO) with $19.9 million. Approximately 50% of its portfolio was held in Industrial/Business Services companies, while 35% was held in Consumer Discretionary companies.

P2 Capital Partners was founded in 2006 by Managing Partner Claus Moller. From 1999 to 2003, Mr. Moller was a Managing Partner at Blum Capital Partners, a San Francisco-based hedge fund manager that was founded in 1975 by Chairman Richard C. Blum. For more information on P2 Capital, please see the firm’s profile here.

Disclosure: No positions