Q2 2026 13F · SEC CIK 917579

Kestrel Investment Management Corp

Institutional asset managerFiled 2026-08-04 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $183.7M
Reported positions: 40
Top holdings a year, 3 yrs: +19.6%
Assets under management: $180.0M

Kestrel Investment Management Corp is an institutional asset manager that reported 40 positions worth $183.7M in its Q2 2026 13F, filed 2026-08-04. Its largest holdings were Phinia (PHIN, 7.3%), Axos Financial Inc (AX, 5.0%), CNO Financial Group Inc (CNO, 4.3%). A portfolio copying its top holdings returned 19.6% a year over the last 3 years, against 20.4% for the S&P 500.

Kestrel Investment Management Corp holdings all 40 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Kestrel Investment Management Corp 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
PHINPhinia	7.3%	6.7%	163,500	-0.1%	$13.5M
AXAxos Financial Inc	5.0%	4.8%	95,150	+0.0%	$9.3M
CNOCNO Financial Group Inc	4.3%	3.8%	153,250	+0.0%	$7.8M
NSITInsight Enterprises Inc	4.2%	2.6%	63,750	+0.0%	$7.8M
HAEHaemonetics Corp	4.0%	3.3%	97,400	+0.0%	$7.3M
ITGRInteger Holdings Corp	3.8%	3.9%	75,150	+0.0%	$7.0M
NATLNCR Atleos Corp	3.7%	4.1%	156,850	+0.0%	$6.8M
TRSTriMas Corp	3.7%	3.2%	149,550	+0.0%	$6.7M
PLABPhotronics Inc	3.5%	4.8%	200,450	+0.0%	$6.5M
SMGScotts Miracle-Gro Co Cl A	3.5%	1.4%	95,050	+141.9%	$6.5M
XHRXenia Hotels and Resorts	3.3%	2.6%	294,650	+0.0%	$6.0M
CVSACovista Inc	3.2%	3.3%	47,300	+0.0%	$5.9M
BHFBrighthouse Financial Inc	3.1%	3.2%	90,400	+0.0%	$5.7M
ATKRAtkore Inc	3.1%	2.6%	74,150	+0.0%	$5.6M
QCRHQcr Hldgs Inc	2.9%	2.8%	55,650	+0.0%	$5.4M
VTOLBristow Group Inc	2.9%	3.6%	129,700	+0.0%	$5.4M
WEXWEX Inc	2.8%	New	36,900	—	$5.2M
THCTenet Healthcare Corp	2.8%	3.1%	27,175	+0.0%	$5.1M
ECVTEcovyst Inc	2.7%	3.1%	405,400	+0.0%	$5.0M
EXLSExlService Holdings Inc	2.4%	1.6%	171,900	+98.7%	$4.4M
PFBCPreferred Bank	2.3%	2.2%	39,750	+0.0%	$4.2M
KOPKoppers Holdings Inc	2.0%	1.9%	83,450	+0.0%	$3.7M
UPWKUpwork Inc	2.0%	2.8%	433,000	+0.0%	$3.6M
AVNSAvanos Med Inc	1.9%	1.2%	139,850	+0.0%	$3.5M
SMPLThe Simply Good Foods Co	1.9%	2.2%	258,050	+0.0%	$3.4M
CARSCars.com Inc	1.8%	1.5%	305,750	+0.0%	$3.3M
PBHPrestige Consumer Healthcare I	1.8%	2.5%	69,950	-0.1%	$3.3M
MATWMatthews International Corp	1.7%	1.8%	115,500	-0.3%	$3.1M
SAICScience App Intl Corp	1.3%	1.3%	22,150	+0.0%	$2.4M
MTUSMetallus Inc	1.3%	1.3%	130,000	+0.0%	$2.4M
SBSISouthside Bancshares Inc	1.3%	1.3%	69,000	+0.0%	$2.4M
CCRNCross Country Healthcare Inc	1.2%	0.9%	167,100	+0.0%	$2.2M
CNXCConcentrix Corp	1.2%	1.6%	97,750	+0.0%	$2.2M
SLMSlm Corp	1.2%	New	83,050	—	$2.2M
RAMPLiveRamp Holdings Inc	1.1%	New	54,000	—	$2.0M
BLKBBlackbaud Inc	1.0%	1.4%	61,050	+0.0%	$1.8M
ZIZoominfo Technologies Inc	0.9%	2.0%	547,100	+0.0%	$1.6M
RLGTRadiant Logistics Inc	0.7%	0.5%	127,799	+0.0%	$1.2M
HDSNHudson Technologies Inc	0.6%	0.7%	200,750	+0.0%	$1.2M
FORRForrester Research Inc	0.4%	0.3%	91,500	+0.0%	$770K

What Kestrel Investment Management Corp bought and sold in Q2 2026, against Q1 2026.

New positions

WEX WEX Inc2.8% of 13F
SLM Slm Corp1.2% of 13F
RAMP LiveRamp Holdings Inc1.1% of 13F

Added to

SMG Scotts Miracle-Gro Co Cl A+141.9% shares
EXLS ExlService Holdings Inc+98.7% shares

Reduced

No position shrank by more than 5%.

Sold out

TPH Tri Pointe Homes Incwas 6.1%
AAMI Acadian Asset Mgmt Incwas 2.0%

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +25.6% /yr; S&P 500 +20.1%
3 years: +19.6% /yr; S&P 500 +20.4%
5 years: +12.2% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$183.7M	40
Q1 2026	$167.5M	39
Q4 2025	$176.4M	40
Q3 2025	$177.4M	40
Q2 2025	$167.0M	41
Q1 2025	$163.7M	40
Q4 2024	$181.2M	40
Q3 2024	$173.7M	40
Q2 2024	$151.0M	37
Q1 2024	$149.8M	37
Q4 2023	$147.8M	37
Q3 2023	$158.1M	38

Questions about Kestrel Investment Management Corp's portfolio

What stocks does Kestrel Investment Management Corp own?

Kestrel Investment Management Corp's latest 13F, for Q2 2026 and filed Aug 4, 2026, lists 40 positions worth $183.7M. The largest are Phinia (PHIN) at 7.3%, Axos Financial Inc (AX) at 5.0%, CNO Financial Group Inc (CNO) at 4.3%, Insight Enterprises Inc (NSIT) at 4.2% and Haemonetics Corp (HAE) at 4.0%.

What did Kestrel Investment Management Corp buy last quarter?

In Q2 2026, Kestrel Investment Management Corp added a new position in WEX Inc (WEX), a new position in Slm Corp (SLM), a new position in LiveRamp Holdings Inc (RAMP), Scotts Miracle-Gro Co Cl A (SMG) (+141.9% shares) and ExlService Holdings Inc (EXLS) (+98.7% shares), compared with its Q1 2026 filing.

What did Kestrel Investment Management Corp sell last quarter?

In Q2 2026, Kestrel Investment Management Corp sold all of Tri Pointe Homes Inc (TPH) and sold all of Acadian Asset Mgmt Inc (AAMI), compared with its Q1 2026 filing.

How has Kestrel Investment Management Corp's portfolio performed?

A portfolio copying Kestrel Investment Management Corp's 20 largest 13F holdings each quarter, from the day each filing was public, returned +19.6% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +25.6% against +20.1%. Over 5 years: +12.2% a year against +11.6%.

When is Kestrel Investment Management Corp's next 13F filing due?

13F filings are due 45 days after each quarter ends. Kestrel Investment Management Corp's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Kestrel Investment Management Corp manage?

Kestrel Investment Management Corp reported $180.0M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $183.7M.