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Minerva Advisors LLC

CIK 1541536 · latest 13F filed 12 August 2026 · Read the filing on EDGAR

Minerva Advisors LLC reported 46 US-listed holdings worth $158.3 million in its 13F for the quarter ended 30 June 2026, filed 12 August 2026. Its largest: Eastern Co. Com (9.6%), Tredegar Corp. (8.4%) and Infusystem Hldgs Inc. (8.2%). Against the quarter before, it opened 0 positions, added to 9, trimmed 4 and sold out of 2.

Reported holdings$158.3M+2.2% on Q1 2026
Positions46-2 on Q1 2026
The largest ten60.7%of its reported holdings
Latest 13FQ2 2026filed 12 August 2026
Where the money is
Added toHeldTrimmed
EML9.6%TG8.4%INFU8.2%SIF6.7%ESCA6.7%VIRC6.0%UTMD4.1%UFI3.8%DLHC3.7%NVGS3.5%KEQU3.4%SSP3.2%CAC3.1%ATRO32 more26.9%

The 14 largest of its 46 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $172.6 million in 57 positions$173MQ3 24Q4 2024: $171.0 million in 57 positions$171MQ4 24Q1 2025: $140.7 million in 55 positions$141MQ1 25Q2 2025: $152.6 million in 56 positions$153MQ2 25Q3 2025: $157.5 million in 56 positions$157MQ3 25Q4 2025: $149.7 million in 57 positions$150MQ4 25Q1 2026: $154.9 million in 48 positions$155MQ1 26Q2 2026: $158.3 million in 46 positions$158MQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +22.9% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.

Its reported holdingsThe S&P 500
90105120135Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Its holdings +22.9%S&P 500 +30.2%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Added 9Held 33Trimmed 4Sold out 2
Added: 9Held: 33Trimmed: 4Sold out: 2

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Added to 9

  1. Infusystem Hldgs Inc. INFU+144,512 shares · +12%
  2. Columbia Bank MHC CLBK+55,500 shares · +164%
  3. Scripps E W Co. Ohio SSP+306,217 shares · +20%
  4. Kelly Svcs Inc. KELYA+53,366 shares · +27%
  5. Kewaunee Scientific Corp. KEQU+12,705 shares · +9%
  6. Freightcar Amer Inc. RAIL+38,007 shares · +11%
  7. FMC Corp. FMC+30,000 shares · +62%
  8. Virco MFG Co. VIRC+18,002 shares · +1%

and 1 more in the table below

Trimmed 4

  1. Astronics Corp. ATRO-15,299 shares · -22%
  2. Foster L B Co. FSTR-16,043 shares · -19%
  3. Sifco Inds Inc. SIF-25,000 shares · -5%
  4. Marathon Bancorp Inc. MBBC-3,226 shares · -5%

Sold out of 2

  1. Great Lakes Dredge & Dock Co. GLDD$17.5 million last quarter
  2. Proassurance Corp. PRA$426,024 last quarter

What it holds

CompanySharesValueOf its bookChange in shares
Eastern Co. Com EML546.4K$15.2 million9.61%no change
Tredegar Corp. TG1.7M$13.3 million8.38%no change
Infusystem Hldgs Inc. INFU1.3M$13.0 million8.22%+144.5K
Sifco Inds Inc. SIF455.6K$10.7 million6.74%-25.0K
Escalade Inc. ESCA567.2K$10.7 million6.73%-399
Virco MFG Co. VIRC1.5M$9.4 million5.96%+18.0K
Utah Med Prods Inc. UTMD93.6K$6.5 million4.08%no change
Unifi Inc. UFI1.3M$6.0 million3.78%+166
DLH Hldgs Corp. DLHC1.1M$5.9 million3.70%+3.3K
Navigator Hldgs Ltd NVGS296.2K$5.5 million3.49%no change
Kewaunee Scientific Corp. KEQU149.4K$5.3 million3.35%+12.7K
Scripps E W Co. Ohio SSP1.8M$5.1 million3.21%+306.2K
Camden Natl Corp. CAC89.6K$4.9 million3.07%no change
Astronics Corp. ATRO55.0K$4.5 million2.83%-15.3K
Pathfinder Bancorp Inc. MD PBHC262.2K$4.2 million2.63%no change
Freightcar Amer Inc. RAIL379.0K$3.7 million2.33%+38.0K
Kelly Svcs Inc. KELYA253.2K$3.1 million1.96%+53.4K
Foster L B Co. FSTR67.9K$3.1 million1.94%-16.0K
Crawford & Co. CRDB288.2K$3.0 million1.90%no change
Ni Hldgs Inc. NODK129.9K$2.0 million1.29%no change
Columbia Bank MHC CLBK89.3K$1.9 million1.20%+55.5K
Mid Penn Bancorp Inc. MPB54.2K$1.9 million1.19%no change
Citizens Financial Group Inc. CFG21.5K$1.5 million0.95%no change
Eastern Bankshares, Inc. EBC62.6K$1.4 million0.88%no change
Unisys Corp. UIS345.3K$1.3 million0.80%no change
FNB Corp. FNB64.1K$1.2 million0.77%no change
First Merchants Corp. FRME23.7K$1.0 million0.65%no change
Ecb Bancorp Inc. ECBK49.9K$1.0 million0.63%no change
Citizens & Northern Corp CZNC42.9K$999,9990.63%no change
Contango Ore Inc. CTGO59.6K$941,8260.60%no change
Central Plains Bancshares in CPBI49.1K$934,6970.59%no change
Norwood Financial Corp. NWFL28.6K$918,8470.58%no change
FMC Corp. FMC78.0K$897,0000.57%+30.0K
Donegal Group Inc. DGICA46.5K$876,8010.55%no change
Marathon Bancorp Inc. MBBC55.8K$851,8600.54%-3.2K
Lake Shore Bancorp Inc LSBK44.3K$788,2530.50%no change
First Bank/Hamilton NJ FRBA41.1K$729,4650.46%no change
Horizon Bancorp Inc. HBNC35.1K$700,3440.44%no change
Northwest Bancshares, Inc. NWBI38.0K$576,0800.36%no change
Thryv Hldgs Inc. THRY144.3K$568,6560.36%no change
First Commonwealth Financial Corp. FCF25.6K$519,6350.33%no change
Eagle Bancorp Mont Inc. EBMT21.1K$504,8750.32%no change
Richmond Mut Bancorporation RMBI30.2K$479,9570.30%no change
Donegal Group Inc. DGICB17.9K$388,9040.25%no change
Deluxe Corp. DLX13.9K$331,9320.21%no change
Ameriserv Financial Inc. ASRV58.2K$225,8160.14%no change
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 2 it sold out of are in the box above.