Kestrel Investment Management Corp.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 31, 2025), Kestrel Investment Management Corp. reported 41 stock positions worth $167.0 million. Its top holding was Phinia (PHIN) at 4.6% of the portfolio, followed by Axos Financial (AX, 4.5%) and Tri Pointe Homes (TPH, 4.4%). Compared with Q1 2025, it opened 2 new positions, sold out of 1 and reduced 39. The biggest buy was a new position in Zoominfo Technologies (GTM) and the biggest sale an exit from Shoals Technologies Group -A (SHLS).
- Most Recent 13F
- Q2 2026
- Location
- SAN MATEO, CA
- CIK
- 0000917579
- Portfolio Value
- $167.0M (Q2 2025)
- SEC Filing
- 0000917579-25-000006 ↗ filed Jul 31, 2025
Holdings Value
Holdings 41 stocks · $167.0M
| PHIN Phinia Inc. | 4.56% | 171,300 | $7.6M | Reduce -4.4% |
| AX Axos Financial Inc. | 4.52% | 99,350 | $7.6M | Reduce -4.5% |
| TPH Tri Pointe Homes Inc. | 4.39% | 229,450 | $7.3M | Reduce -4.5% |
| RDN Radian Group Inc. | 4.31% | 199,700 | $7.2M | Reduce -4.5% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 3.76% | 49,300 | $6.3M | Reduce -4.5% |
| CNO Cno Financial Group Inc. | 3.69% | 159,650 | $6.2M | Reduce -4.5% |
| UPWK Upwork Inc. | 3.63% | 451,000 | $6.1M | Reduce -4.4% |
| PBH Prestige Consumer Healthcare | 3.49% | 72,950 | $5.8M | Reduce -4.5% |
| GTM Zoominfo Technologies Inc. | 3.46% | 571,000 | $5.8M | New |
| PREMIER INC-CLASS A | 3.35% | 255,350 | $5.6M | Reduce -4.5% |
| ATKR Atkore Inc. | 3.27% | 77,350 | $5.5M | Reduce -4.3% |
| CNXC Concentrix Corp. | 3.23% | 102,050 | $5.4M | Reduce -4.6% |
| MRC MRC Global Inc. | 3.14% | 382,950 | $5.3M | Reduce -4.5% |
| MDU Mdu Resources Group Inc. | 3.09% | 309,600 | $5.2M | Reduce -4.5% |
| BHF Brighthouse Financial Inc. | 3.04% | 94,500 | $5.1M | Reduce -4.3% |
| THC Tenet Healthcare Corp. | 3.01% | 28,575 | $5.0M | Reduce -4.7% |
| NATL NCR Atleos Corp. | 2.80% | 163,850 | $4.7M | Reduce -4.5% |
| DNB Dun & Bradstreet Holdings Inc. | 2.65% | 486,900 | $4.4M | Reduce -4.4% |
| BLKB Blackbaud Inc. | 2.45% | 63,650 | $4.1M | Reduce -4.5% |
| PLAB Photronics Inc. | 2.36% | 209,150 | $3.9M | Reduce -4.6% |
| PGNY Progyny Inc. | 2.35% | 178,650 | $3.9M | Reduce -4.5% |
| XHR Xenia Hotels & Resorts Inc. | 2.32% | 307,750 | $3.9M | Reduce -4.4% |
| DRVN Driven Brands Holdings Inc. | 2.29% | 218,100 | $3.8M | Reduce -4.6% |
| ADEA Adeia Inc. | 2.25% | 265,913 | $3.8M | Reduce -4.4% |
| PFBC Preferred Bank/Los Angeles | 2.15% | 41,450 | $3.6M | Reduce -4.6% |
| BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC | 2.11% | 140,950 | $3.5M | Reduce -4.6% |
| THS Treehouse Foods Inc. | 1.91% | 164,650 | $3.2M | Reduce -4.5% |
| MATW Matthews Intl Corp. Class A | 1.72% | 120,000 | $2.9M | New |
| EPC Edgewell Personal Care Co. | 1.71% | 122,200 | $2.9M | Reduce -4.5% |
| KOP Koppers Holdings Inc. | 1.67% | 86,750 | $2.8M | Reduce -4.2% |
| SAIC Science Applications Inte | 1.53% | 22,750 | $2.6M | Reduce -4.6% |
| AAMI Acadian Asset Management Inc. | 1.38% | 65,381 | $2.3M | Reduce -4.3% |
| CCRN Cross Country Healthcare Inc. | 1.36% | 174,300 | $2.3M | Reduce -4.5% |
| SBSI Southside Bancshares Inc. | 1.27% | 71,900 | $2.1M | Reduce -4.3% |
| MTUS Metallus Inc. | 1.25% | 136,000 | $2.1M | Reduce -4.5% |
| AVNS Avanos Medical Inc. | 1.07% | 146,050 | $1.8M | Reduce -4.5% |
| RNGR Ranger Energy Services Class A | 1.03% | 144,400 | $1.7M | Reduce -4.9% |
| HDSN Hudson Technologies Inc. | 1.01% | 208,850 | $1.7M | Reduce -4.5% |
| FORR Forrester Research Inc. | 0.56% | 95,100 | $941K | Reduce -4.7% |
| RLGT Radiant Logistics Inc. | 0.48% | 132,699 | $806K | Reduce -4.7% |
| XPER Xperi Inc. | 0.35% | 73,221 | $579K | Reduce -5.4% |
Portfolio Sells Q1 2025 → Q2 2025
| SHLS Shoals Technologies Group -A | Sold out | 0.00% | −1.73 |
| THS Treehouse Foods Inc. | Reduce -4.5% | 1.91% | −0.94 |
| EPC Edgewell Personal Care Co. | Reduce -4.5% | 1.71% | −0.73 |
| CNO Cno Financial Group Inc. | Reduce -4.5% | 3.69% | −0.57 |
| PBH Prestige Consumer Healthcare | Reduce -4.5% | 3.49% | −0.52 |
| BHF Brighthouse Financial Inc. | Reduce -4.3% | 3.04% | −0.46 |
| PLAB Photronics Inc. | Reduce -4.6% | 2.36% | −0.42 |
| CNXC Concentrix Corp. | Reduce -4.6% | 3.23% | −0.40 |
| CCRN Cross Country Healthcare Inc. | Reduce -4.5% | 1.36% | −0.30 |
| TPH Tri Pointe Homes Inc. | Reduce -4.5% | 4.39% | −0.29 |
| RNGR Ranger Energy Services Class A | Reduce -4.9% | 1.03% | −0.28 |
| AVNS Avanos Medical Inc. | Reduce -4.5% | 1.07% | −0.27 |
| MDU Mdu Resources Group Inc. | Reduce -4.5% | 3.09% | −0.26 |
| BBT Beacon Financial Corp. | Reduce -4.6% | 2.11% | −0.24 |
| PGNY Progyny Inc. | Reduce -4.5% | 2.35% | −0.20 |
| UPWK Upwork Inc. | Reduce -4.4% | 3.63% | −0.13 |
| DNB Dun & Bradstreet Holdings Inc. | Reduce -4.4% | 2.65% | −0.13 |
| SAIC Science Applications Inte | Reduce -4.6% | 1.53% | −0.10 |
| DRVN Driven Brands Holdings Inc. | Reduce -4.6% | 2.29% | −0.10 |
| PHIN Phinia Inc. | Reduce -4.4% | 4.56% | −0.08 |
| BLKB Blackbaud Inc. | Reduce -4.5% | 2.45% | −0.08 |
| PFBC Preferred Bank/Los Angeles | Reduce -4.6% | 2.15% | −0.07 |
| SBSI Southside Bancshares Inc. | Reduce -4.3% | 1.27% | −0.06 |
| RLGT Radiant Logistics Inc. | Reduce -4.7% | 0.48% | −0.04 |
| XPER Xperi Inc. | Reduce -5.4% | 0.35% | −0.02 |
| FORR Forrester Research Inc. | Reduce -4.7% | 0.56% | +0.00 |
| XHR Xenia Hotels & Resorts Inc. | Reduce -4.4% | 2.32% | +0.00 |
| ADEA Adeia Inc. | Reduce -4.4% | 2.25% | +0.01 |
| NATL NCR Atleos Corp. | Reduce -4.5% | 2.80% | +0.03 |
| RDN Radian Group Inc. | Reduce -4.5% | 4.31% | +0.08 |
| MTUS Metallus Inc. | Reduce -4.5% | 1.25% | +0.09 |
| KOP Koppers Holdings Inc. | Reduce -4.2% | 1.67% | +0.12 |
| HDSN Hudson Technologies Inc. | Reduce -4.5% | 1.01% | +0.19 |
| PREMIER INC-CLASS A | Reduce -4.5% | 3.35% | +0.20 |
| AAMI Acadian Asset Management Inc. | Reduce -4.3% | 1.38% | +0.30 |
| ATKR Atkore Inc. | Reduce -4.3% | 3.27% | +0.31 |
| MRC MRC Global Inc. | Reduce -4.5% | 3.14% | +0.33 |
| AX Axos Financial Inc. | Reduce -4.5% | 4.52% | +0.42 |
| THC Tenet Healthcare Corp. | Reduce -4.7% | 3.01% | +0.55 |
| CVSA Covista Inc. | Reduce -4.5% | 3.76% | +0.58 |
Portfolio Buys Q1 2025 → Q2 2025
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 |