Kestrel Investment Management Corp.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 9, 2024), Kestrel Investment Management Corp. reported 37 stock positions worth $151.0 million. Its top holding was Tenet Healthcare (THC) at 7.9% of the portfolio, followed by Covista (CVSA, 6.1%) and Tri Pointe Homes (TPH, 5.5%). Compared with Q1 2024, it opened 7 new positions and sold out of 7. The biggest buy was a new position in Progyny (PGNY) and the biggest sale an exit from California Resources (CRC).

Most Recent 13F
Q2 2026
Location
SAN MATEO, CA
CIK
0000917579
Portfolio Value
$151.0M (Q2 2024)
SEC Filing
0000917579-24-000004 ↗ filed Aug 9, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $149.8M Q1 2024 Q2 2024: $151.0M $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 Q2 2026

Holdings 37 stocks · $151.0M

THC Tenet Healthcare Corp. 7.93% 90,000 $12.0M No change
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 6.14% 136,000 $9.3M No change
TPH Tri Pointe Homes Inc. 5.51% 223,450 $8.3M No change
DTM DT Midstream Inc. 5.03% 106,975 $7.6M No change
PHIN Phinia Inc. 4.40% 168,600 $6.6M No change
RDN Radian Group Inc. 4.08% 198,000 $6.2M No change
VCTR Victory Capital Holding - A 4.06% 128,400 $6.1M No change
AX Axos Financial Inc. 3.73% 98,450 $5.6M No change
CNX CNX Resources Corp. 3.39% 210,850 $5.1M No change
PGNY Progyny Inc. 3.32% 174,950 $5.0M New
EPC Edgewell Personal Care Co. 3.22% 120,800 $4.9M New
BLKB Blackbaud Inc. 3.18% 62,950 $4.8M New
DNB Dun & Bradstreet Holdings Inc. 2.97% 485,000 $4.5M New
NATL NCR Atleos Corp. 2.91% 162,550 $4.4M No change
XHR Xenia Hotels & Resorts Inc. 2.90% 305,550 $4.4M No change
CNO Cno Financial Group Inc. 2.89% 157,150 $4.4M No change
PRFT Perficient Inc. 2.76% 55,800 $4.2M No change
BHF Brighthouse Financial Inc. 2.64% 91,900 $4.0M No change
ODP The Odp Corp. filed as THE ODP CORP 2.48% 95,500 $3.8M No change
BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC 2.10% 139,150 $3.2M No change
VTS Vitesse Energy Inc. 2.09% 133,250 $3.2M No change
PFBC Preferred Bank/Los Angeles 2.06% 41,250 $3.1M No change
IART Integra Lifesciences Holding 1.92% 99,350 $2.9M No change
ADEA Adeia Inc. 1.92% 258,513 $2.9M No change
AVNS Avanos Medical Inc. 1.91% 144,450 $2.9M No change
SAIC Science Applications Inte 1.86% 23,850 $2.8M No change
DRVN Driven Brands Holdings Inc. 1.80% 213,600 $2.7M No change
MTUS Metallus Inc. 1.80% 133,700 $2.7M New
PBH Prestige Consumer Healthcare 1.66% 36,375 $2.5M New
CCRN Cross Country Healthcare Inc. 1.55% 169,400 $2.3M No change
DIN Dine Brands Global Inc. 1.28% 53,250 $1.9M No change
SBSI Southside Bancshares Inc. 1.27% 69,600 $1.9M No change
RNGR Ranger Energy Services Class A 1.03% 147,400 $1.6M New
AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC 0.93% 63,381 $1.4M No change
RLGT Radiant Logistics Inc. 0.48% 127,799 $727K No change
CCSI Consensus Cloud Solution 0.41% 36,100 $620K No change
XPER Xperi Inc. 0.40% 73,321 $602K No change

Portfolio Sells Q1 2024 → Q2 2024

CRC California Resources Corp. Sold out 0.00% −5.09
ROCK Gibraltar Industries Inc. Sold out 0.00% −4.83
VSTO Vista Outdoor Inc. Sold out 0.00% −3.53
SP SP Plus Corp. Sold out 0.00% −1.97
HRT Hireright Holdings Corp. Sold out 0.00% −1.53
DSKE Daseke Inc. Sold out 0.00% −1.18
LPRO Open Lending Corp. Sold out 0.00% −0.38

Portfolio Buys Q1 2024 → Q2 2024

PGNY Progyny Inc. New 3.32% +3.32
EPC Edgewell Personal Care Co. New 3.22% +3.22
BLKB Blackbaud Inc. New 3.18% +3.18
DNB Dun & Bradstreet Holdings Inc. New 2.97% +2.97
MTUS Metallus Inc. New 1.80% +1.80
PBH Prestige Consumer Healthcare New 1.66% +1.66
RNGR Ranger Energy Services Class A New 1.03% +1.03

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