Kestrel Investment Management
SAN MATEO, CAfiles as KESTREL INVESTMENT MANAGEMENT CORP
$184m in 40 US stocks at the end of 30 June 2026. The top 10 are 43.1% of the money. It changed about 15.5% of the portfolio this quarter.
Value
$184m
Stocks
40
Top 10 share
43.1%
Turnover
15.5%
What changed this quarter
New
Bought for the first time this quarter.
- WEXWEX2.8% of the fund
- SLMSLM1.2% of the fund
- LiveRamp HoldingsRAMP1.1% of the fund
Added
Bought more of a stock they already held.
- Scotts Miracle-GroSMG3.5% of the fund+142%
- ExlService HoldingsEXLS2.4% of the fund+99%
Cut
Sold some of their stake.
None this quarter.
Sold out
Sold their entire stake.
- TRI Pointe Homes-100%
- Acadian Asset ManagementAAMI-100%
Holdings
- Preferred BK LOS Angeles CAPFBC
- Share
- 2.3%
- Value
- $4m
- Shares
- 39,750
Held
- Avanos MED
- Share
- 1.9%
- Value
- $3m
- Shares
- 139,850
Held
- Cross Ctry Healthcare
- Share
- 1.2%
- Value
- $2m
- Shares
- 167,100
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| PhiniaPHIN | 7.3% | $13m | 163,500 | Held |
| Axos FinancialAX | 5.0% | $9m | 95,150 | Held |
| CNO Financial GroupCNO | 4.3% | $8m | 153,250 | Held |
| Insight EnterprisesNSIT | 4.2% | $8m | 63,750 | Held |
| HaemoneticsHAE | 4.0% | $7m | 97,400 | Held |
| Integer HoldingsITGR | 3.8% | $7m | 75,150 | Held |
| NCR AtleosNATL | 3.7% | $7m | 156,850 | Held |
| TrimasTRS | 3.7% | $7m | 149,550 | Held |
| PhotronicsPLAB | 3.5% | $7m | 200,450 | Held |
| Scotts Miracle-GroSMG | 3.5% | $6m | 95,050 | +142% |
| Xenia Hotels & ResortsXHR | 3.3% | $6m | 294,650 | Held |
| CovistaCVSA | 3.2% | $6m | 47,300 | Held |
| Brighthouse FinancialBHF | 3.1% | $6m | 90,400 | Held |
| AtkoreATKR | 3.1% | $6m | 74,150 | Held |
| QCR HoldingsQCRH | 2.9% | $5m | 55,650 | Held |
| Bristow GroupVTOL | 2.9% | $5m | 129,700 | Held |
| WEXWEX | 2.8% | $5m | 36,900 | New |
| Tenet HealthcareTHC | 2.8% | $5m | 27,175 | Held |
| EcovystECVT | 2.7% | $5m | 405,400 | Held |
| ExlService HoldingsEXLS | 2.4% | $4m | 171,900 | +99% |
| Preferred BK LOS Angeles CAPFBC | 2.3% | $4m | 39,750 | Held |
| Koppers HoldingsKOP | 2.0% | $4m | 83,450 | Held |
| UpworkUPWK | 2.0% | $4m | 433,000 | Held |
| Avanos MED | 1.9% | $3m | 139,850 | Held |
| Simply Good FoodsSMPL | 1.9% | $3m | 258,050 | Held |
| Cars.comCARS | 1.8% | $3m | 305,750 | Held |
| Prestige Consumer HealthcarePBH | 1.8% | $3m | 69,950 | Held |
| Matthews InternationalMATW | 1.7% | $3m | 115,500 | Held |
| Science Applications InternationalSAIC | 1.3% | $2m | 22,150 | Held |
| MetallusMTUS | 1.3% | $2m | 130,000 | Held |
| Southside BancsharesSBSI | 1.3% | $2m | 69,000 | Held |
| Cross Ctry Healthcare | 1.2% | $2m | 167,100 | Held |
| ConcentrixCNXC | 1.2% | $2m | 97,750 | Held |
| SLMSLM | 1.2% | $2m | 83,050 | New |
| LiveRamp HoldingsRAMP | 1.1% | $2m | 54,000 | New |
| BlackbaudBLKB | 1.0% | $2m | 61,050 | Held |
| ZoomInfo TechnologiesGTM | 0.9% | $2m | 547,100 | Held |
| Radiant LogisticsRLGT | 0.7% | $1m | 127,799 | Held |
| Hudson TechnologiesHDSN | 0.6% | $1m | 200,750 | Held |
| Forrester ResearchFORR | 0.4% | $769,515 | 91,500 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 10.0% since 30 June 2025.
Where the money is
Financial services20.7%
Technology18.3%
Retail & consumer18.0%
Health care12.4%
Industrials12.0%
Materials11.3%
Everyday goods1.9%
Other5.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.