Kestrel Investment Management Corp.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Kestrel Investment Management Corp. reported 40 stock positions worth $181.2 million. Its top holding was Covista (CVSA) at 7.3% of the portfolio, followed by Tri Pointe Homes (TPH, 4.8%) and Phinia (PHIN, 4.8%). Compared with Q3 2024, it opened 3 new positions and sold out of 3. The biggest buy was a new position in Treehouse Foods (THS) and the biggest sale an exit from Victory Capital Holding - A (VCTR).

Most Recent 13F
Q2 2026
Location
SAN MATEO, CA
CIK
0000917579
Portfolio Value
$181.2M (Q4 2024)
SEC Filing
0000917579-25-000001 ↗ filed Feb 12, 2025

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 $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 40 stocks · $181.2M

CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 7.27% 145,000 $13.2M No change
TPH Tri Pointe Homes Inc. 4.81% 240,150 $8.7M No change
PHIN Phinia Inc. 4.76% 179,200 $8.6M No change
CNX CNX Resources Corp. 4.56% 225,250 $8.3M No change
UPWK Upwork Inc. 4.26% 471,900 $7.7M No change
AX Axos Financial Inc. 4.01% 104,050 $7.3M No change
RDN Radian Group Inc. 3.66% 209,200 $6.6M No change
DNB Dun & Bradstreet Holdings Inc. 3.50% 509,500 $6.3M No change
CNO Cno Financial Group Inc. 3.44% 167,250 $6.2M No change
THS Treehouse Foods Inc. 3.34% 172,450 $6.1M New
PBH Prestige Consumer Healthcare 3.29% 76,350 $6.0M No change
MDU Mdu Resources Group Inc. 3.23% 324,300 $5.8M New
NATL NCR Atleos Corp. 3.21% 171,650 $5.8M No change
PREMIER INC-CLASS A 3.13% 267,350 $5.7M No change
PLAB Photronics Inc. 2.85% 219,150 $5.2M New
BLKB Blackbaud Inc. 2.72% 66,650 $4.9M No change
XHR Xenia Hotels & Resorts Inc. 2.64% 322,050 $4.8M No change
BHF Brighthouse Financial Inc. 2.62% 98,800 $4.7M No change
SHLS Shoals Technologies Group -A 2.60% 851,200 $4.7M No change
EPC Edgewell Personal Care Co. 2.37% 127,900 $4.3M No change
BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC 2.32% 147,750 $4.2M No change
ADEA Adeia Inc. 2.15% 278,113 $3.9M No change
THC Tenet Healthcare Corp. 2.09% 29,975 $3.8M No change
PFBC Preferred Bank/Los Angeles 2.07% 43,450 $3.8M No change
DRVN Driven Brands Holdings Inc. 2.04% 228,600 $3.7M No change
VTS Vitesse Energy Inc. 1.95% 141,050 $3.5M No change
CCRN Cross Country Healthcare Inc. 1.83% 182,500 $3.3M No change
PGNY Progyny Inc. 1.78% 187,150 $3.2M No change
SAIC Science Applications Inte 1.47% 23,850 $2.7M No change
AVNS Avanos Medical Inc. 1.34% 152,950 $2.4M No change
SBSI Southside Bancshares Inc. 1.32% 75,100 $2.4M No change
RNGR Ranger Energy Services Class A 1.30% 151,800 $2.4M No change
MTUS Metallus Inc. 1.11% 142,400 $2.0M No change
AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC 0.99% 68,281 $1.8M No change
DIN Dine Brands Global Inc. 0.96% 57,950 $1.7M No change
FORR Forrester Research Inc. 0.86% 99,800 $1.6M No change
HDSN Hudson Technologies Inc. 0.67% 218,650 $1.2M No change
RLGT Radiant Logistics Inc. 0.52% 139,299 $933K No change
CCSI Consensus Cloud Solution 0.51% 39,000 $931K No change
XPER Xperi Inc. 0.44% 77,421 $795K No change

Portfolio Sells Q3 2024 → Q4 2024

VCTR Victory Capital Holding - A Sold out 0.00% −4.30
PRFT Perficient Inc. Sold out 0.00% −2.37
ODP The Odp Corp. Sold out 0.00% −1.67

Portfolio Buys Q3 2024 → Q4 2024

THS Treehouse Foods Inc. New 3.34% +3.34
MDU Mdu Resources Group Inc. New 3.23% +3.23
PLAB Photronics Inc. New 2.85% +2.85

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