KESTREL INVESTMENT MANAGEMENT CORP

Q3 2025 13F-HR Holdings

Location
San Mateo, CA
Holdings as of
9/30/2025
Date filed
11/12/2025
Form type
13F-HR
Num holdings
40
Total value ($000)
$177,403
Net value change ($000)
+10,400 (6.2%)
New positions
3
Sold out positions
4
Turnover %
15.5%
Sector allocation + QoQ delta (equities-only)
Prev filing: 7/31/2025 Next filing: 2/3/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
HAE 4,961 NEW
VTOL 4,876 NEW
OCFC 3,587 NEW
UPWK 2,315 38.2%
PHIN 2,226 29.2%
NATL 1,767 37.8%
PINC 1,499 26.8%
ATGE 1,342 21.4%
PLAB 862 21.9%
AX 856 11.3%
Top Reduces (Value $000, Stocks/ETFs)
MRC GLOBAL INC. -5,250 -100.0%
DNB -4,429 -100.0%
ADEA -3,760 -100.0%
PBH -1,273 -21.9%
CNXC -684 -12.7%
ATKR -608 -11.1%
DRVN -604 -15.8%
XPER -579 -100.0%
EPC -373 -13.0%
KOP -361 -12.9%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type