Kestrel Investment Management Corp.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Kestrel Investment Management Corp. reported 40 stock positions worth $173.7 million. Its top holding was Consensus Cloud Solution (CCSI) at 5.2% of the portfolio, followed by Radiant Logistics (RLGT, 5.1%) and Phinia (PHIN, 4.7%). Compared with Q2 2024, it opened 5 new positions, sold out of 2, added to 32 and reduced 1. The biggest buy was Consensus Cloud Solution (CCSI, shares +8%) and the biggest sale Tenet Healthcare (THC, shares −67%).
- Most Recent 13F
- Q2 2026
- Location
- SAN MATEO, CA
- CIK
- 0000917579
- Portfolio Value
- $173.7M (Q3 2024)
- SEC Filing
- 0000917579-24-000005 ↗ filed Nov 12, 2024
Holdings Value
Holdings 40 stocks · $173.7M
| CCSI Consensus Cloud Solution | 5.24% | 39,000 | $9.1M | Add +8.0% |
| RLGT Radiant Logistics Inc. | 5.11% | 139,299 | $8.9M | Add +9.0% |
| PHIN Phinia Inc. | 4.68% | 179,200 | $8.1M | Add +6.3% |
| VCTR Victory Capital Holding - A | 4.30% | 136,000 | $7.5M | Add +5.9% |
| CNX CNX Resources Corp. | 4.18% | 225,250 | $7.3M | Add +6.8% |
| RDN Radian Group Inc. | 4.13% | 209,200 | $7.2M | Add +5.7% |
| XPER Xperi Inc. | 4.08% | 77,421 | $7.1M | Add +5.6% |
| AX Axos Financial Inc. | 3.71% | 104,050 | $6.4M | Add +5.7% |
| CNO Cno Financial Group Inc. | 3.34% | 167,250 | $5.8M | Add +6.4% |
| DNB Dun & Bradstreet Holdings Inc. | 3.34% | 509,500 | $5.8M | Add +5.0% |
| BLKB Blackbaud Inc. | 3.19% | 66,650 | $5.5M | Add +5.9% |
| PBH Prestige Consumer Healthcare | 3.13% | 76,350 | $5.4M | Add +109.9% |
| PREMIER INC-CLASS A | 3.01% | 267,350 | $5.2M | New |
| THC Tenet Healthcare Corp. | 2.83% | 29,975 | $4.9M | Reduce -66.7% |
| UPWK Upwork Inc. | 2.80% | 471,900 | $4.9M | New |
| NATL NCR Atleos Corp. | 2.77% | 171,650 | $4.8M | Add +5.6% |
| SHLS Shoals Technologies Group -A | 2.71% | 851,200 | $4.7M | New |
| XHR Xenia Hotels & Resorts Inc. | 2.70% | 322,050 | $4.7M | Add +5.4% |
| EPC Edgewell Personal Care Co. | 2.61% | 127,900 | $4.5M | Add +5.9% |
| BHF Brighthouse Financial Inc. | 2.51% | 98,800 | $4.4M | Add +7.5% |
| PRFT Perficient Inc. | 2.37% | 55,800 | $4.1M | No change |
| BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC | 2.25% | 147,750 | $3.9M | Add +6.2% |
| AVNS Avanos Medical Inc. | 2.07% | 152,950 | $3.6M | Add +5.9% |
| PFBC Preferred Bank/Los Angeles | 1.97% | 43,450 | $3.4M | Add +5.3% |
| VTS Vitesse Energy Inc. | 1.91% | 141,050 | $3.3M | Add +5.8% |
| SAIC Science Applications Inte | 1.87% | 23,850 | $3.2M | No change |
| ADEA Adeia Inc. | 1.85% | 278,113 | $3.2M | Add +7.6% |
| DRVN Driven Brands Holdings Inc. | 1.84% | 228,600 | $3.2M | Add +7.0% |
| PGNY Progyny Inc. | 1.76% | 187,150 | $3.1M | Add +7.0% |
| ODP The Odp Corp. filed as THE ODP CORP | 1.67% | 100,200 | $2.9M | Add +4.9% |
| SBSI Southside Bancshares Inc. | 1.40% | 75,100 | $2.4M | Add +7.9% |
| CCRN Cross Country Healthcare Inc. | 1.37% | 182,500 | $2.4M | Add +7.7% |
| MTUS Metallus Inc. | 1.17% | 142,400 | $2.0M | Add +6.5% |
| HDSN Hudson Technologies Inc. | 1.01% | 218,650 | $1.8M | New |
| RNGR Ranger Energy Services Class A | 1.00% | 151,800 | $1.7M | Add +3.0% |
| DIN Dine Brands Global Inc. | 1.00% | 57,950 | $1.7M | Add +8.8% |
| FORR Forrester Research Inc. | 1.00% | 99,800 | $1.7M | New |
| AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC | 0.96% | 68,281 | $1.7M | Add +7.7% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.59% | 145,000 | $1.0M | Add +6.6% |
| TPH Tri Pointe Homes Inc. | 0.59% | 240,150 | $1.0M | Add +7.5% |
Portfolio Sells Q2 2024 → Q3 2024
Portfolio Buys Q2 2024 → Q3 2024
| CCSI Consensus Cloud Solution | Add +8.0% | 5.24% | +4.83 |
| RLGT Radiant Logistics Inc. | Add +9.0% | 5.11% | +4.63 |
| XPER Xperi Inc. | Add +5.6% | 4.08% | +3.68 |
| PREMIER INC-CLASS A | New | 3.01% | +3.01 |
| UPWK Upwork Inc. | New | 2.80% | +2.80 |
| SHLS Shoals Technologies Group -A | New | 2.71% | +2.71 |
| PBH Prestige Consumer Healthcare | Add +109.9% | 3.13% | +1.47 |
| HDSN Hudson Technologies Inc. | New | 1.01% | +1.01 |
| FORR Forrester Research Inc. | New | 1.00% | +1.00 |
| CNX CNX Resources Corp. | Add +6.8% | 4.18% | +0.78 |
| CNO Cno Financial Group Inc. | Add +6.4% | 3.34% | +0.46 |
| DNB Dun & Bradstreet Holdings Inc. | Add +5.0% | 3.34% | +0.37 |
| PHIN Phinia Inc. | Add +6.3% | 4.68% | +0.28 |
| VCTR Victory Capital Holding - A | Add +5.9% | 4.30% | +0.24 |
| AVNS Avanos Medical Inc. | Add +5.9% | 2.07% | +0.17 |
| BBT Beacon Financial Corp. | Add +6.2% | 2.25% | +0.15 |
| SBSI Southside Bancshares Inc. | Add +7.9% | 1.40% | +0.13 |
| RDN Radian Group Inc. | Add +5.7% | 4.13% | +0.05 |
| DRVN Driven Brands Holdings Inc. | Add +7.0% | 1.84% | +0.04 |
| AAMI Acadian Asset Management Inc. | Add +7.7% | 0.96% | +0.03 |
| BLKB Blackbaud Inc. | Add +5.9% | 3.19% | +0.01 |
| AX Axos Financial Inc. | Add +5.7% | 3.71% | −0.02 |
| RNGR Ranger Energy Services Class A | Add +3.0% | 1.00% | −0.03 |
| ADEA Adeia Inc. | Add +7.6% | 1.85% | −0.06 |
| PFBC Preferred Bank/Los Angeles | Add +5.3% | 1.97% | −0.10 |
| BHF Brighthouse Financial Inc. | Add +7.5% | 2.51% | −0.13 |
| NATL NCR Atleos Corp. | Add +5.6% | 2.77% | −0.14 |
| VTS Vitesse Energy Inc. | Add +5.8% | 1.91% | −0.18 |
| CCRN Cross Country Healthcare Inc. | Add +7.7% | 1.37% | −0.19 |
| XHR Xenia Hotels & Resorts Inc. | Add +5.4% | 2.70% | −0.20 |
| DIN Dine Brands Global Inc. | Add +8.8% | 1.00% | −0.28 |
| EPC Edgewell Personal Care Co. | Add +5.9% | 2.61% | −0.60 |
| MTUS Metallus Inc. | Add +6.5% | 1.17% | −0.63 |
| ODP The Odp Corp. | Add +4.9% | 1.67% | −0.81 |
| PGNY Progyny Inc. | Add +7.0% | 1.76% | −1.56 |
| TPH Tri Pointe Homes Inc. | Add +7.5% | 0.59% | −4.93 |
| CVSA Covista Inc. | Add +6.6% | 0.59% | −5.55 |
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 |