Kestrel Investment Management Corp.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 4, 2026), Kestrel Investment Management Corp. reported 40 stock positions worth $183.7 million. Its top holding was Phinia (PHIN) at 7.3% of the portfolio, followed by Axos Financial (AX, 5.0%) and Cno Financial (CNO, 4.3%). Compared with Q1 2026, it opened 3 new positions, sold out of 2, added to 2 and reduced 3. The biggest buy was a new position in Wex (WEX) and the biggest sale an exit from Tri Pointe Homes (TPH).

Most Recent 13F
Q2 2026
Location
SAN MATEO, CA
CIK
0000917579
Portfolio Value
$183.7M (Q2 2026)
SEC Filing
0000917579-26-000004 ↗ filed Aug 4, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $149.8M Q1 2024 Q2 2024: $151.0M Q2 2024 Q3 2024: $173.7M Q3 2024 Q4 2024: $181.2M Q4 2024 Q1 2025: $163.7M Q1 2025 Q2 2025: $167.0M Q2 2025 Q3 2025: $177.4M Q3 2025 Q4 2025: $176.4M Q4 2025 Q1 2026: $167.5M Q1 2026 Q2 2026: $183.7M $183.7M Q2 2026

Holdings 40 stocks · $183.7M
PHIN Phinia Inc. 7.33% 163,500 $13.5M Reduce -0.1%
AX Axos Financial Inc. 5.04% 95,150 $9.3M No change
CNO Cno Financial Group Inc. 4.25% 153,250 $7.8M No change
NSIT Insight Enterprises Inc. 4.23% 63,750 $7.8M No change
HAE Haemonetics Corp. 3.98% 97,400 $7.3M No change
ITGR Integer Holdings Corp. 3.82% 75,150 $7.0M No change
NATL NCR Atleos Corp. 3.71% 156,850 $6.8M No change
TRS Trimas Corp. 3.67% 149,550 $6.7M No change
PLAB Photronics Inc. 3.55% 200,450 $6.5M No change
SMG Scotts Miracle-Gro Co. 3.52% 95,050 $6.5M Add +141.9%
XHR Xenia Hotels & Resorts Inc. 3.27% 294,650 $6.0M No change
CVSA Covista Inc. 3.21% 47,300 $5.9M No change
BHF Brighthouse Financial Inc. 3.12% 90,400 $5.7M No change
ATKR Atkore Inc. 3.07% 74,150 $5.6M No change
QCRH QCR Holdings Inc. filed as QCR HLDGS INC 2.95% 55,650 $5.4M No change
VTOL Bristow Group Inc. 2.92% 129,700 $5.4M No change
WEX Wex Inc. 2.83% 36,900 $5.2M New
THC Tenet Healthcare Corp. 2.77% 27,175 $5.1M No change
ECVT Ecovyst Inc. 2.75% 405,400 $5.0M No change
EXLS Exlservice Holdings Inc. 2.42% 171,900 $4.4M Add +98.7%
PFBC Preferred Bank/Los Angeles 2.30% 39,750 $4.2M No change
KOP Koppers Holdings Inc. 2.04% 83,450 $3.7M No change
UPWK Upwork Inc. 1.97% 433,000 $3.6M No change
AVNS Avanos Medical Inc. 1.89% 139,850 $3.5M No change
SMPL The Simply Good Foods Co. 1.87% 258,050 $3.4M No change
CARS Cars.com Inc. 1.82% 305,750 $3.3M No change
PBH Prestige Consumer Healthcare 1.80% 69,950 $3.3M Reduce -0.1%
MATW Matthews Intl Corp. Class A 1.69% 115,500 $3.1M Reduce -0.3%
SAIC Science Applications Inte 1.33% 22,150 $2.4M No change
MTUS Metallus Inc. 1.32% 130,000 $2.4M No change
SBSI Southside Bancshares Inc. 1.32% 69,000 $2.4M No change
CCRN Cross Country Healthcare Inc. 1.20% 167,100 $2.2M No change
CNXC Concentrix Corp. 1.19% 97,750 $2.2M No change
SLM SLM Corp. 1.17% 83,050 $2.2M New
RAMP Liveramp Holdings Inc. 1.11% 54,000 $2.0M New
BLKB Blackbaud Inc. 0.98% 61,050 $1.8M No change
GTM Zoominfo Technologies Inc. 0.87% 547,100 $1.6M No change
RLGT Radiant Logistics Inc. 0.66% 127,799 $1.2M No change
HDSN Hudson Technologies Inc. 0.63% 200,750 $1.2M No change
FORR Forrester Research Inc. 0.42% 91,500 $770K No change

Portfolio Sells Q1 2026 → Q2 2026
TPH Tri Pointe Homes Inc. Sold out 0.00% −6.14
AAMI Acadian Asset Management Inc. Sold out 0.00% −2.03
PBH Prestige Consumer Healthcare Reduce -0.1% 1.80% −0.68
MATW Matthews Intl Corp. Class A Reduce -0.3% 1.69% −0.09
PHIN Phinia Inc. Reduce -0.1% 7.33% +0.65

Portfolio Buys Q1 2026 → Q2 2026
WEX Wex Inc. New 2.83% +2.83
SMG Scotts Miracle-Gro Co. Add +141.9% 3.52% +2.10
SLM SLM Corp. New 1.17% +1.17
RAMP Liveramp Holdings Inc. New 1.11% +1.11
EXLS Exlservice Holdings Inc. Add +98.7% 2.42% +0.85

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 40$183.7MPHIN, AX, CNO, NSIT, HAE
Q1 2026 39$167.5MPHIN, TPH, PLAB, AX, NATL
Q4 2025 40$176.4MPHIN, UPWK, AX, HAE, TPH
Q3 2025 40$177.4MPHIN, AX, UPWK, TPH, CVSA
Q2 2025 41$167.0MPHIN, AX, TPH, RDN, CVSA
Q1 2025 40$163.7MTPH, PHIN, CNO, RDN, AX
Q4 2024 40$181.2MCVSA, TPH, PHIN, CNX, UPWK
Q3 2024 40$173.7MCCSI, RLGT, PHIN, VCTR, CNX
Q2 2024 37$151.0MTHC, CVSA, TPH, DTM, PHIN
Q1 2024 37$149.8MTHC, TPH, CRC, ROCK, CVSA