SEC 13F Intelligence

Managers / Q3 2022 · view latest →

KESTREL INVESTMENT MANAGEMENT CORP

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

Reported Value
$158M
Q3 2022
Positions
38
Filings on Record
30
2019–present window
Filed
Nov 10, 2022
original filing

Summary

Kestrel Investment Management Corp reported $158M in U.S.-listed holdings across 38 positions for Q3 2022.

Its largest position, DTM, represents 4.9% of the portfolio.

Compared with Q2 2022, the fund opened 5 new positions and exited 6.

Portfolio Metrics

Turnover
+12.9%
vs prior filed quarter
Top-10 Concentration
+40.0%
share of reported value
Largest Position
+4.9%
Dt Midstream
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: 90.2%Other: 9.8%
  • Common Stock · 90.2% · $142M
  • Other · 9.8% · $15M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ROCKGibraltar Industries IncNEW+132.9K132.9K+$5M$5M
KSSKohl's CorpNEW+176.9K176.9K+$4M$4M
XPERXperi Holding CorpNEW+268.9K268.9K+$4M$4M
SMPStandard Motor Prod IncNEW+98.3K98.3K+$3M$3M
SAICScience App Intl CorpNEW+29.6K29.6K+$3M$3M
SPBSpectrum Brands Hldgs IncSOLD OUT−80.3K0−$7M$0
PLUSePlus IncSOLD OUT−98.4K0−$5M$0
Xperi Holding CorpSOLD OUT−276.6K0−$4M$0

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

Holdings — Q3 2022

38 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1DTMDT Midstream Inchistory →COM4.94%$8M150.4K
2CRCCalifornia Resources Corphistory →COM4.85%$8M199.2K
3CVSAAdtalem Global Educ Inchistory →COM4.57%$7M197.8K
4Triton International LTDCOM4.02%$6M115.8K
5BHFBrighthouse Financial Inchistory →COM3.77%$6M137.1K
6FW2NBanner Corphistory →COM3.68%$6M98.3K
7SFMSprouts Farmers Market Inchistory →COM3.66%$6M208.2K
8VSTOEURVista Outdoor Inchistory →COM3.59%$6M233.1K
9RDNRadian Group Inchistory →COM3.51%$6M286.8K
10ROCKGibraltar Industries Inchistory →COM3.45%$5M132.9K
11TTMITTM Technologies Inchistory →COM3.23%$5M386.4K
12ODP1The ODP Corphistory →COM3.22%$5M144.4K
13UNVREURUnivar Solutions Inchistory →COM3.19%$5M221.1K
14IHPDine Brands Global Inchistory →COM3.15%$5M78.3K
15Avid Technology IncCOM3.10%$5M210.3K
16T86Tri Pointe Homes Inchistory →COM3.09%$5M322.9K
17AL21Allscripts Healthcr Solns Inchistory →COM3.07%$5M318.1K
18THGThe Hanover Insur Grp Inchistory →COM3.05%$5M37.5K
19CNXCNX Resources Corphistory →COM3.02%$5M306.8K
20KSSKohl's Corphistory →COM2.82%$4M176.9K
21HRBH&R Block Inchistory →COM2.80%$4M103.9K
22AXIS Capital Hldgs LTDCOM2.64%$4M84.8K
23COSCNO Financial Group Inchistory →COM2.56%$4M224.9K
24XPERXperi Holding Corphistory →COM2.41%$4M268.9K
25BCORUSDBlucora Inchistory →COM2.34%$4M190.7K
26SMPStandard Motor Prod Inchistory →COM2.02%$3M98.3K
274DHDana Inchistory →COM1.99%$3M274.5K
28SAICScience App Intl Corphistory →COM1.66%$3M29.6K
29CCSIConsensus Cloud Solns Inchistory →COM1.64%$3M54.6K
30ROFKforce Inchistory →COM1.56%$2M42.0K
31KOPKoppers Holdings Inchistory →COM1.24%$2M94.5K
32MATWMatthews International Corphistory →COM1.20%$2M84.8K
33ZIMVZimVie IncCOM0.97%$2M154.7K
34KEKimball Electronics IncCOM0.94%$1M86.0K
35AAMIBrightSphere Inv Group IncCOM0.89%$1M93.7K
36CURVTorrid Holdings IncCOM0.85%$1M322.3K
37BVBrightView Holdings IncCOM0.67%$1M133.4K
38RLGTRadiant Logistics IncCOM0.66%$1M183.3K

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 ↗.