Minerva Advisors LLC — 13F Holdings & Portfolio
CIK 1541536 · latest 13F-HR filed 2026-05-12
Minerva Advisors LLC manages $154.9M in 13F-reported U.S. long-equity assets across 92 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are GLDD (8.73%), INFU (4.99%), TG (4.93%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 0 new positions, exited 9, added to 20, and trimmed 8.
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.
$154.9M
Long-equity book
92
Distinct positions
2026-03-31
Filed 2026-05-12
+0 / −9 / ↑20 / ↓8
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- SIFCO INDUSTRIES INC$3.7M +134.5%
- ESCALADE INC$2.1M +27.3%
- INFUSYSTEM HLDGS INC$1.4M +14.9%
- TREDEGAR CORP$1.3M +11.3%
- KELLY SERVICES INC$1.3M +244.1%
Top Trims
- CONTANGO ORE INC-$892.7K -44.4%
- ASTRONICS CORP-$851.9K -15.4%
- THRYV HOLDINGS IINC-$501.9K -55.9%
- PATHFINDER BANCORP INC-$354.0K -9.6%
- UNISYS CORP-$238.3K -25.0%
Exited Positions
- DORMAN PRODS INC$1.1M
- UNITED STS LIME & MINERALS I$748.4K
- SOUTHSTATE BK CORP$532.8K
- FIRST SVGS FINL GROUP INC$516.8K
- ASCENT INDUSTRIES CO$492.4K
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 | GREAT LAKES DREDGE & DOCK CO | GLDD | 390607109 | $13.5M | 8.73% | 795,739 | SH |
| 2 | INFUSYSTEM HLDGS INC | INFU | 45685K102 | $7.7M | 4.99% | 836,770 | SH |
| 3 | TREDEGAR CORP | TG | 894650100 | $7.6M | 4.93% | 960,303 | SH |
| 4 | EASTERN CO | EML | 276317104 | $7.1M | 4.56% | 348,705 | SH |
| 5 | ESCALADE INC | ESCA | 296056104 | $6.7M | 4.35% | 392,027 | SH |
| 6 | VIRCO MANUFACTURING CO | VIRC | 927651109 | $5.8M | 3.77% | 955,057 | SH |
| 7 | TREDEGAR CORP | TG | 894650100 | $5.6M | 3.62% | 705,304 | SH |
| 8 | SIFCO INDUSTRIES INC | SIF | 826546103 | $4.9M | 3.14% | 365,915 | SH |
| 9 | NAVIGATOR HOLDINGS LTD | NVGS | Y62132108 | $4.4M | 2.82% | 225,965 | SH |
| 10 | EASTERN CO | EML | 276317104 | $4.0M | 2.58% | 197,697 | SH |
| 11 | GREAT LAKES DREDGE & DOCK CO | GLDD | 390607109 | $4.0M | 2.57% | 233,964 | SH |
| 12 | DLH HOLDINGS CORP | DLHC | 23335Q100 | $3.9M | 2.54% | 675,434 | SH |
| 13 | UTAH MEDICAL PRODUCTS INC | UTMD | 917488108 | $3.8M | 2.44% | 60,944 | SH |
| 14 | SCRIPPS E W CO OHIO | SSP | 811054402 | $3.6M | 2.33% | 971,052 | SH |
| 15 | VIRCO MANUFACTURING CO | VIRC | 927651109 | $3.4M | 2.22% | 562,395 | SH |
| 16 | INFUSYSTEM HLDGS INC | INFU | 45685K102 | $3.4M | 2.19% | 367,335 | SH |
| 17 | KEWAUNEE SCIENTIFIC CP | KEQU | 492854104 | $3.3M | 2.10% | 94,852 | SH |
| 18 | ASTRONICS CORP | ATRO | 046433108 | $3.2M | 2.06% | 47,887 | SH |
| 19 | ESCALADE INC | ESCA | 296056104 | $3.0M | 1.95% | 175,594 | SH |
| 20 | PATHFINDER BANCORP INC | PBHC | 70319R109 | $2.7M | 1.74% | 210,842 | SH |
| 21 | UNIFI INC | UFI | 904677200 | $2.6M | 1.68% | 729,125 | SH |
| 22 | DLH HOLDINGS CORP | DLHC | 23335Q100 | $2.5M | 1.64% | 437,603 | SH |
| 23 | CAMDEN NATIONAL CORP | CAC | 133034108 | $2.5M | 1.62% | 53,000 | SH |
| 24 | SCRIPPS E W CO OHIO | SSP | 811054402 | $2.1M | 1.33% | 555,438 | SH |
| 25 | UTAH MEDICAL PRODUCTS INC | UTMD | 917488108 | $2.0M | 1.31% | 32,671 | SH |
| 26 | CRAWFORD & CO CL B | CRD.B | 224633107 | $1.9M | 1.22% | 187,076 | SH |
| 27 | UNIFI INC | UFI | 904677200 | $1.9M | 1.22% | 529,501 | SH |
| 28 | FREIGHTCAR AMERICA INC | RAIL | 357023100 | $1.8M | 1.19% | 231,638 | SH |
| 29 | CAMDEN NATIONAL CORP | CAC | 133034108 | $1.7M | 1.12% | 36,568 | SH |
| 30 | SIFCO INDUSTRIES INC | SIF | 826546103 | $1.5M | 0.99% | 114,735 | SH |
| 31 | ASTRONICS CORP | ATRO | 046433108 | $1.5M | 0.97% | 22,453 | SH |
| 32 | KEWAUNEE SCIENTIFIC CP | KEQU | 492854104 | $1.4M | 0.93% | 41,853 | SH |
| 33 | NAVIGATOR HOLDINGS LTD | NVGS | Y62132108 | $1.4M | 0.88% | 70,247 | SH |
| 34 | MID PENN BANCORP | MPB | 59540G107 | $1.3M | 0.85% | 40,993 | SH |
| 35 | NI HOLDINGS INC | NODK | 65342T106 | $1.3M | 0.84% | 100,400 | SH |
| 36 | FOSTER L B CO | FSTR | 350060109 | $1.3M | 0.83% | 45,889 | SH |
| 37 | FOSTER L B CO | FSTR | 350060109 | $1.1M | 0.69% | 38,076 | SH |
| 38 | CRAWFORD & CO CL B | CRD.B | 224633107 | $1.0M | 0.66% | 101,102 | SH |
| 39 | CITIZENS FINL GROUP INC | CFG | 174610105 | $1.0M | 0.66% | 16,929 | SH |
| 40 | KELLY SERVICES INC | KELYA | 488152208 | $992.5K | 0.64% | 112,148 | SH |
| 41 | CONTANGO ORE INC | CTGO | 21077F100 | $890.4K | 0.57% | 47,488 | SH |
| 42 | FNB CORP | FNB | 302520101 | $875.9K | 0.57% | 52,385 | SH |
| 43 | FREIGHTCAR AMERICA INC | RAIL | 357023100 | $871.8K | 0.56% | 109,385 | SH |
| 44 | KELLY SERVICES INC | KELYA | 488152208 | $775.7K | 0.50% | 87,648 | SH |
| 45 | EASTERN BANKSHARES INC | EBC | 27627N105 | $740.6K | 0.48% | 37,864 | SH |
| 46 | MARATHON BANCORP INC | MBBC | 565759206 | $740.3K | 0.48% | 54,718 | SH |
| 47 | PATHFINDER BANCORP INC | PBHC | 70319R109 | $655.4K | 0.42% | 51,362 | SH |
| 48 | FIRST BANK WILLIAMSTOWN NJ | FRBA | 31931U102 | $593.9K | 0.38% | 37,118 | SH |
| 49 | CITIZENS & NORTHERN CORP | CZNC | 172922106 | $592.0K | 0.38% | 26,500 | SH |
| 50 | COLUMBIA FINANCIAL | CLBK | 197641103 | $591.7K | 0.38% | 33,794 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 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 |