UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 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 February 2, 2000
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: 57
Form 13F Information Table Value Total: $509,697
List of Other Included Managers:
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FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTM OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETMANAGER SOLE SHARED NONE
Advanta Corp A CLA 007942105 15962 874646 SH SOLE 740951 0 133695
Alltrista Corp COM 020040101 7016 317100 SH SOLE 258400 0 58700
Arnold Industries COM 042595108 14030 997700 SH SOLE 822300 0 175400
Avatar Holdings COM 053494100 4647 256400 SH SOLE 209600 0 46800
Castle Energy COM PAR$0.50N 148449309 7427 292700 SH SOLE 235300 0 57400
Chicago Title COM 168228104 13343 288500 SH SOLE 236200 0 52300
CommScope Inc COM 203372107 29932 742500 SH SOLE 610100 0 132400
Congoleum Cl A CLA 207195108 671 167800 SH SOLE 83800 0 84000
CorVel Corp COM 221006109 12420 528500 SH SOLE 429600 0 98900
Covance Inc COM 222816100 16 1500 SH SOLE 1500 0 0
Diagnostic Products COM 252450101 5807 237000 SH SOLE 214100 0 22900
Dress Barn COM 261570105 6853 412200 SH SOLE 364400 0 47800
Echelon Intl COM 278747100 9649 419500 SH SOLE 351700 0 67800
El Paso Electric COM NEW 283677854 5913 602600 SH SOLE 500100 0 102500
Esco Electronics COM TR RCPT 269030201 6422 552400 SH SOLE 444400 0 108000
Ethyl Corp COM 297659104 4527 1149600 SH SOLE 989600 0 160000
FPIC Insurance Group COM 302563101 1283 76900 SH SOLE 56500 0 20400
First Bancorp P R COM 318672102 5885 283600 SH SOLE 223500 0 60100
First Health Group COM 320960107 6058 225400 SH SOLE 171100 0 54300
Franklin Electric COM 353514102 10725 152800 SH SOLE 121600 0 31200
Georgia Gulf COM PAR $0.01 373200203 173 5700 SH SOLE 5700 0 0
Guilford Mills COM 401794102 7147 985800 SH SOLE 817300 0 168500
Handleman COM 410252100 15099 1128900 SH SOLE 915700 0 213200
Hardinge Inc COM 412324303 4494 344000 SH SOLE 283900 0 60100
Horace Mann Educatrs COM 440327104 11359 578800 SH SOLE 474600 0 104200
Information Res COM 456905108 3643 393800 SH SOLE 388800 0 5000
Invacare Corp COM 461203101 1198 59700 SH SOLE 58200 0 1500
Jacobs Engineering COM 469814107 14206 437100 SH SOLE 362100 0 75000
Justin Industries COM 482171105 9745 655100 SH SOLE 538700 0 116400
Landstar System Inc COM 515098101 21299 497500 SH SOLE 396600 0 100900
Lanier Worldwide COM 51589L105 11012 2841900 SH SOLE 2404900 0 437000
Lawson Products COM 520776105 9021 390100 SH SOLE 326200 0 63900
Libbey Inc COM 529898108 69 2400 SH SOLE 2400 0 0
MagneTek Inc COM 559424106 7009 911800 SH SOLE 756400 0 155400
Mid-America Apt COM 59522J103 1068 47200 SH SOLE 47200 0 0
Midas COM 595626102 17518 800800 SH SOLE 621800 0 179000
NCH Corp COM 628850109 9759 219000 SH SOLE 180000 0 39000
Octel Corp COM 675727101 9811 945600 SH SOLE 770400 0 175200
PFF Bancorp COM 69331W104 11958 617200 SH SOLE 502100 0 115100
Penn-America Group COM 707247102 3704 477900 SH SOLE 397800 0 80100
Presidential Life Co COM 740884101 9263 504100 SH SOLE 414400 0 89700
Queens County Banc COM 748242104 10000 368658 SH SOLE 295602 0 73056
Royal Appliance Mfg COM 780076105 4004 821400 SH SOLE 794500 0 26900
Scientific Games COM 808747109 3866 233400 SH SOLE 185800 0 47600
Stein Mart Inc COM 858375108 7394 1300000 SH SOLE 1071300 0 228700
Strattec Security COM 863111100 6167 190500 SH SOLE 126400 0 64100
TBC Corp COM 872180104 7656 1224900 SH SOLE 1042000 0 182900
Tanger Factory Outlt COM 875465106 8717 420100 SH SOLE 351100 0 69000
Tenneco Automotive COM 880349105 10886 1169000 SH SOLE 963900 0 205100
US Industries COM 912080108 15273 1090900 SH SOLE 902600 0 188300
United Stationers COM 913004107 21573 755300 SH SOLE 628100 0 127200
Varian Inc COM 922206107 19879 883500 SH SOLE 710300 0 173200
Varian Medical Sys COM 92220P105 9555 320500 SH SOLE 281900 0 38600
Wausau-Mosinee Paper COM 943315101 6973 596600 SH SOLE 459000 0 137600
White Mountains Ins COM G9618E107 9616 79800 SH SOLE 63900 0 15900
Wolverine World Wide COM 978097103 12468 1139900 SH SOLE 931800 0 208100
XTRA Corp COM 984138107 8529 200100 SH SOLE 171100 0 29000
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