Abbott J. Keller

Abbott J. Keller is the co-founder and Chief Investment Officer of Kestrel Investment Management Corporation, a boutique registered investment advisory firm he established in 1993 alongside co-founder David Steirman. When founding Kestrel, Abbott and David made a deliberate commitment to limiting the amount of capital they would manage, recognizing that excessive assets under management can often become a drag on performance results. This disciplined approach has allowed the firm to remain nimble and focused on their unique investment strategy for over three decades.

Prior to founding Kestrel, Abbott built an extensive career in investment management spanning nearly two decades. He served as a strategist and member of the Investment Decision Group at Concord Capital Management for twelve years, where he developed deep expertise in analyzing corporate restructurings and identifying value-creation opportunities. Before Concord Capital, Abbott spent seven years as a Senior Investment Strategist at American National Bank of Chicago, further honing his analytical skills and sector expertise.

Abbott earned his Bachelor of Science degree in Finance from the University of Oregon. He subsequently received an M.B.A. from the University of California at Berkeley's Haas School of Business in 1973, graduating in the top ten percent of his class. He also holds the prestigious Chartered Financial Analyst (CFA) designation, underscoring his commitment to professional excellence and ethical standards in investment management.

Over his 30+ year career, Abbott has developed specific expertise in several key industry sectors including transportation, media, utilities, and forest products. He has maintained analytical responsibility for these sectors throughout his career, building deep networks and institutional knowledge that inform Kestrel's investment decisions. His combination of sector expertise, restructuring analysis capabilities, and long-term value orientation has been instrumental in Kestrel's track record of generating consistent excess returns over market cycles.

Kestrel Investment Management employs a distinctive, value-oriented investment strategy that focuses exclusively on small-cap companies undergoing voluntary restructurings. The firm's investment philosophy is grounded in the belief that companies where management is actively working to increase shareholder value through restructuring actions are more likely to produce superior long-term returns.

Core Investment Strategy:

Kestrel specializes in analyzing and investing in companies undergoing specific types of corporate restructurings, including:

The firm's extensive research and three decades of experience have convinced them that companies selected from this segment of the market are more likely to generate superior returns. This approach allows Kestrel to identify mispriced opportunities where the market has not yet fully recognized the value being created through management's restructuring actions.

Portfolio Construction:

Kestrel maintains a concentrated portfolio of 40-60 stocks representing companies where they have the highest conviction in the restructuring thesis and value creation potential. This concentrated approach reflects their deep research process and willingness to take meaningful positions in their best ideas. The firm focuses exclusively on small-cap equities, where information inefficiencies and lower institutional coverage can create opportunities for skilled active managers.

Investment Horizon:

Kestrel takes a long-term, patient approach to investing, recognizing that value creation through restructurings typically unfolds over multiple years. The firm is willing to hold positions through market cycles to allow their investment theses to play out.

• Share repurchase programs: Companies buying back their own stock to return capital to shareholders
• Spin-offs: Parent companies creating independent entities to unlock value
• Asset sales: Firms divesting non-core assets to focus on higher-return businesses
• Corporate divestitures: Strategic portfolio optimization through business unit sales