Minerva Advisors LLC

Registered adviser

CIK

1541536

Location

BALA CYNWYD, PA

Portfolio Value

Small $157,547,756

Diversification

Diversified

Filing Date

Global Rank

#7,265 / 8,818 ▼ 376

Top Industry

Banks - Regional 16.8%

Period ended 4 months ago

Filed Aug 12, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 161408

Roster of Oct 1, 2026

Regulatory AUM

$321,035,438

Main clients

Pooled investment vehicles (73% of AUM)

Private funds

2 funds · Mixed

Focus by fund count, roster of Oct 1, 2026

$234,136,908 gross assets

Private funds on Schedule D 7.B.(1)

As filed Jun 12, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$228,907,770 gross assets in 2 funds Hedge funds $174,648,889 (1) Other private funds $54,258,881 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$321,035,438	Pooled investment vehicles (73%)
Apr 2025 to Mar 2026	$305,101,880	Pooled investment vehicles (72%)
Apr 2024 to Mar 2025	$303,386,699	Pooled investment vehicles (75%)
May 2023 to Mar 2024	$283,552,907	Pooled investment vehicles (80%)
Apr 2023	$283,552,907	Pooled investment vehicles (80%)
Apr 2022 to Mar 2023	$292,460,577	Pooled investment vehicles (75%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 61.0% of the book (60%+)

Turnover

Low turnover

14.3% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 22.6 quarters (12+), a floor since 73.0% of the book was already held when coverage starts

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 99.2%; sector active share 53.2% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

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Portfolio Concentration

45 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

9.7%

−1.7 pts

Top 5

39.9%

−0.8 pts

Top 10

61.0%

−1.6 pts

HHI

492

Diversified−25

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Industrials	37.9%	$59,671,848	9
Financial Services	20.8%	$32,771,292	24
Consumer Cyclical	19.9%	$31,366,421	4
Healthcare	12.4%	$19,471,716	2
Energy	3.5%	$5,518,429	1
Communication Services	3.2%	$5,076,598	1
Basic Materials	1.2%	$1,838,826	2
Technology	1.2%	$1,832,626	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

10 positions

Ticker	Company	Δ Shares	Shares	Value
SSP	E.W. SCRIPPS Co	+306,217	1,832,707	$5,076,598
INFU	InfuSystem Holdings, Inc	+144,512	1,348,617	$13,014,154
CLBK	Columbia Financial, Inc.	+55,500	89,294	$1,894,827
KELYA	Kelly Services Inc	+53,366	253,162	$3,108,829
RAIL	FreightCar America, Inc.	+38,007	379,030	$3,691,752
FMC	Fmc Corp	+30,000	78,000	$897,000
VIRC	Virco Mfg Corporation	+18,002	1,535,454	$9,427,687
KEQU	Kewaunee Scientific Corp	+12,705	149,410	$5,307,043
DLHC	DLH Holdings Corp.	+3,331	1,116,368	$5,860,932
UFI	Unifi Inc	+166	1,258,792	$5,979,262
No positions match the current search.

Trimmed

Positions the filer reduced

5 positions

Ticker	Company	Δ Shares	Shares	Value
SIF	Sifco Industries Inc	−25,000	455,650	$10,662,210
FSTR	Foster L B Co	−16,043	67,922	$3,068,036
ATRO	Astronics Corp	−15,299	55,041	$4,472,631
MBBC	Marathon Bancorp, Inc.	−3,226	55,750	$851,860
ESCA	Escalade Inc	−399	567,222	$10,652,429
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

2 positions

Ticker	Shares	Value
—	1,029,703	$17,504,951
—	17,234	$426,024
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

45 tracked positions · $157,547,756 total · filing declares 46 positions · $158,277,236 · as of Jun 30, 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	Held (qtrs)	Est. cost/share	% of Portfolio
EML	Eastern Co Industrials	Held	546,402	0	$15,217,295	+37.6%	26+	before history	9.66%
TG	Tredegar Corp Industrials	Held	1,665,607	0	$13,258,231	+0.1%	19	$7.14	8.42%
INFU	InfuSystem Holdings, Inc Healthcare	Added	1,348,617	+144,512	$13,014,154	+17.1%	26+	before history	8.26%
SIF	Sifco Industries Inc Industrials	Reduced	455,650	-25,000	$10,662,210	+66.7%	26+	before history	6.77%
ESCA	Escalade Inc Consumer Cyclical	Reduced	567,222	-399	$10,652,429	+9.3%	26+	before history	6.76%
VIRC	Virco Mfg Corporation Consumer Cyclical	Added	1,535,454	+18,002	$9,427,687	+1.5%	26+	before history	5.98%
UTMD	Utah Medical Products Inc Healthcare	Held	93,615	0	$6,457,562	+11.3%	9	$64.98	4.10%
UFI	Unifi Inc Consumer Cyclical	Added	1,258,792	+166	$5,979,262	+33.1%	14	$5.92	3.80%
DLHC	DLH Holdings Corp. Industrials	Added	1,116,368	+3,331	$5,860,932	−9.5%	26+	before history	3.72%
NVGS	Navigator Holdings Ltd. Energy	Held	296,212	0	$5,518,429	−3.6%	26+	before history	3.50%
KEQU	Kewaunee Scientific Corp Consumer Cyclical	Added	149,410	+12,705	$5,307,043	+13.3%	26+	before history	3.37%
SSP	E.W. SCRIPPS Co Communication Services	Added	1,832,707	+306,217	$5,076,598	−10.6%	26+	before history	3.22%
CAC	Camden National Corp Financial Services	Held	89,568	0	$4,856,376	+14.3%	26+	before history	3.08%
ATRO	Astronics Corp Industrials	Reduced	55,041	-15,299	$4,472,631	−0.5%	26+	before history	2.84%
PBHC	Pathfinder Bancorp, Inc. Financial Services	Held	262,204	0	$4,163,799	+24.5%	26+	before history	2.64%
RAIL	FreightCar America, Inc. Industrials	Added	379,030	+38,007	$3,691,752	+35.8%	26+	before history	2.34%
KELYA	Kelly Services Inc Industrials	Added	253,162	+53,366	$3,108,829	+75.8%	5	$10.12	1.97%
FSTR	Foster L B Co Industrials	Reduced	67,922	-16,043	$3,068,036	+31.0%	26+	before history	1.95%
CRD-B	Crawford & Co Financial Services	Held	288,178	0	$3,005,696	+2.9%	16	$7.74	1.91%
NODK	NI Holdings, Inc. Financial Services	Held	129,900	0	$2,040,729	+21.9%	26+	before history	1.30%
CLBK	Columbia Financial, Inc. Financial Services	Added	89,294	+55,500	$1,894,827	+220.2%	26+	before history	1.20%
MPB	Mid Penn Bancorp Inc Financial Services	Held	54,177	0	$1,887,526	+8.3%	26+	before history	1.20%
CFG	Citizens Financial Group Inc Financial Services	Held	21,485	0	$1,505,453	+16.8%	17	$39.49	0.96%
EBC	Eastern Bankshares, Inc. Financial Services	Held	62,576	0	$1,391,690	+13.7%	3	$18.31	0.88%
UIS	Unisys Corp Technology	Held	345,347	0	$1,263,970	+76.8%	11	$4.25	0.80%
FNB	Fnb Corp Financial Services	Held	64,075	0	$1,222,551	+14.1%	26+	before history	0.78%
FRME	First Merchants Corp Financial Services	Held	23,662	0	$1,033,792	+12.8%	26+	before history	0.66%
ECBK	ECB Bancorp, Inc. Financial Services	Held	49,940	0	$1,002,795	+20.0%	12	$12.37	0.64%
CZNC	Citizens & Northern Corp Financial Services	Held	42,900	0	$999,999	+4.3%	26+	before history	0.63%
CTGO	Contango Silver & Gold Inc. Basic Materials	Held	59,647	0	$941,826	−15.8%	19	$23.15	0.60%
CPBI	Central Plains Bancshares, Inc. Financial Services	Held	49,117	0	$934,696	+11.2%	11	$9.91	0.59%
NWFL	Norwood Financial Corp Financial Services	Held	28,580	0	$918,847	+9.3%	26+	before history	0.58%
FMC	Fmc Corp Basic Materials	Added	78,000	+30,000	$897,000	+8.5%	3	$17.10	0.57%
DGICA	Donegal Group Inc Financial Services	Held	46,490	0	$876,801	+9.8%	26+	before history	0.56%
MBBC	Marathon Bancorp, Inc. Financial Services	Reduced	55,750	-3,226	$851,860	+6.8%	5	unpriced	0.54%
LSBK	Lake Shore Bancorp, Inc. Financial Services	Held	44,259	0	$788,252	+17.3%	4	unpriced	0.50%
HBNC	Horizon Bancorp Inc Financial Services	Held	35,052	0	$700,338	+20.6%	26+	before history	0.44%
NWBI	Northwest Bancshares, Inc. Financial Services	Held	38,000	0	$576,080	+19.5%	26+	before history	0.37%
THRY	Thryv Holdings, Inc. Technology	Held	144,329	0	$568,656	+43.8%	23	$19.78	0.36%
FCF	First Commonwealth Financial Corp Financial Services	Held	25,560	0	$519,634	+15.6%	14	$14.42	0.33%
EBMT	Eagle Bancorp Montana, Inc. Financial Services	Held	21,098	0	$504,875	+16.3%	26+	before history	0.32%
RMBI	Richmond Mutual Bancorporation, Inc. Financial Services	Held	30,224	0	$479,957	+17.0%	26+	before history	0.30%
DGICB	Donegal Group Inc Financial Services	Held	17,856	0	$388,903	+23.1%	26+	before history	0.25%
DLX	Deluxe Corp Industrials	Held	13,900	0	$331,932	−13.3%	26+	before history	0.21%
ASRV	Ameriserv Financial Inc Financial Services	Held	58,200	0	$225,816	+7.2%	26+	before history	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.