KESTREL INVESTMENT MANAGEMENT CORP — 13F Holdings & Portfolio
CIK 917579 · latest 13F-HR filed 2026-08-04
KESTREL INVESTMENT MANAGEMENT CORP manages $183.7M in 13F-reported U.S. long-equity assets across 40 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are PHIN (7.33%), AX (5.04%), CNO (4.25%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 3 new positions and exited 2; 24 existing positions rose in reported value and 8 fell.
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.
Long-equity book
Distinct positions
Filed 2026-08-04
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
3 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 43.1%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Jun 26, 2026.
LONDON WC2N 6BH
United Kingdom
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| ROYDE, MATTHEW, MAX EDWARD Control | CHIEF EXECUTIVE OFFICER & PARTNER since Sep 2009 | 25–50% | Individual |
| SCOTT, OLIVER, RUPERT ANDREW Control | PARTNER since Sep 2009 | 25–50% | Individual |
| WHITE, SEBASTIAN, JAKE GOLDER Control | PARTNER since May 2021 | 5–10% | Individual |
| PRANCE, DAVID, WILLIAM, MICHAEL | CHIEF COMPLIANCE OFFICER & CHIEF FINANCIAL OFFICER since Nov 2020 | Less than 5% | Individual |
Ownership & leadership changes · 6 filings with changes since May 26, 2015
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- No longer listedERRINGTON, CHRIS, MARK · PARTNER · 5–10% · control person · listed since May 2021
- No longer listedDOUBLE Z HOLDINGS LIMITED · PARTNER · 5–10% · listed since May 2009
- No longer listedTHE ARI ZAPHIRIOU-ZARIFI 2002 SETTLEMENT · SHAREHOLDER · 75% or more · indirect via ZAPHIRIOU-ZARIFI OVERSEAS EQUITIES INC. · listed since Jun 2009
- No longer listedTHE GENERAL TRUST COMPANY SA · TRUSTEE · General partner, trustee or manager · indirect via THE ARI ZAPHIRIOU-ZARIFI 2002 SETTLEMENT · listed since Jun 2009
- No longer listedWRIGHT, CHRISTOPHER · CHAIRMAN & PARTNER · Less than 5% · control person · listed since Jan 2021
- No longer listedZAPHIRIOU-ZARIFI OVERSEAS EQUITIES INC. · SHAREHOLDER · 75% or more · indirect via DOUBLE Z HOLDINGS LIMITED · listed since Jun 2009
- AddedERRINGTON, CHRIS, MARK · PARTNER · 5–10% · control person
- AddedWHITE, SEBASTIAN, JAKE GOLDER · PARTNER · 5–10% · control person
- No longer listedSCOTT, NICOLA, MARIE · PARTNER · 5–10% · control person · listed since Sep 2009
- No longer listedZAPHIRIOU-ZARIFI, ARI, CHARLES · CHAIRMAN & PARTNER · 5–10% · control person · listed since Sep 2009
- AddedPRANCE, DAVID, WILLIAM, MICHAEL · CHIEF COMPLIANCE OFFICER & CHIEF FINANCIAL OFFICER · Less than 5%
- AddedWRIGHT, CHRISTOPHER · CHAIRMAN & PARTNER · Less than 5% · control person
- ChangedDOUBLE Z HOLDINGS LIMITED · ownership 25–50% → 5–10%; no longer a control person
- ChangedSCOTT, OLIVER, RUPERT ANDREW · title CCO & PARTNER → PARTNER; ownership 10–25% → 25–50%
- ChangedTHE ARI ZAPHIRIOU-ZARIFI 2002 SETTLEMENT · indirect via ZAPHIRIOU-ZARIFI OVERSEAS EQUITIES INC.: no longer a control person
- ChangedTHE GENERAL TRUST COMPANY SA · indirect via THE ARI ZAPHIRIOU-ZARIFI 2002 SETTLEMENT: no longer a control person
- ChangedZAPHIRIOU-ZARIFI OVERSEAS EQUITIES INC. · indirect via DOUBLE Z HOLDINGS LIMITED: no longer a control person
- No longer listedTHE GENERAL TRUST COMPANY SA · TRUSTEE · 75% or more · indirect via THE ARI ZAPHIRIOU-ZARIFI2002 SETTLEMENT · control person · listed since Jun 2009
- AddedTHE GENERAL TRUST COMPANY SA · TRUSTEE · General partner, trustee or manager · indirect via THE ARI ZAPHIRIOU-ZARIFI 2002 SETTLEMENT · control person
- ChangedROYDE, MATTHEW, MAX EDWARD · title CHIEF EXECUTIVE OFFICER → CHIEF EXECUTIVE OFFICER & PARTNER
- ChangedZAPHIRIOU-ZARIFI, ARI, CHARLES · title CHAIRMAN → CHAIRMAN & PARTNER
- No longer listedONJET INTERNATIONAL CO. INC · SHAREHOLDER · 75% or more · indirect via DOUBLE Z HOLDINGS LIMITED · listed since Jun 2009
- AddedTHE ARI ZAPHIRIOU-ZARIFI 2002 SETTLEMENT · SHAREHOLDER · 75% or more · indirect via ZAPHIRIOU-ZARIFI OVERSEAS EQUITIES INC. · control person
- AddedTHE GENERAL TRUST COMPANY SA · TRUSTEE · 75% or more · indirect via THE ARI ZAPHIRIOU-ZARIFI2002 SETTLEMENT · control person
- AddedZAPHIRIOU-ZARIFI OVERSEAS EQUITIES INC. · SHAREHOLDER · 75% or more · indirect via DOUBLE Z HOLDINGS LIMITED · control person
- ChangedDOUBLE Z HOLDINGS LIMITED · title SHAREHOLDER → PARTNER; now a control person
- ChangedSCOTT, OLIVER, RUPERT ANDREW · title PARTNER → CCO & PARTNER
- ListedDOUBLE Z HOLDINGS LIMITED · SHAREHOLDER · 25–50%
- ListedONJET INTERNATIONAL CO. INC · SHAREHOLDER · 75% or more · indirect via DOUBLE Z HOLDINGS LIMITED
- ListedROYDE, MATTHEW, MAX EDWARD · CHIEF EXECUTIVE OFFICER · 25–50% · control person
- ListedSCOTT, NICOLA, MARIE · PARTNER · 5–10% · control person
- ListedSCOTT, OLIVER, RUPERT ANDREW · PARTNER · 10–25% · control person
- ListedZAPHIRIOU-ZARIFI, ARI, CHARLES · CHAIRMAN · 5–10% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- The Scotts Miracle-Gro Co$4.1M +170.9%
- Insight Enterprises Inc$3.5M +81.8%
- PHINIA Inc$2.3M +20.3%
- Haemonetics Corp$1.8M +33.1%
- ExlService Holdings Inc$1.8M +68.8%
Top Trims
- ZoomInfo Technologies Inc-$1.7M -51.0%
- Photronics Inc-$1.6M -19.5%
- Upwork Inc-$1.1M -23.7%
- Prestige Consumer Healthcare I-$845.3K -20.4%
- Bristow Group Inc-$722.4K -11.9%
KESTREL INVESTMENT MANAGEMENT CORP Holdings (2026-06-30)
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 | $13.5M | 7.33% | 163,500 | SH |
| 2 | Axos Financial Inc | AX | 05465C100 | $9.3M | 5.04% | 95,150 | SH |
| 3 | CNO Financial Group Inc | CNO | 12621E103 | $7.8M | 4.25% | 153,250 | SH |
| 4 | Insight Enterprises Inc | NSIT | 45765U103 | $7.8M | 4.23% | 63,750 | SH |
| 5 | Haemonetics Corp | HAE | 405024100 | $7.3M | 3.98% | 97,400 | SH |
| 6 | Integer Holdings Corp | ITGR | 45826H109 | $7.0M | 3.82% | 75,150 | SH |
| 7 | NCR Atleos Corp | NATL | 63001N106 | $6.8M | 3.71% | 156,850 | SH |
| 8 | TriMas Corp | TRS | 896215209 | $6.7M | 3.67% | 149,550 | SH |
| 9 | Photronics Inc | PLAB | 719405102 | $6.5M | 3.55% | 200,450 | SH |
| 10 | The Scotts Miracle-Gro Co | SMG | 810186106 | $6.5M | 3.52% | 95,050 | SH |
| 11 | Xenia Hotels and Resorts | XHR | 984017103 | $6.0M | 3.27% | 294,650 | SH |
| 12 | Covista Inc | CVSA | 00737L103 | $5.9M | 3.21% | 47,300 | SH |
| 13 | Brighthouse Financial Inc | BHF | 10922N103 | $5.7M | 3.12% | 90,400 | SH |
| 14 | Atkore Inc | ATKR | 047649108 | $5.6M | 3.07% | 74,150 | SH |
| 15 | QCR Holdings Inc | QCRH | 74727A104 | $5.4M | 2.95% | 55,650 | SH |
| 16 | Bristow Group Inc | VTOL | 11040G103 | $5.4M | 2.92% | 129,700 | SH |
| 17 | WEX Inc | WEX | 96208T104 | $5.2M | 2.83% | 36,900 | SH |
| 18 | Tenet Healthcare Corp | THC | 88033G407 | $5.1M | 2.77% | 27,175 | SH |
| 19 | Ecovyst Inc | ECVT | 27923Q109 | $5.0M | 2.75% | 405,400 | SH |
| 20 | ExlService Holdings Inc | EXLS | 302081104 | $4.4M | 2.42% | 171,900 | SH |
| 21 | Preferred Bank | PFBC | 740367404 | $4.2M | 2.30% | 39,750 | SH |
| 22 | Koppers Holdings Inc | KOP | 50060P106 | $3.7M | 2.04% | 83,450 | SH |
| 23 | Upwork Inc | UPWK | 91688F104 | $3.6M | 1.97% | 433,000 | SH |
| 24 | Avanos Medical Inc | AVNS | 05350V106 | $3.5M | 1.89% | 139,850 | SH |
| 25 | The Simply Good Foods Co | SMPL | 82900L102 | $3.4M | 1.87% | 258,050 | SH |
| 26 | Cars.com Inc | CARS | 14575E105 | $3.3M | 1.82% | 305,750 | SH |
| 27 | Prestige Consumer Healthcare I | PBH | 74112D101 | $3.3M | 1.80% | 69,950 | SH |
| 28 | Matthews International Corp | MATW | 577128101 | $3.1M | 1.69% | 115,500 | SH |
| 29 | Science App Intl Corp | SAIC | 808625107 | $2.4M | 1.33% | 22,150 | SH |
| 30 | Metallus Inc | MTUS | 887399103 | $2.4M | 1.32% | 130,000 | SH |
| 31 | Southside Bancshares Inc | SBSI | 84470P109 | $2.4M | 1.32% | 69,000 | SH |
| 32 | Cross Country Healthcare Inc | CCRN | 227483104 | $2.2M | 1.20% | 167,100 | SH |
| 33 | Concentrix Corp | CNXC | 20602D101 | $2.2M | 1.19% | 97,750 | SH |
| 34 | SLM Corp | SLM | 78442P106 | $2.2M | 1.17% | 83,050 | SH |
| 35 | LiveRamp Holdings Inc | RAMP | 53815P108 | $2.0M | 1.11% | 54,000 | SH |
| 36 | Blackbaud Inc | BLKB | 09227Q100 | $1.8M | 0.98% | 61,050 | SH |
| 37 | ZoomInfo Technologies Inc | GTM | 98980F104 | $1.6M | 0.87% | 547,100 | SH |
| 38 | Radiant Logistics Inc | RLGT | 75025X100 | $1.2M | 0.66% | 127,799 | SH |
| 39 | Hudson Technologies Inc | HDSN | 444144109 | $1.2M | 0.63% | 200,750 | SH |
| 40 | Forrester Research Inc | FORR | 346563109 | $769.5K | 0.42% | 91,500 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-04 | $183.7M | 40 | 0000917579-26-000004 |
| 2026-03-31 | 2026-05-05 | $167.5M | 39 | 0000917579-26-000003 |
| 2025-12-31 | 2026-02-03 | $176.4M | 40 | 0000917579-26-000001 |
SUITE 403
SAN MATEO, CA 94402