Minerva Advisors LLC

CIK 1541536 · View on SEC EDGAR ↗

Portfolio value QoQ: +2.2% 13F does not disclose cash

Top 10 holdings weight60.68%

Top 25 holdings weight90.21%

Positions above 1%22

Effective number of positions20.5

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 3.43% Est. buys $5,371,085 · sells $20,540,621

Median holding: 6.0 quarters Tracked Q1 2025–Q2 2026 · 75.4% still held

New positions0

Increased10

Decreased5

Closed2

Portfolio value $158.3M #7,282 of 9,337 by 13F value · top 78.0%

Positions 46

As of June 30, 2026 Data as of Q2 2026

Sector breakdown

Industrials 28.5%

Financials 21.2%

Consumer Discretionary 10.5%

Materials 8.9%

Health Care 7.4%

Communication Services 3.6%

Energy 3.5%

Technology 0.8%

Other/Unmapped 15.6%

Full portfolio 46 positions

					Streak
EML Eastern Company (The) - Common Stock	$15,217,296	9.61%	546,402	$4,158,120
TG Tredegar Corporation Common Stock	$13,258,232	8.38%	1,665,607	$16,656
INFU CUSIP: 45685K102	$13,014,154	8.22%	1,348,617	$1,900,265	Up ×6
SIF CUSIP: 826546103	$10,662,210	6.74%	455,650	$4,264,758	Down ×2
ESCA Escalade, Incorporated - Common Stock	$10,652,429	6.73%	567,222	$906,376	Down ×1
VIRC Virco Manufacturing Corporation - Common Stock	$9,427,688	5.96%	1,535,454	$140,882	Up ×6
UTMD Utah Medical Products, Inc. - Common Stock	$6,457,563	4.08%	93,615	$654,369
UFI Unifi, Inc. New Common Stock	$5,979,262	3.78%	1,258,792	$1,485,967	Up ×6
DLHC DLH Holdings Corp. - Common Stock	$5,860,932	3.70%	1,116,368	$-616,943	Up ×1
NVGS Navigator Holdings Ltd. Ordinary Shares (Marshall Islands)	$5,518,430	3.49%	296,212	$-207,348
KEQU Kewaunee Scientific Corporation - Common Stock	$5,307,043	3.35%	149,410	$622,163	Up ×5
SSP E.W. Scripps Company (The) - Class A Common Stock	$5,076,598	3.21%	1,832,707	$-601,944	Up ×2
CAC Camden National Corporation - Common Stock	$4,856,377	3.07%	89,568	$606,375
ATRO Astronics Corporation - Common Stock	$4,472,632	2.83%	55,041	$-221,157	Down ×5
PBHC Pathfinder Bancorp, Inc. - Common Stock	$4,163,800	2.63%	262,204	$818,077
RAIL Freightcar America, Inc. - Common Stock	$3,691,752	2.33%	379,030	$973,799	Up ×4
KELYA Kelly Services, Inc. - Class A Common Stock	$3,108,829	1.96%	253,162	$1,340,634	Up ×3
FSTR L.B. Foster Company - Common Stock	$3,068,037	1.94%	67,922	$725,414	Down ×1
CRD-B (filed as CRDB) Crawford & Company Class B	$3,005,697	1.90%	288,178	$83,572
NODK NI Holdings, Inc. - Common Stock	$2,040,729	1.29%	129,900	$366,318
CLBK Columbia Financial, Inc. - Common Stock	$1,894,819	1.20%	89,294	$1,303,086	Up ×1
MPB Mid Penn Bancorp - Common Stock	$1,887,527	1.19%	54,177	$145,195
CFG Citizens Financial Group, Inc. Common Stock	$1,505,454	0.95%	21,485	$216,999
EBC Eastern Bankshares, Inc. - Common Stock	$1,391,690	0.88%	62,576	$167,703
UIS Unisys Corporation New Common Stock	$1,263,970	0.80%	345,347	$549,102
FNB F.N.B. Corporation Common Stock	$1,222,551	0.77%	64,075	$151,217
FRME First Merchants Corporation - Common Stock	$1,033,793	0.65%	23,662	$117,363
ECBK ECB Bancorp, Inc. - Common Stock	$1,002,795	0.63%	49,940	$167,299
CZNC Citizens & Northern Corp - Common Stock	$999,999	0.63%	42,900	$41,613
CTGO CUSIP: 21077F100	$941,826	0.60%	59,647	$-176,555
CPBI Central Plains Bancshares, Inc. - Common Stock	$934,697	0.59%	49,117	$94,305
NWFL Norwood Financial Corp. - Common Stock	$918,847	0.58%	28,580	$78,023
FMC FMC Corporation Common Stock	$897,000	0.57%	78,000	$70,440	Up ×1
DGICA Donegal Group, Inc. - Class A Common Stock	$876,801	0.55%	46,490	$78,102
MBBC Marathon Bancorp, Inc. - Common Stock	$851,860	0.54%	55,750	$53,914	Down ×1
LSBK Lake Shore Bancorp, Inc. - Common Stock	$788,253	0.50%	44,259	$116,401
FRBA First Bank - Common Stock	$729,465	0.46%	41,143	$71,177
HBNC Horizon Bancorp, Inc. - Common Stock	$700,344	0.44%	35,052	$119,528
NWBI Northwest Bancshares, Inc. - Common Stock	$576,080	0.36%	38,000	$93,860
THRY Thryv Holdings, Inc. - Common Stock	$568,656	0.36%	144,329	$173,195
FCF First Commonwealth Financial Corporation Common Stock	$519,635	0.33%	25,560	$70,290
EBMT Eagle Bancorp Montana, Inc. - Common Stock	$504,875	0.32%	21,098	$70,678
RMBI Richmond Mutual Bancorporation, Inc. - Common Stock	$479,957	0.30%	30,224	$69,817
DGICB Donegal Group, Inc. - Class B Common Stock	$388,904	0.25%	17,856	$73,031
DLX Deluxe Corporation Common Stock	$331,932	0.21%	13,900	$-50,874
ASRV AmeriServ Financial Inc. - Common Stock	$225,816	0.14%	58,200	$15,132
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security	Value	% of portfolio	Streak
INFU	$13,014,154	8.22%	up ×6
VIRC	$9,427,688	5.96%	up ×6
UFI	$5,979,262	3.78%	up ×6
KEQU	$5,307,043	3.35%	up ×5
RAIL	$3,691,752	2.33%	up ×4
KELYA	$3,108,829	1.96%	up ×3

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
SIF	Trimmed	-25K	+$4.3M
EML	Price move only	+0	+$4.2M
INFU	Bought more	+145K	+$1.9M
UFI	Bought more	+166	+$1.5M
KELYA	Bought more	+53K	+$1.3M
CLBK	Bought more	+56K	+$1.3M
RAIL	Bought more	+38K	+$974K
ESCA	Trimmed	-399	+$906K
PBHC	Price move only	+0	+$818K
FSTR	Trimmed	-16K	+$725K

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
GLDD	June 30, 2026	1,029,703	$17,504,951	No longer tracked
VBFC	June 30, 2025	19,745	$1,583,747	No longer tracked
HONE	Dec. 31, 2025	88,414	$1,202,430	No longer tracked
DORM	March 31, 2026	8,590	$1,058,202	17.9%
USLM	March 31, 2026	6,250	$748,375	-15.0%
SSB	March 31, 2026	5,661	$532,757	10.1%
SSB (filed as SSBXXXX)	Sept. 30, 2025	5,661	$520,869	3.1%
FSFG	March 31, 2026	16,221	$516,801	No longer tracked
ACNT	March 31, 2026	30,415	$492,419	3.5%
CZFS	March 31, 2026	7,881	$449,375	32.3%
PBBK	March 31, 2026	20,560	$434,844	No longer tracked
PRA	June 30, 2026	17,234	$426,024	No longer tracked
CBU	March 31, 2026	6,618	$380,138	3.5%
SGA	March 31, 2026	31,831	$364,465	-27.6%