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Kestrel Investment Management Corp.

CIK 917579 · latest 13F filed 4 August 2026 · Read the filing on EDGAR

Kestrel Investment Management Corp. reported 40 US-listed holdings worth $183.7 million in its 13F for the quarter ended 30 June 2026, filed 4 August 2026. Its largest: Phinia Inc. (7.3%), Axos Financial, Inc. (5.0%) and CNO Financial Group, Inc. (4.3%). Against the quarter before, it opened 3 positions, added to 2, trimmed 2 and sold out of 2.

Reported holdings$183.7M+9.7% on Q1 2026
Positions40+1 on Q1 2026
The largest ten43.1%of its reported holdings
Latest 13FQ2 2026filed 4 August 2026
Where the money is
Added toHeld
PHIN7.3%AX5.0%CNO4.3%NSIT4.2%HAE4.0%ITGR3.8%NATL3.7%TRS3.7%PLAB3.5%SMG3.5%XHR3.3%CVSA3.2%BHF3.1%ATKR3.1%26 more44.2%

The 14 largest of its 40 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $173.7 million in 40 positions$174MQ3 24Q4 2024: $181.2 million in 40 positions$181MQ4 24Q1 2025: $163.7 million in 40 positions$164MQ1 25Q2 2025: $167.0 million in 41 positions$167MQ2 25Q3 2025: $177.4 million in 40 positions$177MQ3 25Q4 2025: $176.4 million in 40 positions$176MQ4 25Q1 2026: $167.5 million in 39 positions$167MQ1 26Q2 2026: $183.7 million in 40 positions$184MQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +17.3% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.

Its reported holdingsThe S&P 500
100110120130Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Its holdings +17.3%S&P 500 +30.2%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Opened 3Added 2Held 33Trimmed 2Sold out 2
Opened: 3Added: 2Held: 33Trimmed: 2Sold out: 2

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 3

  1. WEX Inc. WEX$5.2 million
  2. SLM Corp. SLM$2.2 million
  3. LiveRamp Holdings, Inc. RAMP$2.0 million

Added to 2

  1. Scotts Miracle-Gro Co. SMG+55,750 shares · +142%
  2. ExlService Holdings, Inc. EXLS+85,400 shares · +99%

Trimmed 2

  1. Matthews International Corp. MATW-400 shares · -0%
  2. Prestige Consumer Healthcare Inc. PBH-100 shares · -0%

Sold out of 2

  1. Tri Pointe Homes Inc. TPH$10.3 million last quarter
  2. Acadian Asset Management Inc. AAMI$3.4 million last quarter

What it holds

CompanySharesValueOf its bookChange in shares
Phinia Inc. PHIN163.5K$13.5 million7.33%-100
Axos Financial, Inc. AX95.2K$9.3 million5.04%no change
CNO Financial Group, Inc. CNO153.2K$7.8 million4.25%no change
Insight Enterprises Inc. NSIT63.8K$7.8 million4.23%no change
Haemonetics Corp. HAE97.4K$7.3 million3.98%no change
Integer Holdings Corp. ITGR75.2K$7.0 million3.82%no change
NCR Atleos Corp. NATL156.8K$6.8 million3.71%no change
Trimas Corp. TRS149.6K$6.7 million3.67%no change
Photronics Inc. PLAB200.4K$6.5 million3.55%no change
Scotts Miracle-Gro Co. SMG95.0K$6.5 million3.52%+55.8K
Xenia Hotels & Resorts, Inc. XHR294.6K$6.0 million3.27%no change
Covista Inc. CVSA47.3K$5.9 million3.21%no change
Brighthouse Financial, Inc. BHF90.4K$5.7 million3.12%no change
Atkore Inc. ATKR74.2K$5.6 million3.07%no change
QCR Holdings Inc. QCRH55.6K$5.4 million2.95%no change
Bristow Group Inc. VTOL129.7K$5.4 million2.92%no change
WEX Inc. WEX36.9K$5.2 million2.83%new
Tenet Healthcare Corp. THC27.2K$5.1 million2.77%no change
Ecovyst Inc. ECVT405.4K$5.0 million2.75%no change
ExlService Holdings, Inc. EXLS171.9K$4.4 million2.42%+85.4K
Preferred BK Los Angeles Ca PFBC39.8K$4.2 million2.30%no change
Koppers Holdings Inc. KOP83.5K$3.7 million2.04%no change
Upwork, Inc. UPWK433.0K$3.6 million1.97%no change
Avanos Med Inc. AVNS139.8K$3.5 million1.89%no change
Simply Good Foods Co. SMPL258.1K$3.4 million1.87%no change
Cars Com Inc. CARS305.8K$3.3 million1.82%no change
Prestige Consumer Healthcare Inc. PBH70.0K$3.3 million1.80%-100
Matthews International Corp. MATW115.5K$3.1 million1.69%-400
Science Applications International Corp. SAIC22.1K$2.4 million1.33%no change
Metallus Inc. MTUS130.0K$2.4 million1.32%no change
Southside Bancshares Inc. SBSI69.0K$2.4 million1.32%no change
Cross Ctry Healthcare Inc. CCRN167.1K$2.2 million1.20%no change
Concentrix Corp. CNXC97.8K$2.2 million1.19%no change
SLM Corp. SLM83.0K$2.2 million1.17%new
LiveRamp Holdings, Inc. RAMP54.0K$2.0 million1.11%new
Blackbaud Inc. BLKB61.0K$1.8 million0.98%no change
ZoomInfo Technologies Inc. GTM547.1K$1.6 million0.87%no change
Radiant Logistics Inc. RLGT127.8K$1.2 million0.66%no change
Hudson Technologies Inc. HDSN200.8K$1.2 million0.63%no change
Forrester Resh Inc. FORR91.5K$769,5150.42%no change
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 2 it sold out of are in the box above.