SEC 13F Intelligence

Managers / Q1 2026

KESTREL INVESTMENT MANAGEMENT CORP

CIK 0000917579 · 411 BOREL AVE, SUITE 403, SAN MATEO, CA, 94402 · 6505729469

Reported Value
Under review
reported total failed a data-quality check
Positions
39
Filings on Record
30
2019–present window
Filed
May 5, 2026
original filing

Summary

Compared with Q4 2025, the fund opened 4 new positions and exited 5.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $199MQ4 ’18Q1 ’19: $216MQ2 ’19: $212MQ3 ’19: $201MQ4 ’19: $215MQ4 ’19Q1 ’20: $129MQ2 ’20: $157MQ3 ’20: $173MQ4 ’20: $205MQ4 ’20Q1 ’21: $239MQ2 ’21: $255MQ3 ’21: $210MQ4 ’21: $222MQ4 ’21Q1 ’22: $211MQ2 ’22: $174MQ3 ’22: $158MQ1 ’23: $177,714Q1 ’23Q2 ’23: $180,948Q3 ’23: $158,125Q4 ’23: $147,798Q1 ’24: $149,767Q1 ’24Q2 ’24: $150,968Q3 ’24: $173,746Q4 ’24: $181,163Q1 ’25: $163,739Q1 ’25Q2 ’25: $167,003Q3 ’25: $177,403Q4 ’25: $176,409filingsflow.com

Portfolio Composition

By security type
Common Stock: 97.4%REIT: 2.6%
  • Common Stock · 97.4% · $163M
  • REIT · 2.6% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TRSTriMas CorpNEW+149.6K149.6K+$5M$5M
IEIInsight Enterprises IncNEW+63.8K63.8K+$4M$4M
EXLSExlService Holdings IncNEW+86.5K86.5K+$3M$3M
SMGThe Scotts Miracle-Gro CoNEW+39.3K39.3K+$2M$2M
RDNRadian Group IncSOLD OUT−192.8K0−$6,940$0
CXWCoreCivic IncSOLD OUT−293.1K0−$5,601$0
THSTreeHouse Foods IncSOLD OUT−158.9K0−$3,750$0
OCFCOceanFirst Financial CorpSOLD OUT−197.1K0−$3,537$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

39 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1PHINPHINIA Inchistory →COM6.69%$11M163.6K
2T86Tri Pointe Homes Inchistory →COM6.14%$10M220.1K
3PLABPhotronics Inchistory →COM4.84%$8M200.4K
4BB4Axos Financial Inchistory →COM4.83%$8M95.2K
5NATLNCR Atleos Corphistory →COM4.08%$7M156.8K
6ITGRInteger Holdings Corphistory →COM3.95%$7M75.2K
7COSCNO Financial Group Inchistory →COM3.76%$6M153.3K
8VTOLBristow Group Inchistory →COM3.63%$6M129.7K
9HAEHaemonetics Corphistory →COM3.28%$5M97.4K
10CVSACovista Inchistory →COM3.26%$5M47.3K
11BHFBrighthouse Financial Inchistory →COM3.23%$5M90.4K
12TRSTriMas Corphistory →COM3.21%$5M149.6K
13ECVTEcovyst Inchistory →COM3.11%$5M405.4K
14THCTenet Healthcare Corphistory →COM3.06%$5M27.2K
15QCRHQCR Holdings Inchistory →COM2.84%$5M55.6K
16UPWKUpwork Inchistory →COM2.83%$5M433.0K
17XHRXenia Hotels and Resortshistory →COM2.61%$4M294.6K
18ATKRAtkore Inchistory →COM2.61%$4M74.2K
19IEIInsight Enterprises Inchistory →COM2.55%$4M63.8K
20PBVPrestige Consumer Healthcare Ihistory →COM2.48%$4M70.0K
21SMPLThe Simply Good Foods Cohistory →COM2.21%$4M258.1K
22PFBCPreferred Bankhistory →COM2.15%$4M39.8K
23AAMIAcadian Asset Management Inchistory →COM2.03%$3M62.4K
24GTMZoomInfo Technologies Inchistory →COM1.95%$3M547.1K
25KOPKoppers Holdings Inchistory →COM1.93%$3M83.5K
26MATWMatthews International Corphistory →COM1.79%$3M115.9K
27CNXCConcentrix Corphistory →COM1.60%$3M97.8K
28EXLSExlService Holdings Inchistory →COM1.57%$3M86.5K
29CARSCars.com Inchistory →COM1.48%$2M305.8K
30SMGThe Scotts Miracle-Gro Cohistory →COM1.43%$2M39.3K
31BLKBBlackbaud Inchistory →COM1.41%$2M61.0K
32SBSISouthside Bancshares Inchistory →COM1.28%$2M69.0K
33MTUSMetallus Inchistory →COM1.27%$2M130.0K
34SAICScience App Intl Corphistory →COM1.26%$2M22.1K
35AVNSAvanos Medical Inchistory →COM1.17%$2M139.8K
36XXYCross Country Healthcare IncCOM0.94%$2M167.1K
37HDSNHudson Technologies IncCOM0.70%$1M200.8K
38RLGTRadiant Logistics IncCOM0.54%$900,983127.8K
39FORRForrester Research IncCOM0.31%$517,89091.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026Under review39May 5, 202613F-HRchanges · EDGAR ↗
Q4 2025$176,40940Feb 3, 202613F-HRchanges · EDGAR ↗
Q3 2025$177,40340Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$167,00341Jul 31, 202513F-HRchanges · EDGAR ↗
Q1 2025$163,73940May 8, 202513F-HRchanges · EDGAR ↗
Q4 2024$181,16340Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$173,74640Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$150,96837Aug 9, 202413F-HRchanges · EDGAR ↗
Q1 2024$149,76737May 2, 202413F-HRchanges · EDGAR ↗
Q4 2023$147,79837Jan 31, 202413F-HRchanges · EDGAR ↗
Q3 2023$158,12538Nov 7, 202313F-HRchanges · EDGAR ↗
Q2 2023$180,94838Aug 3, 202313F-HRchanges · EDGAR ↗
Q1 2023$177,71438May 10, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review39Feb 1, 202313F-HRchanges · EDGAR ↗
Q3 2022$158M38Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$174M39Aug 9, 202213F-HRchanges · EDGAR ↗
Q1 2022$211M40May 6, 202213F-HRchanges · EDGAR ↗
Q4 2021$222M40Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$210M41Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$255M42Aug 12, 202113F-HRchanges · EDGAR ↗
Q1 2021$239M40May 6, 202113F-HRchanges · EDGAR ↗
Q4 2020$205M41Feb 11, 202113F-HRchanges · EDGAR ↗
Q3 2020$173M42Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$157M39Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$129M40May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$215M43Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$201M43Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$212M44Aug 13, 201913F-HRchanges · EDGAR ↗
Q1 2019$216M44May 13, 201913F-HRchanges · EDGAR ↗
Q4 2018$199M46Feb 13, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.