Minerva Advisors
BALA CYNWYD, PAfiles as Minerva Advisors LLC
$158m in 46 US stocks at the end of 30 June 2026. The top 10 are 60.7% of the money. It changed about 13.3% of the portfolio this quarter.
Value
$158m
Stocks
46
Top 10 share
60.7%
Turnover
13.3%
What changed this quarter
New
Bought for the first time this quarter.
None this quarter.
Added
Bought more of a stock they already held.
- InfuSystem HoldingsINFU8.2% of the fund+12%
- Kewaunee ScientificKEQU3.4% of the fund+9%
- E.W. ScrippsSSP3.2% of the fund+20%
- FreightCar AmericaRAIL2.3% of the fund+11%
- Kelly ServicesKELYA2.0% of the fund+27%
- Columbia Finl1.2% of the fund+164%
- FMCFMC0.6% of the fund+63%
Cut
Sold some of their stake.
- Sifco IndustriesSIF6.7% of the fund-5%
- AstronicsATRO2.8% of the fund-22%
- Foster L BFSTR1.9% of the fund-19%
- Marathon BancorpMBBC0.5% of the fund-5%
Sold out
Sold their entire stake.
- Great Lakes Dredge & DockGLDD-100%
- Proassurance-100%
Holdings
- Columbia Finl
- Share
- 1.2%
- Value
- $2m
- Shares
- 89,294
+164%
- First BK Williamstown New JEFRBA
- Share
- 0.5%
- Value
- $729,465
- Shares
- 41,143
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| EasternEML | 9.6% | $15m | 546,402 | Held |
| TredegarTG | 8.4% | $13m | 1,665,607 | Held |
| InfuSystem HoldingsINFU | 8.2% | $13m | 1,348,617 | +12% |
| Sifco IndustriesSIF | 6.7% | $11m | 455,650 | -5% |
| EscaladeESCA | 6.7% | $11m | 567,222 | Held |
| Virco MFGVIRC | 6.0% | $9m | 1,535,454 | Held |
| Utah Medical ProductsUTMD | 4.1% | $6m | 93,615 | Held |
| UnifiUFI | 3.8% | $6m | 1,258,792 | Held |
| DLH HoldingsDLHC | 3.7% | $6m | 1,116,368 | Held |
| Navigator HoldingsNVGS | 3.5% | $6m | 296,212 | Held |
| Kewaunee ScientificKEQU | 3.4% | $5m | 149,410 | +9% |
| E.W. ScrippsSSP | 3.2% | $5m | 1,832,707 | +20% |
| Camden NationalCAC | 3.1% | $5m | 89,568 | Held |
| AstronicsATRO | 2.8% | $4m | 55,041 | -22% |
| Pathfinder BancorpPBHC | 2.6% | $4m | 262,204 | Held |
| FreightCar AmericaRAIL | 2.3% | $4m | 379,030 | +11% |
| Kelly ServicesKELYA | 2.0% | $3m | 253,162 | +27% |
| Foster L BFSTR | 1.9% | $3m | 67,922 | -19% |
| CrawfordCRD-B | 1.9% | $3m | 288,178 | Held |
| NI HoldingsNODK | 1.3% | $2m | 129,900 | Held |
| Columbia Finl | 1.2% | $2m | 89,294 | +164% |
| MID Penn BancorpMPB | 1.2% | $2m | 54,177 | Held |
| Citizens Financial GroupCFG | 1.0% | $2m | 21,485 | Held |
| Eastern BanksharesEBC | 0.9% | $1m | 62,576 | Held |
| UnisysUIS | 0.8% | $1m | 345,347 | Held |
| FNBFNB | 0.8% | $1m | 64,075 | Held |
| First MerchantsFRME | 0.7% | $1m | 23,662 | Held |
| ECB BancorpECBK | 0.6% | $1m | 49,940 | Held |
| Citizens & NorthernCZNC | 0.6% | $999,999 | 42,900 | Held |
| Contango Silver & GoldCTGO | 0.6% | $941,826 | 59,647 | Held |
| Central Plains BancsharesCPBI | 0.6% | $934,697 | 49,117 | Held |
| Norwood FinancialNWFL | 0.6% | $918,847 | 28,580 | Held |
| FMCFMC | 0.6% | $897,000 | 78,000 | +63% |
| Donegal GroupDGICA | 0.6% | $876,801 | 46,490 | Held |
| Marathon BancorpMBBC | 0.5% | $851,860 | 55,750 | -5% |
| Lake Shore BancorpLSBK | 0.5% | $788,253 | 44,259 | Held |
| First BK Williamstown New JEFRBA | 0.5% | $729,465 | 41,143 | Held |
| Horizon BancorpHBNC | 0.4% | $700,344 | 35,052 | Held |
| Northwest BancsharesNWBI | 0.4% | $576,080 | 38,000 | Held |
| Thryv HoldingsTHRY | 0.4% | $568,656 | 144,329 | Held |
| First Commonwealth FinancialFCF | 0.3% | $519,635 | 25,560 | Held |
| Eagle Bancorp MontanaEBMT | 0.3% | $504,875 | 21,098 | Held |
| Richmond Mutual BancorporationRMBI | 0.3% | $479,957 | 30,224 | Held |
| Donegal GroupDGICB | 0.2% | $388,904 | 17,856 | Held |
| DeluxeDLX | 0.2% | $331,932 | 13,900 | Held |
| Ameriserv FinancialASRV | 0.1% | $225,816 | 58,200 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 3.7% since 30 June 2025.
Where the money is
Industrials30.3%
Financial services19.5%
Retail & consumer16.5%
Health care12.3%
Materials9.5%
Technology6.5%
Media & telecom3.8%
Other1.7%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.