UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 1999
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 August 4, 1999
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.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 50
Form 13F Information Table Value Total: $491,099
List of Other Included Managers:
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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
Advanta Corp A CLA 007942105 15127 837457 SH SOLE 713062 0 124395
Alltrista Corp COM 020040101 10586 320800 SH SOLE 262100 0 58700
Arnold Industries COM 042595108 13604 881200 SH SOLE 755700 0 125500
Cadmus Commun COM 127587103 66 4800 SH SOLE 4800 0 0
Castle Energy COM PAR$0.50N 148449309 5080 282200 SH SOLE 228000 0 54200
CommScope Inc COM 203372107 31236 1015800 SH SOLE 859900 0 155900
Congoleum Cl A CLA 207195108 1235 171800 SH SOLE 87800 0 84000
CorVel Corp COM 221006109 10901 507000 SH SOLE 413200 0 93800
Diagnostic Products COM 252450101 2597 94000 SH SOLE 94000 0 0
Dress Barn COM 261570105 3682 230100 SH SOLE 213600 0 16500
Echelon Intl COM 278747100 8910 398200 SH SOLE 334900 0 63300
Esco Electronics COM TR RCPT 269030201 6397 499300 SH SOLE 392300 0 107000
Ethyl Corp COM 297659104 11339 1889800 SH SOLE 1579700 0 310100
First Bancorp P R COM 318672102 6688 296400 SH SOLE 236300 0 60100
First Health Group COM 320960107 390 18100 SH SOLE 18100 0 0
Franklin Electric COM 353514102 9724 149600 SH SOLE 118400 0 31200
Georgia Gulf COM PAR $0.01 373200203 10825 641500 SH SOLE 568000 0 73500
Guilford Mills COM 401794102 9243 890900 SH SOLE 742100 0 148800
Handleman COM 410252100 13439 1137700 SH SOLE 924500 0 213200
Host Marriott Srvs COM 440914109 10100 1243100 SH SOLE 1055500 0 187600
Illinova Corp COM 452317100 12908 473700 SH SOLE 391000 0 82700
Information Res COM 456905108 4915 561700 SH SOLE 555700 0 6000
Invacare Corp COM 461203101 15571 582100 SH SOLE 480200 0 101900
Jacobs Engineering COM 469814107 16686 439100 SH SOLE 364100 0 75000
Justin Industries COM 482171105 8269 593300 SH SOLE 484900 0 108400
Landstar System Inc COM 515098101 17339 480400 SH SOLE 384000 0 96400
Lawson Products COM 520776105 9345 371000 SH SOLE 311800 0 59200
MagneTek Inc COM 559424106 8813 834400 SH SOLE 691700 0 142700
Midas COM 595626102 21866 770600 SH SOLE 599900 0 170700
Midwest Express COM 597911106 17063 501850 SH SOLE 364050 0 137800
NCH Corp COM 628850109 10157 205200 SH SOLE 169700 0 35500
Octel Corp COM 675727101 11011 880900 SH SOLE 720400 0 160500
PFF Bancorp COM 69331W104 10729 572200 SH SOLE 462600 0 109600
Penn-America Group COM 707247102 4644 447600 SH SOLE 375100 0 72500
Presidential Life Cor COM 740884101 9308 474300 SH SOLE 391300 0 83000
Queens County Banc COM 748242104 11370 351208 SH SOLE 282252 0 68956
Respironics Inc COM 761230101 14888 984300 SH SOLE 808700 0 175600
Royal Appliance Mfg COM 780076105 5464 787600 SH SOLE 772600 0 15000
Scientific Games COM 808747109 13759 705600 SH SOLE 568200 0 137400
Stimsonite Corp COM 860832104 9906 677300 SH SOLE 552300 0 125000
Strattec Security COM 863111100 5501 163000 SH SOLE 98900 0 64100
SunSource Inc COM 867948101 2007 155100 SH SOLE 120300 0 34800
TBC Corp COM 872180104 8160 1155400 SH SOLE 988800 0 166600
Tanger Factory Outlt COM 875465106 5166 198700 SH SOLE 197800 0 900
Transport Corp Amer COM 89385P102 1240 96280 SH SOLE 71080 0 25200
United Stationers COM 913004107 8228 374000 SH SOLE 345400 0 28600
Varian Inc COM 922206107 11838 876900 SH SOLE 703700 0 173200
Varian Medical Sys COM 92220P105 7787 308400 SH SOLE 269800 0 38600
White Mountains Ins COM 964126106 11125 78900 SH SOLE 63000 0 15900
Wolverine World Wide COM 978097103 14869 1062100 SH SOLE 870300 0 191800
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