Kestrel Investment Management Corp.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Kestrel Investment Management Corp. reported 40 stock positions worth $177.4 million. Its top holding was Phinia (PHIN) at 5.6% of the portfolio, followed by Axos Financial (AX, 4.7%) and Upwork (UPWK, 4.7%). Compared with Q2 2025, it opened 3 new positions, sold out of 4 and reduced 1. The biggest buy was a new position in Haemonetics (HAE) and the biggest sale an exit from MRC Global (MRC).

Most Recent 13F
Q2 2026
Location
SAN MATEO, CA
CIK
0000917579
Portfolio Value
$177.4M (Q3 2025)
SEC Filing
0000917579-25-000007 ↗ filed Nov 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 Q4 2024 Q1 2025: $163.7M Q1 2025 Q2 2025: $167.0M Q2 2025 Q3 2025: $177.4M $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 · $177.4M

PHIN Phinia Inc. 5.55% 171,300 $9.8M No change
AX Axos Financial Inc. 4.74% 99,350 $8.4M No change
UPWK Upwork Inc. 4.72% 451,000 $8.4M No change
TPH Tri Pointe Homes Inc. 4.39% 229,450 $7.8M No change
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 4.29% 49,300 $7.6M No change
RDN Radian Group Inc. 4.08% 199,700 $7.2M No change
PREMIER INC-CLASS A 4.00% 255,350 $7.1M No change
NATL NCR Atleos Corp. 3.63% 163,850 $6.4M No change
CNO Cno Financial Group Inc. 3.56% 159,650 $6.3M No change
GTM Zoominfo Technologies Inc. 3.51% 571,000 $6.2M No change
THC Tenet Healthcare Corp. 3.27% 28,575 $5.8M No change
MDU Mdu Resources Group Inc. 3.11% 309,600 $5.5M No change
BHF Brighthouse Financial Inc. 2.83% 94,500 $5.0M No change
HAE Haemonetics Corp. 2.80% 101,800 $5.0M New
VTOL Bristow Group Inc. 2.75% 135,100 $4.9M New
ATKR Atkore Inc. 2.73% 77,350 $4.9M No change
PLAB Photronics Inc. 2.71% 209,150 $4.8M No change
CNXC Concentrix Corp. 2.65% 102,050 $4.7M No change
PBH Prestige Consumer Healthcare 2.57% 72,950 $4.6M No change
XHR Xenia Hotels & Resorts Inc. 2.38% 307,750 $4.2M No change
BLKB Blackbaud Inc. 2.31% 63,650 $4.1M No change
PGNY Progyny Inc. 2.17% 178,650 $3.8M No change
PFBC Preferred Bank/Los Angeles 2.11% 41,450 $3.7M No change
OCFC Oceanfirst Financial Corp. 2.02% 204,150 $3.6M New
BBT Beacon Financial Corp. 1.88% 140,950 $3.3M No change
THS Treehouse Foods Inc. 1.88% 164,650 $3.3M No change
DRVN Driven Brands Holdings Inc. 1.82% 200,200 $3.2M Reduce -8.2%
AAMI Acadian Asset Management Inc. 1.77% 65,381 $3.1M No change
MATW Matthews Intl Corp. Class A 1.64% 120,000 $2.9M No change
EPC Edgewell Personal Care Co. 1.40% 122,200 $2.5M No change
CCRN Cross Country Healthcare Inc. 1.40% 174,300 $2.5M No change
KOP Koppers Holdings Inc. 1.37% 86,750 $2.4M No change
SAIC Science Applications Inte 1.27% 22,750 $2.3M No change
MTUS Metallus Inc. 1.27% 136,000 $2.2M No change
HDSN Hudson Technologies Inc. 1.17% 208,850 $2.1M No change
SBSI Southside Bancshares Inc. 1.15% 71,900 $2.0M No change
RNGR Ranger Energy Services Class A 1.14% 144,400 $2.0M No change
AVNS Avanos Medical Inc. 0.95% 146,050 $1.7M No change
FORR Forrester Research Inc. 0.57% 95,100 $1.0M No change
RLGT Radiant Logistics Inc. 0.44% 132,699 $783K No change

Portfolio Sells Q2 2025 → Q3 2025

MRC MRC Global Inc. Sold out 0.00% −3.14
DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −2.65
ADEA Adeia Inc. Sold out 0.00% −2.25
DRVN Driven Brands Holdings Inc. Reduce -8.2% 1.82% −0.47
XPER Xperi Inc. Sold out 0.00% −0.35

Portfolio Buys Q2 2025 → Q3 2025

HAE Haemonetics Corp. New 2.80% +2.80
VTOL Bristow Group Inc. New 2.75% +2.75
OCFC Oceanfirst Financial Corp. New 2.02% +2.02

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