Minerva Advisors LLC
Long book
$154.9M
Q1 2026
Positions
48
Top-10 weight
62%
concentration
Last quarter
+16.6%
SPY +14.8%
Turnover
16%
of book per quarter
Strategy in plain words
auto-generated from filingsMinerva Advisors LLC is a concentrated fundamental stock-picker, running a $154.9M US long book across 48 positions.
The portfolio is concentrated: the top 10 names carry 62% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: GREAT LAKES DREDGE & DOCK CO, TREDEGAR CORP, INFUSYSTEM HOLDINGS INC, EASTERN CO/THE, ESCALADE INC.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-5.6%
Q2 2024
+13.6%
Q3 2024
-4.4%
Q4 2024
-7.6%
Q1 2025
+7.4%
Q2 2025
+5.5%
Q3 2025
-2.5%
Q4 2025
+6.1%
Q1 2026
+16.6%
Sector allocation
Industrials 28%
Other 27%
Financials 18%
Healthcare 11%
Services media 6%
Communications 4%
Technology 3%
Consumer discretionary 2%
Long book by quarter
What does Minerva Advisors own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GLDD GREAT LAKES DREDGE & DOCK CO | — | 1.0M | $17.5M | 11.3% | -25.9% |
| TG TREDEGAR CORP | Industrials | 1.7M | $13.2M | 8.5% | +0.5% |
| INFU INFUSYSTEM HOLDINGS INC | Healthcare | 1.2M | $11.1M | 7.2% | +11.6% |
| EML EASTERN CO/THE | Industrials | 546.4K | $11.1M | 7.1% | +3.3% |
| ESCA ESCALADE INC | Other | 567.6K | $9.7M | 6.3% | Held |
| VIRC VIRCO MFG CORPORATION | Other | 1.5M | $9.3M | 6.0% | +4.8% |
| DLHC DLH HOLDINGS CORP | Services media | 1.1M | $6.5M | 4.2% | 0.0% |
| SIF SIFCO INDUSTRIES | Industrials | 480.6K | $6.4M | 4.1% | -1.7% |
| UTMD UTAH MEDICAL PRODUCTS INC | Healthcare | 93.6K | $5.8M | 3.7% | Held |
| NVGS NAVIGATOR HOLDINGS LTD | Industrials | 296.2K | $5.7M | 3.7% | -1.7% |
| SSP EW SCRIPPS CO/THE-A | Communications | 1.5M | $5.7M | 3.7% | +10.1% |
| ATRO ASTRONICS CORP | Industrials | 70.3K | $4.7M | 3.0% | -31.2% |
| KEQU KEWAUNEE SCIENTIFIC CP | Technology | 136.7K | $4.7M | 3.0% | +12.2% |
| UFI UNIFI INC | Other | 1.3M | $4.5M | 2.9% | +3.0% |
| CAC CAMDEN NATIONAL CORP | Financials | 89.6K | $4.3M | 2.7% | Held |
| PBHC PATHFINDER BANCORP INC | Financials | 262.2K | $3.3M | 2.2% | Held |
| CRD/B CRAWFORD & CO -CL B | Financials | 288.2K | $2.9M | 1.9% | Held |
| RAIL FREIGHTCAR AMERICA INC | Industrials | 341.0K | $2.7M | 1.8% | +27.7% |
| FSTR FOSTER (LB) CO-A | Consumer discretionary | 84.0K | $2.3M | 1.5% | Held |
| KELYA KELLY SERVICES INC -A | Services media | 199.8K | $1.8M | 1.1% | +242.1% |
| MPB MID PENN BANCORP INC | Financials | 54.2K | $1.7M | 1.1% | Held |
| NODK NI HOLDINGS INC | Financials | 129.9K | $1.7M | 1.1% | Held |
| CFG CITIZENS FINANCIAL GROUP | Financials | 21.5K | $1.3M | 0.8% | Held |
| EBC EASTERN BANKSHARES INC | Financials | 62.6K | $1.2M | 0.8% | Held |
| CTGO CONTANGO SILVER & GOLD INC | Materials | 59.6K | $1.1M | 0.7% | -21.7% |
| FNB FNB CORP | Financials | 64.1K | $1.1M | 0.7% | Held |
| CZNC CITIZENS & NORTHERN CORP | Financials | 42.9K | $958K | 0.6% | Held |
| FRME FIRST MERCHANTS CORP | Financials | 23.7K | $916K | 0.6% | +139.6% |
| NWFL NORWOOD FINANCIAL CORP | Financials | 28.6K | $841K | 0.5% | +108.9% |
| CPBI CENTRAL PLAINS BANCSHARES IN | Financials | 49.1K | $840K | 0.5% | Held |
| ECBK ECB BANCORP INC | Financials | 49.9K | $835K | 0.5% | Held |
| FMC FMC CORP | Materials | 48.0K | $827K | 0.5% | Held |
| DGICA DONEGAL GROUP INC-CL A | Financials | 46.5K | $799K | 0.5% | Held |
| MBBC MARATHON BANCORP INC | Financials | 59.0K | $798K | 0.5% | Held |
| UIS UNISYS CORP | Technology | 345.3K | $715K | 0.5% | Held |
| LSBK LAKE SHORE BANCORP INC/MD | Financials | 44.3K | $672K | 0.4% | Held |
| FRBA FIRST BANK/HAMILTON NJ | — | 41.1K | $658K | 0.4% | Held |
| CLBK COLUMBIA FINANCIAL INC | Financials | 33.8K | $592K | 0.4% | Held |
| HBNC HORIZON BANCORP INC/IN | Financials | 35.1K | $581K | 0.4% | Held |
| NWBI NORTHWEST BANCSHARES INC | Financials | 38.0K | $482K | 0.3% | Held |
| FCF FIRST COMMONWEALTH FINL CORP | Financials | 25.6K | $449K | 0.3% | Held |
| EBMT EAGLE BANCORP MONTANA INC | Financials | 21.1K | $434K | 0.3% | Held |
| PRA PROASSURANCE CORP | Financials | 17.2K | $426K | 0.3% | Held |
| RMBI RICHMOND MUTUAL BANCORPORATI | Financials | 30.2K | $410K | 0.3% | Held |
| THRY THRYV HOLDINGS INC | Services media | 144.3K | $395K | 0.3% | -2.7% |
| DLX DELUXE CORP | Other | 13.9K | $383K | 0.2% | Held |
| DGICB DONEGAL GROUP INC-B | Financials | 17.9K | $316K | 0.2% | Held |
| ASRV AMERISERV FINANCIAL INC | Financials | 58.2K | $211K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 12, 2026 | 92 | $154.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 104 | $149.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 103 | $157.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 102 | $152.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR/ARESTATEMENT | May 9, 2025 | 101 | $140.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 8, 2025 | 101 | $140.7M | SEC ↗ | |
| Q4 2024 | 13F-HR | Feb 4, 2025 | 105 | $171.0M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 105 | $172.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 106 | $150.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 110 | $163.3M | canonical | SEC ↗ |
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