CIK: 0001541536
Total reported value
$154.9M
Reporting period: 2026-03-31 · Number of holdings: 92
Minerva Advisors LLC disclosed 92 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $154.9M and a quarterly turnover rate of 15.5%.
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Minerva Advisors LLC's disclosed holdings carry a Herfindahl concentration index of 0.051 — mathematically equivalent to about 20 equally-sized positions, well below its 92 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.22), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.6 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.
Add SIF
-1.7% $3.7M
Add ESCA
0.0% $2.1M
Trim GLDD
-25.9% -$729.3K
Add KELYA
+242.1% $1.3M
Add INFU
+11.6% $1.4M
Trim ATRO
-31.2% -$851.9K
Showing top 48 holdings (of 92 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GLDD | Great Lakes Dredge & Dock Co | Stock-Other | 11.30% | -0.88% | -25.91% | |
| 2 | TG | Tredegar CORP | Stock-Other | 8.55% | +0.60% | +0.51% | |
| 3 | INFU | Infusystem Holdings INC | Stock-Other | 7.17% | +0.71% | +11.62% | |
| 4 | EML | Eastern Co/the | Stock-Other | 7.14% | +0.18% | +3.27% | |
| 5 | ESCA | Escalade INC | Stock-Other | 6.29% | +1.18% | — | |
| 6 | VIRC | Virco Mfg Corporation | Stock-Other | 5.99% | -0.19% | +4.78% | |
| 7 | DLHC | Dlh Holdings CORP | Stock-Other | 4.18% | -0.02% | -0.00% | |
| 8 | SIF | Sifco Industries | Stock-Other | 4.13% | +2.31% | -1.70% | |
| 9 | UTMD | Utah Medical Products INC | Stock-Other | 3.75% | +0.25% | — | |
| 10 | NVGS | Navigator Holdings Ltd. | Stock-Other | 3.70% | +0.22% | -1.66% | |
| 11 | SSP | Ew Scripps Co/the-a | Stock-Other | 3.67% | -0.02% | +10.14% | |
| 12 | ATRO | Astronics CORP | Stock-Other | 3.03% | -0.67% | -31.20% | |
| 13 | KEQU | Kewaunee Scientific Cp | Stock-Other | 3.02% | -0.02% | +12.18% | |
| 14 | UFI | Unifi INC | Stock-Other | 2.90% | +0.04% | +2.96% | |
| 15 | CAC | Camden National CORP | Stock-Other | 2.74% | +0.14% | — | |
| 16 | PBHC | Pathfinder Bancorp INC | Stock-Other | 2.16% | -0.31% | — | |
| 17 | CRD-B | Crawford & Co -cl B | Stock-Other | 1.89% | -0.17% | — | |
| 18 | RAIL | Freightcar America INC | Stock-Other | 1.75% | -0.22% | +27.70% | |
| 19 | FSTR | Foster (lb) Co-a | Stock-Other | 1.51% | — | — | |
| 20 | KELYA | Kelly Services INC -a | Stock-Other | 1.14% | +0.80% | +242.12% | |
| 21 | MPB | Mid Penn Bancorp INC | Stock-Other | 1.12% | — | — | |
| 22 | NODK | Ni Holdings INC | Stock-Other | 1.08% | -0.07% | — | |
| 23 | CFG | Citizens Financial Group | Stock-Financials | 0.83% | -0.01% | — | |
| 24 | EBC | Eastern Bankshares INC | Stock-Other | 0.79% | +0.02% | — | |
| 25 | CTGO | Contango Silver & Gold INC | Stock-Other | 0.72% | -0.62% | -21.67% | |
| 26 | FNB | Fnb CORP | Stock-Financials | 0.69% | -0.04% | — | |
| 27 | CZNC | Citizens & Northern CORP | Stock-Other | 0.62% | +0.04% | — | |
| 28 | FRME | First Merchants CORP | Stock-Other | 0.59% | +0.34% | +139.62% | |
| 29 | NWFL | Norwood Financial CORP | Stock-Other | 0.54% | +0.28% | +108.90% | |
| 30 | CPBI | Central Plains Bancshares In | Stock-Other | 0.54% | — | — | |
| 31 | ECBK | Ecb Bancorp INC | Stock-Other | 0.54% | -0.04% | — | |
| 32 | FMC | Fmc CORP | Stock-Materials | 0.53% | +0.09% | — | |
| 33 | DGICA | Donegal Group Inc-cl A | Stock-Other | 0.52% | -0.10% | — | |
| 34 | MBBC | Marathon Bancorp INC | Stock-Other | 0.52% | +0.04% | — | |
| 35 | UIS | Unisys CORP | Stock-Other | 0.46% | -0.18% | — | |
| 36 | LSBK | Lake Shore Bancorp Inc/md | Stock-Other | 0.43% | — | — | |
| 37 | FRBA | First Bank/hamilton Nj | Stock-Other | 0.42% | -0.03% | — | |
| 38 | CLBK | Columbia Financial INC | Stock-Other | 0.38% | +0.03% | — | |
| 39 | HBNC | Horizon Bancorp Inc/in | Stock-Other | 0.37% | — | — | |
| 40 | NWBI | Northwest Bancshares INC | Stock-Other | 0.31% | +0.01% | — | |
| 41 | FCF | First Commonwealth Finl CORP | Stock-Other | 0.29% | — | — | |
| 42 | EBMT | Eagle Bancorp Montana INC | Stock-Other | 0.28% | — | — | |
| 43 | PRA | Proassurance CORP | Stock-Other | 0.28% | — | — | |
| 44 | RMBI | Richmond Mutual Bancorporati | Stock-Other | 0.26% | — | — | |
| 45 | THRY | Thryv Holdings INC | Stock-Other | 0.26% | -0.34% | -2.70% | |
| 46 | DLX | Deluxe CORP | Stock-Other | 0.25% | +0.04% | — | |
| 47 | DGICB | Donegal Group Inc-b | Stock-Other | 0.20% | — | — | |
| 48 | ASRV | Ameriserv Financial INC | Stock-Other | 0.14% | +0.02% | — |
Performance for Q3 2026
+8.7%
Performance Last 4 Quarters
+24.6%
Based on 5 months of available history
Based on 52% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 92 | $154.9M | 16 | |
| 2025-12-31 | 104 | $149.7M | 18 | |
| 2025-09-30 | 103 | $157.5M | 22 | |
| 2025-06-30 | 102 | $152.6M | 0 | |
| 2025-03-31 | 101 | $140.7M | 100 | |
| 2024-12-31 | 105 | $171.0M | 0 | |
| 2024-09-30 | 105 | $172.6M | 0 | |
| 2024-06-30 | 106 | $150.0M | 0 | |
| 2024-03-31 | 110 | $163.3M | 0 | |
| 2023-12-31 | 111 | $160.0M | 0 | |
| 2023-09-30 | 115 | $143.0M | 0 | |
| 2023-06-30 | 122 | $144.5M | — | |
| 2023-03-31 | 126 | $138.6M | — | |
| 2022-12-31 | 123 | $134.4M | — | |
| 2022-09-30 | 123 | $132.0M | 0 | |
| 2022-06-30 | 121 | $138.5M | 0 | |
| 2022-03-31 | 121 | $154.4M | 0 | |
| 2021-12-31 | 133 | $166.3M | 0 | |
| 2021-09-30 | 138 | $172.0M | 0 | |
| 2021-06-30 | 132 | $189.3M | 100 | |
| 2021-03-31 | 134 | $182.7M | 30 | |
| 2020-12-31 | 143 | $181.7M | 22 | |
| 2020-09-30 | 146 | $148.5M | 13 | |
| 2020-06-30 | 148 | $148.5M | 22 | |
| 2020-03-31 | 157 | $127.0M | 39 | |
| 2019-12-31 | 165 | $187.6M | 15 | |
| 2019-09-30 | 164 | $179.8M | 12 | |
| 2019-06-30 | 164 | $184.4M | 13 | |
| 2019-03-31 | 160 | $177.9M | 17 | |
| 2018-12-31 | 155 | $156.5M | 27 | |
| 2018-09-30 | 150 | $195.6M | 14 | |
| 2018-06-30 | 147 | $195.5M | 9 | |
| 2018-03-31 | 147 | $189.6M | 18 | |
| 2017-12-31 | 142 | $185.1M | 12 | |
| 2017-09-30 | 141 | $189.2M | 11 | |
| 2017-06-30 | 145 | $180.3M | 13 | |
| 2017-03-31 | 143 | $187.7M | 12 | |
| 2016-12-31 | 135 | $176.1M | 16 | |
| 2016-09-30 | 137 | $159.7M | 15 | |
| 2016-06-30 | 133 | $147.4M | 14 | |
| 2016-03-31 | 131 | $147.3M | 18 | |
| 2015-12-31 | 137 | $151.2M | 13 | |
| 2015-09-30 | 140 | $140.8M | 22 | |
| 2015-06-30 | 135 | $163.5M | 16 | |
| 2015-03-31 | 135 | $171.8M | 27 | |
| 2014-12-31 | 146 | $177.2M | 20 | |
| 2014-09-30 | 142 | $162.0M | 17 | |
| 2014-06-30 | 142 | $176.2M | 14 | |
| 2014-03-31 | 143 | $168.7M | 16 | |
| 2013-12-31 | 137 | $172.7M | 27 | |
| 2013-09-30 | 147 | $161.4M | 18 | |
| 2013-06-30 | 152 | $150.2M | — |
Minerva Advisors LLC's most significant position changes for 2026-03-31: Sold out: Dorman Products INC (DORM); Sold out: United States Lime & Mineral (USLM); Sold out: Southstate Bank CORP (SSB); Sold out: First Savings Financial Grp (FSFG); Sold out: Ascent Industries Co (ACNT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SIF | Sifco Industries | +2.3% | -1.70% | Trim |
| 2 | ESCA | Escalade INC | +1.2% | — | Unchanged |
| 3 | KELYA | Kelly Services INC -a | +0.8% | +242.12% | Add |
| 4 | INFU | Infusystem Holdings INC | +0.7% | +11.62% | Add |
| 5 | TG | Tredegar CORP | +0.6% | +0.51% | Add |
| 6 | FRME | First Merchants CORP | +0.3% | +139.62% | Add |
| 7 | NWFL | Norwood Financial CORP | +0.3% | +108.90% | Add |
| 8 | UTMD | Utah Medical Products INC | +0.3% | — | Unchanged |
| 9 | NVGS | Navigator Holdings Ltd. | +0.2% | -1.66% | Trim |
| 10 | EML | Eastern Co/the | +0.2% | +3.27% | Add |
| 11 | CAC | Camden National CORP | +0.1% | — | Unchanged |
| 12 | FMC | Fmc CORP | +0.1% | — | Unchanged |
| 13 | UFI | Unifi INC | 0% | +2.96% | Add |
| 14 | CZNC | Citizens & Northern CORP | 0% | — | Unchanged |
| 15 | MBBC | Marathon Bancorp INC | 0% | — | Unchanged |
| 16 | DLX | Deluxe CORP | 0% | — | Unchanged |
| 17 | CLBK | Columbia Financial INC | 0% | — | Unchanged |
| 18 | EBC | Eastern Bankshares INC | 0% | — | Unchanged |
| 19 | ASRV | Ameriserv Financial INC | 0% | — | Unchanged |
| 20 | NWBI | Northwest Bancshares INC | 0% | — | Unchanged |
| 21 | FSTR | Foster (lb) Co-a | — | — | Unchanged |
| 22 | MPB | Mid Penn Bancorp INC | — | — | Unchanged |
| 23 | LSBK | Lake Shore Bancorp Inc/md | — | — | Unchanged |
| 24 | CFG | Citizens Financial Group | 0% | — | Unchanged |
| 25 | DLHC | Dlh Holdings CORP | 0% | -0.00% | Trim |
| 26 | SSP | Ew Scripps Co/the-a | 0% | +10.14% | Add |
| 27 | KEQU | Kewaunee Scientific Cp | 0% | +12.18% | Add |
| 28 | FRBA | First Bank/hamilton Nj | 0% | — | Unchanged |
| 29 | ECBK | Ecb Bancorp INC | 0% | — | Unchanged |
| 30 | FNB | Fnb CORP | 0% | — | Unchanged |
| 31 | NODK | Ni Holdings INC | -0.1% | — | Unchanged |
| 32 | DGICA | Donegal Group Inc-cl A | -0.1% | — | Unchanged |
| 33 | CRD-B | Crawford & Co -cl B | -0.2% | — | Unchanged |
| 34 | UIS | Unisys CORP | -0.2% | — | Unchanged |
| 35 | VIRC | Virco Mfg Corporation | -0.2% | +4.78% | Add |
| 36 | RAIL | Freightcar America INC | -0.2% | +27.70% | Add |
| 37 | PBHC | Pathfinder Bancorp INC | -0.3% | — | Unchanged |
| 38 | THRY | Thryv Holdings INC | -0.3% | -2.70% | Trim |
| 39 | CTGO | Contango Silver & Gold INC | -0.6% | -21.67% | Trim |
| 40 | ATRO | Astronics CORP | -0.7% | -31.20% | Trim |
| 41 | GLDD | Great Lakes Dredge & Dock Co | -0.9% | -25.91% | Trim |
| 42 | DORM | Dorman Products INC | — | EXIT | Sold out |
| 43 | USLM | United States Lime & Mineral | — | EXIT | Sold out |
| 44 | SSB | Southstate Bank CORP | — | EXIT | Sold out |
| 45 | FSFG | First Savings Financial Grp | — | EXIT | Sold out |
| 46 | ACNT | Ascent Industries Co | — | EXIT | Sold out |
| 47 | CZFS | Citizens Financial Services | — | EXIT | Sold out |
| 48 | PBBK | Pb Bankshares INC | — | EXIT | Sold out |
| 49 | CBU | Community Financial System I | — | EXIT | Sold out |
| 50 | SGA | Saga Communications Inc-cl A | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-09 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-09 | Amendment | View on EDGAR |
| 2025-03-31 | 2025-05-08 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-04 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2024-01-31 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-11-16 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2024-01-31 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-08-10 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2024-01-31 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2024-01-31 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-01 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-06 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-01 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-10 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-02 | Amendment | View on EDGAR |
| 2017-12-31 | 2018-02-01 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-31 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-09 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-28 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-11 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-30 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-09 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-30 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-25 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-12 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-10 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-02 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-07-31 | 13F-HR | View on EDGAR |
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