SEC 13F Intelligence

Managers / Q4 2020 · view latest →

KESTREL INVESTMENT MANAGEMENT CORP

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

Reported Value
$205M
Q4 2020
Positions
41
Filings on Record
30
2019–present window
Filed
Feb 11, 2021
original filing

Summary

Kestrel Investment Management Corp reported $205M in U.S.-listed holdings across 41 positions for Q4 2020.

Its largest position, EXP, represents 4.6% of the portfolio.

Compared with Q3 2020, the fund opened 5 new positions and exited 6.

Portfolio Metrics

Turnover
+15.7%
vs prior filed quarter
Top-10 Concentration
+40.7%
share of reported value
Largest Position
+4.6%
Eagle Materials
New / Exited
5 / 6
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

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: 85.3%Other: 13.0%REIT: 1.7%
  • Common Stock · 85.3% · $175M
  • Other · 13.0% · $27M
  • REIT · 1.7% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AL21Allscripts Healthcr Solns IncNEW+445.5K445.5K+$6M$6M
THGThe Hanover Insur Grp IncNEW+54.7K54.7K+$6M$6M
HRBH&R Block IncNEW+322.4K322.4K+$5M$5M
BCORUSDBlucora IncNEW+264.1K264.1K+$4M$4M
ECHO1EUREcho Global Logistics IncNEW+134.3K134.3K+$4M$4M
GNRCGenerac Holdings IncSOLD OUT−41.6K0−$8M$0
PotlatchDeltic CorpSOLD OUT−164.8K0−$7M$0
JELDJELD-WEN Holding IncSOLD OUT−247.3K0−$6M$0

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

Holdings — Q4 2020

41 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1EXPEagle Materials Inchistory →COM4.61%$9M93.2K
2DHRB&G Foods Inchistory →COM4.54%$9M335.6K
3AVYAUSDAvaya Holdings Corphistory →COM4.38%$9M468.1K
4SPBSpectrum Brands Hldgs Inchistory →COM4.21%$9M109.3K
5VSTOEURVista Outdoor Inchistory →COM3.99%$8M344.1K
6MGLNUSDMagellan Health Inchistory →COM3.92%$8M97.0K
7VRTUUSDVirtusa Corphistory →COM3.87%$8M154.9K
8Triton International LTDCOM3.87%$8M163.2K
9Xperi Holding CorpCOM3.83%$8M375.1K
10COSCNO Financial Group Inchistory →COM3.51%$7M323.8K
11WKCWorld Fuel Services Corphistory →COM3.27%$7M215.3K
12AL21Allscripts Healthcr Solns Inchistory →COM3.14%$6M445.5K
13THGThe Hanover Insur Grp Inchistory →COM3.12%$6M54.7K
14AXIS Capital Hldgs LTDCOM3.03%$6M123.2K
15UNVREURUnivar Solutions Inchistory →COM2.95%$6M317.3K
16PBVPrestige Consumer Healthcare Ihistory →COM2.93%$6M171.8K
17PLUSePlus Inchistory →COM2.90%$6M67.5K
18PRSPPerspecta Inchistory →COM2.89%$6M245.8K
19AAMIBrightSphere Inv Group Inchistory →COM2.51%$5M266.3K
20HRBH&R Block Inchistory →COM2.50%$5M322.4K
21GLDDGreat Lakes Dredge & Dock Corphistory →COM2.39%$5M371.1K
22CNXCNX Resources Corphistory →COM2.35%$5M444.9K
23Avid Technology IncCOM2.27%$5M292.9K
24BIGGQBig Lots Inchistory →COM2.21%$5M105.5K
25NSZNetScout Systems Inchistory →COM2.10%$4M156.6K
26BCORUSDBlucora Inchistory →COM2.05%$4M264.1K
27BPFHBoston Private Finl Hldgs Inchistory →COM2.04%$4M493.6K
28ECHO1EUREcho Global Logistics Inchistory →COM1.76%$4M134.3K
29CMOCapstead Mortgage Corphistory →COM1.74%$4M611.8K
30MATWMatthews International Corphistory →COM1.68%$3M117.3K
31GVAGranite Construction Inchistory →COM1.66%$3M127.6K
32ROFKforce Inchistory →COM1.42%$3M68.8K
33VRSUSDVerso Corphistory →COM1.28%$3M217.9K
34AVDAmerican Vanguard Corphistory →COM1.25%$3M164.3K
35PEBOPeoples Bancorp Inchistory →COM1.10%$2M83.3K
36KEKimball Electronics IncCOM0.94%$2M120.0K
37RLGTRadiant Logistics IncCOM0.69%$1M244.7K
38PICO Holdings IncCOM0.52%$1M114.0K
39MRLNUSDMarlin Business ServicesCOM0.41%$832,00068.0K
40INBKFirst Internet BancorpCOM0.19%$388,00013.5K
41NewStar Financial Inc CVRCOM0.00%$0237.1K

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 ↗.