Minerva Advisors LLC

CIK

1541536

Location

BALA CYNWYD, PA

Portfolio Value

Small $151,015,490

Diversification

Diversified

Filing Date

Global Rank

#4,489 / 8,232 ▲ 289

Top Industry

Banks - Regional 14.5%

3Y Alpha vs SPY

-4.0%

Period ended 2 months ago

Filed May 12, 2026 · 32d

24 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+59.8%

SPY

+76.5%

Annualised alpha

-4.0%

Max drawdown

−27.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

45 positions · as of Mar 31, 2026 · Δ vs Sep 30, 2025

Top Position

11.6%

+0.5 pts

Top 5

41.5%

−0.7 pts

Top 10

63.8%

−0.6 pts

HHI

535

Diversified+10

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	44.1%	$66,586,386	10
Consumer Cyclical	18.7%	$28,211,030	4
Financial Services	16.4%	$24,841,403	23
Healthcare	11.2%	$16,917,082	2
Energy	3.8%	$5,725,777	1
Communication Services	3.8%	$5,678,542	1
Basic Materials	1.3%	$1,944,941	2
Technology	0.7%	$1,110,329	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Sep 30, 2025

Added To

Positions the filer increased

15 positions

Ticker	Company	Δ Shares	Shares	Value
INFU	InfuSystem Holdings, Inc	+178,316	1,204,105	$11,113,889
KELYA	Kelly Services Inc	+159,796	199,796	$1,768,193
VIRC	Virco Mfg Corporation	+154,950	1,517,452	$9,286,805
SSP	E.W. SCRIPPS Co	+140,570	1,526,490	$5,678,542
UFI	Unifi Inc	+106,145	1,258,626	$4,493,294
RAIL	FreightCar America, Inc.	+82,477	341,023	$2,717,952
KEQU	Kewaunee Scientific Corp /De/	+56,431	136,705	$4,684,880
ESCA	Escalade Inc	+17,429	567,621	$9,746,051
EML	Eastern Co	+16,349	546,402	$11,059,176
NWFL	Norwood Financial Corp	+14,899	28,580	$840,822
FRME	First Merchants Corp	+13,787	23,662	$916,428
SIF	Sifco Industries Inc	+13,749	480,650	$6,397,450
TG	Tredegar Corp	+8,500	1,665,607	$13,241,574
UTMD	Utah Medical Products Inc	+557	93,615	$5,803,193
RMBI	Richmond Mutual Bancorporation, Inc.	+224	30,224	$410,139
No positions match the current search.

Trimmed

Positions the filer reduced

6 positions

Ticker	Company	Δ Shares	Shares	Value
GLDD	Great Lakes Dredge & Dock CORP	−360,104	1,029,703	$17,504,951
ATRO	Astronics Corp	−124,701	70,340	$4,693,787
THRY	Thryv Holdings, Inc.	−58,000	144,329	$395,461
CTGO	Contango Silver & Gold Inc.	−16,500	59,647	$1,118,381
NVGS	Navigator Holdings Ltd.	−5,000	296,212	$5,725,777
DLHC	DLH Holdings Corp.	−3,765	1,113,037	$6,477,874
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
EBC	Eastern Bankshares, Inc.	62,576	$1,223,985
FMC	Fmc Corp	48,000	$826,560
No positions match the current search.

Sold Out

Positions the filer fully exited

7 positions

Ticker	Company	Shares	Value
SGA	Saga Communications Inc	226,688	$2,819,997
DORM	Dorman Products, Inc.	8,590	$1,339,009
USLM	United States Lime & Minerals Inc	6,250	$822,187
SSB	SouthState Bank Corp	5,661	$559,703
CZFS	Citizens Financial Services Inc	7,881	$475,066
ACNT	Ascent Industries Co.	30,415	$391,744
CBU	Community Financial System, Inc.	6,618	$388,079
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

45 positions · $151,015,490 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Energy Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
GLDD	Great Lakes Dredge & Dock CORP Industrials	Reduced	1,029,703	-360,104	$17,504,951	+5.0%	11.59%
TG	Tredegar Corp Industrials	Added	1,665,607	+8,500	$13,241,574	−0.5%	8.77%
INFU	InfuSystem Holdings, Inc Healthcare	Added	1,204,105	+178,316	$11,113,889	+4.6%	7.36%
EML	Eastern Co Industrials	Added	546,402	+16,349	$11,059,176	−11.1%	7.32%
ESCA	Escalade Inc Consumer Cyclical	Added	567,621	+17,429	$9,746,051	+40.9%	6.45%
VIRC	Virco Mfg Corporation Consumer Cyclical	Added	1,517,452	+154,950	$9,286,805	−12.1%	6.15%
DLHC	DLH Holdings Corp. Industrials	Reduced	1,113,037	-3,765	$6,477,874	+2.7%	4.29%
SIF	Sifco Industries Inc Industrials	Added	480,650	+13,749	$6,397,450	+94.6%	4.24%
UTMD	Utah Medical Products Inc Healthcare	Added	93,615	+557	$5,803,193	−1.0%	3.84%
NVGS	Navigator Holdings Ltd. Energy	Reduced	296,212	-5,000	$5,725,777	+22.7%	3.79%
SSP	E.W. SCRIPPS Co Communication Services	Added	1,526,490	+140,570	$5,678,542	+121.5%	3.76%
ATRO	Astronics Corp Industrials	Reduced	70,340	-124,701	$4,693,787	−47.2%	3.11%
KEQU	Kewaunee Scientific Corp /De/ Consumer Cyclical	Added	136,705	+56,431	$4,684,880	+36.8%	3.10%
UFI	Unifi Inc Consumer Cyclical	Added	1,258,626	+106,145	$4,493,294	−18.1%	2.98%
CAC	Camden National Corp Financial Services	Held	89,568	0	$4,250,001	+23.0%	2.81%
PBHC	Pathfinder Bancorp, Inc. Financial Services	Held	262,204	0	$3,345,722	−18.6%	2.22%
RAIL	FreightCar America, Inc. Industrials	Added	341,023	+82,477	$2,717,952	+7.5%	1.80%
FSTR	Foster L B Co Industrials	Held	83,965	0	$2,342,623	+3.5%	1.55%
KELYA	Kelly Services Inc Industrials	Added	199,796	+159,796	$1,768,193	+236.9%	1.17%
MPB	Mid Penn Bancorp Inc Financial Services	Held	54,177	0	$1,742,331	+12.3%	1.15%
NODK	NI Holdings, Inc. Financial Services	Held	129,900	0	$1,674,411	−4.9%	1.11%
CFG	Citizens Financial Group Inc/Ri Financial Services	Held	21,485	0	$1,288,455	+12.8%	0.85%
EBC	Eastern Bankshares, Inc. Financial Services	NEW	62,576	NEW	$1,223,985	NEW	0.81%
CTGO	Contango Silver & Gold Inc. Basic Materials	Reduced	59,647	-16,500	$1,118,381	−41.1%	0.74%
FNB	Fnb Corp/Pa/ Financial Services	Held	64,075	0	$1,071,333	+3.8%	0.71%
CZNC	Citizens & Northern Corp Financial Services	Held	42,900	0	$958,386	+12.8%	0.63%
FRME	First Merchants Corp Financial Services	Added	23,662	+13,787	$916,428	+146.2%	0.61%
NWFL	Norwood Financial Corp Financial Services	Added	28,580	+14,899	$840,822	+141.8%	0.56%
CPBI	Central Plains Bancshares, Inc. Financial Services	Held	49,117	0	$840,391	+5.0%	0.56%
ECBK	ECB Bancorp, Inc. /MD/ Financial Services	Held	49,940	0	$835,496	+5.4%	0.55%
FMC	Fmc Corp Basic Materials	NEW	48,000	NEW	$826,560	NEW	0.55%
DGICA	Donegal Group Inc Financial Services	Held	46,490	0	$798,697	−11.4%	0.53%
MBBC	Marathon Bancorp, Inc. /MD/ Financial Services	Held	58,976	0	$797,944	+29.7%	0.53%
UIS	Unisys Corp Technology	Held	345,347	0	$714,868	−46.9%	0.47%
LSBK	Lake Shore Bancorp, Inc. /MD/ Financial Services	Held	44,259	0	$671,851	+16.8%	0.44%
CLBK	Columbia Financial, Inc. Financial Services	Held	33,794	0	$591,732	+16.7%	0.39%
HBNC	Horizon Bancorp Inc /In/ Financial Services	Held	35,052	0	$580,811	+3.5%	0.38%
NWBI	Northwest Bancshares, Inc. Financial Services	Held	38,000	0	$482,220	+2.4%	0.32%
FCF	First Commonwealth Financial Corp /Pa/ Financial Services	Held	25,560	0	$449,344	+3.1%	0.30%
EBMT	Eagle Bancorp Montana, Inc. Financial Services	Held	21,098	0	$434,196	+19.2%	0.29%
PRA	Proassurance Corp Financial Services	Held	17,234	0	$426,024	+3.0%	0.28%
RMBI	Richmond Mutual Bancorporation, Inc. Financial Services	Added	30,224	+224	$410,139	−3.8%	0.27%
THRY	Thryv Holdings, Inc. Technology	Reduced	144,329	-58,000	$395,461	−83.8%	0.26%
DLX	Deluxe Corp Industrials	Held	13,900	0	$382,806	+42.3%	0.25%
ASRV	Ameriserv Financial Inc /Pa/ Financial Services	Held	58,200	0	$210,684	+24.8%	0.14%