SEC 13F Intelligence

Managers / Q3 2023 · view latest →

KESTREL INVESTMENT MANAGEMENT CORP

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

Reported Value
$158,125
Q3 2023
Positions
38
Filings on Record
30
2019–present window
Filed
Nov 7, 2023
original filing

Summary

Kestrel Investment Management Corp reported $158,125 in U.S.-listed holdings across 38 positions for Q3 2023.

Its largest position, CRC, represents 5.9% of the portfolio.

Compared with Q2 2023, the fund opened 4 new positions and exited 4.

Portfolio Metrics

Turnover
+11.7%
vs prior filed quarter
Top-10 Concentration
+43.4%
share of reported value
Largest Position
+5.9%
California Resources
New / Exited
4 / 4
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: 96.0%Other: 4.0%
  • Common Stock · 96.0% · $151,733
  • Other · 4.0% · $6,392

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PHINPHINIA IncNEW+202.5K202.5K+$5,425$5,425
XXYCross Country Healthcare IncNEW+208.6K208.6K+$5,171$5,171
IARTIntegra LifeSciences Hldgs CorNEW+122.5K122.5K+$4,676$4,676
AVDAmerican Vanguard CorpNEW+144.4K144.4K+$1,578$1,578
Triton International LTDSOLD OUT−106.5K0−$8,867$0
UNVREURUnivar Solutions IncSOLD OUT−202.3K0−$7,250$0
THGThe Hanover Insur Grp IncSOLD OUT−34.4K0−$3,883$0
MATWMatthews International CorpSOLD OUT−74.5K0−$3,177$0

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

Holdings — Q3 2023

38 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CRCCalifornia Resources Corphistory →COM5.89%$9,314166.3K
2ROCKGibraltar Industries Inchistory →COM4.73%$7,477110.8K
3T86Tri Pointe Homes Inchistory →COM4.63%$7,317267.6K
4THCTenet Healthcare Corphistory →COM4.51%$7,129108.2K
5CVSAAdtalem Global Educ Inchistory →COM4.43%$7,010163.6K
6DTMDT Midstream Inchistory →COM4.22%$6,672126.1K
7VSTOEURVista Outdoor Inchistory →COM4.06%$6,414193.7K
8RDNRadian Group Inchistory →COM3.78%$5,974237.9K
9CNXCNX Resources Corphistory →COM3.62%$5,718253.3K
10BHFBrighthouse Financial Inchistory →COM3.51%$5,555113.5K
11PHINPHINIA Inchistory →COM3.43%$5,425202.5K
12VCTRVictory Capital Hldgs Inchistory →COM3.34%$5,284158.5K
13ODP1The ODP Corphistory →COM3.33%$5,261114.0K
14XXYCross Country Healthcare Inchistory →COM3.27%$5,171208.6K
15IARTIntegra LifeSciences Hldgs Corhistory →COM2.96%$4,676122.5K
16Avid Technology IncCOM2.87%$4,540168.9K
17BB4Axos Financial Inchistory →COM2.86%$4,526119.5K
18COSCNO Financial Group Inchistory →COM2.80%$4,420186.3K
19PRFTUSDPerficient Inchistory →COM2.54%$4,02169.5K
20VTSVitesse Energy Inchistory →COM2.33%$3,691161.3K
21AL21Veradigm Inchistory →COM2.19%$3,468263.9K
22FW2NBanner Corphistory →COM2.17%$3,43981.2K
23ADEAAdeia Inchistory →COM2.15%$3,403318.6K
24LPROOpen Lending Corphistory →COM2.13%$3,372460.7K
25IHPDine Brands Global Inchistory →COM2.00%$3,16764.0K
26KSSKohl's Corphistory →COM1.94%$3,064146.2K
27KOPKoppers Holdings Inchistory →COM1.87%$2,96475.0K
28SAICScience App Intl Corphistory →COM1.85%$2,91827.6K
29SMPStandard Motor Prod Inchistory →COM1.68%$2,66379.2K
30SP Plus CorpCOM1.58%$2,50269.3K
31SBSISouthside Bancshares Inchistory →COM1.58%$2,49186.8K
32HireRight Hldgs CorpCOM1.17%$1,852194.8K
33AVDAmerican Vanguard CorpCOM1.00%$1,578144.4K
34AAMIBrightSphere Inv Group IncCOM0.93%$1,47576.1K
35DSKEUSDDaseke IncCOM0.84%$1,332259.6K
36CCSIConsensus Cloud Solns IncCOM0.72%$1,13645.1K
37XPERXperi IncCOM0.55%$86487.6K
38RLGTRadiant Logistics IncCOM0.53%$842149.1K

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 ↗.