2026 Q1 Portfolio Activity
In 2026 Q1, KESTREL INVESTMENT MANAGEMENT CORP maintained a portfolio of 44 distinct positions. The most significant new addition was TriMas Corp, now representing 3.21% of the total fund value. They heavily accumulated shares in The Simply Good Foods Co, increasing the position by 90.3%. Conversely, KESTREL INVESTMENT MANAGEMENT CORP completely exited their position in Radian Group Inc.
Position History
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Total Positions
44
Quarter
2026 Q1
Top Holding
PHIN (6.7%)
Top 10 Concentration
44.5%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-44 of 44
KESTREL INVESTMENT MANAGEMENT CORP Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
PHIN
PHINIA Inc
|
Consumer Cyclical | 6.69% | 5.88% |
#1
Prev: #1
|
5.2 |
—
|
-1,800 | -1.1% |
P
S
|
163,600 | $11,196,784 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
TPH
Tri Pointe Home...
|
Consumer Cyclical | 6.14% | 3.95% |
#2
3
Prev: #5
|
4.5 |
—
|
-1,500 | -0.7% |
P
S
|
220,050 | $10,282,937 | 2022 Q2 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
PLAB
Photronics Inc
|
Technology | 4.84% | 3.66% |
#3
5
Prev: #8
|
3.4 |
—
|
-1,400 | -0.7% |
P
S
|
200,450 | $8,100,185 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
AX
Axos Financial ...
|
Financial Services | 4.83% | 4.70% |
#4
1
Prev: #3
|
2.9 |
—
|
-1,000 | -1.0% |
P
S
|
95,150 | $8,096,314 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
NATL
NCR Atleos Corp
|
Technology | 4.08% | 3.42% |
#5
4
Prev: #9
|
2.6 |
—
|
-1,300 | -0.8% |
P
S
|
156,850 | $6,835,523 | 2023 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
ITGR
Integer Holding...
|
Healthcare | 3.95% | 3.36% |
#6
4
Prev: #10
|
2.1 |
—
|
-500 | -0.7% |
P
S
|
75,150 | $6,613,200 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
CNO
CNO Financial G...
|
Financial Services | 3.76% | 3.71% |
#7
Prev: #7
|
2.0 |
—
|
-1,000 | -0.6% |
P
S
|
153,250 | $6,292,445 | 2015 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
VTOL
Bristow Group I...
|
Energy | 3.63% | 2.71% |
#8
8
Prev: #16
|
2.0 |
—
|
-800 | -0.6% |
P
S
|
129,700 | $6,081,633 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
HAE
Haemonetics Cor...
|
Healthcare | 3.28% | 4.46% |
#9
5
Prev: #4
|
1.8 |
—
|
-700 | -0.7% |
P
S
|
97,400 | $5,489,464 | 2002 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
ATGE
Covista Inc
|
Consumer Defensive | 3.26% | 2.79% |
#10
5
Prev: #15
|
1.8 |
—
|
-300 | -0.6% |
P
S
|
47,300 | $5,451,325 | 2022 Q2 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
BHF
Brighthouse Fin...
|
Financial Services | 3.23% | 3.35% |
#11
Prev: #11
|
1.8 |
—
|
-800 | -0.9% |
P
S
|
90,400 | $5,413,152 | 2021 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
TRS
TriMas Corp
|
Consumer Cyclical | 3.21% | — |
#12
Prev: #—
|
4.8 |
—
|
149,550 | — |
NEW
|
149,550 | $5,374,827 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
ECVT
Ecovyst Inc
|
Basic Materials | 3.11% | 2.25% |
#13
9
Prev: #22
|
1.7 |
—
|
-2,200 | -0.5% |
P
S
|
405,400 | $5,213,444 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
THC
Tenet Healthcar...
|
Healthcare | 3.06% | 3.10% |
#14
Prev: #14
|
1.7 |
—
|
-300 | -1.1% |
P
S
|
27,175 | $5,128,194 | 2022 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
QCRH
QCR Holdings In...
|
Financial Services | 2.84% | 2.63% |
#15
3
Prev: #18
|
2.1 |
—
|
no change | no change |
P
S
|
55,650 | $4,755,293 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
UPWK
Upwork Inc
|
Communication Services | 2.83% | 4.89% |
#16
14
Prev: #2
|
1.6 |
—
|
-2,500 | -0.6% |
P
S
|
433,000 | $4,745,680 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
XHR
Xenia Hotels an...
|
Real Estate | 2.61% | 2.38% |
#17
3
Prev: #20
|
1.5 |
—
|
-2,400 | -0.8% |
P
S
|
294,650 | $4,369,660 | 2015 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
ATKR
Atkore Inc
|
Industrials | 2.61% | 2.68% |
#18
1
Prev: #17
|
1.5 |
—
|
-500 | -0.7% |
P
S
|
74,150 | $4,368,177 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
NSIT
Insight Enterpr...
|
Technology | 2.55% | — |
#19
Prev: #—
|
4.5 |
—
|
63,750 | — |
NEW
|
63,750 | $4,271,888 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
PBH
Prestige Consum...
|
Healthcare | 2.48% | 2.46% |
#20
1
Prev: #19
|
1.5 |
—
|
-400 | -0.6% |
P
S
|
70,050 | $4,151,864 | 2018 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
SMPL
The Simply Good...
|
Consumer Defensive | 2.21% | 1.54% |
#21
9
Prev: #30
|
3.9 |
—
|
122,475 | 90.3% |
P
S
|
258,050 | $3,703,018 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
PFBC
Preferred Bank
|
Financial Services | 2.15% | 2.14% |
#22
2
Prev: #24
|
1.4 |
—
|
-300 | -0.7% |
P
S
|
39,750 | $3,604,928 | 2024 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
AAMI
Acadian Asset M...
|
Financial Services | 2.03% | 1.68% |
#23
6
Prev: #29
|
1.3 |
—
|
-800 | -1.3% |
P
S
|
62,381 | $3,394,774 | 2020 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
GTM
ZoomInfo Techno...
|
Technology | 1.95% | 3.18% |
#24
12
Prev: #12
|
1.3 |
—
|
-4,500 | -0.8% |
P
S
|
547,100 | $3,271,658 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
KOP
Koppers Holding...
|
Basic Materials | 1.93% | 1.29% |
#25
6
Prev: #31
|
1.3 |
—
|
-300 | -0.4% |
P
S
|
83,450 | $3,227,846 | 2021 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
MATW
Matthews Intern...
|
Industrials | 1.79% | 1.72% |
#26
2
Prev: #28
|
1.7 |
—
|
no change | no change |
P
S
|
115,900 | $2,992,538 | 2010 Q2 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
CNXC
Concentrix Corp
|
Technology | 1.60% | 2.32% |
#27
6
Prev: #21
|
1.1 |
—
|
-700 | -0.7% |
P
S
|
97,750 | $2,674,440 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
EXLS
ExlService Hold...
|
Technology | 1.57% | — |
#28
Prev: #—
|
4.1 |
—
|
86,500 | — |
NEW
|
86,500 | $2,633,925 | 2014 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
CARS
Cars.com Inc
|
Communication Services | 1.48% | 2.13% |
#29
4
Prev: #25
|
1.1 |
—
|
-1,800 | -0.6% |
P
S
|
305,750 | $2,482,690 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
SMG
The Scotts Mira...
|
Basic Materials | 1.43% | — |
#30
Prev: #—
|
4.1 |
—
|
39,300 | — |
NEW
|
39,300 | $2,389,833 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
BLKB
Blackbaud Inc
|
Technology | 1.41% | 2.21% |
#31
8
Prev: #23
|
1.1 |
—
|
-500 | -0.8% |
P
S
|
61,050 | $2,357,141 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
SBSI
Southside Bancs...
|
Financial Services | 1.28% | 1.20% |
#32
2
Prev: #34
|
1.0 |
—
|
-500 | -0.7% |
P
S
|
69,000 | $2,145,210 | 2023 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
MTUS
Metallus Inc
|
Basic Materials | 1.27% | 1.28% |
#33
1
Prev: #32
|
1.0 |
—
|
-1,200 | -0.9% |
P
S
|
130,000 | $2,124,200 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
SAIC
Science App Int...
|
Technology | 1.26% | 1.26% |
#34
1
Prev: #33
|
1.5 |
—
|
no change | no change |
P
S
|
22,150 | $2,102,478 | 2022 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
AVNS
Avanos Medical ...
|
Healthcare | 1.17% | 0.90% |
#35
1
Prev: #36
|
1.0 |
—
|
-1,200 | -0.9% |
P
S
|
139,850 | $1,959,299 | 2023 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
CCRN
Cross Country H...
|
Healthcare | 0.94% | 0.77% |
#36
2
Prev: #38
|
0.9 |
—
|
-1,500 | -0.9% |
P
S
|
167,100 | $1,570,740 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
HDSN
Hudson Technolo...
|
Basic Materials | 0.70% | 0.78% |
#37
Prev: #37
|
0.8 |
—
|
-1,000 | -0.5% |
P
S
|
200,750 | $1,180,410 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
RLGT
Radiant Logisti...
|
Industrials | 0.54% | 0.46% |
#38
1
Prev: #39
|
1.2 |
—
|
no change | no change |
P
S
|
127,799 | $900,983 | 2018 Q2 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
FORR
Forrester Resea...
|
Industrials | 0.31% | 0.42% |
#39
1
Prev: #40
|
1.1 |
—
|
no change | no change |
P
S
|
91,500 | $517,890 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
RNGR
Ranger Energy S...
|
Energy | 0.00% | 1.11% |
Sold All 😨
(Was: #35) |
0.0 |
—
|
-139,600 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
OCFC
OceanFirst Fina...
|
Financial Services | 0.00% | 2.00% |
Sold All 😨
(Was: #27) |
0.0 |
—
|
-197,050 | -100.0% |
CLOSED
|
— | $— | 2002 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
THS
TreeHouse Foods...
|
Unknown | 0.00% | 2.13% |
Sold All 😨
(Was: #26) |
0.0 |
—
|
-158,950 | -100.0% |
CLOSED
|
— | $— | 2005 Q3 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
CXW
CoreCivic Inc
|
Industrials | 0.00% | 3.18% |
Sold All 😨
(Was: #13) |
0.0 |
—
|
-293,100 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-05 | |||
|
RDN
Radian Group In...
|
Financial Services | 0.00% | 3.93% |
Sold All 😨
(Was: #6) |
0.0 |
—
|
-192,800 | -100.0% |
CLOSED
|
— | $— | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-05-05 |
Showing 1-44 of 44 holdings