KESTREL INVESTMENT MANAGEMENT CORP

CIK

917579

Location

SAN MATEO, CA

Portfolio Value

Small $181,472,686

Diversification

Diversified

Filing Date

Global Rank

#4,791 / 8,700 ▲ 1993

Top Industry

Banks - Regional 11.8%

3Y Alpha vs SPY

-4.4%

Period ended 2 months ago

Filed Aug 4, 2026 · 40d

26 quarters · since Mar 2020

Clone Performance

Sep 2023–Sep 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+51.6%

SPY

+71.2%

Annualised alpha

-4.8%

Max drawdown

−22.2%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. Returns use comparable raw closes and exclude dividends. Returns are unavailable when a held security or benchmark crosses a captured split without a certified price basis; the requested window is not shortened to hide it. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

40 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

7.4%

+0.2 pts

Top 5

25.1%

−1.1 pts

Top 10

43.6%

−1.1 pts

HHI

334

Diversified−10

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Technology	22.5%	$40,825,334	10
Financial Services	20.4%	$37,025,452	7
Healthcare	14.4%	$26,197,670	6
Consumer Cyclical	11.1%	$20,201,731	2
Basic Materials	10.4%	$18,849,995	5
Industrials	5.9%	$10,726,119	4
Consumer Defensive	5.1%	$9,323,322	2
Communication Services	3.8%	$6,964,785	2
Real Estate	3.3%	$5,999,074	1
Energy	3.0%	$5,359,204	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
EXLS	ExlService Holdings, Inc.	+85,400	171,900	$4,445,334
SMG	Scotts Miracle-Gro Co	+55,750	95,050	$6,473,855
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
MATW	Matthews International Corp	−400	115,500	$3,109,260
PBH	Prestige Consumer Healthcare Inc.	−100	69,950	$3,306,536
PHIN	Phinia Inc.	−100	163,500	$13,467,495
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
WEX	WEX Inc.	36,900	$5,206,221
SLM	SLM Corp	83,050	$2,154,317
RAMP	LiveRamp Holdings, Inc.	54,000	$2,032,560
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
AAMI	Acadian Asset Management Inc.	62,381	$3,394,774
—		220,050	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

40 tracked positions · $181,472,686 total · filing declares 40 positions · $183,680,088 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
PHIN	Phinia Inc. Consumer Cyclical	Reduced	163,500	-100	$13,467,495	+20.3%	7.42%
AX	Axos Financial, Inc. Financial Services	Held	95,150	0	$9,266,658	+14.5%	5.11%
CNO	CNO Financial Group, Inc. Financial Services	Held	153,250	0	$7,812,685	+24.2%	4.31%
NSIT	Insight Enterprises Inc Technology	Held	63,750	0	$7,764,750	+81.8%	4.28%
HAE	Haemonetics Corp Healthcare	Held	97,400	0	$7,305,000	+33.1%	4.03%
ITGR	Integer Holdings Corp Healthcare	Held	75,150	0	$7,022,767	+6.2%	3.87%
NATL	NCR Atleos Corp Technology	Held	156,850	0	$6,808,858	−0.4%	3.75%
TRS	Trimas Corp Consumer Cyclical	Held	149,550	0	$6,734,236	+25.3%	3.71%
PLAB	Photronics Inc Technology	Held	200,450	0	$6,520,638	−19.5%	3.59%
SMG	Scotts Miracle-Gro Co Basic Materials	Added	95,050	+55,750	$6,473,855	+170.9%	3.57%
XHR	Xenia Hotels & Resorts, Inc. Real Estate	Held	294,650	0	$5,999,074	+37.3%	3.31%
CVSA	Covista Inc. Consumer Defensive	Held	47,300	0	$5,896,418	+8.2%	3.25%
BHF	Brighthouse Financial, Inc. Financial Services	Held	90,400	0	$5,722,320	+5.7%	3.15%
ATKR	Atkore Inc. Industrials	Held	74,150	0	$5,638,366	+29.1%	3.11%
QCRH	Qcr Holdings Inc Financial Services	Held	55,650	0	$5,417,527	+13.9%	2.99%
VTOL	Bristow Group Inc. Energy	Held	129,700	0	$5,359,204	−11.9%	2.95%
WEX	WEX Inc. Technology	NEW	36,900	NEW	$5,206,221	NEW	2.87%
THC	Tenet Healthcare Corp Healthcare	Held	27,175	0	$5,083,899	−0.9%	2.80%
ECVT	Ecovyst Inc. Basic Materials	Held	405,400	0	$5,047,230	−3.2%	2.78%
EXLS	ExlService Holdings, Inc. Technology	Added	171,900	+85,400	$4,445,334	+68.8%	2.45%
PFBC	Preferred Bank Financial Services	Held	39,750	0	$4,223,835	+17.2%	2.33%
KOP	Koppers Holdings Inc. Basic Materials	Held	83,450	0	$3,746,905	+16.1%	2.06%
UPWK	Upwork, Inc Communication Services	Held	433,000	0	$3,619,880	−23.7%	1.99%
		Held	139,850	0	$3,479,468	+77.6%	1.92%
SMPL	Simply Good Foods Co Consumer Defensive	Held	258,050	0	$3,426,904	−7.5%	1.89%
CARS	Cars.com Inc. Communication Services	Held	305,750	0	$3,344,905	+34.7%	1.84%
PBH	Prestige Consumer Healthcare Inc. Healthcare	Reduced	69,950	-100	$3,306,536	−20.4%	1.82%
MATW	Matthews International Corp Industrials	Reduced	115,500	-400	$3,109,260	+3.9%	1.71%
SAIC	Science Applications International Corp Technology	Held	22,150	0	$2,445,581	+16.3%	1.35%
MTUS	Metallus Inc. Basic Materials	Held	130,000	0	$2,429,700	+14.4%	1.34%
SBSI	Southside Bancshares Inc Financial Services	Held	69,000	0	$2,428,110	+13.2%	1.34%
CNXC	Concentrix Corp Technology	Held	97,750	0	$2,190,088	−18.1%	1.21%
SLM	SLM Corp Financial Services	NEW	83,050	NEW	$2,154,317	NEW	1.19%
RAMP	LiveRamp Holdings, Inc. Technology	NEW	54,000	NEW	$2,032,560	NEW	1.12%
BLKB	Blackbaud Inc Technology	Held	61,050	0	$1,808,301	−23.3%	1.00%
GTM	ZoomInfo Technologies Inc. Technology	Held	547,100	0	$1,603,003	−51.0%	0.88%
RLGT	Radiant Logistics, Inc Industrials	Held	127,799	0	$1,208,978	+34.2%	0.67%
HDSN	Hudson Technologies Inc /Ny Basic Materials	Held	200,750	0	$1,152,305	−2.4%	0.63%
FORR	Forrester Research, Inc. Industrials	Held	91,500	0	$769,515	+48.6%	0.42%
		Held	167,100	0	$0	—	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.