Funds › Minerva Advisors LLC
Minerva Advisors LLC
13F for Q3 2026, filed Nov 13, 2026. 46 positions worth $157.8M.Managers with more than $100 million in US-listed stocks list their holdings each quarter, within 45 days of quarter end. Long positions only: no short sales or cash.
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Holdings, Q3 2026
Largest first. Common shares only.
| # | The fund's own figures at the end of the quarter. A report can be up to 45 days old when it is filed. Options and bonds are not counted here. | Filing | ||||
|---|---|---|---|---|---|---|
| 1 | INFU InfuSystems Holdings, Inc. | 1.36M | $17.6M | 11.1% | +1.1% | 13F ↗ |
| 2 | EML Eastern Company | 546,402 | $13.0M | 8.3% | Unchanged | 13F ↗ |
| 3 | TG Tredegar Corporation | 1.67M | $11.5M | 7.3% | Unchanged | 13F ↗ |
| 4 | ESCA Escalade, Incorporated | 556,654 | $10.6M | 6.7% | -1.9% | 13F ↗ |
| 5 | SIF SIFCO Industries, Inc. | 447,150 | $10.1M | 6.4% | -1.9% | 13F ↗ |
| 6 | VIRC Virco Manufacturing Corporation | 1.54M | $10.0M | 6.3% | +0.1% | 13F ↗ |
| 7 | UFI Unifi, Inc. | 1.29M | $8.4M | 5.3% | +2.5% | 13F ↗ |
| 8 | UTMD Utah Medical Products, Inc. | 93,615 | $6.9M | 4.4% | Unchanged | 13F ↗ |
| 9 | NVGS Navigator Holdings Ltd. | 281,212 | $6.5M | 4.1% | -5.1% | 13F ↗ |
| 10 | KEQU Kewaunee Scientific Corporation · Comm | 155,428 | $5.4M | 3.4% | +4.0% | 13F ↗ |
| 11 | CAC Camden National Corporation | 89,568 | $5.0M | 3.1% | Unchanged | 13F ↗ |
| 12 | SSP E.W. Scripps Company | 1.83M | $4.8M | 3.0% | Unchanged | 13F ↗ |
| 13 | PBHC Pathfinder Bancorp, Inc. | 262,204 | $4.4M | 2.8% | Unchanged | 13F ↗ |
| 14 | DLHC DLH Holdings Corp. | 1.12M | $4.2M | 2.6% | +0.6% | 13F ↗ |
| 15 | KELYA Kelly Services, Inc. Class A | 253,162 | $4.1M | 2.6% | Unchanged | 13F ↗ |
| 16 | RAIL Freightcar America, Inc. | 581,726 | $3.9M | 2.5% | +53.5% | 13F ↗ |
| 17 | ATRO Astronics Corporation | 51,041 | $3.4M | 2.2% | -7.3% | 13F ↗ |
| 18 | CRD-B Crawford & Company Class B | 288,178 | $3.4M | 2.1% | Unchanged | 13F ↗ |
| 19 | FSTR L.B. Foster Company | 67,922 | $2.4M | 1.6% | Unchanged | 13F ↗ |
| 20 | NODK NI Holdings, Inc. | 129,900 | $1.9M | 1.2% | Unchanged | 13F ↗ |
| 21 | MPB Mid Penn Bancorp | 52,413 | $1.9M | 1.2% | -3.3% | 13F ↗ |
| 22 | CFG Citizens Financial Group, Inc. | 21,485 | $1.4M | 0.9% | Unchanged | 13F ↗ |
| 23 | EBC Eastern Bankshares, Inc. | 62,576 | $1.3M | 0.8% | Unchanged | 13F ↗ |
| 24 | FNB F.N.B. Corporation | 64,075 | $1.1M | 0.7% | Unchanged | 13F ↗ |
| 25 | CZNC Citizens & Northern Corp | 42,900 | $1.1M | 0.7% | Unchanged | 13F ↗ |
| 26 | ECBK ECB Bancorp, Inc. | 49,940 | $1.0M | 0.6% | Unchanged | 13F ↗ |
| 27 | CTGO Contango Silver & Gold Inc. | 59,647 | $1.0M | 0.6% | Unchanged | 13F ↗ |
| 28 | CPBI Central Plains Bancshares, Inc. | 49,117 | $983.0K | 0.6% | Unchanged | 13F ↗ |
| 29 | NWFL Norwood Financial Corp. | 28,580 | $944.3K | 0.6% | Unchanged | 13F ↗ |
| 30 | FRME First Merchants Corporation | 23,662 | $941.3K | 0.6% | Unchanged | 13F ↗ |
| 31 | MBBC Marathon Bancorp, Inc. | 55,750 | $836.3K | 0.5% | Unchanged | 13F ↗ |
| 32 | DGICA Donegal Group, Inc. Class A | 46,490 | $827.1K | 0.5% | Unchanged | 13F ↗ |
| 33 | LSBK Lake Shore Bancorp, Inc. | 44,259 | $803.7K | 0.5% | Unchanged | 13F ↗ |
| 34 | UIS Unisys Corporation | 345,347 | $797.8K | 0.5% | Unchanged | 13F ↗ |
| 35 | First Bk Williamstown New Je | 41,143 | $709.3K | 0.4% | Unchanged | 13F ↗ |
| 36 | FMC FMC Corporation | 78,000 | $695.8K | 0.4% | Unchanged | 13F ↗ |
| 37 | HBNC Horizon Bancorp, Inc. | 35,052 | $660.0K | 0.4% | Unchanged | 13F ↗ |
| 38 | NWBI Northwest Bancshares, Inc. | 38,000 | $563.9K | 0.4% | Unchanged | 13F ↗ |
| 39 | FCF First Commonwealth Financial Corporation | 25,560 | $517.1K | 0.3% | Unchanged | 13F ↗ |
| 40 | RMBI Richmond Mutual Bancorporation, Inc. | 30,224 | $449.1K | 0.3% | Unchanged | 13F ↗ |
| 41 | EBMT Eagle Bancorp Montana, Inc. | 21,098 | $444.3K | 0.3% | Unchanged | 13F ↗ |
| 42 | DLX Deluxe Corporation | 13,900 | $319.3K | 0.2% | Unchanged | 13F ↗ |
| 43 | DGICB Donegal Group, Inc. Class B | 17,000 | $294.8K | 0.2% | -4.8% | 13F ↗ |
| 44 | ASRV AmeriServ Financial Inc. | 58,200 | $268.3K | 0.2% | Unchanged | 13F ↗ |
| 45 | THRY Thryv Holdings, Inc. | 139,329 | $218.7K | 0.1% | -3.5% | 13F ↗ |
| 46 | CLAR Clarus Corporation | 62,410 | $211.6K | 0.1% | New | 13F ↗ |
Changes since Q2 2026
1 new, 6 added to, 7 trimmed, 1 exited, 32 unchanged. By estimated dollars.
New positions (1)
| Position | Shares | Change | Est. dollars |
|---|---|---|---|
| CLAR Clarus Corporation | 62,410 | New | $211.6K |
Added to (6)
Trimmed (7)
| NVGS Navigator Holdings Ltd. | 281,212 | -5.1% | -$347.7K |
| ATRO Astronics Corporation | 51,041 | -7.3% | -$269.7K |
| ESCA Escalade, Incorporated | 556,654 | -1.9% | -$201.1K |
| SIF SIFCO Industries, Inc. | 447,150 | -1.9% | -$192.4K |
| MPB Mid Penn Bancorp | 52,413 | -3.3% | -$62.4K |
| DGICB Donegal Group, Inc. Class B | 17,000 | -4.8% | -$14.8K |
| THRY Thryv Holdings, Inc. | 139,329 | -3.5% | -$7,850 |
Exited (1)
| Position | Shares | Change | Est. dollars |
|---|---|---|---|
| Columbia Financial Inc | 89,294 | Exited | -$1.9M |
The 10 largest of each, by estimated dollars: shares changed times the later report's price. Index tracking, splits and mergers move positions too.
Compare two quarters
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Reported value by quarter
Value and number of positions at the end of each quarter.
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Largest positions in earlier quarters
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Ten largest positions
By value, Q3 2026.
Filings
| Filing | ||||||
|---|---|---|---|---|---|---|
| Q3 2026 | Nov 13, 2026 | 13F-HR | 46 | $157.8M | Current | SEC ↗ |
| Q2 2026 | Aug 12, 2026 | 13F-HR | 46 | $158.3M | Current | SEC ↗ |
| Q1 2026 | May 12, 2026 | 13F-HR | 48 | $154.9M | Current | SEC ↗ |
| Q4 2025 | Feb 9, 2026 | 13F-HR | 57 | $149.7M | Current | SEC ↗ |
| Q3 2025 | Nov 12, 2025 | 13F-HR | 56 | $157.5M | Current | SEC ↗ |
| Q2 2025 | Aug 13, 2025 | 13F-HR | 56 | $152.6M | Current | SEC ↗ |
| Q1 2025 | May 9, 2025 | 13F-HR/A (restatement) | 55 | $140.7M | Current | SEC ↗ |
| Q1 2025 | May 8, 2025 | 13F-HR | 55 | $140.7M | Replaced | SEC ↗ |
Most recent first, up to 80. An amendment can replace a report or add holdings to it. All 13F filings
Information, not investment advice. Values are the fund's own figures at quarter end; a report can be up to 45 days old when filed. Disclaimer