Minerva Advisors LLC

CIK

1541536

Location

BALA CYNWYD, PA

Portfolio Value

Small $150,423,760

Diversification

Diversified

Filing Date

Global Rank

#4,847 / 8,622 ▲ 236 · as of Mar 2026

Top Industry

Banks - Regional 14.2%

3Y Alpha vs SPY

-1.9%

Period ended 4 months ago

Filed May 12, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+60.0%

SPY

+67.9%

Annualised alpha

-1.9%

Max drawdown

−27.0%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

44 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

11.6%

−1.0 pts

Top 5

41.7%

+0.4 pts

Top 10

64.1%

+1.8 pts

HHI

539

Diversified+15

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	44.3%	$66,586,388	10
Consumer Cyclical	18.8%	$28,211,030	4
Financial Services	16.1%	$24,249,671	22
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 Dec 31, 2025

Added To

Positions the filer increased

11 positions

Ticker	Company	Δ Shares	Shares	Value
KELYA	Kelly Services Inc	+141,396	199,796	$1,768,193
SSP	E.W. SCRIPPS Co	+140,570	1,526,490	$5,678,542
INFU	InfuSystem Holdings, Inc	+125,374	1,204,105	$11,113,889
RAIL	FreightCar America, Inc.	+73,977	341,023	$2,717,952
VIRC	Virco Mfg Corporation	+69,254	1,517,452	$9,286,805
UFI	Unifi Inc	+36,206	1,258,626	$4,493,294
EML	Eastern Co	+17,318	546,402	$11,059,176
NWFL	Norwood Financial Corp	+14,899	28,580	$840,822
KEQU	Kewaunee Scientific Corp /De/	+14,842	136,705	$4,684,880
FRME	First Merchants Corp	+13,787	23,662	$916,428
TG	Tredegar Corp	+8,500	1,665,607	$13,241,574
No positions match the current search.

Trimmed

Positions the filer reduced

7 positions

Ticker	Company	Δ Shares	Shares	Value
GLDD	Great Lakes Dredge & Dock CORP	−360,104	1,029,703	$17,504,951
ATRO	Astronics Corp	−31,904	70,340	$4,693,789
CTGO	Contango Silver & Gold Inc.	−16,500	59,647	$1,118,381
SIF	Sifco Industries Inc	−8,334	480,650	$6,397,450
NVGS	Navigator Holdings Ltd.	−5,000	296,212	$5,725,777
THRY	Thryv Holdings, Inc.	−4,000	144,329	$395,461
DLHC	DLH Holdings Corp.	−20	1,113,037	$6,477,874
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

7 positions

Ticker	Company	Shares	Value
DORM	Dorman Products, Inc.	8,590	$1,058,202
USLM	United States Lime & Minerals Inc	6,250	$748,375
SSB	SouthState Bank Corp	5,661	$532,756
ACNT	Ascent Industries Co.	30,415	$492,418
CZFS	Citizens Financial Services Inc	7,881	$449,374
CBU	Community Financial System, Inc.	6,618	$380,137
SGA	Saga Communications Inc	31,831	$364,464
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

44 tracked positions · $150,423,760 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	−4.0%	11.64%
TG	Tredegar Corp Industrials	Added	1,665,607	+8,500	$13,241,574	+11.3%	8.80%
INFU	InfuSystem Holdings, Inc Healthcare	Added	1,204,105	+125,374	$11,113,889	+14.9%	7.39%
EML	Eastern Co Industrials	Added	546,402	+17,318	$11,059,176	+6.2%	7.35%
ESCA	Escalade Inc Consumer Cyclical	Held	567,621	0	$9,746,051	+27.3%	6.48%
VIRC	Virco Mfg Corporation Consumer Cyclical	Added	1,517,452	+69,254	$9,286,805	+0.4%	6.17%
DLHC	DLH Holdings Corp. Industrials	Reduced	1,113,037	-20	$6,477,874	+3.0%	4.31%
SIF	Sifco Industries Inc Industrials	Reduced	480,650	-497,318	$6,397,450	+17.2%	4.25%
UTMD	Utah Medical Products Inc Healthcare	Held	93,615	0	$5,803,193	+10.8%	3.86%
NVGS	Navigator Holdings Ltd. Energy	Reduced	296,212	-5,000	$5,725,777	+9.8%	3.81%
SSP	E.W. SCRIPPS Co Communication Services	Added	1,526,490	+140,570	$5,678,542	+2.7%	3.78%
ATRO	Astronics Corp Industrials	Reduced	70,340	-31,904	$4,693,789	−15.4%	3.12%
KEQU	Kewaunee Scientific Corp /De/ Consumer Cyclical	Added	136,705	+14,842	$4,684,880	+2.8%	3.11%
UFI	Unifi Inc Consumer Cyclical	Added	1,258,626	+36,206	$4,493,294	+5.0%	2.99%
CAC	Camden National Corp Financial Services	Held	89,568	0	$4,250,001	+9.4%	2.83%
PBHC	Pathfinder Bancorp, Inc. Financial Services	Held	262,204	0	$3,345,722	−9.6%	2.22%
RAIL	FreightCar America, Inc. Industrials	Added	341,023	+73,977	$2,717,952	−8.1%	1.81%
FSTR	Foster L B Co Industrials	Held	83,965	0	$2,342,623	+3.5%	1.56%
KELYA	Kelly Services Inc Industrials	Added	199,796	+141,396	$1,768,193	+244.1%	1.18%
MPB	Mid Penn Bancorp Inc Financial Services	Held	54,177	0	$1,742,331	+3.7%	1.16%
NODK	NI Holdings, Inc. Financial Services	Held	129,900	0	$1,674,411	−3.1%	1.11%
CFG	Citizens Financial Group Inc/Ri Financial Services	Held	21,485	0	$1,288,455	+2.7%	0.86%
EBC	Eastern Bankshares, Inc. Financial Services	Held	62,576	0	$1,223,985	+6.1%	0.81%
CTGO	Contango Silver & Gold Inc. Basic Materials	Reduced	59,647	-16,500	$1,118,381	−44.4%	0.74%
FNB	Fnb Corp/Pa/ Financial Services	Held	64,075	0	$1,071,333	−2.2%	0.71%
CZNC	Citizens & Northern Corp Financial Services	Held	42,900	0	$958,386	+10.8%	0.64%
FRME	First Merchants Corp Financial Services	Added	23,662	+13,787	$916,428	+147.6%	0.61%
NWFL	Norwood Financial Corp Financial Services	Added	28,580	+14,899	$840,822	+119.1%	0.56%
CPBI	Central Plains Bancshares, Inc. Financial Services	Held	49,117	0	$840,391	+1.1%	0.56%
ECBK	ECB Bancorp, Inc. /MD/ Financial Services	Held	49,940	0	$835,496	−3.8%	0.56%
FMC	Fmc Corp Basic Materials	Held	48,000	0	$826,560	+24.2%	0.55%
DGICA	Donegal Group Inc Financial Services	Held	46,490	0	$798,697	−14.0%	0.53%
MBBC	Marathon Bancorp, Inc. /MD/ Financial Services	Held	58,976	0	$797,944	+11.3%	0.53%
UIS	Unisys Corp Technology	Held	345,347	0	$714,868	−25.0%	0.48%
LSBK	Lake Shore Bancorp, Inc. /MD/ Financial Services	Held	44,259	0	$671,851	+3.5%	0.45%
HBNC	Horizon Bancorp Inc /In/ Financial Services	Held	35,052	0	$580,811	−2.3%	0.39%
NWBI	Northwest Bancshares, Inc. Financial Services	Held	38,000	0	$482,220	+5.8%	0.32%
FCF	First Commonwealth Financial Corp /Pa/ Financial Services	Held	25,560	0	$449,344	+4.3%	0.30%
EBMT	Eagle Bancorp Montana, Inc. Financial Services	Held	21,098	0	$434,196	+3.4%	0.29%
PRA	Proassurance Corp Financial Services	Held	17,234	0	$426,024	+2.3%	0.28%
RMBI	Richmond Mutual Bancorporation, Inc. Financial Services	Held	30,224	0	$410,139	−3.3%	0.27%
THRY	Thryv Holdings, Inc. Technology	Reduced	144,329	-4,000	$395,461	−55.9%	0.26%
DLX	Deluxe Corp Industrials	Held	13,900	0	$382,806	+23.3%	0.25%
ASRV	Ameriserv Financial Inc /Pa/ Financial Services	Held	58,200	0	$210,684	+13.5%	0.14%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.