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KESTREL INVESTMENT MANAGEMENT CORP

411 BOREL AVE SUITE 403, SAN MATEO, CA 94402 • 6505729469

Q4 2025 · Filed 2026-02-03
Market Value
$176M
-0.6%
Holdings
46
+3
New Purchases
6
Added To
0
Closed
6
Reduced
34
Top 10 Concentration
42.0%
Turnover
26.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ITGR 3.36% 0.00% +3.36% $6M
CXW 3.18% 0.00% +3.18% $6M
QCRH 2.63% 0.00% +2.63% $5M
ECVT 2.25% 0.00% +2.25% $4M
CARS 2.13% 0.00% +2.13% $4M
HAE 4.46% 2.80% +1.66% $8M
SMPL 1.54% 0.00% +1.54% $3M
PLAB 3.66% 2.71% +0.96% $6M
BHF 3.35% 2.83% +0.52% $6M
PHIN 5.88% 5.55% +0.33% $10M
THS 2.13% 1.88% +0.25% $4M
UPWK 4.89% 4.72% +0.17% $9M
CNO 3.71% 3.56% +0.15% $7M
MATW 1.72% 1.64% +0.07% $3M
SBSI 1.20% 1.15% +0.05% $2M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PINC 0.00% 4.00% -4.00% $0
MDU 0.00% 3.11% -3.11% $0
PGNY 0.00% 2.17% -2.17% $0
BBT 0.00% 1.88% -1.88% $0
DRVN 0.00% 1.82% -1.82% $0
CVSA 2.79% 4.29% -1.50% $5M
EPC 0.00% 1.40% -1.40% $0
CCRN 0.77% 1.40% -0.62% $1M
TPH 3.95% 4.39% -0.44% $7M
HDSN 0.78% 1.17% -0.39% $1M
CNXC 2.32% 2.65% -0.33% $4M
ZI 3.18% 3.51% -0.33% $6M
NATL 3.42% 3.63% -0.21% $6M
THC 3.10% 3.27% -0.18% $5M
FORR 0.42% 0.57% -0.15% $743K

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Consumer Cyclical 20.8%
Financial Services 20.1%
Technology 19.3%
Healthcare 14.9%
Basic Materials 8.4%

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 1 $5M 3.1%
Mid Cap 21 $102M 57.7%
Small Cap 22 $67M 38.0%
Micro Cap 2 $2M 1.2%

Portfolio Analytics

Avg Market Cap
$2.4B
Median Market Cap
$1.8B
Avg P/E
27.2
Median P/E
17.6
Avg Dividend Yield
0.01%
Avg Beta
0.88
# Stocks
46
# ETFs / Funds
0

Top Holdings (46 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 PHIN 5.88% 165,400 $10M $62.70 $523K -5,900 -3.4%
2 UPWK 4.89% 435,500 $9M $19.82 $255K -15,500 -3.4%
3 AX 4.70% 96,150 $8M $86.16 -$126K -3,200 -3.2%
4 HAE 4.46% 98,100 $8M $80.14 $3M -3,700 -3.6%
5 TPH 3.95% 221,550 $7M $31.47 -$823K -7,900 -3.4%
6 RDN 3.93% 192,800 $7M $36.00 -$294K -6,900 -3.5%
7 CNO 3.71% 154,250 $7M $42.46 $236K -5,400 -3.4%
8 PLAB 3.66% 201,850 $6M $32.00 $2M -7,300 -3.5%
9 NATL 3.42% 158,150 $6M $38.12 -$413K -5,700 -3.5%
10 ITGR 3.36% 75,650 $6M $78.43 +75,650 NEW
11 BHF 3.35% 91,200 $6M $64.78 $891K -3,300 -3.5%
12 ZI 3.18% 551,600 $6M $10.17 -$620K -19,400 -3.4%
13 CXW 3.18% 293,100 $6M $19.11 +293,100 NEW
14 THC 3.10% 27,475 $5M $198.73 -$342K -1,100 -3.9%
15 CVSA 2.79% 47,600 $5M $103.47 -$3M -1,700 -3.5%
16 VTOL 2.71% 130,500 $5M $36.62 -$97K -4,600 -3.4%
17 ATKR 2.68% 74,650 $5M $63.26 -$130K -2,700 -3.5%
18 QCRH 2.63% 55,650 $5M $83.31 +55,650 NEW
19 PBH 2.46% 70,450 $4M $61.70 -$205K -2,500 -3.4%
20 XHR 2.38% 297,050 $4M $14.14 -$20K -10,700 -3.5%
21 CNXC 2.32% 98,450 $4M $41.57 -$616K -3,600 -3.5%
22 ECVT 2.25% 407,600 $4M $9.73 +407,600 NEW
23 BLKB 2.21% 61,550 $4M $63.33 -$196K -2,100 -3.3%
24 PFBC 2.14% 40,050 $4M $94.41 $35K -1,400 -3.4%
25 CARS 2.13% 307,550 $4M $12.20 +307,550 NEW
26 THS 2.13% 158,950 $4M $23.59 $423K -5,700 -3.5%
27 OCFC 2.00% 197,050 $4M $17.95 -$50K -7,100 -3.5%
28 MATW 1.72% 115,900 $3M $26.13 $114K -4,100 -3.4%
29 AAMI 1.68% 63,181 $3M $47.01 -$178K -2,200 -3.4%
30 SMPL 1.54% 135,575 $3M $20.08 +135,575 NEW
31 KOP 1.29% 83,750 $2M $27.08 -$160K -3,000 -3.5%
32 TMST 1.28% 131,200 $2M $17.16 $2K -4,800 -3.5%
33 SAIC 1.26% 22,150 $2M $100.68 -$31K -600 -2.6%
34 SBSI 1.20% 69,500 $2M $30.40 $81K -2,400 -3.3%
35 RNGR 1.11% 139,600 $2M $13.98 -$76K -4,800 -3.3%
36 AVNS 0.90% 141,050 $2M $11.22 -$106K -5,000 -3.4%
37 HDSN 0.78% 201,750 $1M $6.85 -$693K -7,100 -3.4%
38 CCRN 0.77% 168,600 $1M $8.10 -$1M -5,700 -3.3%
39 RLGT 0.46% 127,799 $809K $6.33 $26K -4,900 -3.7%
40 FORR 0.42% 91,500 $743K $8.12 -$265K -3,600 -3.8%
41 DRVN —% -$3M -200,200 -100.0% SOLD
42 EPC —% -$2M -122,200 -100.0% SOLD
43 BBT —% -$3M -140,950 -100.0% SOLD
44 PGNY —% -$4M -178,650 -100.0% SOLD
45 PINC —% -$7M -255,350 -100.0% SOLD
46 MDU —% -$6M -309,600 -100.0% SOLD

New Positions

SymbolValue% Port
ITGR $6M 3.36%
CXW $6M 3.18%
QCRH $5M 2.63%
ECVT $4M 2.25%
CARS $4M 2.13%
SMPL $3M 1.54%

Sold Out Positions

SymbolValue% Port
EPC —%
BBT —%
MDU —%
DRVN —%
PGNY —%
PINC —%
View SEC EDGAR Filings for KESTREL INVESTMENT MANAGEMENT CORP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms