Latest Minerva Advisors LLC Stock Portfolio

$154Million | No. of Holdings #48

Minerva Advisors LLC Performance

2026 Q1+7.95%

YTD+7.95%

2025+1.42%

About Minerva Advisors LLC and 13F Hedge Fund Stock Holdings

Minerva Advisors LLC is a hedge fund based in Bala Cynwyd, PA. On 2026-05-12, the fund reported it's updated stock portfolio. In the 13F Holdings report, Minerva Advisors LLC reported an equity portfolio of $154.9 Millions as of 31 Mar, 2026. <br><br> The top stock holdings of Minerva Advisors LLC are GLDD, TG, INFU. The fund has invested 11.3% of it's portfolio in GREAT LAKES DREDGE & DOCK CO and 8.6% of portfolio in TREDEGAR CORP. <br><br> The fund managers got completely rid off DORMAN PRODS INC (DORM), UNITED STS LIME & MINERALS I (USLM) and SOUTHSTATE BK CORP stocks. They significantly reduced their stock positions in ASTRONICS CORP (ATRO), GREAT LAKES DREDGE & DOCK CO (GLDD) and CONTANGO ORE INC (CTGO). The fund showed a lot of confidence in some stocks as they added substantially to KELLY SERVICES INC (KELYA), FIRST MERCHANTS CORP (FRME) and NORWOOD FINANCIAL CORP (NWFL).

Minerva Advisors LLC Equity Portfolio Value

Last Reported on: 12 May, 2026

$154Million

as of May 12, 2026

Minerva Advisors LLC Annual Return Estimates Vs S&P 500

Our best estimate is that Minerva Advisors LLC made a return of 7.95% in the last quarter. In trailing 12 months, it's portfolio return was 20.11%.

Performance
S&P 500

New Buys

No new stocks were added by Minerva Advisors LLC

Additions

Ticker	% Inc.
kelly services inc	242
first merchants corp	139
norwood financial corp	108
freightcar america inc	27.7
kewaunee scientific cp	12.18
infusystem hldgs inc	11.62
scripps e w co ohio	10.14
virco manufacturing co	4.78

Additions to existing portfolio by Minerva Advisors LLC

Reductions

Ticker	% Reduced
astronics corp	-31.2
great lakes dredge & dock co	-25.91
contango ore inc	-21.67
thryv holdings iinc	-2.7
sifco industries inc	-1.7
navigator holdings ltd	-1.66
dlh holdings corp	0.00

Minerva Advisors LLC reduced stake in above stock

Sold off

Ticker	$ Sold
saga communications inc	-364,465
ascent industries co	-492,419
pb bankshares inc	-434,844
first svgs finl group inc	-516,801
dorman prods inc	-1,058,200
citizens finl svcs inc	-449,375
community financial system i	-380,138
united sts lime & minerals i	-748,375

Minerva Advisors LLC got rid off the above stocks

Sector Distribution

Minerva Advisors LLC has about 41.6% of it's holdings in Industrials sector.

Industrials
Consumer Cyclical
Financial Services
Healthcare
Others
Communication Services
Basic Materials

Sector	%
Industrials	41.6
Consumer Cyclical	18.2
Financial Services	14
Healthcare	10.9
Others	9.4
Communication Services	4.2
Basic Materials	1.3

Market Cap. Distribution

Minerva Advisors LLC has about 0% of it's portfolio invested in the large-cap and mega-cap stocks.

MICRO-CAP
SMALL-CAP
UNALLOCATED
MID-CAP

Category	%
MICRO-CAP	52.1
SMALL-CAP	32.6
UNALLOCATED	9.4
MID-CAP	5.1

Stocks belong to which Index?

About 57.8% of the stocks held by Minerva Advisors LLC either belong to S&P 500 or RUSSELL 2000 index.

RUSSELL 2000
Others
S&P 500

Index	%
RUSSELL 2000	56.4
Others	42.2
S&P 500	1.4

Top 5 Winners (%)		%
SIF	sifco industries inc	137.3 %
ESCA	escalade inc	27.3 %
GLDD	great lakes dredge & dock co	25.7 %
FMC	fmc corp	24.1 %
DLX	deluxe corp	23.3 %

Top 5 Winners ($)		$
GLDD	great lakes dredge & dock co	4.7 M
SIF	sifco industries inc	3.7 M
ESCA	escalade inc	2.1 M
TG	tredegar corp	1.3 M
ATRO	astronics corp	1.1 M

Top 5 Losers (%)		%
THRY	thryv holdings iinc	-54.0 %
CTGO	contango ore inc	-25.9 %
RAIL	freightcar america inc	-25.8 %
UIS	unisys corp	-25.0 %
DGICA	donegal group inc	-14.0 %

Top 5 Losers ($)		$
RAIL	freightcar america inc	-0.9 M
CTGO	contango ore inc	-0.5 M
THRY	thryv holdings iinc	-0.5 M
KEQU	kewaunee scientific cp	-0.4 M
VIRC	virco manufacturing co	-0.4 M

Minerva Advisors LLC Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Minerva Advisors LLC

Minerva Advisors LLC has 48 stocks in it's portfolio. About 62.2% of the portfolio is in top 10 stocks. RAIL proved to be the most loss making stock for the portfolio. GLDD was the most profitable stock for Minerva Advisors LLC last quarter.

$154.91MTotal Value

57.00Positions

12 May, 2026Last Reported

Current holdings of Current Stock Holdings of Minerva Advisors LLC, last reported on 12 May, 2026. Select a row with a linked ticker to view its historical trend.
Holdingsorted ascending	% Portfolio	Shares Held	$ Value	% Change
ACNT Ascent Industries Co Ascent Industries CoACNT Minerva Advisors LLC's holding in Ascent Industries Co over time	0%	0.00	$0.00 0%	decreased 100 percentsold off

ASRV Ameriserv Financ Inc Ameriserv Financ IncASRV Minerva Advisors LLC's holding in Ameriserv Financ Inc over time	0.14%	58,200	$210.7K 0.14%	unchanged 0 percentunchanged

ATRO Astronics Corp Astronics CorpATRO Minerva Advisors LLC's holding in Astronics Corp over time	3.03%	70,340	$4.69M 3.03%	decreased 31.2 percentreduced

CAC Camden National Corp Camden National CorpCAC Minerva Advisors LLC's holding in Camden National Corp over time	2.74%	89,568	$4.25M 2.74%	unchanged 0 percentunchanged

CBU Community Financial System I Community Financial System ICBU Minerva Advisors LLC's holding in Community Financial System I over time	0%	0.00	$0.00 0%	decreased 100 percentsold off

CFG Citizens Finl Group Inc Citizens Finl Group IncCFG Minerva Advisors LLC's holding in Citizens Finl Group Inc over time	0.83%	21,485	$1.29M 0.83%	unchanged 0 percentunchanged

CLBK Columbia Financial Columbia FinancialCLBK Minerva Advisors LLC's holding in Columbia Financial over time	0.38%	33,794	$591.7K 0.38%	unchanged 0 percentunchanged

CTGO Contango Ore Inc Contango Ore IncCTGO Minerva Advisors LLC's holding in Contango Ore Inc over time	0.72%	59,647	$1.12M 0.72%	decreased 21.67 percentreduced

CZFS Citizens Finl Svcs Inc Citizens Finl Svcs IncCZFS Minerva Advisors LLC's holding in Citizens Finl Svcs Inc over time	0%	0.00	$0.00 0%	decreased 100 percentsold off

CZNC Citizens & Northern Corp Citizens & Northern CorpCZNC Minerva Advisors LLC's holding in Citizens & Northern Corp over time	0.62%	42,900	$958.4K 0.62%	unchanged 0 percentunchanged

DGICA Donegal Group Inc Donegal Group Inc DGICA Minerva Advisors LLC's holding in Donegal Group Inc over time	0.52%	46,490	$798.7K 0.52%	unchanged 0 percentunchanged

DGICA Donegal Group Inc Donegal Group Inc DGICA Minerva Advisors LLC's holding in Donegal Group Inc over time	0.2%	17,856	$315.9K 0.2%	unchanged 0 percentunchanged

DLHC Dlh Holdings Corp Dlh Holdings CorpDLHC Minerva Advisors LLC's holding in Dlh Holdings Corp over time	4.18%	1,113,040	$6.48M 4.18%	unchanged 0 percentreduced

DLX Deluxe Corp Deluxe CorpDLX Minerva Advisors LLC's holding in Deluxe Corp over time	0.25%	13,900	$382.8K 0.25%	unchanged 0 percentunchanged

DORM Dorman Prods Inc Dorman Prods IncDORM Minerva Advisors LLC's holding in Dorman Prods Inc over time	0%	0.00	$0.00 0%	decreased 100 percentsold off

EBC Eastern Bankshares Inc Eastern Bankshares IncEBC Minerva Advisors LLC's holding in Eastern Bankshares Inc over time	0.79%	62,576	$1.22M 0.79%	unchanged 0 percentunchanged

EBMT Eagle Bancorp Mont Inc Eagle Bancorp Mont IncEBMT Minerva Advisors LLC's holding in Eagle Bancorp Mont Inc over time	0.28%	21,098	$434.2K 0.28%	unchanged 0 percentunchanged

ECBK Ecb Bancorp Inc Ecb Bancorp IncECBK Minerva Advisors LLC's holding in Ecb Bancorp Inc over time	0.54%	49,940	$835.5K 0.54%	unchanged 0 percentunchanged

EML Eastern Co Eastern CoEML Minerva Advisors LLC's holding in Eastern Co over time	7.14%	546,402	$11.06M 7.14%	increased 3.27 percentadded

ESCA Escalade Inc Escalade IncESCA Minerva Advisors LLC's holding in Escalade Inc over time	6.29%	567,621	$9.75M 6.29%	unchanged 0 percentunchanged