Kestrel Investment Management Corp.
Kestrel Investment Management Corp is an independent investment adviser based in San Mateo, California. The firm specializes in small- and mid-cap equity strategies, managing portfolios for institutional and high net worth clients. Founded in 1990, Kestrel is known for its disciplined, research-driven investment process and focus on long-term capital appreciation. As of 2025, the firm has approximately 7 employees and manages nearly $186 million in assets.
Investment Strategy
Kestrel Investment Management Corp employs a fundamentally-driven, bottom-up approach centered on undervalued small- and mid-cap companies. The firm emphasizes in-depth, proprietary research to identify companies with solid balance sheets and sustainable earnings growth that are temporarily underappreciated by the market. Kestrel seeks to deliver superior long-term returns while maintaining a rigorous risk control framework.
Latest 13F Filing Activity
Kestrel Investment Management Corp. filed their most recent 13F report on Jun 30, 2025 disclosing 39 equity positions with a total 13F market value of $167M. The fund increased holdings in Matthews International Corp., Adtalem Global Educ Inc., Tenet Healthcare Corp. among other positions. Kestrel Investment Management Corp. reduced exposure to Shoals Technologies Group Inc., Treehouse Foods Inc., Edgewell Personal Care Co. among others.
Top Holdings
Equity Positions (39)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
P PHIN | PHINIA Inc | 4.56% | $7.6M | 171,300 | $27.93 | $44.49 | +$17.0K |
A AX | Axos Financial Inc | 4.52% | $7.6M | 99,350 | $40.70 | $76.04 | +$841.0K |
T TPH | Tri Pointe Homes Inc | 4.39% | $7.3M | 229,450 | $18.55 | $31.95 | -$336.0K |
R RDN | Radian Group Inc | 4.31% | $7.2M | 199,700 | $22.88 | $36.02 | +$275.0K |
A ATGE | Adtalem Global Educ Inc | 3.76% | $6.3M | 49,300 | $38.42 | $127.23 | +$1.1M |