Minerva Advisors LLC — 13F Holdings & Portfolio
CIK 1541536 · latest 13F-HR filed 2026-08-12
Minerva Advisors LLC manages $158.3M in 13F-reported U.S. long-equity assets across 46 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are EML (9.61%), TG (8.38%), INFU (8.22%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 0 new positions and exited 2; 36 existing positions rose in reported value and 4 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-12
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 60.7%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Mar 27, 2026.
BALA CYNWYD, PA 19004
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| COHEN, DAVID, PETER Control | MEMBER, PRESIDENT,CHIEF COMPLIANCE OFFICER since Nov 2002 | 75% or more | Individual |
Ownership & leadership changes · 2 filings with changes since Feb 13, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- ChangedCOHEN, DAVID, PETER · title PRESIDENT,CHIEF COMPLIANCE OFFICER → MEMBER, PRESIDENT,CHIEF COMPLIANCE OFFICER
- ChangedCOHEN, DAVID, PETER · title PRESIDENT,CCO → PRESIDENT,CHIEF COMPLIANCE OFFICER
- ListedCOHEN, DAVID, PETER · PRESIDENT,CCO · 75% or more · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- SIFCO INDS INC$4.3M +66.7%
- EASTERN CO$4.2M +37.6%
- INFUSYSTEM HLDGS INC$1.9M +17.1%
- UNIFI INC$1.5M +33.1%
- KELLY SVCS INC$1.3M +75.8%
Top Trims
- DLH HLDGS CORP-$616.9K -9.5%
- SCRIPPS E W CO OHIO-$601.9K -10.6%
- CONTANGO SILVER & GOLD INC-$176.6K -15.8%
- DELUXE CORP MEDIUM TERM NTS-$50.9K -13.3%
Minerva Advisors LLC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | EASTERN CO | EML | 276317104 | $15.2M | 9.61% | 546,402 | SH |
| 2 | TREDEGAR CORP | TG | 894650100 | $13.3M | 8.38% | 1,665,607 | SH |
| 3 | INFUSYSTEM HLDGS INC | INFU | 45685K102 | $13.0M | 8.22% | 1,348,617 | SH |
| 4 | SIFCO INDS INC | SIF | 826546103 | $10.7M | 6.74% | 455,650 | SH |
| 5 | ESCALADE INC | ESCA | 296056104 | $10.7M | 6.73% | 567,222 | SH |
| 6 | VIRCO MFG CO | VIRC | 927651109 | $9.4M | 5.96% | 1,535,454 | SH |
| 7 | UTAH MED PRODS INC | UTMD | 917488108 | $6.5M | 4.08% | 93,615 | SH |
| 8 | UNIFI INC | UFI | 904677200 | $6.0M | 3.78% | 1,258,792 | SH |
| 9 | DLH HLDGS CORP | DLHC | 23335Q100 | $5.9M | 3.70% | 1,116,368 | SH |
| 10 | NAVIGATOR HLDGS LTD | NVGS | Y62132108 | $5.5M | 3.49% | 296,212 | SH |
| 11 | KEWAUNEE SCIENTIFIC CORP | KEQU | 492854104 | $5.3M | 3.35% | 149,410 | SH |
| 12 | SCRIPPS E W CO OHIO | SSP | 811054402 | $5.1M | 3.21% | 1,832,707 | SH |
| 13 | CAMDEN NATL CORP | CAC | 133034108 | $4.9M | 3.07% | 89,568 | SH |
| 14 | ASTRONICS CORP | ATRO | 046433108 | $4.5M | 2.83% | 55,041 | SH |
| 15 | PATHFINDER BANCORP INC MD | PBHC | 70319R109 | $4.2M | 2.63% | 262,204 | SH |
| 16 | FREIGHTCAR AMER INC | RAIL | 357023100 | $3.7M | 2.33% | 379,030 | SH |
| 17 | KELLY SVCS INC | KELYA | 488152208 | $3.1M | 1.96% | 253,162 | SH |
| 18 | FOSTER L B CO | FSTR | 350060109 | $3.1M | 1.94% | 67,922 | SH |
| 19 | CRAWFORD & CO | CRD.B | 224633107 | $3.0M | 1.90% | 288,178 | SH |
| 20 | NI HLDGS INC | NODK | 65342T106 | $2.0M | 1.29% | 129,900 | SH |
| 21 | COLUMBIA FINL INC | CLBK | 197641103 | $1.9M | 1.20% | 89,294 | SH |
| 22 | MID PENN BANCORP INC | MPB | 59540G107 | $1.9M | 1.19% | 54,177 | SH |
| 23 | CITIZENS FINL GROUP INC | CFG | 174610105 | $1.5M | 0.95% | 21,485 | SH |
| 24 | EASTERN BANKSHARES INC | EBC | 27627N105 | $1.4M | 0.88% | 62,576 | SH |
| 25 | UNISYS CORP | UIS | 909214306 | $1.3M | 0.80% | 345,347 | SH |
| 26 | F N B CORP | FNB | 302520101 | $1.2M | 0.77% | 64,075 | SH |
| 27 | FIRST MERCHANTS CORP | FRME | 320817109 | $1.0M | 0.65% | 23,662 | SH |
| 28 | ECB BANCORP INC | ECBK | 26828M106 | $1.0M | 0.63% | 49,940 | SH |
| 29 | CITIZENS & NORTHN CORP | CZNC | 172922106 | $1000.0K | 0.63% | 42,900 | SH |
| 30 | CONTANGO SILVER & GOLD INC | CTGO | 21077F100 | $941.8K | 0.60% | 59,647 | SH |
| 31 | CENTRAL PLAINS BANCSHARES IN | CPBI | 15486W100 | $934.7K | 0.59% | 49,117 | SH |
| 32 | NORWOOD FINANCIAL CORP | NWFL | 669549107 | $918.8K | 0.58% | 28,580 | SH |
| 33 | FMC CORP | FMC | 302491303 | $897.0K | 0.57% | 78,000 | SH |
| 34 | DONEGAL GROUP INC | DGICA | 257701201 | $876.8K | 0.55% | 46,490 | SH |
| 35 | MARATHON BANCORP INC | MBBC | 565759206 | $851.9K | 0.54% | 55,750 | SH |
| 36 | LAKE SHORE BANCORP INC | LSBK | 510704109 | $788.3K | 0.50% | 44,259 | SH |
| 37 | FIRST BK WILLIAMSTOWN NEW JE | FRBA | 31931U102 | $729.5K | 0.46% | 41,143 | SH |
| 38 | HORIZON BANCORP IND | HBNC | 440407104 | $700.3K | 0.44% | 35,052 | SH |
| 39 | NORTHWEST BANCSHARES INC | NWBI | 667340103 | $576.1K | 0.36% | 38,000 | SH |
| 40 | THRYV HLDGS INC | THRY | 886029206 | $568.7K | 0.36% | 144,329 | SH |
| 41 | FIRST COMWLTH FINL CORP PA | FCF | 319829107 | $519.6K | 0.33% | 25,560 | SH |
| 42 | EAGLE BANCORP MONT INC | EBMT | 26942G100 | $504.9K | 0.32% | 21,098 | SH |
| 43 | RICHMOND MUT BANCORPORATION | RMBI | 76525P100 | $480.0K | 0.30% | 30,224 | SH |
| 44 | DONEGAL GROUP INC | DGICB | 257701300 | $388.9K | 0.25% | 17,856 | SH |
| 45 | DELUXE CORP MEDIUM TERM NTS | DLX | 248019101 | $331.9K | 0.21% | 13,900 | SH |
| 46 | AMERISERV FINL INC | ASRV | 03074A102 | $225.8K | 0.14% | 58,200 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-12 | $158.3M | 46 | 0001420506-26-001549 |
| 2026-03-31 | 2026-05-12 | $154.9M | 92 | 0001420506-26-000931 |
| 2025-12-31 | 2026-02-09 | $149.7M | 104 | 0001420506-26-000218 |
| 2025-09-30 | 2025-11-12 | $157.5M | 103 | 0001420506-25-003135 |
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BALA CYNWYD, PA 19004