Kestrel Investment Management Corp.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 2, 2024), Kestrel Investment Management Corp. reported 37 stock positions worth $149.8 million. Its top holding was Tenet Healthcare (THC) at 6.3% of the portfolio, followed by Tri Pointe Homes (TPH, 5.8%) and California Resources (CRC, 5.1%). Compared with Q4 2023, it opened 3 new positions, sold out of 3 and reduced 33. The biggest buy was a new position in Xenia Hotels & Resorts (XHR) and the biggest sale an exit from Banner (BANR).
- Most Recent 13F
- Q2 2026
- Location
- SAN MATEO, CA
- CIK
- 0000917579
- Portfolio Value
- $149.8M (Q1 2024)
- SEC Filing
- 0000917579-24-000003 ↗ filed May 2, 2024
Holdings Value
Holdings 37 stocks · $149.8M
| THC Tenet Healthcare Corp. | 6.32% | 90,000 | $9.5M | Reduce -0.7% |
| TPH Tri Pointe Homes Inc. | 5.77% | 223,450 | $8.6M | Reduce -0.5% |
| CRC California Resources Corp. | 5.09% | 138,300 | $7.6M | Reduce -0.7% |
| ROCK Gibraltar Industries Inc. | 4.83% | 89,750 | $7.2M | Reduce -0.6% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 4.67% | 136,000 | $7.0M | Reduce -0.7% |
| RDN Radian Group Inc. | 4.42% | 198,000 | $6.6M | Reduce -0.7% |
| DTM DT Midstream Inc. | 4.36% | 106,975 | $6.5M | Reduce -0.6% |
| PHIN Phinia Inc. | 4.33% | 168,600 | $6.5M | Reduce -0.7% |
| VCTR Victory Capital Holding - A | 3.64% | 128,400 | $5.4M | Reduce -0.6% |
| AX Axos Financial Inc. | 3.55% | 98,450 | $5.3M | Reduce -0.8% |
| VSTO Vista Outdoor Inc. | 3.53% | 161,250 | $5.3M | Reduce -0.8% |
| ODP The Odp Corp. filed as THE ODP CORP | 3.38% | 95,500 | $5.1M | Reduce -0.8% |
| CNX CNX Resources Corp. | 3.34% | 210,850 | $5.0M | Reduce -0.8% |
| BHF Brighthouse Financial Inc. | 3.16% | 91,900 | $4.7M | Reduce -0.8% |
| XHR Xenia Hotels & Resorts Inc. | 3.06% | 305,550 | $4.6M | New |
| CNO Cno Financial Group Inc. | 2.88% | 157,150 | $4.3M | Reduce -0.6% |
| IART Integra Lifesciences Holding | 2.35% | 99,350 | $3.5M | Reduce -0.7% |
| DRVN Driven Brands Holdings Inc. | 2.25% | 213,600 | $3.4M | Reduce -0.7% |
| NATL NCR Atleos Corp. | 2.14% | 162,550 | $3.2M | Reduce -0.7% |
| BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC | 2.13% | 139,150 | $3.2M | New |
| CCRN Cross Country Healthcare Inc. | 2.12% | 169,400 | $3.2M | Reduce -0.7% |
| PFBC Preferred Bank/Los Angeles | 2.11% | 41,250 | $3.2M | New |
| VTS Vitesse Energy Inc. | 2.11% | 133,250 | $3.2M | Reduce -0.8% |
| PRFT Perficient Inc. | 2.10% | 55,800 | $3.1M | Reduce -0.7% |
| SAIC Science Applications Inte | 2.08% | 23,850 | $3.1M | Reduce -0.8% |
| SP SP Plus Corp. | 1.97% | 56,500 | $3.0M | No change |
| AVNS Avanos Medical Inc. | 1.92% | 144,450 | $2.9M | Reduce -0.8% |
| ADEA Adeia Inc. | 1.88% | 258,513 | $2.8M | Reduce -0.7% |
| DIN Dine Brands Global Inc. | 1.65% | 53,250 | $2.5M | Reduce -0.4% |
| HRT Hireright Holdings Corp. | 1.53% | 161,050 | $2.3M | Reduce -0.6% |
| SBSI Southside Bancshares Inc. | 1.36% | 69,600 | $2.0M | Reduce -0.8% |
| DSKE Daseke Inc. | 1.18% | 212,550 | $1.8M | Reduce -0.6% |
| AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC | 0.97% | 63,381 | $1.4M | Reduce -0.6% |
| XPER Xperi Inc. | 0.59% | 73,321 | $884K | Reduce -0.7% |
| RLGT Radiant Logistics Inc. | 0.46% | 127,799 | $693K | Reduce -0.5% |
| CCSI Consensus Cloud Solution | 0.38% | 36,100 | $573K | Reduce -0.3% |
| LPRO Open Lending Corp. | 0.38% | 90,000 | $563K | Reduce -76.0% |
Portfolio Sells Q4 2023 → Q1 2024
| BANR Banner Corporation | Sold out | 0.00% | −2.40 |
| KSS Kohls Corp. | Sold out | 0.00% | −2.37 |
| SMP Standard Motor Prods | Sold out | 0.00% | −1.80 |
| LPRO Open Lending Corp. | Reduce -76.0% | 0.38% | −1.78 |
| CVSA Covista Inc. | Reduce -0.7% | 4.67% | −0.80 |
| IART Integra Lifesciences Holding | Reduce -0.7% | 2.35% | −0.60 |
| NATL NCR Atleos Corp. | Reduce -0.7% | 2.14% | −0.55 |
| CCRN Cross Country Healthcare Inc. | Reduce -0.7% | 2.12% | −0.49 |
| PRFT Perficient Inc. | Reduce -0.7% | 2.10% | −0.41 |
| ADEA Adeia Inc. | Reduce -0.7% | 1.88% | −0.30 |
| AVNS Avanos Medical Inc. | Reduce -0.8% | 1.92% | −0.29 |
| ODP The Odp Corp. | Reduce -0.8% | 3.38% | −0.29 |
| CCSI Consensus Cloud Solution | Reduce -0.3% | 0.38% | −0.26 |
| BHF Brighthouse Financial Inc. | Reduce -0.8% | 3.16% | −0.15 |
| DIN Dine Brands Global Inc. | Reduce -0.4% | 1.65% | −0.14 |
| SBSI Southside Bancshares Inc. | Reduce -0.8% | 1.36% | −0.13 |
| RLGT Radiant Logistics Inc. | Reduce -0.5% | 0.46% | −0.11 |
| AX Axos Financial Inc. | Reduce -0.8% | 3.55% | −0.11 |
| CNO Cno Financial Group Inc. | Reduce -0.6% | 2.88% | −0.10 |
| CRC California Resources Corp. | Reduce -0.7% | 5.09% | −0.07 |
| ROCK Gibraltar Industries Inc. | Reduce -0.6% | 4.83% | +0.00 |
| DSKE Daseke Inc. | Reduce -0.6% | 1.18% | +0.01 |
| XPER Xperi Inc. | Reduce -0.7% | 0.59% | +0.04 |
| SAIC Science Applications Inte | Reduce -0.8% | 2.08% | +0.05 |
| HRT Hireright Holdings Corp. | Reduce -0.6% | 1.53% | +0.06 |
| VTS Vitesse Energy Inc. | Reduce -0.8% | 2.11% | +0.12 |
| AAMI Acadian Asset Management Inc. | Reduce -0.6% | 0.97% | +0.14 |
| DRVN Driven Brands Holdings Inc. | Reduce -0.7% | 2.25% | +0.18 |
| VSTO Vista Outdoor Inc. | Reduce -0.8% | 3.53% | +0.28 |
| DTM DT Midstream Inc. | Reduce -0.6% | 4.36% | +0.38 |
| TPH Tri Pointe Homes Inc. | Reduce -0.5% | 5.77% | +0.39 |
| CNX CNX Resources Corp. | Reduce -0.8% | 3.34% | +0.46 |
| RDN Radian Group Inc. | Reduce -0.7% | 4.42% | +0.57 |
| VCTR Victory Capital Holding - A | Reduce -0.6% | 3.64% | +0.63 |
| PHIN Phinia Inc. | Reduce -0.7% | 4.33% | +0.85 |
| THC Tenet Healthcare Corp. | Reduce -0.7% | 6.32% | +1.68 |
Portfolio Buys Q4 2023 → Q1 2024
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 40 | $183.7M | PHIN, AX, CNO, NSIT, HAE |
| Q1 2026 | 39 | $167.5M | PHIN, TPH, PLAB, AX, NATL |
| Q4 2025 | 40 | $176.4M | PHIN, UPWK, AX, HAE, TPH |
| Q3 2025 | 40 | $177.4M | PHIN, AX, UPWK, TPH, CVSA |
| Q2 2025 | 41 | $167.0M | PHIN, AX, TPH, RDN, CVSA |
| Q1 2025 | 40 | $163.7M | TPH, PHIN, CNO, RDN, AX |
| Q4 2024 | 40 | $181.2M | CVSA, TPH, PHIN, CNX, UPWK |
| Q3 2024 | 40 | $173.7M | CCSI, RLGT, PHIN, VCTR, CNX |
| Q2 2024 | 37 | $151.0M | THC, CVSA, TPH, DTM, PHIN |
| Q1 2024 | 37 | $149.8M | THC, TPH, CRC, ROCK, CVSA |