UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 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 November 12, 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: 52
Form 13F Information Table Value Total: $459,960
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 12184 833095 SH SOLE 708700 0 124395
Alltrista Corp COM 020040101 8310 318100 SH SOLE 259400 0 58700
Arnold Industries COM 042595108 11357 899600 SH SOLE 774100 0 125500
Avatar Holdings COM 053494100 3502 184300 SH SOLE 154000 0 30300
Castle Energy COM PAR$0.50N 148449309 4782 281300 SH SOLE 227100 0 54200
Chicago Title COM 168228104 10719 268400 SH SOLE 218900 0 49500
CommScope Inc COM 203372107 29396 904500 SH SOLE 748600 0 155900
Congoleum Cl A CLA 207195108 760 168800 SH SOLE 84800 0 84000
CorVel Corp COM 221006109 11134 506100 SH SOLE 412300 0 93800
Diagnostic Products COM 252450101 5923 220900 SH SOLE 198000 0 22900
Dress Barn COM 261570105 6798 370600 SH SOLE 324800 0 45800
Echelon Intl COM 278747100 9828 396100 SH SOLE 332800 0 63300
Esco Electronics COM TR RCPT 269030201 5923 532400 SH SOLE 424400 0 108000
Ethyl Corp COM 297659104 7256 1872500 SH SOLE 1562400 0 310100
First Bancorp P R COM 318672102 5739 290600 SH SOLE 230500 0 60100
First Health Group COM 320960107 2024 90200 SH SOLE 90200 0 0
Franklin Electric COM 353514102 9827 148900 SH SOLE 117700 0 31200
Garden Ridge COM 36541P104 4284 590900 SH SOLE 484400 0 106500
Georgia Gulf COM PAR $0.01 373200203 11192 635000 SH SOLE 561500 0 73500
Guilford Mills COM 401794102 7739 897300 SH SOLE 748500 0 148800
Handleman COM 410252100 14975 1130200 SH SOLE 917000 0 213200
Hardinge Inc COM 412324303 4487 280450 SH SOLE 224750 0 55700
Horace Mann Educatrs COM 440327104 14047 544200 SH SOLE 446500 0 97700
Information Res COM 456905108 6140 555000 SH SOLE 549000 0 6000
Invacare Corp COM 461203101 11266 575900 SH SOLE 474000 0 101900
Jacobs Engineering COM 469814107 14190 436600 SH SOLE 361600 0 75000
Justin Industries COM 482171105 8791 619600 SH SOLE 511200 0 108400
Landstar System Inc COM 515098101 16583 477200 SH SOLE 380800 0 96400
Lawson Products COM 520776105 7993 369600 SH SOLE 310400 0 59200
MagneTek Inc COM 559424106 7489 837900 SH SOLE 695200 0 142700
Midas COM 595626102 15840 768000 SH SOLE 597300 0 170700
NCH Corp COM 628850109 9232 204300 SH SOLE 168800 0 35500
Octel Corp COM 675727101 9873 877600 SH SOLE 717100 0 160500
PFF Bancorp COM 69331W104 12198 591400 SH SOLE 481800 0 109600
Penn-America Group COM 707247102 3763 446000 SH SOLE 373500 0 72500
Presidential Life Cor COM 740884101 8122 474300 SH SOLE 391300 0 83000
Queens County Banc COM 748242104 9643 349058 SH SOLE 280102 0 68956
Respironics Inc COM 761230101 2391 289800 SH SOLE 254000 0 35800
Royal Appliance Mfg COM 780076105 3988 797600 SH SOLE 770700 0 26900
Scientific Games COM 808747109 4750 240500 SH SOLE 192900 0 47600
Strattec Security COM 863111100 6437 183900 SH SOLE 119800 0 64100
SunSource Inc COM 867948101 872 155100 SH SOLE 120300 0 34800
TBC Corp COM 872180104 7952 1148800 SH SOLE 982200 0 166600
Tanger Factory Outlt COM 875465106 8589 376500 SH SOLE 312300 0 64200
US Industries COM 912080108 13199 838000 SH SOLE 673700 0 164300
United Stationers COM 913004107 15341 719800 SH SOLE 600100 0 119700
Varian Inc COM 922206107 15466 871300 SH SOLE 698100 0 173200
Varian Medical Sys COM 92220P105 6788 310300 SH SOLE 271700 0 38600
Wausau-Mosinee Paper COM 943315101 2655 219000 SH SOLE 203300 0 15700
White Mountains Ins COM 964126106 10619 78300 SH SOLE 62400 0 15900
Wolverine World Wide COM 978097103 12032 1057800 SH SOLE 866000 0 191800
XTRA Corp COM 984138107 5573 140200 SH SOLE 117400 0 22800
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