0000917579-11-000005.txt : 20110511 0000917579-11-000005.hdr.sgml : 20110511 20110511140517 ACCESSION NUMBER: 0000917579-11-000005 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110511 DATE AS OF CHANGE: 20110511 EFFECTIVENESS DATE: 20110511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KESTREL INVESTMENT MANAGEMENT CORP CENTRAL INDEX KEY: 0000917579 IRS NUMBER: 943173193 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-04060 FILM NUMBER: 11831385 BUSINESS ADDRESS: STREET 1: 411 BOREL AVE STREET 2: SUITE 403 CITY: SAN MATEO STATE: CA ZIP: 94402 BUSINESS PHONE: 6505729469 MAIL ADDRESS: STREET 1: 411 BOREL AVE STREET 2: SUITE 403 CITY: SAN MATEO STATE: CA ZIP: 94402 13F-HR 1 q1-2011f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2011 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Kestrel Investment Management Corporation Address: 411 Borel Avenue Suite 403 San Mateo, CA 94402 13F File Number: 28-4060 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: David J. Steirman Title: President Phone: 650-572-9450 Signature, Place, and Date of Signing: David J. Steirman San Mateo CA May 10, 2011 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 53 Form 13F Information Table Value Total: $791,310 List of Other Included Managers: FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETNMANAGERS SOLE SHARED NONE Aceto Corp COM 004446100 5080 637350 SH SOLE 598650 0 38700 AmSurg Corp COM 03232P405 18113 712000 SH SOLE 685400 0 26600 Assurant COM 04621X108 10398 270000 SH SOLE 270000 0 0 Brinker International COM 109641100 27784 1098200 SH SOLE 1056300 0 41900 Broadridge Financial COM 11133T103 28031 1235400 SH SOLE 1196900 0 38500 CACI International COM 127190304 22587 368350 SH SOLE 354450 0 13900 CareFusion Corp COM 14170T101 10293 365000 SH SOLE 365000 0 0 Covance Inc COM 222816100 11491 210000 SH SOLE 210000 0 0 Cumberland Pharmaceut COM 230770109 959 173500 SH SOLE 164300 0 9200 eHealth Inc COM 28238P109 9116 685900 SH SOLE 660200 0 25700 EMS Technologies COM 26873N108 4960 252350 SH SOLE 237250 0 15100 Exponent Inc COM 30214U102 13718 307500 SH SOLE 295800 0 11700 FMC Corp COM 302491303 43501 512200 SH SOLE 493100 0 19100 First American Financ COM 31847R102 20198 1224150 SH SOLE 1177750 0 46400 HCC Insurance Holding COM 404132102 23608 754000 SH SOLE 726500 0 27500 Haemonetics Corp COM 405024100 19387 295800 SH SOLE 284700 0 11100 Healthways, Inc COM 422245100 9585 623600 SH SOLE 599700 0 23900 Imation Corp COM 45245A107 2318 208100 SH SOLE 200400 0 7700 Innovative Soln & Sup COM 45769N105 1485 253800 SH SOLE 243400 0 10400 Integrated Device Tec COM 458118106 22424 3040600 SH SOLE 2925200 0 115400 John Bean Technologie COM 477839104 19843 1031900 SH SOLE 994900 0 37000 Landec Corp COM 514766104 3967 610300 SH SOLE 573500 0 36800 Legg Mason Inc COM 524901105 11188 310000 SH SOLE 310000 0 0 Lender Processing Svc COM 52602E102 10623 330000 SH SOLE 330000 0 0 LifePoint Hospitals COM 53219L109 24384 606600 SH SOLE 584400 0 22200 Lorillard Inc COM 544147101 9501 100000 SH SOLE 100000 0 0 Magellan Health Svcs COM 559079207 25183 513100 SH SOLE 493900 0 19200 Matthews Internationa COM 577128101 13375 346950 SH SOLE 333950 0 13000 NCR Corp COM 62886E108 26463 1404600 SH SOLE 1359400 0 45200 NTELOS Holdings COM 67020Q107 11622 631650 SH SOLE 608250 0 23400 Nasdaq OMX Group COM 631103108 11757 455000 SH SOLE 455000 0 0 Nash Finch Company COM 631158102 12287 323850 SH SOLE 311850 0 12000 Navigators Group COM 638904102 11011 213800 SH SOLE 206200 0 7600 Orbital Sciences COM 685564106 17257 912100 SH SOLE 878300 0 33800 PCTEL, Inc COM 69325Q105 2628 342600 SH SOLE 321200 0 21400 Questar Corp COM 748356102 382 21900 SH SOLE 21900 0 0 Questcor Pharmaceutic COM 74835Y101 21233 1473500 SH SOLE 1418700 0 54800 RadioShack Corp COM 750438103 14413 960250 SH SOLE 928150 0 32100 Silicon Laboratories COM 826919102 24777 573400 SH SOLE 554500 0 18900 SkyWest Inc COM 830879102 16248 960300 SH SOLE 926900 0 33400 Stage Stores COM 85254C305 17655 918600 SH SOLE 883700 0 34900 StanCorp Finl Group COM 852891100 18464 400350 SH SOLE 385350 0 15000 Synovis Life Tech COM 87162G105 5190 270900 SH SOLE 254600 0 16300 Tech Data COM 878237106 21366 420100 SH SOLE 404100 0 16000 Teledyne Technologies COM 879360105 22571 436500 SH SOLE 419600 0 16900 Teradata Corp COM 88076W103 20280 400000 SH SOLE 400000 0 0 Universal American COM 913377107 17306 755400 SH SOLE 726900 0 28500 VAALCO Energy COM 91851C201 11802 1520900 SH SOLE 1464400 0 56500 Vascular Solutions COM 92231M109 3845 352400 SH SOLE 330500 0 21900 Volterra Semiconducto COM 928708106 8047 324100 SH SOLE 305100 0 19000 Websense Inc COM 947684106 17621 767150 SH SOLE 738350 0 28800 World Acceptance COM 981419104 31185 478300 SH SOLE 461900 0 16400 Zep Inc COM 98944B108 2800 160800 SH SOLE 154800 0 6000