Kestrel Investment Management Corp.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Kestrel Investment Management Corp. reported 40 stock positions worth $163.7 million. Its top holding was Tri Pointe Homes (TPH) at 4.7% of the portfolio, followed by Phinia (PHIN, 4.6%) and Cno Financial (CNO, 4.3%). Compared with Q4 2024, it opened 4 new positions, sold out of 4 and reduced 1. The biggest buy was a new position in Concentrix (CNXC) and the biggest sale an exit from CNX Resources (CNX).

Most Recent 13F
Q2 2026
Location
SAN MATEO, CA
CIK
0000917579
Portfolio Value
$163.7M (Q1 2025)
SEC Filing
0000917579-25-000002 ↗ filed May 8, 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 Q4 2024 Q1 2025: $163.7M $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 · $163.7M
TPH Tri Pointe Homes Inc. 4.68% 240,150 $7.7M No change
PHIN Phinia Inc. 4.64% 179,200 $7.6M No change
CNO Cno Financial Group Inc. 4.25% 167,250 $7.0M No change
RDN Radian Group Inc. 4.22% 209,200 $6.9M No change
AX Axos Financial Inc. 4.10% 104,050 $6.7M No change
PBH Prestige Consumer Healthcare 4.01% 76,350 $6.6M No change
UPWK Upwork Inc. 3.76% 471,900 $6.2M No change
CNXC Concentrix Corp. 3.63% 106,950 $6.0M New
BHF Brighthouse Financial Inc. 3.50% 98,800 $5.7M No change
MDU Mdu Resources Group Inc. 3.35% 324,300 $5.5M No change
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 3.17% 51,600 $5.2M Reduce -64.4%
PREMIER INC-CLASS A 3.15% 267,350 $5.2M No change
ATKR Atkore Inc. 2.96% 80,850 $4.8M New
THS Treehouse Foods Inc. 2.85% 172,450 $4.7M No change
MRC MRC Global Inc. 2.81% 400,850 $4.6M New
DNB Dun & Bradstreet Holdings Inc. 2.78% 509,500 $4.6M No change
PLAB Photronics Inc. 2.78% 219,150 $4.5M No change
NATL NCR Atleos Corp. 2.77% 171,650 $4.5M No change
PGNY Progyny Inc. 2.55% 187,150 $4.2M No change
BLKB Blackbaud Inc. 2.53% 66,650 $4.1M No change
THC Tenet Healthcare Corp. 2.46% 29,975 $4.0M No change
EPC Edgewell Personal Care Co. 2.44% 127,900 $4.0M No change
DRVN Driven Brands Holdings Inc. 2.39% 228,600 $3.9M No change
BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC 2.35% 147,750 $3.9M No change
XHR Xenia Hotels & Resorts Inc. 2.31% 322,050 $3.8M No change
ADEA Adeia Inc. 2.25% 278,113 $3.7M No change
PFBC Preferred Bank/Los Angeles 2.22% 43,450 $3.6M No change
SHLS Shoals Technologies Group -A 1.73% 851,200 $2.8M No change
CCRN Cross Country Healthcare Inc. 1.66% 182,500 $2.7M No change
SAIC Science Applications Inte 1.64% 23,850 $2.7M No change
KOP Koppers Holdings Inc. 1.55% 90,550 $2.5M New
AVNS Avanos Medical Inc. 1.34% 152,950 $2.2M No change
SBSI Southside Bancshares Inc. 1.33% 75,100 $2.2M No change
RNGR Ranger Energy Services Class A 1.32% 151,800 $2.2M No change
MTUS Metallus Inc. 1.16% 142,400 $1.9M No change
AAMI Acadian Asset Management Inc. 1.08% 68,281 $1.8M No change
HDSN Hudson Technologies Inc. 0.82% 218,650 $1.3M No change
FORR Forrester Research Inc. 0.56% 99,800 $922K No change
RLGT Radiant Logistics Inc. 0.52% 139,299 $856K No change
XPER Xperi Inc. 0.37% 77,421 $598K No change

Portfolio Sells Q4 2024 → Q1 2025
CNX CNX Resources Corp. Sold out 0.00% −4.56
CVSA Covista Inc. Reduce -64.4% 3.17% −4.10
VTS Vitesse Energy Inc. Sold out 0.00% −1.95
DIN Dine Brands Global Inc. Sold out 0.00% −0.96
CCSI Consensus Cloud Solution Sold out 0.00% −0.51

Portfolio Buys Q4 2024 → Q1 2025
CNXC Concentrix Corp. New 3.63% +3.63
ATKR Atkore Inc. New 2.96% +2.96
MRC MRC Global Inc. New 2.81% +2.81
KOP Koppers Holdings Inc. New 1.55% +1.55

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