Kestrel Investment Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions. The firm advises 1 private fund.
Kestrel Investment Management reports 9 clients. They include 6 high-net-worth individuals, 1 pooled investment vehicle and 1 pension or profit-sharing plan. Of its assets, 100.0% ($180M across 9 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| High-net-worth individuals | 67% | 33% |
| Pooled investment vehicles | 11% | 9% |
| Pension and profit-sharing plans | 11% | 49% |
| Charitable organizations | 11% | 9% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | 6 | $59.5M | 33.1% | $9.92M |
| Pooled investment vehicles | 1 | $16.6M | 9.2% | $16.6M |
| Pension and profit-sharing plans | Fewer than 5 | $87.4M | 48.6% | $87.4M |
| Charitable organizations | Fewer than 5 | $16.4M | 9.1% | $16.4M |
| Total | 9 | $180M | 100% | — |
- Clients
- 6
- Regulatory AUM
- $59.5M
- AUM share
- 33.1%
- Avg. per client
- $9.92M
- Clients
- 1
- Regulatory AUM
- $16.6M
- AUM share
- 9.2%
- Avg. per client
- $16.6M
- Clients
- Fewer than 5
- Regulatory AUM
- $87.4M
- AUM share
- 48.6%
- Avg. per client
- $87.4M
- Clients
- Fewer than 5
- Regulatory AUM
- $16.4M
- AUM share
- 9.1%
- Avg. per client
- $16.4M
Total
- Clients
- 9
- Regulatory AUM
- $180M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 1
Kestrel Investment Management is paid through a percentage of assets under management; its fees and minimums are set out in its brochures on the SEC website.
David Steirman owns 50% to 75% of Kestrel Investment Management. The leadership team of Kestrel Investment Management includes President David Steirman and Chief Investment Officer Abbott Keller. It has 7 employees, 4 of them in advisory roles.
Leadership
- David SteirmanPresident, Chief Compliance Officer
- Abbott KellerChief Investment Officer
Investment adviser representatives
1 representatives listed in the SEC register as of 9 October 2026.
- Abbott J Keller
Staff
- 7 employees
- 4 in advisory functions
- Owns 50% to 75% of Kestrel Investment Management Corp
David Steirman
Control person · since February 1993
- Owns 50% to 75% of Kestrel Investment Management Corp
Abbott Keller
Control person · since February 1993
Kestrel Investment Management’s regulatory assets fell from $213M (March 2021) to $180M (March 2026); clients fell from 11 to 9 and employees from 9 to 7.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $180M | 9 | 7 | 1 |
| March 2025 | $186M | 9 | 7 | 1 |
| March 2024 | $153M | 9 | 8 | 1 |
| August 2023 | $178M | 10 | 9 | 1 |
| March 2022 | $226M | 10 | 9 | 1 |
| March 2021 | $213M | 11 | 9 | 1 |
Besides its headquarters, Kestrel Investment Management has 0 offices, with 1 listed address in California.
California · 1 listed address
- 411 Borel Avenue, Suite 403, San MateoHQ
Contact and registration details
- Legal name
- Kestrel Investment Management Corp
- Headquarters
- 411 Borel Avenue, Suite 403, San Mateo, CA 94402
- Website
- kestrelinvestment.com
- Phone
- 650-572-9450
- @834638
- SEC file
- 801-43351
- Structure
- California corporation
- Fiscal year end
- December
Kestrel Investment Management uses State Street ($87.4M, 62%), FNZ Trust ($37.6M, 27%) and Goldman Sachs & Co. ($16.6M, 12%) as custodians for its separately managed accounts. Kestrel Investment Management has custody of $16.6M in client assets for 1 client.
- Goldman Sachs & Co.Goldman Sachs & Co. LLC · New York, NY · $16.6M12%
- FNZ TrustFNZ Trust Company, LLC · Boston, MA · $37.6M27%
- State StreetState Street · North Quincy, MA · $87.4M62%
At year end, Kestrel Investment Management’s separately managed accounts were mostly in stocks (98%). Its reported 13F holdings for the quarter ended 30 June 2026 total $184M across 40 positions; the largest are Phinia Inc. (7.3%), Axos Financial Inc. (5.0%) and Cno Financial Group Inc. (4.3%).
What the accounts hold
- Stocks98%
- Cash2%
Reported 13F holdings
- $184M
- Reported 13F value
- 40
- Positions
- 43.1%
- In the 10 largest
- +9.7%
- Value vs. prior quarter
- Phinia Inc.7.3%
- Axos Financial Inc.5.0%
- Cno Financial Group Inc.4.3%
- Insight Enterprises Inc.4.2%
- Haemonetics Corp.4.0%
- Integer Holdings Corp.3.8%
- Ncr Atleos Corp.3.7%
- Trimas Corp.3.7%
- Photronics Inc.3.5%
- The Scotts Miracle-gro Co3.5%
Together, the ten largest are 43.1% of reported value.
How many clients does Kestrel Investment Management have?
Kestrel Investment Management has 9 clients and manages $180 million for them, as of March 2026. They include 6 high-net-worth individuals, 1 pooled investment vehicle and 1 pension or profit-sharing plan.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 March 2026
What services does Kestrel Investment Management offer?
Kestrel Investment Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Kestrel Investment Management use?
Kestrel Investment Management’s separately managed account assets are held at State Street (North Quincy, MA), with $87.4M, FNZ Trust Company, LLC (Boston, MA), with $37.6M and Goldman Sachs & Co. LLC (New York, NY), with $16.6M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 March 2026
How many financial advisors does Kestrel Investment Management have?
Kestrel Investment Management has 0 investment adviser representatives registered with state securities authorities, out of 7 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Kestrel Investment Management invest in?
At the end of its last fiscal year, Kestrel Investment Management’s separately managed accounts held 98% exchange-traded equities and 2% cash and equivalents. It advises 1 private fund.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Kestrel Investment Management?
Kestrel Investment Management’s direct owners are David Steirman (50% to 75%) and Abbott Keller (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 24 March 2026
How does Kestrel Investment Management get paid?
Kestrel Investment Management is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Kestrel Investment Management?
Kestrel Investment Management’s main office is at 411 Borel Avenue, Suite 403, San Mateo, CA 94402. Its phone number is 650-572-9450. Its website is kestrelinvestment.com.