Minerva Advisors LLC
13F Reported Value
ⓘ$154.9M
Holdings
48
Latest Filing
2026-03-31
Filing Quarter
Q1 2026
Portfolio Overview
Minerva Advisors LLC disclosed 48 positions worth $154.9M in its Form 13F-HR for Q1 2026, led by $GLDD (Great Lakes Dredge & Dock CORP) at 11.3% of the equity portfolio, followed by $TG and $INFU. During the quarter the fund opened 0 new positions and exited 9 and a full exit from $DORM. The portfolio is most concentrated in Industrials (36.4% of disclosed assets). All figures are sourced directly from Minerva Advisors LLC’s Form 13F-HR filing with the SEC under CIK 1541536.
AI Fund Analysis
ConcentratingSector Allocation
AUM History
Top Equity Holdings by Value
Quarterly Activity — Q1 2026
Click any card to unlockTop Holdings
- 64.8#615
Quality
$17.5M1,029,703 sh - —
Quality
$13.2M1,665,607 sh - 53.1#1,300
Quality
$11.1M1,204,105 sh - 44.5
Quality
$11.1M546,402 sh - 49.6
Quality
$9.7M567,621 sh - 32.3
Quality
$9.3M1,517,452 sh - 32.0
Quality
$6.5M1,113,037 sh - 58.2
Quality
$6.4M480,650 sh - 55.4
Quality
$5.8M93,615 sh - —
Quality
$5.7M296,212 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 Great Lakes Dredge & Dock CORP$GLDD | 64.8#615 | $17.5M | 1,029,703 |
 TREDEGAR CORP$TG | — | $13.2M | 1,665,607 |
 InfuSystem Holdings, Inc$INFU | 53.1#1,300 | $11.1M | 1,204,105 |
 EASTERN CO$EML | 44.5 | $11.1M | 546,402 |
 ESCALADE INC$ESCA | 49.6 | $9.7M | 567,621 |
 VIRCO MFG CORPORATION$VIRC | 32.3 | $9.3M | 1,517,452 |
 DLH Holdings Corp.$DLHC | 32.0 | $6.5M | 1,113,037 |
 SIFCO INDUSTRIES INC$SIF | 58.2 | $6.4M | 480,650 |
 UTAH MEDICAL PRODUCTS INC$UTMD | 55.4 | $5.8M | 93,615 |
 Navigator Holdings Ltd.$NVGS | — | $5.7M | 296,212 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of Minerva Advisors LLC's 48 positions.
Showing top 10 of 48 holdings.
Sector Allocation
Industrials
$56.3M
Financials
$28.1M
Consumer Discretionary
$25.9M
Healthcare
$17.7M
Materials
$14.4M
Communication Services
$6.1M
Technology
$5.8M
Other
$658,288
Full Holdings — Minerva Advisors LLC (Q1 2026)
All 48 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | $GLDD | Great Lakes Dredge & Dock CORP | $17.5M | 11.3% | -26% | 64.8 |
| 2 | $TG | TREDEGAR CORP | $13.2M | 8.6% | +1% | — |
| 3 | $INFU | InfuSystem Holdings, Inc | $11.1M | 7.2% | +12% | 53.1 |
| 4 | $EML | EASTERN CO | $11.1M | 7.1% | +3% | 44.5 |
| 5 | $ESCA | ESCALADE INC | $9.7M | 6.3% | +0% | 49.6 |
| 6 | $VIRC | VIRCO MFG CORPORATION | $9.3M | 6.0% | +5% | 32.3 |
| 7 | $DLHC | DLH Holdings Corp. | $6.5M | 4.2% | -0% | 32 |
| 8 | $SIF | SIFCO INDUSTRIES INC | $6.4M | 4.1% | -2% | 58.2 |
| 9 | $UTMD | UTAH MEDICAL PRODUCTS INC | $5.8M | 3.8% | +0% | 55.4 |
| 10 | $NVGS | Navigator Holdings Ltd. | $5.7M | 3.7% | -2% | — |
| 11 |  $SSP | E.W. SCRIPPS Co | $5.7M | 3.7% | +10% | 37.3 |
| 12 |  $ATRO | ASTRONICS CORP | $4.7M | 3.0% | -31% | 57.1 |
| 13 |  $KEQU | KEWAUNEE SCIENTIFIC CORP /DE/ | $4.7M | 3.0% | +12% | 51.4 |
| 14 |  $UFI | UNIFI INC | $4.5M | 2.9% | +3% | 29.9 |
| 15 |  $CAC | CAMDEN NATIONAL CORP | $4.3M | 2.7% | +0% | 61.5 |
| 16 |  $PBHC | Pathfinder Bancorp, Inc. | $3.3M | 2.2% | +0% | — |
| 17 |  $CRD-A | CRAWFORD & CO | $2.9M | 1.9% | +0% | 48 |
| 18 |  $RAIL | FreightCar America, Inc. | $2.7M | 1.8% | +28% | 64.2 |
| 19 |  $FSTR | FOSTER L B CO | $2.3M | 1.5% | +0% | 35.2 |
| 20 |  $KELYA | KELLY SERVICES INC | $1.8M | 1.1% | +242% | 36.4 |
| 21 |  $MPB | MID PENN BANCORP INC | $1.7M | 1.1% | +0% | — |
| 22 |  $NODK | NI Holdings, Inc. | $1.7M | 1.1% | +0% | 47.3 |
| 23 |  $CFG | CITIZENS FINANCIAL GROUP INC/RI | $1.3M | 0.8% | +0% | 68.8 |
| 24 |  $EBC | Eastern Bankshares, Inc. | $1.2M | 0.8% | +0% | 62.3 |
| 25 |  $CTGO | Contango Silver & Gold Inc. | $1.1M | 0.7% | -22% | — |
| 26 |  $FNB | FNB CORP/PA/ | $1.1M | 0.7% | +0% | — |
| 27 |  $CZNC | CITIZENS & NORTHERN CORP | $958,386 | 0.6% | +0% | — |
| 28 |  $FRME | FIRST MERCHANTS CORP | $916,430 | 0.6% | +140% | — |
| 29 |  $NWFL | NORWOOD FINANCIAL CORP | $840,824 | 0.5% | +109% | 62 |
| 30 |  $CPBI | Central Plains Bancshares, Inc. | $840,392 | 0.5% | +0% | — |
| 31 |  $ECBK | ECB Bancorp, Inc. /MD/ | $835,496 | 0.5% | +0% | 33 |
| 32 |  $FMC | FMC CORP | $826,560 | 0.5% | +0% | 28.6 |
| 33 |  $DGICA | DONEGAL GROUP INC | $798,699 | 0.5% | +0% | 58.7 |
| 34 |  $MBBC | Marathon Bancorp, Inc. /MD/ | $797,946 | 0.5% | +0% | — |
| 35 |  $UIS | UNISYS CORP | $714,868 | 0.5% | +0% | 26.4 |
| 36 |  $LSBK | Lake Shore Bancorp, Inc. /MD/ | $671,852 | 0.4% | +0% | — |
| 37 | — | FIRST BANK WILLIAMSTOWN NJ | $658,288 | 0.4% | +0% | — |
| 38 |  $CLBK | Columbia Financial, Inc. | $591,733 | 0.4% | +0% | — |
| 39 |  $HBNC | HORIZON BANCORP INC /IN/ | $580,816 | 0.4% | +0% | — |
| 40 |  $NWBI | Northwest Bancshares, Inc. | $482,220 | 0.3% | +0% | — |
| 41 |  $FCF | FIRST COMMONWEALTH FINANCIAL CORP /PA/ | $449,345 | 0.3% | +0% | — |
| 42 |  $EBMT | Eagle Bancorp Montana, Inc. | $434,197 | 0.3% | +0% | — |
| 43 |  $PRA | PROASSURANCE CORP | $426,024 | 0.3% | +0% | 42.6 |
| 44 |  $RMBI | Richmond Mutual Bancorporation, Inc. | $410,140 | 0.3% | +0% | — |
| 45 |  $THRY | Thryv Holdings, Inc. | $395,461 | 0.3% | -3% | 41.7 |
| 46 |  $DLX | DELUXE CORP | $382,806 | 0.3% | +0% | 54.2 |
| 47 | $DGICA | DONEGAL GROUP INC | $315,873 | 0.2% | +0% | 58.7 |
| 48 |  $ASRV | AMERISERV FINANCIAL INC /PA/ | $210,684 | 0.1% | +0% | 51.2 |
Browse Top Institutional Investors
13F Pro tracks 8,700+ institutional investors filing 13F reports with the SEC.
to search all 8,700+ institutional filers.
Available Analysis
13F Pro tracks comprehensive institutional data for Minerva Advisors LLC including:
Track Minerva Advisors LLC's Full Portfolio
See every holding, quarter-over-quarter changes, sector allocation, and accumulation patterns for Minerva Advisors LLC and 8,700+ other institutional investors.
Free tier includes full 13F search and fund profiles. Pro starts at $6.67/mo (billed annually).
AI-Powered Hedge Fund Analysis: Minerva Advisors LLC
13F Pro is an AI hedge fund tracker and stock research platform. For Minerva Advisors LLC (SEC CIK: 1541536), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.
Every holding in Minerva Advisors LLC's portfolio is scored on a 32-signal AI quality ranking (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.