KESTREL INVESTMENT MANAGEMENT CORP

Portfolio Overview

KESTREL INVESTMENT MANAGEMENT CORP disclosed 39 positions worth $167.5M in its Form 13F-HR for Q1 2026, led by $PHIN (PHINIA INC.) at 6.7% of the equity portfolio, followed by $TPH and $PLAB. During the quarter the fund opened 4 new positions and exited 5 — including a new stake in $TRS and a full exit from $RDN. The portfolio is most concentrated in Industrials (26.2% of disclosed assets). All figures are sourced directly from KESTREL INVESTMENT MANAGEMENT CORP’s Form 13F-HR filing with the SEC under CIK 917579.

• 

  PHINIA INC.

  $PHIN

  56.6#1,091

  Quality

  $11.2M163,600 sh
• 

  Tri Pointe Homes, Inc.

  $TPH

  40.7#1,923

  Quality

  $10.3M220,050 sh
• 

  PHOTRONICS INC

  $PLAB

  51.1#1,418

  Quality

  $8.1M200,450 sh
• 

  Axos Financial, Inc.

  $AX

  34.3

  Quality

  $8.1M95,150 sh
• 

  NCR Atleos Corp

  $NATL

  46.3

  Quality

  $6.8M156,850 sh
• 

  Integer Holdings Corp

  $ITGR

  50.2

  Quality

  $6.6M75,150 sh
• 

  CNO Financial Group, Inc.

  $CNO

  49.1

  Quality

  $6.3M153,250 sh
• 

  Bristow Group Inc.

  $VTOL

  60.4

  Quality

  $6.1M129,700 sh
• 

  HAEMONETICS CORP

  $HAE

  61.1

  Quality

  $5.5M97,400 sh
• 

  Covista Inc.

  $CVSA

  72.6

  Quality

  $5.5M47,300 sh

Company	Quality	Value	Shares
PHINIA INC.$PHIN	56.6#1,091	$11.2M	163,600
Tri Pointe Homes, Inc.$TPH	40.7#1,923	$10.3M	220,050
PHOTRONICS INC$PLAB	51.1#1,418	$8.1M	200,450
Axos Financial, Inc.$AX	34.3	$8.1M	95,150
NCR Atleos Corp$NATL	46.3	$6.8M	156,850
Integer Holdings Corp$ITGR	50.2	$6.6M	75,150
CNO Financial Group, Inc.$CNO	49.1	$6.3M	153,250
Bristow Group Inc.$VTOL	60.4	$6.1M	129,700
HAEMONETICS CORP$HAE	61.1	$5.5M	97,400
Covista Inc.$CVSA	72.6	$5.5M	47,300

Showing top 10 of 39 holdings.

Full Holdings — KESTREL INVESTMENT MANAGEMENT CORP (Q1 2026)

All 39 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$PHIN	PHINIA INC.	$11.2M	6.7%	-1%	56.6
2	$TPH	Tri Pointe Homes, Inc.	$10.3M	6.1%	-1%	40.7
3	$PLAB	PHOTRONICS INC	$8.1M	4.8%	-1%	51.1
4	$AX	Axos Financial, Inc.	$8.1M	4.8%	-1%	34.3
5	$NATL	NCR Atleos Corp	$6.8M	4.1%	-1%	46.3
6	$ITGR	Integer Holdings Corp	$6.6M	4.0%	-1%	50.2
7	$CNO	CNO Financial Group, Inc.	$6.3M	3.8%	-1%	49.1
8	$VTOL	Bristow Group Inc.	$6.1M	3.6%	-1%	60.4
9	$HAE	HAEMONETICS CORP	$5.5M	3.3%	-1%	61.1
10	$CVSA	Covista Inc.	$5.5M	3.3%	-1%	72.6
11	$BHF	Brighthouse Financial, Inc.	$5.4M	3.2%	-1%	54.9
12	$TRS	TRIMAS CORP	$5.4M	3.2%	NEW	47.8
13	$ECVT	Ecovyst Inc.	$5.2M	3.1%	-1%	36.6
14	$THC	TENET HEALTHCARE CORP	$5.1M	3.1%	-1%	66.6
15	$QCRH	QCR HOLDINGS INC	$4.8M	2.8%	+0%	—
16	$UPWK	UPWORK, INC	$4.7M	2.8%	-1%	67.4
17	$XHR	Xenia Hotels & Resorts, Inc.	$4.4M	2.6%	-1%	60.9
18	$ATKR	Atkore Inc.	$4.4M	2.6%	-1%	34
19	$NSIT	INSIGHT ENTERPRISES INC	$4.3M	2.5%	NEW	43.5
20	$PBH	Prestige Consumer Healthcare Inc.	$4.2M	2.5%	-1%	61.2
21	$SMPL	Simply Good Foods Co	$3.7M	2.2%	+90%	42.9
22	$PFBC	Preferred Bank	$3.6M	2.1%	-1%	—
23	$AAMI	Acadian Asset Management Inc.	$3.4M	2.0%	-1%	62.2
24	$GTM	ZoomInfo Technologies Inc.	$3.3M	1.9%	-1%	57
25	$KOP	Koppers Holdings Inc.	$3.2M	1.9%	-0%	39
26	$MATW	MATTHEWS INTERNATIONAL CORP	$3.0M	1.8%	+0%	41.3
27	$CNXC	Concentrix Corp	$2.7M	1.6%	-1%	49.1
28	$EXLS	ExlService Holdings, Inc.	$2.6M	1.6%	NEW	68.2
29	$CARS	Cars.com Inc.	$2.5M	1.5%	-1%	43.4
30	$SMG	SCOTTS MIRACLE-GRO CO	$2.4M	1.4%	NEW	74.9
31	$BLKB	BLACKBAUD INC	$2.4M	1.4%	-1%	59.1
32	$SBSI	SOUTHSIDE BANCSHARES INC	$2.1M	1.3%	-1%	—
33	$MTUS	Metallus Inc.	$2.1M	1.3%	-1%	36.7
34	$SAIC	Science Applications International Corp	$2.1M	1.3%	+0%	55.3
35	$AVNS	AVANOS MEDICAL, INC.	$2.0M	1.2%	-1%	31.3
36	$CCRN	CROSS COUNTRY HEALTHCARE INC	$1.6M	0.9%	-1%	34.5
37	$HDSN	HUDSON TECHNOLOGIES INC /NY	$1.2M	0.7%	-0%	43.8
38	$RLGT	RADIANT LOGISTICS, INC	$900,983	0.5%	+0%	58.1
39	$FORR	FORRESTER RESEARCH, INC.	$517,890	0.3%	+0%	28.9