# Minerva Advisors LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1541536. Source: https://holderbook.com/funds/1541536-minerva-advisors-llc/

- Reported value: $158.3M
- Positions: 46
- Weight of the ten largest: 60.7%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| EASTERN CO | [EML](https://holderbook.com/stocks/EML/) | $15.2M | 546,402 | 9.6% | 31 |
| TREDEGAR CORP | [TG](https://holderbook.com/stocks/TG/) | $13.3M | 1,665,607 | 8.4% | 19 |
| INFUSYSTEM HLDGS INC | [INFU](https://holderbook.com/stocks/INFU/) | $13.0M | 1,348,617 | 8.2% | 31 |
| SIFCO INDS INC | [SIF](https://holderbook.com/stocks/SIF/) | $10.7M | 455,650 | 6.7% | 31 |
| ESCALADE INC | [ESCA](https://holderbook.com/stocks/ESCA/) | $10.7M | 567,222 | 6.7% | 31 |
| VIRCO MFG CO | [VIRC](https://holderbook.com/stocks/VIRC/) | $9.4M | 1,535,454 | 6.0% | 31 |
| UTAH MED PRODS INC | [UTMD](https://holderbook.com/stocks/UTMD/) | $6.5M | 93,615 | 4.1% | 9 |
| UNIFI INC | [UFI](https://holderbook.com/stocks/UFI/) | $6.0M | 1,258,792 | 3.8% | 14 |
| DLH HLDGS CORP | [DLHC](https://holderbook.com/stocks/DLHC/) | $5.9M | 1,116,368 | 3.7% | 30 |
| NAVIGATOR HLDGS LTD | [NVGS](https://holderbook.com/stocks/NVGS/) | $5.5M | 296,212 | 3.5% | 31 |
| KEWAUNEE SCIENTIFIC CORP | [KEQU](https://holderbook.com/stocks/KEQU/) | $5.3M | 149,410 | 3.4% | 28 |
| SCRIPPS E W CO OHIO | [SSP](https://holderbook.com/stocks/SSP/) | $5.1M | 1,832,707 | 3.2% | 31 |
| CAMDEN NATL CORP | [CAC](https://holderbook.com/stocks/CAC/) | $4.9M | 89,568 | 3.1% | 31 |
| ASTRONICS CORP | [ATRO](https://holderbook.com/stocks/ATRO/) | $4.5M | 55,041 | 2.8% | 31 |
| PATHFINDER BANCORP INC MD | [PBHC](https://holderbook.com/stocks/PBHC/) | $4.2M | 262,204 | 2.6% | 31 |
| FREIGHTCAR AMER INC | [RAIL](https://holderbook.com/stocks/RAIL/) | $3.7M | 379,030 | 2.3% | 29 |
| KELLY SVCS INC | [KELYA](https://holderbook.com/stocks/KELYA/) | $3.1M | 253,162 | 2.0% | 5 |
| FOSTER L B CO | [FSTR](https://holderbook.com/stocks/FSTR/) | $3.1M | 67,922 | 1.9% | 31 |
| CRAWFORD & CO | [CRDB](https://holderbook.com/stocks/CRDB/) | $3.0M | 288,178 | 1.9% | 16 |
| NI HLDGS INC | [NODK](https://holderbook.com/stocks/NODK/) | $2.0M | 129,900 | 1.3% | 31 |
| COLUMBIA FINL INC | [CLBK](https://holderbook.com/stocks/CLBK/) | $1.9M | 89,294 | 1.2% | 31 |
| MID PENN BANCORP INC | [MPB](https://holderbook.com/stocks/MPB/) | $1.9M | 54,177 | 1.2% | 31 |
| CITIZENS FINL GROUP INC | [CFG](https://holderbook.com/stocks/CFG/) | $1.5M | 21,485 | 1.0% | 17 |
| EASTERN BANKSHARES INC | [EBC](https://holderbook.com/stocks/EBC/) | $1.4M | 62,576 | 0.9% | 3 |
| UNISYS CORP | [UIS](https://holderbook.com/stocks/UIS/) | $1.3M | 345,347 | 0.8% | 11 |
| F N B CORP | [FNB](https://holderbook.com/stocks/FNB/) | $1.2M | 64,075 | 0.8% | 31 |
| FIRST MERCHANTS CORP | [FRME](https://holderbook.com/stocks/FRME/) | $1.0M | 23,662 | 0.7% | 31 |
| ECB BANCORP INC | [ECBK](https://holderbook.com/stocks/ECBK/) | $1.0M | 49,940 | 0.6% | 12 |
| CITIZENS & NORTHN CORP | [CZNC](https://holderbook.com/stocks/CZNC/) | $1,000.0K | 42,900 | 0.6% | 31 |
| CONTANGO SILVER & GOLD INC | [CTGO](https://holderbook.com/stocks/CTGO/) | $941.8K | 59,647 | 0.6% | 19 |
| CENTRAL PLAINS BANCSHARES IN | [CPBI](https://holderbook.com/stocks/CPBI/) | $934.7K | 49,117 | 0.6% | 11 |
| NORWOOD FINANCIAL CORP | [NWFL](https://holderbook.com/stocks/NWFL/) | $918.8K | 28,580 | 0.6% | 31 |
| FMC CORP | [FMC](https://holderbook.com/stocks/FMC/) | $897.0K | 78,000 | 0.6% | 3 |
| DONEGAL GROUP INC | [DGICA](https://holderbook.com/stocks/DGICA/) | $876.8K | 46,490 | 0.6% | 31 |
| MARATHON BANCORP INC | [MBBC](https://holderbook.com/stocks/MBBC/) | $851.9K | 55,750 | 0.5% | 5 |
| LAKE SHORE BANCORP INC | [LSBK](https://holderbook.com/stocks/LSBK/) | $788.3K | 44,259 | 0.5% | 4 |
| FIRST BK WILLIAMSTOWN NEW JE | [FRBA](https://holderbook.com/stocks/FRBA/) | $729.5K | 41,143 | 0.5% | 12 |
| HORIZON BANCORP IND | [HBNC](https://holderbook.com/stocks/HBNC/) | $700.3K | 35,052 | 0.4% | 31 |
| NORTHWEST BANCSHARES INC | [NWBI](https://holderbook.com/stocks/NWBI/) | $576.1K | 38,000 | 0.4% | 31 |
| THRYV HLDGS INC | [THRY](https://holderbook.com/stocks/THRY/) | $568.7K | 144,329 | 0.4% | 23 |
| FIRST COMWLTH FINL CORP PA | [FCF](https://holderbook.com/stocks/FCF/) | $519.6K | 25,560 | 0.3% | 14 |
| EAGLE BANCORP MONT INC | [EBMT](https://holderbook.com/stocks/EBMT/) | $504.9K | 21,098 | 0.3% | 31 |
| RICHMOND MUT BANCORPORATION | [RMBI](https://holderbook.com/stocks/RMBI/) | $480.0K | 30,224 | 0.3% | 28 |
| DONEGAL GROUP INC | [DGICB](https://holderbook.com/stocks/DGICB/) | $388.9K | 17,856 | 0.2% | 31 |
| DELUXE CORP MEDIUM TERM NTS | [DLX](https://holderbook.com/stocks/DLX/) | $331.9K | 13,900 | 0.2% | 31 |
| AMERISERV FINL INC | [ASRV](https://holderbook.com/stocks/ASRV/) | $225.8K | 58,200 | 0.1% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.5% | +14.8% | -1.3% | 88% |
| Q1 2026 | +8.6% | -4.6% | +13.3% | 99% |
| Q4 2025 | -2.7% | +2.4% | -5.0% | 99% |
| Q3 2025 | +4.6% | +7.8% | -3.2% | 99% |
| Q2 2025 | +9.9% | +10.5% | -0.6% | 99% |
| Q1 2025 | -9.2% | -4.6% | -4.7% | 90% |
| Q4 2024 | -1.8% | +2.1% | -4.0% | 100% |
| Q3 2024 | +16.7% | +5.4% | +11.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $158.3M | 46 |
| Q1 2026 | $154.9M | 48 |
| Q4 2025 | $149.7M | 57 |
| Q3 2025 | $157.5M | 56 |
| Q2 2025 | $152.6M | 56 |
| Q1 2025 | $140.7M | 55 |
| Q4 2024 | $171.0M | 57 |
| Q3 2024 | $172.6M | 57 |
| Q2 2024 | $150.0M | 57 |
| Q1 2024 | $163.3M | 59 |
| Q4 2023 | $160.0M | 59 |
| Q3 2023 | $143.0M | 62 |