Kestrel Investment Management Corp.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 5, 2026), Kestrel Investment Management Corp. reported 39 stock positions worth $167.5 million. Its top holding was Phinia (PHIN) at 6.7% of the portfolio, followed by Tri Pointe Homes (TPH, 6.1%) and Photronics (PLAB, 4.8%). Compared with Q4 2025, it opened 4 new positions, sold out of 5, added to 1 and reduced 29. The biggest buy was a new position in Trimas (TRS) and the biggest sale an exit from Radian (RDN).
- Most Recent 13F
- Q2 2026
- Location
- SAN MATEO, CA
- CIK
- 0000917579
- Portfolio Value
- $167.5M (Q1 2026)
- SEC Filing
- 0000917579-26-000003 ↗ filed May 5, 2026
Holdings Value
Holdings 39 stocks · $167.5M
| PHIN Phinia Inc. | 6.69% | 163,600 | $11.2M | Reduce -1.1% |
| TPH Tri Pointe Homes Inc. | 6.14% | 220,050 | $10.3M | Reduce -0.7% |
| PLAB Photronics Inc. | 4.84% | 200,450 | $8.1M | Reduce -0.7% |
| AX Axos Financial Inc. | 4.83% | 95,150 | $8.1M | Reduce -1.0% |
| NATL NCR Atleos Corp. | 4.08% | 156,850 | $6.8M | Reduce -0.8% |
| ITGR Integer Holdings Corp. | 3.95% | 75,150 | $6.6M | Reduce -0.7% |
| CNO Cno Financial Group Inc. | 3.76% | 153,250 | $6.3M | Reduce -0.7% |
| VTOL Bristow Group Inc. | 3.63% | 129,700 | $6.1M | Reduce -0.6% |
| HAE Haemonetics Corp. | 3.28% | 97,400 | $5.5M | Reduce -0.7% |
| CVSA Covista Inc. | 3.26% | 47,300 | $5.5M | Reduce -0.6% |
| BHF Brighthouse Financial Inc. | 3.23% | 90,400 | $5.4M | Reduce -0.9% |
| TRS Trimas Corp. | 3.21% | 149,550 | $5.4M | New |
| ECVT Ecovyst Inc. | 3.11% | 405,400 | $5.2M | Reduce -0.5% |
| THC Tenet Healthcare Corp. | 3.06% | 27,175 | $5.1M | Reduce -1.1% |
| QCRH QCR Holdings Inc. filed as QCR HLDGS INC | 2.84% | 55,650 | $4.8M | No change |
| UPWK Upwork Inc. | 2.83% | 433,000 | $4.7M | Reduce -0.6% |
| XHR Xenia Hotels & Resorts Inc. | 2.61% | 294,650 | $4.4M | Reduce -0.8% |
| ATKR Atkore Inc. | 2.61% | 74,150 | $4.4M | Reduce -0.7% |
| NSIT Insight Enterprises Inc. | 2.55% | 63,750 | $4.3M | New |
| PBH Prestige Consumer Healthcare | 2.48% | 70,050 | $4.2M | Reduce -0.6% |
| SMPL The Simply Good Foods Co. | 2.21% | 258,050 | $3.7M | Add +90.3% |
| PFBC Preferred Bank/Los Angeles | 2.15% | 39,750 | $3.6M | Reduce -0.8% |
| AAMI Acadian Asset Management Inc. | 2.03% | 62,381 | $3.4M | Reduce -1.3% |
| GTM Zoominfo Technologies Inc. | 1.95% | 547,100 | $3.3M | Reduce -0.8% |
| KOP Koppers Holdings Inc. | 1.93% | 83,450 | $3.2M | Reduce -0.4% |
| MATW Matthews Intl Corp. Class A | 1.79% | 115,900 | $3.0M | No change |
| CNXC Concentrix Corp. | 1.60% | 97,750 | $2.7M | Reduce -0.7% |
| EXLS Exlservice Holdings Inc. | 1.57% | 86,500 | $2.6M | New |
| CARS Cars.com Inc. | 1.48% | 305,750 | $2.5M | Reduce -0.6% |
| SMG Scotts Miracle-Gro Co. | 1.43% | 39,300 | $2.4M | New |
| BLKB Blackbaud Inc. | 1.41% | 61,050 | $2.4M | Reduce -0.8% |
| SBSI Southside Bancshares Inc. | 1.28% | 69,000 | $2.1M | Reduce -0.7% |
| MTUS Metallus Inc. | 1.27% | 130,000 | $2.1M | Reduce -0.9% |
| SAIC Science Applications Inte | 1.26% | 22,150 | $2.1M | No change |
| AVNS Avanos Medical Inc. | 1.17% | 139,850 | $2.0M | Reduce -0.8% |
| CCRN Cross Country Healthcare Inc. | 0.94% | 167,100 | $1.6M | Reduce -0.9% |
| HDSN Hudson Technologies Inc. | 0.70% | 200,750 | $1.2M | Reduce -0.5% |
| RLGT Radiant Logistics Inc. | 0.54% | 127,799 | $901K | No change |
| FORR Forrester Research Inc. | 0.31% | 91,500 | $518K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| RDN Radian Group Inc. | Sold out | 0.00% | −3.93 |
| CXW Corecivic Inc. | Sold out | 0.00% | −3.17 |
| THS Treehouse Foods Inc. | Sold out | 0.00% | −2.13 |
| UPWK Upwork Inc. | Reduce -0.6% | 2.83% | −2.06 |
| OCFC Oceanfirst Financial Corp. | Sold out | 0.00% | −2.00 |
| GTM Zoominfo Technologies Inc. | Reduce -0.8% | 1.95% | −1.23 |
| HAE Haemonetics Corp. | Reduce -0.7% | 3.28% | −1.18 |
| RNGR Ranger Energy Services Class A | Sold out | 0.00% | −1.11 |
| BLKB Blackbaud Inc. | Reduce -0.8% | 1.41% | −0.80 |
| CNXC Concentrix Corp. | Reduce -0.7% | 1.60% | −0.72 |
| CARS Cars.com Inc. | Reduce -0.6% | 1.48% | −0.64 |
| BHF Brighthouse Financial Inc. | Reduce -0.9% | 3.23% | −0.12 |
| HDSN Hudson Technologies Inc. | Reduce -0.5% | 0.70% | −0.08 |
| ATKR Atkore Inc. | Reduce -0.7% | 2.61% | −0.07 |
| THC Tenet Healthcare Corp. | Reduce -1.1% | 3.06% | −0.03 |
| MTUS Metallus Inc. | Reduce -0.9% | 1.27% | −0.01 |
| PFBC Preferred Bank/Los Angeles | Reduce -0.8% | 2.15% | +0.01 |
| PBH Prestige Consumer Healthcare | Reduce -0.6% | 2.48% | +0.02 |
| CNO Cno Financial Group Inc. | Reduce -0.7% | 3.76% | +0.04 |
| SBSI Southside Bancshares Inc. | Reduce -0.7% | 1.28% | +0.08 |
| AX Axos Financial Inc. | Reduce -1.0% | 4.83% | +0.14 |
| CCRN Cross Country Healthcare Inc. | Reduce -0.9% | 0.94% | +0.16 |
| XHR Xenia Hotels & Resorts Inc. | Reduce -0.8% | 2.61% | +0.23 |
| AVNS Avanos Medical Inc. | Reduce -0.8% | 1.17% | +0.27 |
| AAMI Acadian Asset Management Inc. | Reduce -1.3% | 2.03% | +0.34 |
| CVSA Covista Inc. | Reduce -0.6% | 3.26% | +0.46 |
| ITGR Integer Holdings Corp. | Reduce -0.7% | 3.95% | +0.59 |
| KOP Koppers Holdings Inc. | Reduce -0.4% | 1.93% | +0.64 |
| NATL NCR Atleos Corp. | Reduce -0.8% | 4.08% | +0.66 |
| PHIN Phinia Inc. | Reduce -1.1% | 6.69% | +0.81 |
| ECVT Ecovyst Inc. | Reduce -0.5% | 3.11% | +0.87 |
| VTOL Bristow Group Inc. | Reduce -0.6% | 3.63% | +0.92 |
| PLAB Photronics Inc. | Reduce -0.7% | 4.84% | +1.18 |
| TPH Tri Pointe Homes Inc. | Reduce -0.7% | 6.14% | +2.19 |
Portfolio Buys Q4 2025 → Q1 2026
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 |