Minerva Advisors LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| EASTERN CO | EML | $15.2M | 546,402 | +2.48pp | 31q | HELD | |
| TREDEGAR CORP | TG | $13.3M | 1,665,607 | -0.17pp | 19q | HELD | |
| INFUSYSTEM HLDGS INC | INFU | $13.0M | 1,348,617 | +1.05pp | 31q | +12.0%+$1.4M | |
| SIFCO INDS INC | SIF | $10.7M | 455,650 | +2.61pp | 31q | -5.2%-$585.0K | |
| ESCALADE INC | ESCA | $10.7M | 567,222 | +0.44pp | 31q | HELD | |
| VIRCO MFG CO | VIRC | $9.4M | 1,535,454 | -0.04pp | 31q | +1.2%+$110.5K | |
| UTAH MED PRODS INC | UTMD | $6.5M | 93,615 | +0.33pp | 9q | HELD | |
| UNIFI INC | UFI | $6.0M | 1,258,792 | +0.88pp | 14q | HELD | |
| DLH HLDGS CORP | DLHC | $5.9M | 1,116,368 | -0.48pp | 30q | HELD | |
| NAVIGATOR HLDGS LTD | NVGS | $5.5M | 296,212 | -0.21pp | 31q | HELD | |
| KEWAUNEE SCIENTIFIC CORP | KEQU | $5.3M | 149,410 | +0.33pp | 28q | +9.3%+$451.3K | |
| SCRIPPS E W CO OHIO | SSP | $5.1M | 1,832,707 | -0.46pp | 31q | +20.1%+$848.2K | |
| CAMDEN NATL CORP | CAC | $4.9M | 89,568 | +0.32pp | 31q | HELD | |
| ASTRONICS CORP | ATRO | $4.5M | 55,041 | -0.20pp | 31q | -21.8%-$1.2M | |
| PATHFINDER BANCORP INC MD | PBHC | $4.2M | 262,204 | +0.47pp | 31q | HELD | |
| FREIGHTCAR AMER INC | RAIL | $3.7M | 379,030 | +0.58pp | 29q | +11.1%+$370.2K | |
| KELLY SVCS INC | KELYA | $3.1M | 253,162 | +0.82pp | 5q | +26.7%+$655.3K | |
| FOSTER L B CO | FSTR | $3.1M | 67,922 | +0.43pp | 31q | -19.1%-$724.7K | |
| CRAWFORD & CO | CRDB | $3.0M | 288,178 | +0.01pp | 16q | HELD | |
| NI HLDGS INC | NODK | $2.0M | 129,900 | +0.21pp | 31q | HELD | |
| COLUMBIA FINL INC | CLBK | $1.9M | 89,294 | +0.82pp | 31q | +164.2%+$1.2M | |
| MID PENN BANCORP INC | MPB | $1.9M | 54,177 | +0.07pp | 31q | HELD | |
| CITIZENS FINL GROUP INC | CFG | $1.5M | 21,485 | +0.12pp | 17q | HELD | |
| EASTERN BANKSHARES INC | EBC | $1.4M | 62,576 | +0.09pp | 3q | HELD | |
| UNISYS CORP | UIS | $1.3M | 345,347 | +0.34pp | 11q | HELD | |
| F N B CORP | FNB | $1.2M | 64,075 | +0.08pp | 31q | HELD | |
| FIRST MERCHANTS CORP | FRME | $1.0M | 23,662 | +0.06pp | 31q | HELD | |
| ECB BANCORP INC | ECBK | $1.0M | 49,940 | +0.09pp | 12q | HELD | |
| CITIZENS & NORTHN CORP | CZNC | $1,000.0K | 42,900 | +0.01pp | 31q | HELD | |
| CONTANGO SILVER & GOLD INC | CTGO | $941.8K | 59,647 | -0.13pp | 19q | HELD | |
| CENTRAL PLAINS BANCSHARES IN | CPBI | $934.7K | 49,117 | +0.05pp | 11q | HELD | |
| NORWOOD FINANCIAL CORP | NWFL | $918.8K | 28,580 | +0.04pp | 31q | HELD | |
| FMC CORP | FMC | $897.0K | 78,000 | +0.03pp | 3q | +62.5%+$345.0K | |
| DONEGAL GROUP INC | DGICA | $876.8K | 46,490 | +0.04pp | 31q | HELD | |
| MARATHON BANCORP INC | MBBC | $851.9K | 55,750 | +0.02pp | 5q | -5.5%-$49.3K | |
| LAKE SHORE BANCORP INC | LSBK | $788.3K | 44,259 | +0.06pp | 4q | HELD | |
| FIRST BK WILLIAMSTOWN NEW JE | FRBA | $729.5K | 41,143 | +0.04pp | 12q | HELD | |
| HORIZON BANCORP IND | HBNC | $700.3K | 35,052 | +0.07pp | 31q | HELD | |
| NORTHWEST BANCSHARES INC | NWBI | $576.1K | 38,000 | +0.05pp | 31q | HELD | |
| THRYV HLDGS INC | THRY | $568.7K | 144,329 | +0.10pp | 23q | HELD | |
| FIRST COMWLTH FINL CORP PA | FCF | $519.6K | 25,560 | +0.04pp | 14q | HELD | |
| EAGLE BANCORP MONT INC | EBMT | $504.9K | 21,098 | +0.04pp | 31q | HELD | |
| RICHMOND MUT BANCORPORATION | RMBI | $480.0K | 30,224 | +0.04pp | 28q | HELD | |
| DONEGAL GROUP INC | DGICB | $388.9K | 17,856 | +0.04pp | 31q | HELD | |
| DELUXE CORP MEDIUM TERM NTS | DLX | $331.9K | 13,900 | -0.04pp | 31q | HELD | |
| AMERISERV FINL INC | ASRV | $225.8K | 58,200 | +0.01pp | 31q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Banks & Lending | $26.5M | 16.7% |
| Industrials | $25.9M | 16.3% |
| Medical Devices | $19.5M | 12.3% |
| Autos & Aerospace | $18.8M | 11.9% |
| Mining & Metals | $14.2M | 9.0% |
| Business Services | $9.5M | 6.0% |
| Construction & Building | $9.4M | 6.0% |
| Insurance | $6.3M | 4.0% |
| Retail & Consumer | $6.0M | 3.8% |
| Transport & Logistics | $5.5M | 3.5% |
| Telecom & Media | $5.4M | 3.4% |
| Instruments & Controls | $5.3M | 3.4% |
| Other sectors | $5.2M | 3.3% |
| Not classified | $729.5K | 0.5% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $158.3M | 46 | 0 | 8 | 4 | 2 | 60.7% | 43 |
| Q1 2026 | $154.9M | 48 | 0 | 11 | 6 | 9 | 62.2% | 42 |
| Q4 2025 | $149.7M | 57 | 2 | 10 | 3 | 1 | 59.9% | 40 |
| Q3 2025 | $157.5M | 56 | 2 | 11 | 2 | 2 | 61.6% | 43 |
| Q2 2025 | $152.6M | 56 | 2 | 13 | 1 | 1 | 61.2% | 44 |
| Q1 2025 | $140.7M | 55 | 0 | 9 | 3 | 2 | 61.8% | 39 |
| Q4 2024 | $171.0M | 57 | 0 | 7 | 4 | 0 | 61.9% | 35 |
| Q3 2024 | $172.6M | 57 | 0 | 8 | 8 | 0 | 62.7% | 39 |
| Q2 2024 | $150.0M | 57 | 1 | 11 | 5 | 3 | 63.3% | 43 |
| Q1 2024 | $163.3M | 59 | 1 | 8 | 8 | 1 | 62.7% | 44 |
| Q4 2023 | $160.0M | 59 | 3 | 10 | 6 | 6 | 60.8% | 40 |
| Q3 2023 | $143.0M | 62 | 3 | 11 | 7 | 6 | 58.4% | 123 |
| Q2 2023 | $144.5M | 65 | 1 | 9 | 7 | 3 | 57.9% | 215 |
| Q1 2023 | $138.6M | 67 | 2 | 6 | 4 | 1 | 52.9% | 306 |
| Q4 2022 | $134.4M | 66 | 2 | 12 | 4 | 2 | 52.1% | 396 |
| Q3 2022 | $132.0M | 66 | 1 | 13 | 6 | 0 | 51.6% | 41 |
| Q2 2022 | $138.5M | 65 | 2 | 12 | 0 | 2 | 54.6% | 43 |
| Q1 2022 | $154.4M | 65 | 0 | 10 | 2 | 6 | 54.8% | 42 |
| Q4 2021 | $166.3M | 71 | 3 | 10 | 7 | 5 | 56.6% | 45 |
| Q3 2021 | $172.0M | 73 | 4 | 7 | 10 | 1 | 54.9% | 43 |
| Q2 2021 | $189.3M | 70 | 2 | 8 | 13 | 3 | 57.0% | 42 |
| Q1 2021 | $182.7M | 71 | 1 | 4 | 54 | 5 | 56.6% | 42 |
| Q4 2020 | $181.7M | 75 | 3 | 12 | 17 | 4 | 61.6% | 47 |
| Q3 2020 | $148.5M | 76 | 2 | 9 | 46 | 2 | 65.4% | 43 |
| Q2 2020 | $148.5M | 76 | 1 | 19 | 15 | 7 | 63.3% | 43 |
| Q1 2020 | $127.0M | 82 | 1 | 12 | 40 | 5 | 62.3% | 44 |
| Q4 2019 | $187.6M | 86 | 3 | 5 | 54 | 3 | 58.5% | 45 |
| Q3 2019 | $179.8M | 86 | 3 | 6 | 49 | 2 | 54.8% | 45 |
| Q2 2019 | $184.4M | 85 | 2 | 8 | 13 | 2 | 54.3% | 32 |
| Q1 2019 | $177.9M | 85 | 4 | 11 | 6 | 1 | 55.0% | 45 |
| Q4 2018 | $156.5M | 82 | 0 | 0 | 0 | 0 | 54.1% | 37 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.