KESTREL INVESTMENT MANAGEMENT CORP

Registered adviser

CIK

917579

Location

SAN MATEO, CA

Portfolio Value

Small $173,378,575

Diversification

Diversified

Filing Date

Global Rank

#6,779 / 8,826 ▼ 109 · as of Jun 2026

Top Industry

Banks - Regional 10.8%

3Y Alpha vs SPY

-4.6%

Period ended 36 days ago

Filed Nov 2, 2026 · 3d

27 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 106789

Roster of Nov 1, 2026

Regulatory AUM

$179,964,874

Main clients

Diversified

Private funds

1 fund · Other private funds

Focus by fund count, roster of Nov 1, 2026

$16,643,794 gross assets

Private funds on Schedule D 7.B.(1)

As filed Mar 26, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$13,834,712 gross assets in 1 fund Other private funds $13,834,712 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$179,964,874	Diversified
Apr 2025 to Mar 2026	$185,641,031	Diversified
Apr 2024 to Mar 2025	$152,961,262	Diversified
May 2023 to Mar 2024	$177,954,505	Diversified
Apr 2023	$177,954,505	Diversified
Apr 2022 to Mar 2023	$226,056,369	Diversified

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, the newest measured quarter, never from the firm's own description.

Style

Diversified active

Top 10 weight 43.1%, 30.5 effective positions, active share 97.6% against the S&P SmallCap 600 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Medium turnover

37.3% over the last four quarters (30% to under 100%)

Horizon

Horizon unknown

The value-weighted holding period is at least 8.5 quarters, but 4.9% of the book was already held when coverage starts

Closest benchmark: the S&P SmallCap 600 as of 2026-06-30, active share 97.6%; sector active share 29.1% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

39 tracked positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026

Top Position

5.5%

−1.8 pts

Top 5

25.8%

+1.0 pts

Top 10

45.3%

+2.1 pts

HHI

334

Diversified+6

Portfolio Trend

27 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2026

Sector	% Portfolio	Value	Positions
Technology	23.2%	$40,188,759	10
Financial Services	20.7%	$35,936,196	7
Healthcare	16.1%	$27,952,931	4
Industrials	9.1%	$15,752,843	5
Basic Materials	8.7%	$15,054,566	5
Consumer Cyclical	8.4%	$14,565,011	2
Consumer Defensive	4.5%	$7,751,087	2
Communication Services	3.6%	$6,231,307	2
Real Estate	2.9%	$5,075,763	1
Energy	2.8%	$4,870,112	1

Last Quarter's Activity

Export CSV

Sep 30, 2026 vs Jun 30, 2026

Added To

Positions the filer increased

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
SLM	SLM Corp	+147,900	230,950	$5,226,398
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
GTM	ZoomInfo Technologies Inc.	−41,500	505,600	$1,916,224
ECVT	Ecovyst Inc.	−27,900	377,500	$3,710,825
UPWK	Upwork, Inc	−25,600	407,400	$3,324,384
CARS	Cars.com Inc.	−22,700	283,050	$2,906,923
SMPL	Simply Good Foods Co	−14,300	243,750	$2,313,187
XHR	Xenia Hotels & Resorts, Inc.	−13,600	281,050	$5,075,763
EXLS	ExlService Holdings, Inc.	−13,100	158,800	$5,459,544
TRS	Trimas Corp	−10,400	139,150	$5,371,190
VTOL	Bristow Group Inc.	−10,100	119,600	$4,870,112
PHIN	Phinia Inc.	−8,800	154,700	$9,193,821
CNO	CNO Financial Group, Inc.	−8,300	144,950	$7,669,304
NATL	NCR Atleos Corp	−8,300	148,550	$6,711,489
HDSN	Hudson Technologies Inc	−8,100	192,650	$992,147
MTUS	Metallus Inc.	−7,900	122,100	$2,318,679
MATW	Matthews International Corp	−7,700	107,800	$2,068,682
FORR	Forrester Research, Inc.	−7,100	84,400	$971,444
HAE	Haemonetics Corp	−7,000	90,400	$9,519,120
CNXC	Concentrix Corp	−6,900	90,850	$2,266,707
SMG	Scotts Miracle-Gro Co	−6,300	88,750	$4,447,262
RAMP	LiveRamp Holdings, Inc.	−5,200	48,800	$1,830,976
BHF	Brighthouse Financial, Inc.	−5,100	85,300	$4,256,470
ITGR	Integer Holdings Corp	−4,900	70,250	$8,876,087
KOP	Koppers Holdings Inc.	−4,800	78,650	$3,585,653
ATKR	Atkore Inc.	−4,700	69,450	$6,580,387
AX	Axos Financial, Inc.	−4,600	90,550	$7,838,913
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
FCN	Fti Consulting, Inc	37,450	$5,037,399
OPCH	Option Care Health, Inc.	120,725	$2,715,105
FOUR	Shift4 Payments, Inc.	52,600	$1,902,542
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
PLAB	Photronics Inc	200,450	$6,520,638
—		139,850	$3,479,468
PBH	Prestige Consumer Healthcare Inc.	69,950	$3,306,536
—		167,100	$2,207,391
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

39 tracked positions · $173,378,575 total · filing declares 39 positions · $173,377,892 · as of Sep 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
HAE	Haemonetics Corp Healthcare	Reduced	90,400	-7,000	$9,519,120	+30.3%	5.49%
NSIT	Insight Enterprises Inc Technology	Reduced	59,950	-3,800	$9,371,384	+20.7%	5.41%
PHIN	Phinia Inc. Consumer Cyclical	Reduced	154,700	-8,800	$9,193,821	−31.7%	5.30%
ITGR	Integer Holdings Corp Healthcare	Reduced	70,250	-4,900	$8,876,087	+26.4%	5.12%
AX	Axos Financial, Inc. Financial Services	Reduced	90,550	-4,600	$7,838,913	−15.4%	4.52%
CNO	CNO Financial Group, Inc. Financial Services	Reduced	144,950	-8,300	$7,669,304	−1.8%	4.42%
THC	Tenet Healthcare Corp Healthcare	Reduced	26,775	-400	$6,842,619	+34.6%	3.95%
NATL	NCR Atleos Corp Technology	Reduced	148,550	-8,300	$6,711,489	−1.4%	3.87%
ATKR	Atkore Inc. Industrials	Reduced	69,450	-4,700	$6,580,387	+16.7%	3.80%
WEX	WEX Inc. Technology	Reduced	34,700	-2,200	$5,853,890	+12.4%	3.38%
EXLS	ExlService Holdings, Inc. Technology	Reduced	158,800	-13,100	$5,459,544	+22.8%	3.15%
CVSA	Covista Inc. Consumer Defensive	Reduced	44,500	-2,800	$5,437,900	−7.8%	3.14%
TRS	Trimas Corp Consumer Cyclical	Reduced	139,150	-10,400	$5,371,190	−20.2%	3.10%
SLM	SLM Corp Financial Services	Added	230,950	+147,900	$5,226,398	+142.6%	3.01%
XHR	Xenia Hotels & Resorts, Inc. Real Estate	Reduced	281,050	-13,600	$5,075,763	−15.4%	2.93%
FCN	Fti Consulting, Inc Industrials	NEW	37,450	NEW	$5,037,399	NEW	2.91%
QCRH	Qcr Holdings Inc Financial Services	Reduced	51,350	-4,300	$5,025,881	−7.2%	2.90%
VTOL	Bristow Group Inc. Energy	Reduced	119,600	-10,100	$4,870,112	−9.1%	2.81%
SMG	Scotts Miracle-Gro Co Basic Materials	Reduced	88,750	-6,300	$4,447,262	−31.3%	2.57%
BHF	Brighthouse Financial, Inc. Financial Services	Reduced	85,300	-5,100	$4,256,470	−25.6%	2.46%
PFBC	Preferred Bank Financial Services	Reduced	37,850	-1,900	$3,964,030	−6.2%	2.29%
ECVT	Ecovyst Inc. Basic Materials	Reduced	377,500	-27,900	$3,710,825	−26.5%	2.14%
KOP	Koppers Holdings Inc. Basic Materials	Reduced	78,650	-4,800	$3,585,653	−4.3%	2.07%
UPWK	Upwork, Inc Communication Services	Reduced	407,400	-25,600	$3,324,384	−8.2%	1.92%
CARS	Cars.com Inc. Communication Services	Reduced	283,050	-22,700	$2,906,923	−13.1%	1.68%
OPCH	Option Care Health, Inc. Healthcare	NEW	120,725	NEW	$2,715,105	NEW	1.57%
SAIC	Science Applications International Corp Technology	Reduced	19,350	-2,800	$2,468,286	+0.9%	1.42%
BLKB	Blackbaud Inc Technology	Reduced	57,850	-3,200	$2,407,717	+33.1%	1.39%
MTUS	Metallus Inc. Basic Materials	Reduced	122,100	-7,900	$2,318,679	−4.6%	1.34%
SMPL	Simply Good Foods Co Consumer Defensive	Reduced	243,750	-14,300	$2,313,187	−32.5%	1.33%
CNXC	Concentrix Corp Technology	Reduced	90,850	-6,900	$2,266,707	+3.5%	1.31%
MATW	Matthews International Corp Industrials	Reduced	107,800	-7,700	$2,068,682	−33.5%	1.19%
SBSI	Southside Bancshares Inc Financial Services	Reduced	65,000	-4,000	$1,955,200	−19.5%	1.13%
GTM	ZoomInfo Technologies Inc. Technology	Reduced	505,600	-41,500	$1,916,224	+19.5%	1.11%
FOUR	Shift4 Payments, Inc. Technology	NEW	52,600	NEW	$1,902,542	NEW	1.10%
RAMP	LiveRamp Holdings, Inc. Technology	Reduced	48,800	-5,200	$1,830,976	−9.9%	1.06%
RLGT	Radiant Logistics, Inc Industrials	Reduced	125,999	-1,800	$1,094,931	−9.4%	0.63%
HDSN	Hudson Technologies Inc Basic Materials	Reduced	192,650	-8,100	$992,147	−13.9%	0.57%
FORR	Forrester Research, Inc. Industrials	Reduced	84,400	-7,100	$971,444	+26.2%	0.56%

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.