KESTREL INVESTMENT MANAGEMENT CORP

SAN MATEO, CA · CIK 917579 · 13F filing filed 2026-08-04

SEC-registered investment adviser since 1993 · corporation

Assets managed$180.0m
Staff7 · 4 in investment roles
Main clients (by assets)Pension plans 49%, High net worth individuals 33%, Private funds 9%
Private funds1 · $16.6m gross assets
Websitekestrelinvestment.com
Form ADV · 2026-03-24SEC adviser record

Kindinstitutions
Others nearbySan Mateo, CA

As an employer

Offices in1 country
Private fundsother private 1

$183.7m reported value +9.7% vs Q1 2026

40positions

43.1%in top 10

3 new 2 added 3 reduced 2 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	PHINIA INC COMMON STOCK PHIN	PHIN	163,500	$13.5m7.33%	7.33%	Reduced -100	-100 -0.1%
2	AXOS FINANCIAL INC COM AX	AX	95,150	$9.3m5.04%	5.04%	Unchanged
3	CNO FINL GROUP INC COM CNO	CNO	153,250	$7.8m4.25%	4.25%	Unchanged
4	INSIGHT ENTERPRISES INC COM NSIT	NSIT	63,750	$7.8m4.23%	4.23%	Unchanged
5	HAEMONETICS CORP MASS COM HAE	HAE	97,400	$7.3m3.98%	3.98%	Unchanged
6	INTEGER HLDGS CORP COM ITGR	ITGR	75,150	$7.0m3.82%	3.82%	Unchanged
7	NCR ATLEOS CORPORATION COM SHS NATL	NATL	156,850	$6.8m3.71%	3.71%	Unchanged
8	TRIMAS CORP COM NEW TRS	TRS	149,550	$6.7m3.67%	3.67%	Unchanged
9	PHOTRONICS INC COM PLAB	PLAB	200,450	$6.5m3.55%	3.55%	Unchanged
10	SCOTTS MIRACLE-GRO CO CL A SMG	SMG	95,050	$6.5m3.52%	3.52%	Added +55.8k	+55,750 141.9%
11	XENIA HOTELS & RESORTS INC COM XHR	XHR	294,650	$6.0m3.27%	3.27%	Unchanged
12	ADTALEM GLOBAL ED INC COM CVSA	CVSA	47,300	$5.9m3.21%	3.21%	Unchanged
13	BRIGHTHOUSE FINL INC COM BHF	BHF	90,400	$5.7m3.12%	3.12%	Unchanged
14	ATKORE INC COM ATKR	ATKR	74,150	$5.6m3.07%	3.07%	Unchanged
15	QCR HOLDINGS INC COM QCRH	QCRH	55,650	$5.4m2.95%	2.95%	Unchanged
16	BRISTOW GROUP INC COM VTOL	VTOL	129,700	$5.4m2.92%	2.92%	Unchanged
17	WEX INC COM WEX	WEX	36,900	$5.2m2.83%	2.83%	New
18	TENET HEALTHCARE CORP COM NEW THC	THC	27,175	$5.1m2.77%	2.77%	Unchanged
19	ECOVYST INC COM ECVT	ECVT	405,400	$5.0m2.75%	2.75%	Unchanged
20	EXLSERVICE HOLDINGS INC COM EXLS	EXLS	171,900	$4.4m2.42%	2.42%	Added +85.4k	+85,400 98.7%
21	PREFERRED BK LOS ANGELES CA COM NEW PFBC	PFBC	39,750	$4.2m2.30%	2.30%	Unchanged
22	KOPPERS HOLDINGS INC COM KOP	KOP	83,450	$3.7m2.04%	2.04%	Unchanged
23	UPWORK INC COM UPWK	UPWK	433,000	$3.6m1.97%	1.97%	Unchanged
24	AVANOS MED INC COM AVNS	AVNS	139,850	$3.5m1.89%	1.89%	Unchanged
25	SIMPLY GOOD FOODS CO COM SMPL	SMPL	258,050	$3.4m1.87%	1.87%	Unchanged
26	CARS COM INC COM CARS	CARS	305,750	$3.3m1.82%	1.82%	Unchanged
27	PRESTIGE CONSMR HEALTHCARE I COM PBH	PBH	69,950	$3.3m1.80%	1.80%	Reduced -100	-100 -0.1%
28	MATTHEWS INTL CORP CL A MATW	MATW	115,500	$3.1m1.69%	1.69%	Reduced -400	-400 -0.3%
29	SCIENCE APPLICATIONS INTL CO COM SAIC	SAIC	22,150	$2.4m1.33%	1.33%	Unchanged
30	METALLUS INC COM MTUS	MTUS	130,000	$2.4m1.32%	1.32%	Unchanged
31	SOUTHSIDE BANCSHARES INC COM SBSI	SBSI	69,000	$2.4m1.32%	1.32%	Unchanged
32	CROSS CTRY HEALTHCARE INC COM CCRN	CCRN	167,100	$2.2m1.20%	1.20%	Unchanged
33	CONCENTRIX CORP COM CNXC	CNXC	97,750	$2.2m1.19%	1.19%	Unchanged
34	SLM CORP COM SLM	SLM	83,050	$2.2m1.17%	1.17%	New
35	LIVERAMP HLDGS INC COM RAMP	RAMP	54,000	$2.0m1.11%	1.11%	New
36	BLACKBAUD INC COM BLKB	BLKB	61,050	$1.8m0.98%	0.98%	Unchanged
37	ZOOMINFO TECHNOLOGIES INC COMMON STOCK GTM	GTM	547,100	$1.6m0.87%	0.87%	Unchanged
38	RADIANT LOGISTICS INC COM RLGT	RLGT	127,799	$1.2m0.66%	0.66%	Unchanged
39	HUDSON TECHNOLOGIES INC COM HDSN	HDSN	200,750	$1.2m0.63%	0.63%	Unchanged
40	FORRESTER RESH INC COM FORR	FORR	91,500	$769.5k0.42%	0.42%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
TRI POINTE HOMES INC TPH	TPH	220,050	$10.3m220.1k shares
ACADIAN ASSET MANAGEMENT INC AAMI	AAMI	62,381	$3.4m62.4k shares