CIK: 0000917579
Total reported value
$167.5M
Reporting period: 2026-03-31 · Number of holdings: 39
KESTREL INVESTMENT MANAGEMENT CORP disclosed 39 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $167.5M and a quarterly turnover rate of 38.2%.
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Kestrel Investment Management CORP's disclosed holdings carry a Herfindahl concentration index of 0.034 — mathematically equivalent to about 30 equally-sized positions, close to its 39 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.56), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 46% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add T86
-0.7% $3.3M
Trim UPWK
-0.6% -$3.9M
Trim GTM
-0.8% -$2.3M
Trim HAE
-0.7% -$2.4M
Add PLAB
-0.7% $1.6M
Add VTOL
-0.6% $1.3M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PHIN | Phinia INC | Stock-Consumer Disc | 6.69% | +0.81% | -1.09% | |
| 2 | T86 | Tri Pointe Homes INC | Stock-Other | 6.14% | +2.19% | -0.68% | |
| 3 | PLAB | Photronics INC | Stock-Other | 4.84% | +1.18% | -0.69% | |
| 4 | AX | Axos Financial INC | Stock-Financials | 4.83% | +0.13% | -1.04% | |
| 5 | NATL | Ncr Atleos CORP | Stock-Tech | 4.08% | +0.66% | -0.82% | |
| 6 | ITGR | Integer Holdings CORP | Stock-Healthcare | 3.95% | +0.59% | -0.66% | |
| 7 | CNO | Cno Financial Group INC | Stock-Financials | 3.76% | +0.05% | -0.65% | |
| 8 | VTOL | Bristow Group INC | Stock-Other | 3.63% | +0.92% | -0.61% | |
| 9 | HAE | Haemonetics Corp/mass | Stock-Other | 3.28% | -1.18% | -0.71% | |
| 10 | CVSA | Covista INC | Stock-Consumer Staples | 3.26% | +0.47% | -0.63% | |
| 11 | BHF | Brighthouse Financial INC | Stock-Financials | 3.23% | -0.12% | -0.88% | |
| 12 | TRS | Trimas CORP | Stock-Other | 3.21% | +3.21% | NEW | |
| 13 | ECVT | Ecovyst INC | Stock-Other | 3.11% | +0.86% | -0.54% | |
| 14 | THC | Tenet Healthcare CORP | Stock-Healthcare | 3.06% | -0.04% | -1.09% | |
| 15 | QCRH | Qcr Holdings INC | Stock-Other | 2.84% | +0.21% | — | |
| 16 | UPWK | Upwork INC | Stock-Other | 2.83% | -2.06% | -0.57% | |
| 17 | XHR | Xenia Hotels & Resorts INC | Stock-Other | 2.61% | +0.23% | -0.81% | |
| 18 | ATKR | Atkore INC | Stock-Other | 2.61% | -0.07% | -0.67% | |
| 19 | NSIT | Insight Enterprises INC | Stock-Tech | 2.55% | +2.55% | NEW | |
| 20 | PBH | Prestige Consumer Healthcare | Stock-Healthcare | 2.48% | +0.02% | -0.57% | |
| 21 | SMPL | Simply Good Foods Co/the | Stock-Other | 2.21% | +0.67% | +90.34% | |
| 22 | PFBC | Preferred Bank/los Angeles | Stock-Other | 2.15% | +0.01% | -0.75% | |
| 23 | AAMI | Acadian Asset Management INC | Stock-Other | 2.03% | +0.35% | -1.27% | |
| 24 | GTM | Zoominfo Technologies INC | Stock-Tech | 1.95% | -1.23% | -0.82% | |
| 25 | KOP | Koppers Holdings INC | Stock-Other | 1.93% | +0.64% | -0.36% | |
| 26 | MATW | Matthews Intl Corp-class A | Stock-Other | 1.79% | +0.07% | — | |
| 27 | CNXC | Concentrix CORP | Stock-Tech | 1.60% | -0.72% | -0.71% | |
| 28 | EXLS | Exlservice Holdings INC | Stock-Tech | 1.57% | +1.57% | NEW | |
| 29 | CARS | Cars.com INC | Stock-Other | 1.48% | -0.65% | -0.59% | |
| 30 | SMG | Scotts Miracle-gro Co | Stock-Materials | 1.43% | +1.43% | NEW | |
| 31 | BLKB | Blackbaud INC | Stock-Other | 1.41% | -0.80% | -0.81% | |
| 32 | SBSI | Southside Bancshares INC | Stock-Other | 1.28% | +0.08% | -0.72% | |
| 33 | MTUS | Metallus INC | Stock-Other | 1.27% | -0.01% | -0.91% | |
| 34 | SAIC | Science Applications Inte | Stock-Tech | 1.26% | — | — | |
| 35 | AVNS | Avanos Medical INC | Stock-Other | 1.17% | +0.27% | -0.85% | |
| 36 | CCRN | Cross Country Healthcare INC | Stock-Other | 0.94% | +0.17% | -0.89% | |
| 37 | HDSN | Hudson Technologies INC | Stock-Other | 0.70% | -0.08% | -0.50% | |
| 38 | RLGT | Radiant Logistics INC | Stock-Other | 0.54% | +0.08% | — | |
| 39 | FORR | Forrester Research INC | Stock-Other | 0.31% | -0.11% | — |
Performance for Q3 2026
+8.2%
Performance Last 4 Quarters
+15.2%
Based on 71% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 39 | $167.5M | 38 | |
| 2025-12-31 | 40 | $176.4M | 39 | |
| 2025-09-30 | 40 | $177.4M | 39 | |
| 2025-06-30 | 41 | $167.0M | 0 | |
| 2025-03-31 | 40 | $163.7M | 100 | |
| 2024-12-31 | 40 | $181.2M | 0 | |
| 2024-09-30 | 40 | $173.7M | 0 | |
| 2024-06-30 | 37 | $151.0M | 0 | |
| 2024-03-31 | 37 | $149.8M | 0 | |
| 2023-12-31 | 37 | $147.8M | 0 | |
| 2023-09-30 | 38 | $158.1M | 0 | |
| 2023-06-30 | 38 | $180.9M | 0 | |
| 2023-03-31 | 38 | $177.7M | 0 | |
| 2022-12-31 | 39 | $172.5M | 0 | |
| 2022-09-30 | 38 | $157.8M | 0 | |
| 2022-06-30 | 39 | $174.1M | 0 | |
| 2022-03-31 | 40 | $211.5M | 0 | |
| 2021-12-31 | 40 | $221.7M | 0 | |
| 2021-09-30 | 41 | $210.2M | 0 | |
| 2021-06-30 | 42 | $254.7M | 100 | |
| 2021-03-31 | 40 | $238.6M | 37 | |
| 2020-12-31 | 41 | $204.8M | 48 | |
| 2020-09-30 | 42 | $173.0M | 42 | |
| 2020-06-30 | 39 | $157.4M | 54 | |
| 2020-03-31 | 40 | $129.2M | 86 | |
| 2019-12-31 | 43 | $214.6M | 47 | |
| 2019-09-30 | 43 | $201.3M | 27 | |
| 2019-06-30 | 44 | $211.5M | 36 | |
| 2019-03-31 | 44 | $216.5M | 34 | |
| 2018-12-31 | 46 | $198.5M | 45 | |
| 2018-09-30 | 45 | $246.7M | 39 | |
| 2018-06-30 | 43 | $273.7M | 40 | |
| 2018-03-31 | 43 | $265.1M | 35 | |
| 2017-12-31 | 42 | $287.0M | 41 | |
| 2017-09-30 | 43 | $282.8M | 55 | |
| 2017-06-30 | 42 | $270.3M | 28 | |
| 2017-03-31 | 42 | $269.6M | 43 | |
| 2016-12-31 | 41 | $268.2M | 24 | |
| 2016-09-30 | 41 | $236.5M | 37 | |
| 2016-06-30 | 41 | $241.8M | 29 | |
| 2016-03-31 | 42 | $259.4M | 45 | |
| 2015-12-31 | 41 | $250.1M | 46 | |
| 2015-09-30 | 41 | $286.9M | 38 | |
| 2015-06-30 | 41 | $323.8M | 92 | |
| 2015-03-31 | 55 | $731.3M | 30 | |
| 2014-12-31 | 54 | $750.3M | 38 | |
| 2014-09-30 | 56 | $706.8M | 41 | |
| 2014-06-30 | 55 | $803.2M | 42 | |
| 2014-03-31 | 54 | $806.0M | 46 | |
| 2013-12-31 | 50 | $813.0M | 36 | |
| 2013-09-30 | 53 | $973.1M | 32 | |
| 2013-06-30 | 51 | $902.3M | — |
Kestrel Investment Management CORP's most significant position changes for 2026-03-31: Sold out: Radian Group INC (RDN); Sold out: Corecivic INC (CXW); New buy: Trimas CORP (TRS); New buy: Insight Enterprises INC (NSIT); Sold out: Treehouse Foods INC (THS).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | T86 | Tri Pointe Homes INC | +2.2% | -0.68% | Trim |
| 2 | PLAB | Photronics INC | +1.2% | -0.69% | Trim |
| 3 | VTOL | Bristow Group INC | +0.9% | -0.61% | Trim |
| 4 | ECVT | Ecovyst INC | +0.9% | -0.54% | Trim |
| 5 | PHIN | Phinia INC | +0.8% | -1.09% | Trim |
| 6 | SMPL | Simply Good Foods Co/the | +0.7% | +90.34% | Add |
| 7 | NATL | Ncr Atleos CORP | +0.7% | -0.82% | Trim |
| 8 | KOP | Koppers Holdings INC | +0.6% | -0.36% | Trim |
| 9 | ITGR | Integer Holdings CORP | +0.6% | -0.66% | Trim |
| 10 | CVSA | Covista INC | +0.5% | -0.63% | Trim |
| 11 | AAMI | Acadian Asset Management INC | +0.4% | -1.27% | Trim |
| 12 | AVNS | Avanos Medical INC | +0.3% | -0.85% | Trim |
| 13 | XHR | Xenia Hotels & Resorts INC | +0.2% | -0.81% | Trim |
| 14 | QCRH | Qcr Holdings INC | +0.2% | — | Unchanged |
| 15 | CCRN | Cross Country Healthcare INC | +0.2% | -0.89% | Trim |
| 16 | AX | Axos Financial INC | +0.1% | -1.04% | Trim |
| 17 | RLGT | Radiant Logistics INC | +0.1% | — | Unchanged |
| 18 | SBSI | Southside Bancshares INC | +0.1% | -0.72% | Trim |
| 19 | MATW | Matthews Intl Corp-class A | +0.1% | — | Unchanged |
| 20 | CNO | Cno Financial Group INC | +0.1% | -0.65% | Trim |
| 21 | PBH | Prestige Consumer Healthcare | 0% | -0.57% | Trim |
| 22 | PFBC | Preferred Bank/los Angeles | 0% | -0.75% | Trim |
| 23 | SAIC | Science Applications Inte | — | — | Unchanged |
| 24 | MTUS | Metallus INC | 0% | -0.91% | Trim |
| 25 | THC | Tenet Healthcare CORP | 0% | -1.09% | Trim |
| 26 | ATKR | Atkore INC | -0.1% | -0.67% | Trim |
| 27 | HDSN | Hudson Technologies INC | -0.1% | -0.50% | Trim |
| 28 | FORR | Forrester Research INC | -0.1% | — | Unchanged |
| 29 | BHF | Brighthouse Financial INC | -0.1% | -0.88% | Trim |
| 30 | CARS | Cars.com INC | -0.7% | -0.59% | Trim |
| 31 | CNXC | Concentrix CORP | -0.7% | -0.71% | Trim |
| 32 | BLKB | Blackbaud INC | -0.8% | -0.81% | Trim |
| 33 | HAE | Haemonetics Corp/mass | -1.2% | -0.71% | Trim |
| 34 | GTM | Zoominfo Technologies INC | -1.2% | -0.82% | Trim |
| 35 | UPWK | Upwork INC | -2.1% | -0.57% | Trim |
| 36 | RDN | Radian Group INC | — | EXIT | Sold out |
| 37 | CXW | Corecivic INC | — | EXIT | Sold out |
| 38 | TRS | Trimas CORP | — | NEW | New buy |
| 39 | NSIT | Insight Enterprises INC | — | NEW | New buy |
| 40 | THS | Treehouse Foods INC | — | EXIT | Sold out |
| 41 | OCFC | Oceanfirst Financial CORP | — | EXIT | Sold out |
| 42 | EXLS | Exlservice Holdings INC | — | NEW | New buy |
| 43 | SMG | Scotts Miracle-gro Co | — | NEW | New buy |
| 44 | RNGR | Ranger Energy Services-cl A | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-05 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-03 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-31 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-08 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-09 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-02 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-31 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-07 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-03 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-01 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-06 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-12 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-06 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-09 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-11 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-12 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-12 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-13 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-11 | Amendment | View on EDGAR |
| 2013-12-31 | 2014-02-11 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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