Minerva Advisors LLC 13F holdings
Minerva Advisors LLC reported 45 positions with a total reported value of $158.3M as of 2026-06-30, in its 13F for Q2 2026, filed 2026-08-12. Top holdings by reported value: EML EASTERN CO (9.6%), TG TREDEGAR CORP (8.4%), INFU INFUSYSTEM HLDGS INC (8.2%), SIFCO INDS INC (6.7%), ESCA ESCALADE INC (6.7%). Against 2026-03-31 it opened 9 new positions and exited 11. Next 13F due by 2026-11-14, the legal deadline 45 days after the quarter ending 2026-09-30.
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Top holdings
25 largest of 45 positions · reported value as of 2026-06-30
| Holding | Shares | Reported value | % of portfolio |
|---|---|---|---|
| EML EASTERN CO | 546,402 | $15.2M | 9.6% |
| TG TREDEGAR CORP | 1,665,607 | $13.3M | 8.4% |
| INFU INFUSYSTEM HLDGS INC | 1,348,617 | $13.0M | 8.2% |
| SIFCO INDS INC | 455,650 | $10.7M | 6.7% |
| ESCA ESCALADE INC | 567,222 | $10.7M | 6.7% |
| VIRC VIRCO MFG CO | 1,535,454 | $9.4M | 6.0% |
| UTAH MED PRODS INC | 93,615 | $6.5M | 4.1% |
| UFI UNIFI INC | 1,258,792 | $6.0M | 3.8% |
| DLHC DLH HLDGS CORP | 1,116,368 | $5.9M | 3.7% |
| NVGS NAVIGATOR HLDGS LTD | 296,212 | $5.5M | 3.5% |
| KEQU KEWAUNEE SCIENTIFIC CORP | 149,410 | $5.3M | 3.4% |
| SCRIPPS E W CO OHIO | 1,832,707 | $5.1M | 3.2% |
| CAMDEN NATL CORP | 89,568 | $4.9M | 3.1% |
| ATRO ASTRONICS CORP | 55,041 | $4.5M | 2.8% |
| PBHC PATHFINDER BANCORP INC MD | 262,204 | $4.2M | 2.6% |
| RAIL FREIGHTCAR AMER INC | 379,030 | $3.7M | 2.3% |
| KELLY SVCS INC | 253,162 | $3.1M | 2.0% |
| FSTR FOSTER L B CO | 67,922 | $3.1M | 1.9% |
| CRD-A CRAWFORD & CO | 288,178 | $3.0M | 1.9% |
| NODK NI HLDGS INC | 129,900 | $2.0M | 1.3% |
| COLUMBIA FINL INC | 89,294 | $1.9M | 1.2% |
| MPB MID PENN BANCORP INC | 54,177 | $1.9M | 1.2% |
| CITIZENS FINL GROUP INC | 21,485 | $1.5M | 1.0% |
| EBC EASTERN BANKSHARES INC | 62,576 | $1.4M | 0.9% |
| DGICA DONEGAL GROUP INC | 64,346 | $1.3M | 0.8% |
SEC FORM 13F · Q2 2026 · VALUES AS REPORTED, NOT PRICES
New positions this quarter
Held at 2026-06-30, not at 2026-03-31 · 9 in all · reported value as of 2026-06-30
| Holding | Shares | Reported value | % of portfolio |
|---|---|---|---|
| SIFCO INDS INC | 455,650 | $10.7M | 6.7% |
| UTAH MED PRODS INC | 93,615 | $6.5M | 4.1% |
| CAMDEN NATL CORP | 89,568 | $4.9M | 3.1% |
| KELLY SVCS INC | 253,162 | $3.1M | 2.0% |
| COLUMBIA FINL INC | 89,294 | $1.9M | 1.2% |
| CITIZENS & NORTHN CORP | 42,900 | $1.0M | 0.6% |
| FIRST BK WILLIAMSTOWN NEW JE | 41,143 | $729.5K | 0.5% |
| FIRST COMWLTH FINL CORP PA | 25,560 | $519.6K | 0.3% |
| AMERISERV FINL INC | 58,200 | $225.8K | 0.1% |
Sold out
Held at 2026-03-31, gone by 2026-06-30 · 11 in all · reported value as of 2026-03-31
| Holding | Shares 2026-03-31 | Reported value | % of portfolio then |
|---|---|---|---|
| GREAT LAKES DREDGE & DOCK CO | 1,029,703 | $17.5M | 11.3% |
| SIFCO INDUSTRIES INC | 480,650 | $6.4M | 4.1% |
| UTAH MEDICAL PRODUCTS INC | 93,615 | $5.8M | 3.7% |
| CAMDEN NATIONAL CORP | 89,568 | $4.3M | 2.7% |
| KELLY SERVICES INC | 199,796 | $1.8M | 1.1% |
| CITIZENS & NORTHERN CORP | 42,900 | $958.4K | 0.6% |
| FIRST BANK WILLIAMSTOWN NJ | 41,143 | $658.3K | 0.4% |
| COLUMBIA FINANCIAL | 33,794 | $591.7K | 0.4% |
| FIRST COMMONWEALTH FINANCIAL | 25,560 | $449.3K | 0.3% |
| PROASSURANCE CORP | 17,234 | $426.0K | 0.3% |
| AMERISERV FINANC INC | 58,200 | $210.7K | 0.1% |
Biggest increases and decreases
Positions held at both quarter ends, by change in shares · reported value as of 2026-06-30
Increases
| Holding | Shares 2026-03-31 | Shares 2026-06-30 | Change | Reported value |
|---|---|---|---|---|
| INFU INFUSYSTEM HLDGS INC | 1,204,105 | 1,348,617 | +12.0% | $13.0M |
| SCRIPPS E W CO OHIO | 1,526,490 | 1,832,707 | +20.1% | $5.1M |
| KEQU KEWAUNEE SCIENTIFIC CORP | 136,705 | 149,410 | +9.3% | $5.3M |
| RAIL FREIGHTCAR AMER INC | 341,023 | 379,030 | +11.1% | $3.7M |
| FMC FMC CORP | 48,000 | 78,000 | +62.5% | $897.0K |
| VIRC VIRCO MFG CO | 1,517,452 | 1,535,454 | +1.2% | $9.4M |
| DLHC DLH HLDGS CORP | 1,113,037 | 1,116,368 | +0.3% | $5.9M |
| UFI UNIFI INC | 1,258,626 | 1,258,792 | +0.0% | $6.0M |
Decreases
| Holding | Shares 2026-03-31 | Shares 2026-06-30 | Change | Reported value |
|---|---|---|---|---|
| ATRO ASTRONICS CORP | 70,340 | 55,041 | -21.8% | $4.5M |
| FSTR FOSTER L B CO | 83,965 | 67,922 | -19.1% | $3.1M |
| MBBC MARATHON BANCORP INC | 58,976 | 55,750 | -5.5% | $851.9K |
| ESCA ESCALADE INC | 567,621 | 567,222 | -0.1% | $10.7M |
CIK 1541536 · 13F FILINGS ON EDGAR · INFORMATIONAL ONLY
