Q2 2026 13F · SEC CIK 1541536

Minerva Advisors LLC

Hedge fundFiled 2026-08-12 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $158.3M
Reported positions: 46
Top holdings a year, 3 yrs: +17.5%
Assets under management: $321.0M

Minerva Advisors LLC is a hedge fund that reported 46 positions worth $158.3M in its Q2 2026 13F, filed 2026-08-12. Its largest holdings were Eastern Company (EML, 9.6%), Tredegar Corp (TG, 8.4%), Infusystem Hldgs Inc (INFU, 8.2%). A portfolio copying its top holdings returned 17.5% a year over the last 3 years, against 18.8% for the S&P 500.

Minerva Advisors LLC holdings all 46 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Minerva Advisors LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
EMLEastern Company	9.6%	7.1%	546,402	+0.0%	$15.2M
TGTredegar Corp	8.4%	8.5%	1,665,607	+0.0%	$13.3M
INFUInfusystem Hldgs Inc	8.2%	7.2%	1,348,617	+12.0%	$13.0M
SIFSifco Inds Inc	6.7%	4.1%	455,650	-5.2%	$10.7M
ESCAEscalade Inc Com	6.7%	6.3%	567,222	-0.1%	$10.7M
VIRCVirco Mfg Co	6.0%	6.0%	1,535,454	+1.2%	$9.4M
UTMDUtah Med Prods Inc	4.1%	3.7%	93,615	+0.0%	$6.5M
UFIUnifi Inc	3.8%	2.9%	1,258,792	+0.0%	$6.0M
DLHCDlh Hldgs Corp	3.7%	4.2%	1,116,368	+0.3%	$5.9M
NVGSNavigator Holdings PLC	3.5%	3.7%	296,212	+0.0%	$5.5M
KEQUKewaunee Scientific Corp	3.4%	3.0%	149,410	+9.3%	$5.3M
SSPScripps E W Co Ohio	3.2%	3.7%	1,832,707	+20.1%	$5.1M
CACCamden Natl Corp Com	3.1%	2.7%	89,568	+0.0%	$4.9M
ATROAstronics Corp	2.8%	3.0%	55,041	-21.8%	$4.5M
PBHCPathfinder Bancorp Inc Md	2.6%	2.2%	262,204	+0.0%	$4.2M
RAILFreightcar Amer Inc	2.3%	1.8%	379,030	+11.1%	$3.7M
KELYAKelly Svcs Inc	2.0%	1.1%	253,162	+26.7%	$3.1M
FSTRFoster L B Co Com	1.9%	1.5%	67,922	-19.1%	$3.1M
CRD-BCrawford & Co	1.9%	1.9%	288,178	+0.0%	$3.0M
NODKNi Holdings Inc	1.3%	1.1%	129,900	+0.0%	$2.0M
CLBKColumbia Finl Inc	1.2%	0.4%	89,294	+164.2%	$1.9M
MPBMid Penn Bancorp Inc	1.2%	1.1%	54,177	+0.0%	$1.9M
CFGCitizens Finl Group Inc	1.0%	0.8%	21,485	+0.0%	$1.5M
EBCEastern Bankshares Inc	0.9%	0.8%	62,576	+0.0%	$1.4M
UISUnisys Corp	0.8%	0.5%	345,347	+0.0%	$1.3M
FNBF N B Corp	0.8%	0.7%	64,075	+0.0%	$1.2M
FRMEFirst Merchants Corp	0.7%	0.6%	23,662	+0.0%	$1.0M
ECBKEcb Bancorp Inc	0.6%	0.5%	49,940	+0.0%	$1.0M
CZNCCitizens & Northn Corp	0.6%	0.6%	42,900	+0.0%	$1000K
CTGOContango Silver and Gold Inc	0.6%	0.7%	59,647	+0.0%	$942K
CPBICentral Plains Bancshares in	0.6%	0.5%	49,117	+0.0%	$935K
NWFLNorwood Financial Corp	0.6%	0.5%	28,580	+0.0%	$919K
FMCFmc Corp	0.6%	0.5%	78,000	+62.5%	$897K
DGICADonegal Group, Inc. A	0.6%	0.5%	46,490	+0.0%	$877K
MBBCMarathon Bancorp Inc	0.5%	0.5%	55,750	-5.5%	$852K
LSBKLake Shore Bancorp Inc	0.5%	0.4%	44,259	+0.0%	$788K
FRBAFirst Bk Williamstown New Je	0.5%	0.4%	41,143	+0.0%	$729K
HBNCHorizon Bancorp Ind	0.4%	0.4%	35,052	+0.0%	$700K
NWBINorthwest Bancshares Inc.	0.4%	0.3%	38,000	+0.0%	$576K
THRYThryv Hldgs Inc	0.4%	0.3%	144,329	+0.0%	$569K
FCFFirst Commonwealth Financial C	0.3%	0.3%	25,560	+0.0%	$520K
EBMTEagle Bancorp Mont Inc	0.3%	0.3%	21,098	+0.0%	$505K
RMBIRichmond Mut Bancorporation	0.3%	0.3%	30,224	+0.0%	$480K
DGICBDonegal Group Inc	0.2%	0.2%	17,856	+0.0%	$389K
DLXDeluxe Corp Medium Term Nts	0.2%	0.2%	13,900	+0.0%	$332K
ASRVAmeriserv Finl Inc Com	0.1%	0.1%	58,200	+0.0%	$226K

What Minerva Advisors LLC bought and sold in Q2 2026, against Q1 2026.

New positions

No new positions among the largest holdings.

Added to

CLBK Columbia Finl Inc+164.2% shares
FMC Fmc Corp+62.5% shares
KELYA Kelly Svcs Inc+26.7% shares
SSP Scripps E W Co Ohio+20.1% shares
INFU Infusystem Hldgs Inc+12.0% shares
RAIL Freightcar Amer Inc+11.1% shares
KEQU Kewaunee Scientific Corp+9.3% shares

Reduced

Sold out

GLDD Great Lakes Dredge & Dock Cowas 11.3%
PRA Proassurance Corpwas 0.3%

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +35.9% /yr; S&P 500 +20.1%
3 years: +17.5% /yr; S&P 500 +18.8%
5 years: +2.4% /yr; S&P 500 +8.5%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$158.3M	46
Q1 2026	$154.9M	48
Q4 2025	$149.7M	57
Q3 2025	$157.5M	56
Q2 2025	$152.6M	56
Q1 2025	$140.7M	55
Q4 2024	$171.0M	57
Q3 2024	$172.6M	57
Q2 2024	$150.0M	57
Q1 2024	$163.3M	59
Q4 2023	$160.0M	59
Q3 2023	$143.0M	62

Questions about Minerva Advisors LLC's portfolio

What stocks does Minerva Advisors LLC own?

Minerva Advisors LLC's latest 13F, for Q2 2026 and filed Aug 12, 2026, lists 46 positions worth $158.3M. The largest are Eastern Company (EML) at 9.6%, Tredegar Corp (TG) at 8.4%, Infusystem Hldgs Inc (INFU) at 8.2%, Sifco Inds Inc (SIF) at 6.7% and Escalade Inc Com (ESCA) at 6.7%.

What did Minerva Advisors LLC buy last quarter?

In Q2 2026, Minerva Advisors LLC added Columbia Finl Inc (CLBK) (+164.2% shares), Fmc Corp (FMC) (+62.5% shares) and Kelly Svcs Inc (KELYA) (+26.7% shares), compared with its Q1 2026 filing.

What did Minerva Advisors LLC sell last quarter?

In Q2 2026, Minerva Advisors LLC sold all of Great Lakes Dredge & Dock Co (GLDD), sold all of Proassurance Corp (PRA), Astronics Corp (ATRO) (-21.8% shares), Foster L B Co Com (FSTR) (-19.1% shares) and Marathon Bancorp Inc (MBBC) (-5.5% shares), compared with its Q1 2026 filing.

How has Minerva Advisors LLC's portfolio performed?

A portfolio copying Minerva Advisors LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +17.5% a year over the last 3 years, against +18.8% for the S&P 500. Over 1 year: +35.9% against +20.1%. Over 5 years: +2.4% a year against +8.5%.

When is Minerva Advisors LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Minerva Advisors LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Minerva Advisors LLC manage?

Minerva Advisors LLC reported $321.0M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $158.3M.