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, exited 2, added to 36, and trimmed 4.
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.
SUITE 201
BALA CYNWYD, PA 19004
$158.3M
Long-equity book
46
Distinct positions
2026-06-30
Filed 2026-08-12
+0 / −2 / ↑36 / ↓4
vs 2026-03-31
| Name | Title / Status | Ownership | Type |
|---|
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%
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 |