KESTREL INVESTMENT MANAGEMENT CORP — 13F Holdings & Portfolio
CIK 917579 · latest 13F-HR filed 2026-05-05
KESTREL INVESTMENT MANAGEMENT CORP manages $167.5M in 13F-reported U.S. long-equity assets across 39 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are PHIN (6.69%), TPH (6.14%), PLAB (4.84%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 4 new positions, exited 5, added to 35, and trimmed 0.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$167.5M
Long-equity book
39
Distinct positions
2026-03-31
Filed 2026-05-05
+4 / −5 / ↑35 / ↓0
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- PHINIA Inc$11.2M +107872.8%
- Tri Pointe Homes Inc$10.3M +147389.1%
- Photronics Inc$8.1M +125289.9%
- Axos Financial Inc$8.1M +97634.4%
- NCR Atleos Corp$6.8M +113296.2%
New Positions
- TriMas Corp$5.4M
- Insight Enterprises Inc$4.3M
- ExlService Holdings Inc$2.6M
- The Scotts Miracle-Gro Co$2.4M
Exited Positions
- Radian Group Inc$6.9K
- CoreCivic Inc$5.6K
- TreeHouse Foods Inc$3.8K
- OceanFirst Financial Corp$3.5K
- Ranger Energy Srvcs Inc$2.0K
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | PHINIA Inc | PHIN | 71880K101 | $11.2M | 6.69% | 163,600 | SH |
| 2 | Tri Pointe Homes Inc | TPH | 87265H109 | $10.3M | 6.14% | 220,050 | SH |
| 3 | Photronics Inc | PLAB | 719405102 | $8.1M | 4.84% | 200,450 | SH |
| 4 | Axos Financial Inc | AX | 05465C100 | $8.1M | 4.83% | 95,150 | SH |
| 5 | NCR Atleos Corp | NATL | 63001N106 | $6.8M | 4.08% | 156,850 | SH |
| 6 | Integer Holdings Corp | ITGR | 45826H109 | $6.6M | 3.95% | 75,150 | SH |
| 7 | CNO Financial Group Inc | CNO | 12621E103 | $6.3M | 3.76% | 153,250 | SH |
| 8 | Bristow Group Inc | VTOL | 11040G103 | $6.1M | 3.63% | 129,700 | SH |
| 9 | Haemonetics Corp | HAE | 405024100 | $5.5M | 3.28% | 97,400 | SH |
| 10 | Covista Inc | CVSA | 00737L103 | $5.5M | 3.26% | 47,300 | SH |
| 11 | Brighthouse Financial Inc | BHF | 10922N103 | $5.4M | 3.23% | 90,400 | SH |
| 12 | TriMas Corp | TRS | 896215209 | $5.4M | 3.21% | 149,550 | SH |
| 13 | Ecovyst Inc | ECVT | 27923Q109 | $5.2M | 3.11% | 405,400 | SH |
| 14 | Tenet Healthcare Corp | THC | 88033G407 | $5.1M | 3.06% | 27,175 | SH |
| 15 | QCR Holdings Inc | QCRH | 74727A104 | $4.8M | 2.84% | 55,650 | SH |
| 16 | Upwork Inc | UPWK | 91688F104 | $4.7M | 2.83% | 433,000 | SH |
| 17 | Xenia Hotels and Resorts | XHR | 984017103 | $4.4M | 2.61% | 294,650 | SH |
| 18 | Atkore Inc | ATKR | 047649108 | $4.4M | 2.61% | 74,150 | SH |
| 19 | Insight Enterprises Inc | NSIT | 45765U103 | $4.3M | 2.55% | 63,750 | SH |
| 20 | Prestige Consumer Healthcare I | PBH | 74112D101 | $4.2M | 2.48% | 70,050 | SH |
| 21 | The Simply Good Foods Co | SMPL | 82900L102 | $3.7M | 2.21% | 258,050 | SH |
| 22 | Preferred Bank | PFBC | 740367404 | $3.6M | 2.15% | 39,750 | SH |
| 23 | Acadian Asset Management Inc | AAMI | 10948W103 | $3.4M | 2.03% | 62,381 | SH |
| 24 | ZoomInfo Technologies Inc | GTM | 98980F104 | $3.3M | 1.95% | 547,100 | SH |
| 25 | Koppers Holdings Inc | KOP | 50060P106 | $3.2M | 1.93% | 83,450 | SH |
| 26 | Matthews International Corp | MATW | 577128101 | $3.0M | 1.79% | 115,900 | SH |
| 27 | Concentrix Corp | CNXC | 20602D101 | $2.7M | 1.60% | 97,750 | SH |
| 28 | ExlService Holdings Inc | EXLS | 302081104 | $2.6M | 1.57% | 86,500 | SH |
| 29 | Cars.com Inc | CARS | 14575E105 | $2.5M | 1.48% | 305,750 | SH |
| 30 | The Scotts Miracle-Gro Co | SMG | 810186106 | $2.4M | 1.43% | 39,300 | SH |
| 31 | Blackbaud Inc | BLKB | 09227Q100 | $2.4M | 1.41% | 61,050 | SH |
| 32 | Southside Bancshares Inc | SBSI | 84470P109 | $2.1M | 1.28% | 69,000 | SH |
| 33 | Metallus Inc | MTUS | 887399103 | $2.1M | 1.27% | 130,000 | SH |
| 34 | Science App Intl Corp | SAIC | 808625107 | $2.1M | 1.26% | 22,150 | SH |
| 35 | Avanos Medical Inc | AVNS | 05350V106 | $2.0M | 1.17% | 139,850 | SH |
| 36 | Cross Country Healthcare Inc | CCRN | 227483104 | $1.6M | 0.94% | 167,100 | SH |
| 37 | Hudson Technologies Inc | HDSN | 444144109 | $1.2M | 0.70% | 200,750 | SH |
| 38 | Radiant Logistics Inc | RLGT | 75025X100 | $901.0K | 0.54% | 127,799 | SH |
| 39 | Forrester Research Inc | FORR | 346563109 | $517.9K | 0.31% | 91,500 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-05 | $167.5M | 39 | 0000917579-26-000003 |
| 2025-12-31 | 2026-02-03 | $176.4K | 40 | 0000917579-26-000001 |