# KESTREL INVESTMENT MANAGEMENT CORP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 917579. Source: https://holderbook.com/funds/917579-kestrel-investment-management-corp/

- Reported value: $183.7M
- Positions: 40
- Weight of the ten largest: 43.1%
- Filed: 2026-08-04

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PHINIA INC | [PHIN](https://holderbook.com/stocks/PHIN/) | $13.5M | 163,500 | 7.3% | 12 |
| AXOS FINANCIAL INC | [AX](https://holderbook.com/stocks/AX/) | $9.3M | 95,150 | 5.0% | 13 |
| CNO FINL GROUP INC | [CNO](https://holderbook.com/stocks/CNO/) | $7.8M | 153,250 | 4.3% | 26 |
| INSIGHT ENTERPRISES INC | [NSIT](https://holderbook.com/stocks/NSIT/) | $7.8M | 63,750 | 4.2% | 2 |
| HAEMONETICS CORP MASS | [HAE](https://holderbook.com/stocks/HAE/) | $7.3M | 97,400 | 4.0% | 4 |
| INTEGER HLDGS CORP | [ITGR](https://holderbook.com/stocks/ITGR/) | $7.0M | 75,150 | 3.8% | 3 |
| NCR ATLEOS CORPORATION | [NATL](https://holderbook.com/stocks/NATL/) | $6.8M | 156,850 | 3.7% | 11 |
| TRIMAS CORP | [TRS](https://holderbook.com/stocks/TRS/) | $6.7M | 149,550 | 3.7% | 2 |
| PHOTRONICS INC | [PLAB](https://holderbook.com/stocks/PLAB/) | $6.5M | 200,450 | 3.5% | 7 |
| SCOTTS MIRACLE-GRO CO | [SMG](https://holderbook.com/stocks/SMG/) | $6.5M | 95,050 | 3.5% | 2 |
| XENIA HOTELS & RESORTS INC | [XHR](https://holderbook.com/stocks/XHR/) | $6.0M | 294,650 | 3.3% | 10 |
| COVISTA INC | [CVSA](https://holderbook.com/stocks/CVSA/) | $5.9M | 47,300 | 3.2% | 17 |
| BRIGHTHOUSE FINL INC | [BHF](https://holderbook.com/stocks/BHF/) | $5.7M | 90,400 | 3.1% | 22 |
| ATKORE INC | [ATKR](https://holderbook.com/stocks/ATKR/) | $5.6M | 74,150 | 3.1% | 6 |
| QCR HLDGS INC | [QCRH](https://holderbook.com/stocks/QCRH/) | $5.4M | 55,650 | 2.9% | 3 |
| BRISTOW GROUP INC | [VTOL](https://holderbook.com/stocks/VTOL/) | $5.4M | 129,700 | 2.9% | 4 |
| WEX INC | [WEX](https://holderbook.com/stocks/WEX/) | $5.2M | 36,900 | 2.8% | 1 |
| TENET HEALTHCARE CORP | [THC](https://holderbook.com/stocks/THC/) | $5.1M | 27,175 | 2.8% | 15 |
| ECOVYST INC | [ECVT](https://holderbook.com/stocks/ECVT/) | $5.0M | 405,400 | 2.7% | 3 |
| EXLSERVICE HLDGS INC | [EXLS](https://holderbook.com/stocks/EXLS/) | $4.4M | 171,900 | 2.4% | 2 |
| PREFERRED BK LOS ANGELES CA | [PFBC](https://holderbook.com/stocks/PFBC/) | $4.2M | 39,750 | 2.3% | 10 |
| KOPPERS HOLDINGS INC | [KOP](https://holderbook.com/stocks/KOP/) | $3.7M | 83,450 | 2.0% | 6 |
| UPWORK INC | [UPWK](https://holderbook.com/stocks/UPWK/) | $3.6M | 433,000 | 2.0% | 8 |
| AVANOS MED INC | [AVNS](https://holderbook.com/stocks/AVNS/) | $3.5M | 139,850 | 1.9% | 11 |
| SIMPLY GOOD FOODS CO | [SMPL](https://holderbook.com/stocks/SMPL/) | $3.4M | 258,050 | 1.9% | 3 |
| CARS COM INC | [CARS](https://holderbook.com/stocks/CARS/) | $3.3M | 305,750 | 1.8% | 3 |
| PRESTIGE CONSMR HEALTHCARE I | [PBH](https://holderbook.com/stocks/PBH/) | $3.3M | 69,950 | 1.8% | 9 |
| MATTHEWS INTL CORP | [MATW](https://holderbook.com/stocks/MATW/) | $3.1M | 115,500 | 1.7% | 5 |
| SCIENCE APPLICATIONS INTL CO | [SAIC](https://holderbook.com/stocks/SAIC/) | $2.4M | 22,150 | 1.3% | 16 |
| METALLUS INC | [MTUS](https://holderbook.com/stocks/MTUS/) | $2.4M | 130,000 | 1.3% | 9 |
| SOUTHSIDE BANCSHARES INC | [SBSI](https://holderbook.com/stocks/SBSI/) | $2.4M | 69,000 | 1.3% | 14 |
| CROSS CTRY HEALTHCARE INC | [CCRN](https://holderbook.com/stocks/CCRN/) | $2.2M | 167,100 | 1.2% | 12 |
| CONCENTRIX CORP | [CNXC](https://holderbook.com/stocks/CNXC/) | $2.2M | 97,750 | 1.2% | 6 |
| SLM CORP | [SLM](https://holderbook.com/stocks/SLM/) | $2.2M | 83,050 | 1.2% | 1 |
| LIVERAMP HLDGS INC | [RAMP](https://holderbook.com/stocks/RAMP/) | $2.0M | 54,000 | 1.1% | 1 |
| BLACKBAUD INC | [BLKB](https://holderbook.com/stocks/BLKB/) | $1.8M | 61,050 | 1.0% | 9 |
| ZOOMINFO TECHNOLOGIES INC | [GTM](https://holderbook.com/stocks/GTM/) | $1.6M | 547,100 | 0.9% | 5 |
| RADIANT LOGISTICS INC | [RLGT](https://holderbook.com/stocks/RLGT/) | $1.2M | 127,799 | 0.7% | 31 |
| HUDSON TECHNOLOGIES INC | [HDSN](https://holderbook.com/stocks/HDSN/) | $1.2M | 200,750 | 0.6% | 8 |
| FORRESTER RESH INC | [FORR](https://holderbook.com/stocks/FORR/) | $769.5K | 91,500 | 0.4% | 8 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +9.9% | +14.8% | -4.9% | 94% |
| Q1 2026 | -1.6% | -4.6% | +3.1% | 98% |
| Q4 2025 | +2.5% | +2.4% | +0.1% | 96% |
| Q3 2025 | +7.5% | +7.8% | -0.3% | 97% |
| Q2 2025 | +3.5% | +10.5% | -7.0% | 100% |
| Q1 2025 | -7.3% | -4.6% | -2.7% | 100% |
| Q4 2024 | +3.9% | +2.1% | +1.7% | 86% |
| Q3 2024 | +8.8% | +5.4% | +3.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $183.7M | 40 |
| Q1 2026 | $167.5M | 39 |
| Q4 2025 | $176.4M | 40 |
| Q3 2025 | $177.4M | 40 |
| Q2 2025 | $167.0M | 41 |
| Q1 2025 | $163.7M | 40 |
| Q4 2024 | $181.2M | 40 |
| Q3 2024 | $173.7M | 40 |
| Q2 2024 | $151.0M | 37 |
| Q1 2024 | $149.8M | 37 |
| Q4 2023 | $147.8M | 37 |
| Q3 2023 | $158.1M | 38 |