MA
Minerva Advisors LLC Investment Portfolio (Q2 2026) — 13F Stock Holdings
Minerva Advisors LLCCIK: 0001541536
Diversified strategySector-focusedMomentum follower
Total reported value
$158.3M
Reporting period: 2026-06-30 · Number of holdings: 46
Minerva Advisors LLC disclosed 46 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $158.3M and a quarterly turnover rate of 27.4%.
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Personality snowflake
- Concentration
- 19.5
- Portfolio Stability
- 27.44
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 92
- Sizing Uniformity
- 88.73
Minerva Advisors LLC's disclosed holdings carry a Herfindahl concentration index of 0.049 — mathematically equivalent to about 21 equally-sized positions, well below its 46 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.13), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 2% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out GLDD
Add SIF
-5.2% $4.3M
Add EML
0.0% $4.2M
Add INFU
+12.0% $1.9M
Add UFI
+0.0% $1.5M
Add KELYA
+26.7% $1.3M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | EML | Eastern Co/the | Stock-Other | 9.61% | +2.47% | — | |
| 2 | TG | Tredegar CORP | Stock-Other | 8.38% | -0.17% | — | |
| 3 | INFU | Infusystem Holdings Inc | Stock-Other | 8.22% | +1.05% | +12.00% | |
| 4 | SIF | Sifco Industries | Stock-Other | 6.74% | +2.61% | -5.20% | |
| 5 | ESCA | Escalade Inc | Stock-Other | 6.73% | +0.44% | -0.07% | |
| 6 | VIRC | Virco Mfg Corporation | Stock-Other | 5.96% | -0.03% | +1.19% | |
| 7 | UTMD | Utah Medical Products Inc | Stock-Other | 4.08% | +0.33% | — | |
| 8 | UFI | Unifi Inc | Stock-Other | 3.78% | +0.88% | +0.01% | |
| 9 | DLHC | Dlh Holdings CORP | Stock-Other | 3.70% | -0.48% | +0.30% | |
| 10 | NVGS | Navigator Holdings Ltd. | Stock-Other | 3.49% | -0.21% | — | |
| 11 | KEQU | Kewaunee Scientific Cp | Stock-Other | 3.35% | +0.33% | +9.29% | |
| 12 | SSP | Ew Scripps Co/the-a | Stock-Other | 3.21% | -0.46% | +20.06% | |
| 13 | CAC | Camden National CORP | Stock-Other | 3.07% | +0.33% | — | |
| 14 | ATRO | Astronics CORP | Stock-Other | 2.83% | -0.20% | -21.75% | |
| 15 | PBHC | Pathfinder Bancorp Inc | Stock-Other | 2.63% | +0.47% | — | |
| 16 | RAIL | Freightcar America Inc | Stock-Other | 2.33% | +0.58% | +11.14% | |
| 17 | KELYA | Kelly Services Inc -a | Stock-Other | 1.96% | +0.82% | +26.71% | |
| 18 | FSTR | Foster (lb) Co-a | Stock-Other | 1.94% | +0.43% | -19.11% | |
| 19 | CRD-B | Crawford & Co -cl B | Stock-Other | 1.90% | +0.01% | — | |
| 20 | NODK | Ni Holdings Inc | Stock-Other | 1.29% | +0.21% | — | |
| 21 | CLBK | Columbia Financial Inc | Stock-Other | 1.20% | +0.82% | +164.23% | |
| 22 | MPB | Mid Penn Bancorp Inc | Stock-Other | 1.19% | +0.07% | — | |
| 23 | CFG | Citizens Financial Group | Stock-Financials | 0.95% | +0.12% | — | |
| 24 | EBC | Eastern Bankshares Inc | Stock-Other | 0.88% | +0.09% | — | |
| 25 | UIS | Unisys CORP | Stock-Other | 0.80% | +0.34% | — | |
| 26 | FNB | Fnb CORP | Stock-Financials | 0.77% | +0.08% | — | |
| 27 | FRME | First Merchants CORP | Stock-Other | 0.65% | +0.06% | — | |
| 28 | ECBK | Ecb Bancorp Inc | Stock-Other | 0.63% | +0.09% | — | |
| 29 | CZNC | Citizens & Northern CORP | Stock-Other | 0.63% | +0.01% | — | |
| 30 | CTGO | Contango Silver & Gold Inc | Stock-Other | 0.60% | -0.12% | — | |
| 31 | CPBI | Central Plains Bancshares In | Stock-Other | 0.59% | +0.05% | — | |
| 32 | NWFL | Norwood Financial CORP | Stock-Other | 0.58% | +0.04% | — | |
| 33 | FMC | Fmc CORP | Stock-Materials | 0.57% | +0.04% | +62.50% | |
| 34 | DGICA | Donegal Group Inc-cl A | Stock-Other | 0.55% | +0.03% | — | |
| 35 | MBBC | Marathon Bancorp Inc | Stock-Other | 0.54% | +0.02% | -5.47% | |
| 36 | LSBK | Lake Shore Bancorp Inc/md | Stock-Other | 0.50% | +0.07% | — | |
| 37 | FRBA | First Bank/hamilton Nj | Stock-Other | 0.46% | +0.04% | — | |
| 38 | HBNC | Horizon Bancorp Inc/in | Stock-Other | 0.44% | +0.07% | — | |
| 39 | NWBI | Northwest Bancshares Inc | Stock-Other | 0.36% | +0.05% | — | |
| 40 | THRY | Thryv Holdings Inc | Stock-Other | 0.36% | +0.10% | — | |
| 41 | FCF | First Commonwealth Finl CORP | Stock-Other | 0.33% | +0.04% | — | |
| 42 | EBMT | Eagle Bancorp Montana Inc | Stock-Other | 0.32% | +0.04% | — | |
| 43 | RMBI | Richmond Mutual Bancorporati | Stock-Other | 0.30% | +0.04% | — | |
| 44 | DGICB | Donegal Group Inc-b | Stock-Other | 0.25% | +0.05% | — | |
| 45 | DLX | Deluxe CORP | Stock-Other | 0.21% | -0.04% | — | |
| 46 | ASRV | Ameriserv Financial Inc | Stock-Other | 0.14% | — | — |
Portfolio Performance
Performance for Q3 2026
+10.3%
Performance Last 4 Quarters
+23.4%
Based on 87% of reported portfolio value with available pricing
- Stdev
- +22.8%
- Beta
- +1.07
- Alpha
- -6.8%
- Max Drawdown
- -30.4%
- Annualized Perf
- +12.9%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +1.16
- Stutzer
- +0.19
- Treynor
- +0.14
- Sterling
- +0.52
- Calmar
- +0.42
- Information Ratio
- -0.29
- Tracking Error
- +18.1%
- Stdev Down
- +12.6%
- Winning Months %
- +50%
- Losing Months %
- +50%
- Best 12 Months
- +37.8%
- Worst 12 Months
- -20.3%
- Efficiency Ratio
- +0.23
- Sharpe
- +0.64
- Stdev Sectors
- +25.3%
- Skewness
- +0.3
- Kurtosis
- -0.77
- Upside Potential
- +3.15
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 46 | $158.3M | 27 | ||
| 2026 Q1 | 92 | $154.9M | 16 | ||
| 2025 Q4 | 104 | $149.7M | 18 | ||
| 2025 Q3 | 103 | $157.5M | 22 | ||
| 2025 Q2 | 102 | $152.6M | 0 | ||
| 2025 Q1 | 101 | $140.7M | 100 | ||
| 2024 Q4 | 105 | $171.0M | 0 | ||
| 2024 Q3 | 105 | $172.6M | 0 | ||
| 2024 Q2 | 106 | $150.0M | 0 | ||
| 2024 Q1 | 110 | $163.3M | 0 | ||
| 2023 Q4 | 111 | $160.0M | 0 | ||
| 2023 Q3 | 115 | $143.0M | 0 | ||
| 2023 Q2 | 122 | $144.5M | — | ||
| 2023 Q1 | 126 | $138.6M | — | ||
| 2022 Q4 | 123 | $134.4M | — | ||
| 2022 Q3 | 123 | $132.0M | 0 | ||
| 2022 Q2 | 121 | $138.5M | 0 | ||
| 2022 Q1 | 121 | $154.4M | 0 | ||
| 2021 Q4 | 133 | $166.3M | 0 | ||
| 2021 Q3 | 138 | $172.0M | 0 | ||
| 2021 Q2 | 132 | $189.3M | 100 | ||
| 2021 Q1 | 134 | $182.7M | 30 | ||
| 2020 Q4 | 143 | $181.7M | 22 | ||
| 2020 Q3 | 146 | $148.5M | 13 | ||
| 2020 Q2 | 148 | $148.5M | 22 | ||
| 2020 Q1 | 157 | $127.0M | 39 | ||
| 2019 Q4 | 165 | $187.6M | 15 | ||
| 2019 Q3 | 164 | $179.8M | 12 | ||
| 2019 Q2 | 164 | $184.4M | 13 | ||
| 2019 Q1 | 160 | $177.9M | 17 | ||
| 2018 Q4 | 155 | $156.5M | 27 | ||
| 2018 Q3 | 150 | $195.6M | 14 | ||
| 2018 Q2 | 147 | $195.5M | 9 | ||
| 2018 Q1 | 147 | $189.6M | 18 | ||
| 2017 Q4 | 142 | $185.1M | 12 | ||
| 2017 Q3 | 141 | $189.2M | 11 | ||
| 2017 Q2 | 145 | $180.3M | 13 | ||
| 2017 Q1 | 143 | $187.7M | 12 | ||
| 2016 Q4 | 135 | $176.1M | 16 | ||
| 2016 Q3 | 137 | $159.7M | 15 | ||
| 2016 Q2 | 133 | $147.4M | 14 | ||
| 2016 Q1 | 131 | $147.3M | 18 | ||
| 2015 Q4 | 137 | $151.2M | 13 | ||
| 2015 Q3 | 140 | $140.8M | 22 | ||
| 2015 Q2 | 135 | $163.5M | 16 | ||
| 2015 Q1 | 135 | $171.8M | 27 | ||
| 2014 Q4 | 146 | $177.2M | 20 | ||
| 2014 Q3 | 142 | $162.0M | 17 | ||
| 2014 Q2 | 142 | $176.2M | 14 | ||
| 2014 Q1 | 143 | $168.7M | 16 | ||
| 2013 Q4 | 137 | $172.7M | 27 | ||
| 2013 Q3 | 147 | $161.4M | 18 | ||
| 2013 Q2 | 152 | $150.2M | — |
Holding changes this quarter
Minerva Advisors LLC's most significant position changes for 2026-06-30: Sold out: Great Lakes Dredge & Dock Co (GLDD); Sold out: Proassurance CORP (PRA); Trim: Sifco Industries (SIF) — shares -5.20%; Add: Infusystem Holdings Inc (INFU) — shares +12.00%; Add: Unifi Inc (UFI) — shares +0.01%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SIF | Sifco Industries | +2.6% | -5.20% | Trim |
| 2 | EML | Eastern Co/the | +2.5% | — | Unchanged |
| 3 | INFU | Infusystem Holdings Inc | +1.1% | +12.00% | Add |
| 4 | UFI | Unifi Inc | +0.9% | +0.01% | Add |
| 5 | KELYA | Kelly Services Inc -a | +0.8% | +26.71% | Add |
| 6 | CLBK | Columbia Financial Inc | +0.8% | +164.23% | Add |
| 7 | RAIL | Freightcar America Inc | +0.6% | +11.14% | Add |
| 8 | PBHC | Pathfinder Bancorp Inc | +0.5% | — | Unchanged |
| 9 | ESCA | Escalade Inc | +0.4% | -0.07% | Trim |
| 10 | FSTR | Foster (lb) Co-a | +0.4% | -19.11% | Trim |
| 11 | UIS | Unisys CORP | +0.3% | — | Unchanged |
| 12 | UTMD | Utah Medical Products Inc | +0.3% | — | Unchanged |
| 13 | KEQU | Kewaunee Scientific Cp | +0.3% | +9.29% | Add |
| 14 | CAC | Camden National CORP | +0.3% | — | Unchanged |
| 15 | NODK | Ni Holdings Inc | +0.2% | — | Unchanged |
| 16 | CFG | Citizens Financial Group | +0.1% | — | Unchanged |
| 17 | THRY | Thryv Holdings Inc | +0.1% | — | Unchanged |
| 18 | EBC | Eastern Bankshares Inc | +0.1% | — | Unchanged |
| 19 | ECBK | Ecb Bancorp Inc | +0.1% | — | Unchanged |
| 20 | FNB | Fnb CORP | +0.1% | — | Unchanged |
| 21 | MPB | Mid Penn Bancorp Inc | +0.1% | — | Unchanged |
| 22 | HBNC | Horizon Bancorp Inc/in | +0.1% | — | Unchanged |
| 23 | LSBK | Lake Shore Bancorp Inc/md | +0.1% | — | Unchanged |
| 24 | FRME | First Merchants CORP | +0.1% | — | Unchanged |
| 25 | CPBI | Central Plains Bancshares In | +0.1% | — | Unchanged |
| 26 | NWBI | Northwest Bancshares Inc | +0.1% | — | Unchanged |
| 27 | DGICB | Donegal Group Inc-b | +0.1% | — | Unchanged |
| 28 | NWFL | Norwood Financial CORP | 0% | — | Unchanged |
| 29 | FRBA | First Bank/hamilton Nj | 0% | — | Unchanged |
| 30 | EBMT | Eagle Bancorp Montana Inc | 0% | — | Unchanged |
| 31 | FMC | Fmc CORP | 0% | +62.50% | Add |
| 32 | FCF | First Commonwealth Finl CORP | 0% | — | Unchanged |
| 33 | RMBI | Richmond Mutual Bancorporati | 0% | — | Unchanged |
| 34 | DGICA | Donegal Group Inc-cl A | 0% | — | Unchanged |
| 35 | MBBC | Marathon Bancorp Inc | 0% | -5.47% | Trim |
| 36 | CRD-B | Crawford & Co -cl B | 0% | — | Unchanged |
| 37 | CZNC | Citizens & Northern CORP | 0% | — | Unchanged |
| 38 | ASRV | Ameriserv Financial Inc | — | — | Unchanged |
| 39 | VIRC | Virco Mfg Corporation | 0% | +1.19% | Add |
| 40 | DLX | Deluxe CORP | 0% | — | Unchanged |
| 41 | CTGO | Contango Silver & Gold Inc | -0.1% | — | Unchanged |
| 42 | TG | Tredegar CORP | -0.2% | — | Unchanged |
| 43 | ATRO | Astronics CORP | -0.2% | -21.75% | Trim |
| 44 | NVGS | Navigator Holdings Ltd. | -0.2% | — | Unchanged |
| 45 | PRA | Proassurance CORP | -0.3% | EXIT | Sold out |
| 46 | SSP | Ew Scripps Co/the-a | -0.5% | +20.06% | Add |
| 47 | DLHC | Dlh Holdings CORP | -0.5% | +0.30% | Add |
| 48 | GLDD | Great Lakes Dredge & Dock Co | -11.3% | EXIT | Sold out |
Filing History
FAQ
What is Minerva Advisors LLC and what type of investor is it?
Minerva Advisors LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $158.3M, spread across 46 disclosed positions.
What are Minerva Advisors LLC's largest equity positions?
Based on the latest 13F filing, Minerva Advisors LLC's top holdings by market value are:
1. Eastern Co/the (EML) — $15.2M (9.6%)
2. Tredegar CORP (TG) — $13.3M (8.4%)
3. Infusystem Holdings Inc (INFU) — $13.0M (8.2%)
4. Sifco Industries (SIF) — $10.7M (6.7%)
5. Escalade Inc (ESCA) — $10.7M (6.7%)
What changes did Minerva Advisors LLC make in its most recent portfolio filing?
In the latest reported quarter, Minerva Advisors LLC made 17 notable position adjustments: 0 new positions were initiated, 10 existing holdings were added to, 5 positions were partially reduced, and 2 were completely exited. The largest of these moves: Sold out: Great Lakes Dredge & Dock Co (GLDD); Sold out: Proassurance CORP (PRA); Trim: Sifco Industries (SIF) — shares -5.20%; Add: Infusystem Holdings Inc (INFU) — shares +12.00%; Add: Unifi Inc (UFI) — shares +0.01%
What sectors does Minerva Advisors LLC focus on?
Minerva Advisors LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 75.3%
• Materials: 24.7%
Investment Profile
Minerva Advisors LLC returned an annualized 12.9% over the trailing 36 months — underperforming the S&P 500 by 6.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.07 (roughly in line with the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 75.3% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 27 over the past 4 quarters — a shift toward more active trading.
It has added to its SIF position over the past two quarters (+$7.9M, now $10.7M), while trimming ATRO over the same stretch (-$1.1M, still holding $4.5M).
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Developer Access
Access Minerva Advisors LLC's institutional profile programmatically:
REST API
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