Kestrel Investment Management Corp
Net buyer this quarter
$184M
40
+$631K
43.1%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 PHIN | $13.5M | 7.33% | 0.44% | -0.1% | Q3 2023 |
 AX | $9.27M | 5.04% | 0.17% | Not reported | Q2 2023 |
 CNO | $7.81M | 4.25% | 0.17% | Not reported | Q1 2015 |
 NSIT | $7.76M | 4.23% | 0.22% | Not reported | Q1 2026 |
 HAE | $7.31M | 3.98% | 0.21% | Not reported | Q2 2013 |
 ITGR | $7.02M | 3.82% | 0.22% | Not reported | Q4 2025 |
 NATL | $6.81M | 3.71% | 0.21% | Not reported | Q4 2023 |
 TRS | $6.73M | 3.67% | 0.42% | Not reported | Q1 2026 |
 PLAB | $6.52M | 3.55% | 0.34% | Not reported | Q4 2024 |
 SMG | $6.47M | 3.52% | 0.16% | +141.9% | Q1 2026 |
 XHR | $6M | 3.27% | 0.32% | Not reported | Q1 2015 |
 CVSA | $5.9M | 3.21% | 0.14% | Not reported | Q2 2022 |
 BHF | $5.72M | 3.12% | 0.16% | Not reported | Q1 2021 |
 ATKR | $5.64M | 3.07% | 0.22% | Not reported | Q1 2025 |
 QCRH | $5.42M | 2.95% | 0.34% | Not reported | Q4 2025 |
 VTOL | $5.36M | 2.92% | 0.44% | Not reported | Q3 2025 |
 WEX | $5.21M | 2.83% | 0.11% | New | Q2 2026 |
 THC | $5.08M | 2.77% | 0.03% | Not reported | Q4 2022 |
 ECVT | $5.05M | 2.75% | 0.37% | Not reported | Q4 2025 |
 EXLS | $4.45M | 2.42% | 0.11% | +98.7% | Q1 2014 |
 PFBC | $4.22M | 2.30% | Not reported | Not reported | Q1 2024 |
 KOP | $3.75M | 2.04% | 0.44% | Not reported | Q3 2021 |
 UPWK | $3.62M | 1.97% | 0.35% | Not reported | Q3 2024 |
| AVNS | $3.48M | 1.89% | 0.30% | Not reported | Q4 2023 |
 SMPL | $3.43M | 1.87% | 0.29% | Not reported | Q4 2025 |
 CARS | $3.34M | 1.82% | 0.57% | Not reported | Q4 2025 |
 PBH | $3.31M | 1.80% | 0.15% | -0.1% | Q3 2018 |
 MATW | $3.11M | 1.69% | 0.37% | -0.4% | Q2 2013 |
 SAIC | $2.45M | 1.33% | 0.05% | Not reported | Q3 2022 |
 MTUS | $2.43M | 1.32% | 0.31% | Not reported | Q2 2024 |
 SBSI | $2.43M | 1.32% | 0.23% | Not reported | Q1 2023 |
| CCRN | $2.21M | 1.20% | 0.52% | Not reported | Q3 2023 |
 CNXC | $2.19M | 1.19% | 0.16% | Not reported | Q1 2025 |
 SLM | $2.15M | 1.17% | 0.04% | Not reported | Q3 2014 |
 RAMP | $2.03M | 1.11% | 0.09% | New | Q2 2026 |
 BLKB | $1.81M | 0.98% | 0.13% | Not reported | Q2 2024 |
 GTM | $1.6M | 0.87% | 0.19% | Not reported | Q2 2025 |
 RLGT | $1.21M | 0.66% | 0.27% | Not reported | Q2 2018 |
 HDSN | $1.15M | 0.63% | 0.48% | Not reported | Q3 2024 |
 FORR | $770K | 0.42% | 0.47% | Not reported | Q3 2024 |
| Q1 2026 | |||||
| PHIN | $11.2M | 6.69% | 0.43% | -1.1% | Q3 2023 |
| TPH | $10.3M | 6.14% | 0.26% | -0.7% | Q2 2022 |
| PLAB | $8.1M | 4.84% | 0.34% | -0.7% | Q4 2024 |
| AX | $8.1M | 4.83% | 0.17% | -1.0% | Q2 2023 |
| NATL | $6.84M | 4.08% | 0.21% | -0.8% | Q4 2023 |
| ITGR | $6.61M | 3.95% | 0.22% | -0.7% | Q4 2025 |
| CNO | $6.29M | 3.76% | 0.16% | -0.7% | Q1 2015 |
| VTOL | $6.08M | 3.63% | 0.44% | -0.6% | Q3 2025 |
| HAE | $5.49M | 3.28% | 0.22% | -0.7% | Q2 2013 |
| CVSA | $5.45M | 3.26% | 0.14% | -0.6% | Q2 2022 |
| BHF | $5.41M | 3.23% | 0.16% | -0.9% | Q1 2021 |
| TRS | $5.37M | 3.21% | 0.41% | New | Q1 2026 |
| ECVT | $5.21M | 3.11% | 0.37% | -0.5% | Q4 2025 |
| THC | $5.13M | 3.06% | 0.03% | -1.1% | Q4 2022 |
| QCRH | $4.76M | 2.84% | 0.34% | Not reported | Q4 2025 |
| UPWK | $4.75M | 2.83% | 0.35% | -0.6% | Q3 2024 |
| XHR | $4.37M | 2.61% | 0.32% | -0.8% | Q1 2015 |
| ATKR | $4.37M | 2.61% | 0.22% | -0.7% | Q1 2025 |
| NSIT | $4.27M | 2.55% | 0.21% | New | Q1 2026 |
| PBH | $4.15M | 2.48% | 0.15% | -0.6% | Q3 2018 |
| SMPL | $3.7M | 2.21% | 0.28% | +90.3% | Q4 2025 |
| PFBC | $3.6M | 2.15% | Not reported | -0.8% | Q1 2024 |
 AAMI | $3.39M | 2.03% | 0.17% | -1.3% | Q3 2020 |
| GTM | $3.27M | 1.95% | 0.18% | -0.8% | Q2 2025 |
| KOP | $3.23M | 1.93% | 0.43% | -0.4% | Q3 2021 |
| MATW | $2.99M | 1.79% | 0.37% | Not reported | Q2 2013 |
| CNXC | $2.67M | 1.60% | 0.16% | -0.7% | Q1 2025 |
| EXLS | $2.63M | 1.57% | 0.06% | Not reported | Q1 2014 |
| CARS | $2.48M | 1.48% | 0.53% | -0.6% | Q4 2025 |
| SMG | $2.39M | 1.43% | 0.07% | New | Q1 2026 |
| BLKB | $2.36M | 1.41% | 0.13% | -0.8% | Q2 2024 |
| SBSI | $2.15M | 1.28% | 0.23% | -0.7% | Q1 2023 |
| MTUS | $2.12M | 1.27% | 0.31% | -0.9% | Q2 2024 |
| SAIC | $2.1M | 1.26% | 0.05% | Not reported | Q3 2022 |
| AVNS | $1.96M | 1.17% | 0.30% | -0.9% | Q4 2023 |
| CCRN | $1.57M | 0.94% | 0.53% | -0.9% | Q3 2023 |
| HDSN | $1.18M | 0.70% | 0.48% | -0.5% | Q3 2024 |
| RLGT | $901K | 0.54% | 0.27% | Not reported | Q2 2018 |
| FORR | $518K | 0.31% | 0.48% | Not reported | Q3 2024 |
| Q4 2025 | |||||
| PHIN | $10.4M | 5.88% | 0.44% | -3.4% | Q3 2023 |
| UPWK | $8.63M | 4.89% | 0.33% | -3.4% | Q3 2024 |
| AX | $8.28M | 4.70% | 0.17% | -3.2% | Q2 2023 |
| HAE | $7.86M | 4.46% | 0.21% | -3.6% | Q2 2013 |
| TPH | $6.97M | 3.95% | 0.26% | -3.4% | Q2 2022 |
 RDN | $6.94M | 3.93% | 0.14% | -3.5% | Q1 2022 |
| CNO | $6.55M | 3.71% | 0.16% | -3.4% | Q1 2015 |
| PLAB | $6.46M | 3.66% | 0.34% | -3.5% | Q4 2024 |
| NATL | $6.03M | 3.42% | 0.21% | -3.5% | Q4 2023 |
| ITGR | $5.93M | 3.36% | 0.22% | New | Q4 2025 |
| BHF | $5.91M | 3.35% | 0.16% | -3.5% | Q1 2021 |
| GTM | $5.61M | 3.18% | 0.18% | -3.4% | Q2 2025 |
 CXW | $5.6M | 3.18% | 0.29% | New | Q4 2025 |
| THC | $5.46M | 3.10% | 0.03% | -3.9% | Q4 2022 |
| CVSA | $4.93M | 2.79% | 0.14% | -3.5% | Q2 2022 |
| VTOL | $4.78M | 2.71% | 0.45% | -3.4% | Q3 2025 |
| ATKR | $4.72M | 2.68% | 0.22% | -3.5% | Q1 2025 |
| QCRH | $4.64M | 2.63% | 0.33% | New | Q4 2025 |
| PBH | $4.35M | 2.46% | 0.15% | -3.4% | Q3 2018 |
| XHR | $4.2M | 2.38% | 0.32% | -3.5% | Q1 2015 |
| CNXC | $4.09M | 2.32% | 0.16% | -3.5% | Q1 2025 |
| ECVT | $3.97M | 2.25% | 0.36% | New | Q4 2025 |
| BLKB | $3.9M | 2.21% | 0.13% | -3.3% | Q2 2024 |
| PFBC | $3.78M | 2.14% | Not reported | -3.4% | Q1 2024 |
| CARS | $3.75M | 2.13% | 0.52% | New | Q4 2025 |
| THS | $3.75M | 2.13% | 0.31% | -3.5% | Q1 2018 |
 OCFC | $3.54M | 2.01% | 0.34% | -3.5% | Q3 2025 |
| MATW | $3.03M | 1.72% | 0.37% | -3.4% | Q2 2013 |
| AAMI | $2.97M | 1.68% | 0.18% | -3.4% | Q3 2020 |
| SMPL | $2.72M | 1.54% | 0.14% | New | Q4 2025 |
| KOP | $2.27M | 1.29% | 0.43% | -3.5% | Q3 2021 |
| MTUS | $2.25M | 1.28% | 0.32% | -3.5% | Q2 2024 |
| SAIC | $2.23M | 1.26% | 0.05% | -2.6% | Q3 2022 |
| SBSI | $2.11M | 1.20% | 0.23% | -3.3% | Q1 2023 |
 RNGR | $1.95M | 1.11% | Not reported | -3.3% | Q2 2024 |
| AVNS | $1.58M | 0.90% | 0.30% | -3.4% | Q4 2023 |
| HDSN | $1.38M | 0.78% | 0.48% | -3.4% | Q3 2024 |
| CCRN | $1.37M | 0.77% | 0.53% | -3.3% | Q3 2023 |
| RLGT | $809K | 0.46% | 0.27% | -3.7% | Q2 2018 |
| FORR | $743K | 0.42% | 0.48% | -3.8% | Q3 2024 |
| Q3 2025 | |||||
| PHIN | $9.85M | 5.55% | 0.44% | Not reported | Q3 2023 |
| AX | $8.41M | 4.74% | 0.18% | Not reported | Q2 2023 |
| UPWK | $8.38M | 4.72% | 0.34% | Not reported | Q3 2024 |
| TPH | $7.8M | 4.39% | 0.27% | Not reported | Q2 2022 |
| CVSA | $7.61M | 4.29% | 0.14% | Not reported | Q2 2022 |
| RDN | $7.23M | 4.08% | 0.15% | Not reported | Q1 2022 |
 PINC | $7.1M | 4.00% | 0.31% | Not reported | Q3 2024 |
| NATL | $6.44M | 3.63% | 0.22% | Not reported | Q4 2023 |
| CNO | $6.31M | 3.56% | 0.17% | Not reported | Q1 2015 |
| GTM | $6.23M | 3.51% | 0.18% | Not reported | Q2 2025 |
| THC | $5.8M | 3.27% | 0.03% | Not reported | Q4 2022 |
 MDU | $5.51M | 3.11% | 0.15% | Not reported | Q4 2024 |
| BHF | $5.02M | 2.83% | 0.17% | Not reported | Q1 2021 |
| HAE | $4.96M | 2.80% | 0.22% | Not reported | Q2 2013 |
| VTOL | $4.88M | 2.75% | 0.47% | New | Q3 2025 |
| ATKR | $4.85M | 2.74% | 0.23% | Not reported | Q1 2025 |
| PLAB | $4.8M | 2.71% | 0.35% | Not reported | Q4 2024 |
| CNXC | $4.71M | 2.65% | 0.16% | Not reported | Q1 2025 |
| PBH | $4.55M | 2.57% | 0.15% | Not reported | Q3 2018 |
| XHR | $4.22M | 2.38% | 0.32% | Not reported | Q1 2015 |
| BLKB | $4.09M | 2.31% | 0.13% | Not reported | Q2 2024 |
 PGNY | $3.84M | 2.17% | 0.21% | Not reported | Q2 2024 |
| PFBC | $3.75M | 2.11% | Not reported | Not reported | Q1 2024 |
| OCFC | $3.59M | 2.02% | 0.36% | New | Q3 2025 |
 BBT | $3.34M | 1.88% | 0.17% | Not reported | Q1 2024 |
| THS | $3.33M | 1.88% | 0.33% | Not reported | Q1 2018 |
 DRVN | $3.23M | 1.82% | 0.12% | -8.2% | Q4 2023 |
| AAMI | $3.15M | 1.77% | 0.18% | Not reported | Q3 2020 |
| MATW | $2.91M | 1.64% | 0.39% | Not reported | Q2 2013 |
 EPC | $2.49M | 1.40% | 0.26% | Not reported | Q2 2024 |
| CCRN | $2.48M | 1.40% | 0.54% | Not reported | Q3 2023 |
| KOP | $2.43M | 1.37% | 0.44% | Not reported | Q3 2021 |
| SAIC | $2.26M | 1.27% | 0.05% | Not reported | Q3 2022 |
| MTUS | $2.25M | 1.27% | 0.33% | Not reported | Q2 2024 |
| HDSN | $2.07M | 1.17% | 0.48% | Not reported | Q3 2024 |
| SBSI | $2.03M | 1.15% | 0.24% | Not reported | Q1 2023 |
| RNGR | $2.03M | 1.14% | Not reported | Not reported | Q2 2024 |
| AVNS | $1.69M | 0.95% | 0.31% | Not reported | Q4 2023 |
| FORR | $1.01M | 0.57% | 0.50% | Not reported | Q3 2024 |
| RLGT | $783K | 0.44% | 0.28% | Not reported | Q2 2018 |