1y return+18.5%S&P 500 +20.9%
3y return+44.0%S&P 500 +68.5%
5y return+43.8%S&P 500 +74.5%
10y return+180.0%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $280 against $357 in the S&P 500.2
Kestrel Investment Management CorpS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| PHINPHINIA Inc | $13.5M | 7.3% | |
| AXAxos Financial Inc | $9.3M | 5.0% | |
| CNOCNO Financial Group Inc | $7.8M | 4.3% | |
| NSITInsight Enterprises Inc | $7.8M | 4.2% | |
| HAEHaemonetics Corp | $7.3M | 4.0% | |
| ITGRInteger Holdings Corp | $7.0M | 3.8% | |
| NATLNCR Atleos Corp | $6.8M | 3.7% | |
| TRSTriMas Corp | $6.7M | 3.7% | |
| PLABPhotronics Inc | $6.5M | 3.5% | |
| SMGThe Scotts Miracle-Gro Co | $6.5M | 3.5% | +141.9% |
| XHRXenia Hotels and Resorts | $6.0M | 3.3% | |
| CVSACovista Inc | $5.9M | 3.2% | |
| BHFBrighthouse Financial Inc | $5.7M | 3.1% | |
| ATKRAtkore Inc | $5.6M | 3.1% | |
| QCRHQCR Holdings Inc | $5.4M | 2.9% | |
| VTOLBristow Group Inc | $5.4M | 2.9% | |
| WEXWEX Inc | $5.2M | 2.8% | New |
| THCTenet Healthcare Corp | $5.1M | 2.8% | |
| ECVTEcovyst Inc | $5.0M | 2.7% | |
| EXLSExlService Holdings Inc | $4.4M | 2.4% | +98.7% |
| PFBCPreferred Bank | $4.2M | 2.3% | |
| KOPKoppers Holdings Inc | $3.7M | 2.0% | |
| UPWKUpwork Inc | $3.6M | 2.0% | |
| Avanos Medical IncCUSIP 05350V106 | $3.5M | 1.9% | |
| SMPLThe Simply Good Foods Co | $3.4M | 1.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| THCTenet Healthcare Corp | December 31, 2022 | +283.4% | $5.1M |
| CVSACovista Inc | June 30, 2022 | +246.6% | $5.9M |
| CNOCNO Financial Group Inc | June 30, 2020 | +227.4% | $7.8M |
| PHINPHINIA Inc | September 30, 2023 | +207.5% | $13.5M |
| AXAxos Financial Inc | June 30, 2023 | +146.9% | $9.3M |
| RLGTRadiant Logistics Inc | June 30, 2020 | +140.7% | $1.2M |
| NSITInsight Enterprises Inc | March 31, 2026 | +81.8% | $7.8M |
| NATLNCR Atleos Corp | December 31, 2023 | +78.7% | $6.8M |
| KOPKoppers Holdings Inc | March 31, 2025 | +60.4% | $3.7M |
| HAEHaemonetics Corp | September 30, 2025 | +53.9% | $7.3M |
Sold off last quarter
- Tri Pointe Homes IncCUSIP 87265H109 was $10.3M
- AAMIAcadian Asset Management Inc was $3.4M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +9.3% | +14.8% |
| March 31, 2026 | −1.5% | −4.6% |
| December 31, 2025 | +2.5% | +2.4% |
| September 30, 2025 | +7.3% | +7.8% |
| June 30, 2025 | +3.5% | +10.5% |
| March 31, 2025 | −7.3% | −4.6% |
| December 31, 2024 | +3.3% | +2.1% |
| September 30, 2024 | +8.8% | +5.4% |
| June 30, 2024 | +1.7% | +4.0% |
| March 31, 2024 | +1.8% | +10.0% |
| December 31, 2023 | +13.0% | +11.2% |
| September 30, 2023 | −3.7% | −3.6% |
| June 30, 2023 | +7.0% | +8.3% |
| March 31, 2023 | +1.9% | +7.0% |
| December 31, 2022 | +11.4% | +7.1% |
| September 30, 2022 | −5.5% | −5.3% |
| June 30, 2022 | −15.2% | −16.5% |
| March 31, 2022 | −0.5% | −4.9% |
| December 31, 2021 | +8.4% | +10.7% |
| September 30, 2021 | −4.8% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Kestrel Investment Management Corp Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=917579&type=13F-HR&dateb=&owner=include&count=40CIK 917579
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/917579/000091757926000004/Filed August 4, 2026 · accession 0000917579-26-000004