KESTREL INVESTMENT MANAGEMENT CORP

CIK

917579

Location

SAN MATEO, CA

Portfolio Value

Small $167,465,977

Diversification

Diversified

Filing Date

Global Rank

#4,588 / 8,603 ▲ 79 · as of Mar 2026

Top Industry

Banks - Regional 11.1%

3Y Alpha vs SPY

-4.1%

Period ended 3 months ago

Filed May 5, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+58.2%

SPY

+76.0%

Annualised alpha

-4.2%

Max drawdown

−20.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

39 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

6.7%

+0.7 pts

Top 5

26.6%

+2.2 pts

Top 10

44.5%

+1.6 pts

HHI

336

Diversified+12

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	20.1%	$33,702,113	7
Technology	19.3%	$32,247,235	8
Consumer Cyclical	16.0%	$26,854,547	3
Healthcare	14.9%	$24,912,759	6
Basic Materials	8.4%	$14,135,733	5
Consumer Defensive	5.5%	$9,154,342	2
Industrials	5.2%	$8,779,586	4
Communication Services	4.3%	$7,228,370	2
Energy	3.6%	$6,081,633	1
Real Estate	2.6%	$4,369,659	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
SMPL	Simply Good Foods Co	+122,475	258,050	$3,703,017
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
GTM	ZoomInfo Technologies Inc.	−4,500	547,100	$3,271,658
UPWK	Upwork, Inc	−2,500	433,000	$4,745,680
XHR	Xenia Hotels & Resorts, Inc.	−2,400	294,650	$4,369,659
ECVT	Ecovyst Inc.	−2,200	405,400	$5,213,444
PHIN	Phinia Inc.	−1,800	163,600	$11,196,784
CARS	Cars.com Inc.	−1,800	305,750	$2,482,690
TPH	Tri Pointe Homes, Inc.	−1,500	220,050	$10,282,936
CCRN	Cross Country Healthcare Inc	−1,500	167,100	$1,570,740
PLAB	Photronics Inc	−1,400	200,450	$8,100,184
NATL	NCR Atleos Corp	−1,300	156,850	$6,835,523
MTUS	Metallus Inc.	−1,200	130,000	$2,124,200
AVNS	Avanos Medical, Inc.	−1,200	139,850	$1,959,298
CNO	CNO Financial Group, Inc.	−1,000	153,250	$6,292,445
AX	Axos Financial, Inc.	−1,000	95,150	$8,096,313
HDSN	Hudson Technologies Inc /Ny	−1,000	200,750	$1,180,410
VTOL	Bristow Group Inc.	−800	129,700	$6,081,633
AAMI	Acadian Asset Management Inc.	−800	62,381	$3,394,774
BHF	Brighthouse Financial, Inc.	−800	90,400	$5,413,152
HAE	Haemonetics Corp	−700	97,400	$5,489,464
CNXC	Concentrix Corp	−700	97,750	$2,674,440
ITGR	Integer Holdings Corp	−500	75,150	$6,613,200
SBSI	Southside Bancshares Inc	−500	69,000	$2,145,210
BLKB	Blackbaud Inc	−500	61,050	$2,357,140
ATKR	Atkore Inc.	−500	74,150	$4,368,176
PBH	Prestige Consumer Healthcare Inc.	−400	70,050	$4,151,863
No positions match the current search.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
TRS	Trimas Corp	149,550	$5,374,827
NSIT	Insight Enterprises Inc	63,750	$4,271,887
EXLS	ExlService Holdings, Inc.	86,500	$2,633,925
SMG	Scotts Miracle-Gro Co	39,300	$2,389,833
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
RDN	Radian Group Inc	192,800	$6,938,872
CXW	CoreCivic, Inc.	293,100	$5,601,141
OCFC	Oceanfirst Financial Corp	197,050	$3,537,047
RNGR	Ranger Energy Services, Inc.	139,600	$1,951,608
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

39 positions · $167,465,977 total · as of Mar 31, 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	163,600	-1,800	$11,196,784	+8.0%	6.69%
TPH	Tri Pointe Homes, Inc. Consumer Cyclical	Reduced	220,050	-1,500	$10,282,936	+47.5%	6.14%
PLAB	Photronics Inc Technology	Reduced	200,450	-1,400	$8,100,184	+25.4%	4.84%
AX	Axos Financial, Inc. Financial Services	Reduced	95,150	-1,000	$8,096,313	−2.3%	4.83%
NATL	NCR Atleos Corp Technology	Reduced	156,850	-1,300	$6,835,523	+13.4%	4.08%
ITGR	Integer Holdings Corp Healthcare	Reduced	75,150	-500	$6,613,200	+11.5%	3.95%
CNO	CNO Financial Group, Inc. Financial Services	Reduced	153,250	-1,000	$6,292,445	−3.9%	3.76%
VTOL	Bristow Group Inc. Energy	Reduced	129,700	-800	$6,081,633	+27.3%	3.63%
HAE	Haemonetics Corp Healthcare	Reduced	97,400	-700	$5,489,464	−30.2%	3.28%
CVSA	Covista Inc. Consumer Defensive	Reduced	47,300	-300	$5,451,325	+10.7%	3.26%
BHF	Brighthouse Financial, Inc. Financial Services	Reduced	90,400	-800	$5,413,152	−8.4%	3.23%
TRS	Trimas Corp Consumer Cyclical	NEW	149,550	NEW	$5,374,827	NEW	3.21%
ECVT	Ecovyst Inc. Basic Materials	Reduced	405,400	-2,200	$5,213,444	+31.5%	3.11%
THC	Tenet Healthcare Corp Healthcare	Reduced	27,175	-300	$5,128,194	−6.1%	3.06%
QCRH	Qcr Holdings Inc Financial Services	Held	55,650	0	$4,755,292	+2.6%	2.84%
UPWK	Upwork, Inc Communication Services	Reduced	433,000	-2,500	$4,745,680	−45.0%	2.83%
XHR	Xenia Hotels & Resorts, Inc. Real Estate	Reduced	294,650	-2,400	$4,369,659	+4.0%	2.61%
ATKR	Atkore Inc. Industrials	Reduced	74,150	-500	$4,368,176	−7.5%	2.61%
NSIT	Insight Enterprises Inc Technology	NEW	63,750	NEW	$4,271,887	NEW	2.55%
PBH	Prestige Consumer Healthcare Inc. Healthcare	Reduced	70,050	-400	$4,151,863	−4.5%	2.48%
SMPL	Simply Good Foods Co Consumer Defensive	Added	258,050	+122,475	$3,703,017	+36.0%	2.21%
PFBC	Preferred Bank Financial Services	Reduced	39,750	-300	$3,604,927	−4.7%	2.15%
AAMI	Acadian Asset Management Inc. Financial Services	Reduced	62,381	-800	$3,394,774	+14.3%	2.03%
GTM	ZoomInfo Technologies Inc. Technology	Reduced	547,100	-4,500	$3,271,658	−41.7%	1.95%
KOP	Koppers Holdings Inc. Basic Materials	Reduced	83,450	-300	$3,227,846	+42.3%	1.93%
MATW	Matthews International Corp Industrials	Held	115,900	0	$2,992,538	−1.1%	1.79%
CNXC	Concentrix Corp Technology	Reduced	97,750	-700	$2,674,440	−34.7%	1.60%
EXLS	ExlService Holdings, Inc. Technology	NEW	86,500	NEW	$2,633,925	NEW	1.57%
CARS	Cars.com Inc. Communication Services	Reduced	305,750	-1,800	$2,482,690	−33.8%	1.48%
SMG	Scotts Miracle-Gro Co Basic Materials	NEW	39,300	NEW	$2,389,833	NEW	1.43%
BLKB	Blackbaud Inc Technology	Reduced	61,050	-500	$2,357,140	−39.5%	1.41%
SBSI	Southside Bancshares Inc Financial Services	Reduced	69,000	-500	$2,145,210	+1.6%	1.28%
MTUS	Metallus Inc. Basic Materials	Reduced	130,000	-1,200	$2,124,200	−5.6%	1.27%
SAIC	Science Applications International Corp Technology	Held	22,150	0	$2,102,478	−5.7%	1.26%
AVNS	Avanos Medical, Inc. Healthcare	Reduced	139,850	-1,200	$1,959,298	+23.7%	1.17%
CCRN	Cross Country Healthcare Inc Healthcare	Reduced	167,100	-1,500	$1,570,740	+15.0%	0.94%
HDSN	Hudson Technologies Inc /Ny Basic Materials	Reduced	200,750	-1,000	$1,180,410	−14.6%	0.70%
RLGT	Radiant Logistics, Inc Industrials	Held	127,799	0	$900,982	+11.4%	0.54%
FORR	Forrester Research, Inc. Industrials	Held	91,500	0	$517,890	−30.3%	0.31%