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Asset Manager ← All Institutions

KESTREL INVESTMENT MANAGEMENT CORP

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

Q1 2026 · Filed 2026-05-05
Market Value
$167M
-5.1%
Holdings
44
-2
New Purchases
4
Added To
1
Closed
5
Reduced
29
Top 10 Concentration
44.5%
Turnover
20.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TRS 3.21% 0.00% +3.21% $5M
NSIT 2.55% 0.00% +2.55% $4M
TPH 6.14% 3.95% +2.19% $10M
EXLS 1.57% 0.00% +1.57% $3M
SMG 1.43% 0.00% +1.43% $2M
PLAB 4.84% 3.66% +1.17% $8M
VTOL 3.63% 2.71% +0.92% $6M
ECVT 3.11% 2.25% +0.87% $5M
PHIN 6.69% 5.88% +0.81% $11M
SMPL 2.21% 1.54% +0.67% $4M
NATL 4.08% 3.42% +0.66% $7M
KOP 1.93% 1.29% +0.64% $3M
ITGR 3.95% 3.36% +0.59% $7M
CVSA 3.26% 2.79% +0.46% $5M
AAMI 2.03% 1.68% +0.34% $3M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
RDN 0.00% 3.93% -3.93% $0
CXW 0.00% 3.18% -3.18% $0
THS 0.00% 2.13% -2.13% $0
UPWK 2.83% 4.89% -2.06% $5M
OCFC 0.00% 2.00% -2.00% $0
ZI 1.95% 3.18% -1.23% $3M
HAE 3.28% 4.46% -1.18% $5M
RNGR 0.00% 1.11% -1.11% $0
BLKB 1.41% 2.21% -0.80% $2M
CNXC 1.60% 2.32% -0.72% $3M
CARS 1.48% 2.13% -0.64% $2M
BHF 3.23% 3.35% -0.12% $5M
FORR 0.31% 0.42% -0.11% $518K
HDSN 0.70% 0.78% -0.08% $1M
ATKR 2.61% 2.68% -0.07% $4M

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 20 $100M 59.9%
Small Cap 21 $60M 36.0%
Micro Cap 2 $2M 1.0%

Portfolio Analytics

Avg Market Cap
$2.4B
Median Market Cap
$1.6B
Avg P/E
26.2
Median P/E
16.9
Avg Dividend Yield
0.01%
Avg Beta
0.92
# Stocks
44
# ETFs / Funds
0

Top Holdings (44 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 PHIN 6.69% 163,600 $11M $68.44 $827K -1,800 -1.1%
2 TPH 6.14% 220,050 $10M $46.73 $3M -1,500 -0.7%
3 PLAB 4.84% 200,450 $8M $40.41 $2M -1,400 -0.7%
4 AX 4.83% 95,150 $8M $85.09 -$188K -1,000 -1.0%
5 NATL 4.08% 156,850 $7M $43.58 $808K -1,300 -0.8%
6 ITGR 3.95% 75,150 $7M $88.00 $680K -500 -0.7%
7 CNO 3.76% 153,250 $6M $41.06 -$258K -1,000 -0.7%
8 VTOL 3.63% 129,700 $6M $46.89 $1M -800 -0.6%
9 HAE 3.28% 97,400 $5M $56.36 -$2M -700 -0.7%
10 CVSA 3.26% 47,300 $5M $115.25 $526K -300 -0.6%
11 BHF 3.23% 90,400 $5M $59.88 -$495K -800 -0.9%
12 TRS 3.21% 149,550 $5M $35.94 +149,550 NEW
13 ECVT 3.11% 405,400 $5M $12.86 $1M -2,200 -0.5%
14 THC 3.06% 27,175 $5M $188.71 -$332K -300 -1.1%
15 QCRH 2.84% 55,650 $5M $85.45 $119K
16 UPWK 2.83% 433,000 $5M $10.96 -$4M -2,500 -0.6%
17 XHR 2.61% 294,650 $4M $14.83 $170K -2,400 -0.8%
18 ATKR 2.61% 74,150 $4M $58.91 -$354K -500 -0.7%
19 NSIT 2.55% 63,750 $4M $67.01 +63,750 NEW
20 PBH 2.48% 70,050 $4M $59.27 -$195K -400 -0.6%
21 SMPL 2.21% 258,050 $4M $14.35 $981K +122,475 +90.3%
22 PFBC 2.15% 39,750 $4M $90.69 -$176K -300 -0.8%
23 AAMI 2.03% 62,381 $3M $54.42 $425K -800 -1.3%
24 ZI 1.95% 547,100 $3M $5.98 -$2M -4,500 -0.8%
25 KOP 1.93% 83,450 $3M $38.68 $960K -300 -0.4%
26 MATW 1.79% 115,900 $3M $25.82 -$35K
27 CNXC 1.60% 97,750 $3M $27.36 -$1M -700 -0.7%
28 EXLS 1.57% 86,500 $3M $30.45 +86,500 NEW
29 CARS 1.48% 305,750 $2M $8.12 -$1M -1,800 -0.6%
30 SMG 1.43% 39,300 $2M $60.81 +39,300 NEW
31 BLKB 1.41% 61,050 $2M $38.61 -$2M -500 -0.8%
32 SBSI 1.28% 69,000 $2M $31.09 $32K -500 -0.7%
33 TMST 1.27% 130,000 $2M $16.34 -$127K -1,200 -0.9%
34 SAIC 1.26% 22,150 $2M $94.92 -$128K
35 AVNS 1.17% 139,850 $2M $14.01 $376K -1,200 -0.8%
36 CCRN 0.94% 167,100 $2M $9.40 $206K -1,500 -0.9%
37 HDSN 0.70% 200,750 $1M $5.88 -$201K -1,000 -0.5%
38 RLGT 0.54% 127,799 $901K $7.05 $92K
39 FORR 0.31% 91,500 $518K $5.66 -$225K
40 RDN —% -$7M -192,800 -100.0% SOLD
41 RNGR —% -$2M -139,600 -100.0% SOLD
42 THS —% -$4M -158,950 -100.0% SOLD
43 CXW —% -$6M -293,100 -100.0% SOLD
44 OCFC —% -$4M -197,050 -100.0% SOLD

New Positions

SymbolValue% Port
TRS $5M 3.21%
NSIT $4M 2.55%
EXLS $3M 1.57%
SMG $2M 1.43%

Sold Out Positions

SymbolValue% Port
CXW —%
RNGR —%
RDN —%
OCFC —%
THS —%
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