Minerva Advisors LLC
Sector Allocation
- Industrials30.7%$48.5M
- Financials20.7%$32.8M
- Consumer Discretionary18.4%$29.1M
- Healthcare12.9%$20.4M
- Materials9.0%$14.2M
- Technology4.5%$7.1M
- Communication Services3.4%$5.4M
- Other0.5%$729,465
AUM History
13fpro.ai/research/fund/minerva-advisors-llc-1541536
Conviction and streaks
Diversifying · top 10 = 60.7%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
EML
$15.2MTG
$13.3MINFU
$13.0MSIF
$10.7MESCA
$10.7MVIRC
$9.4MUTMD
$6.5MUFI
$6.0MDLHC
$5.9MNVGS
$5.5MKEQU
$5.3MSSP
$5.1MCAC
$4.9MATRO
$4.5MPBHC
$4.2MRAIL
$3.7MKELYA
$3.1MFSTR
$3.1MCRD-A
$3.0MNODK
$2.0M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/minerva-advisors-llc-1541536
Minerva Advisors LLC 13F holdings — Q2 2026
$158.3M portfolio (+2.2% QoQ) · 46 holdings · Q2 2026 13F · top 10 are 61% of the stock portfolio
$15.2M
9.6% of stocks
No changeThis quarter-5.9%Since filed5+ qtrsHeld$13.3M
8.4% of stocks
No changeThis quarter-9.5%Since filed5+ qtrsHeld$13.0M
8.2% of stocks
+12%This quarter+12.8%Since filed5+ qtrsHeldAIQuality58.4#1,018Est. buyEstimated buy price is Pro: unlock with a free trialAdded 4 qtrs in a row$10.7M
6.7% of stocks
-5%This quarter+1.0%Since filed5+ qtrsHeldAIQuality53.1#1,427Est. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$10.7M
6.7% of stocks
-0.1%This quarter-9.7%Since filed5+ qtrsHeld$9.4M
6.0% of stocks
+1%This quarter+2.1%Since filed5+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 4 qtrs in a row$6.5M
4.1% of stocks
No changeThis quarter+1.9%Since filed5+ qtrsHeld$6.0M
3.8% of stocks
+0.0%This quarter-19.4%Since filed5+ qtrsHeld$5.9M
3.7% of stocks
+0.3%This quarter-22.8%Since filed5+ qtrsHeld$5.5M
3.5% of stocks
No changeThis quarter+5.5%Since filed5+ qtrsHeld
All holdings — Minerva Advisors LLC (Q2 2026)
46 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | KEWAUNEE SCIENTIFIC CORP /DE/ | Technology | $5.3M | 3.4% | 149K | +9% | 5+ qtrsAdded 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | E.W. SCRIPPS Co | Communication Services | $5.1M | 3.2% | 1.83M | +20% | 5+ qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | CAMDEN NATIONAL CORP | Financials | $4.9M | 3.1% | 90K | — | 5+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | ASTRONICS CORP | Industrials | $4.5M | 2.8% | 55K | -22% | 5+ qtrsTrimmed 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | Pathfinder Bancorp, Inc. | Financials | $4.2M | 2.6% | 262K | — | 5+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | FreightCar America, Inc. | Industrials | $3.7M | 2.3% | 379K | +11% | 5+ qtrsAdded 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | KELLY SERVICES INC | Industrials | $3.1M | 2.0% | 253K | +27% | 5+ qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | FOSTER L B CO | Consumer Discretionary | $3.1M | 1.9% | 68K | -19% | 5+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | CRAWFORD & CO | Financials | $3.0M | 1.9% | 288K | — | 5+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | NI Holdings, Inc. | Financials | $2.0M | 1.3% | 130K | — | 5+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | Columbia Financial, Inc. | Financials | $1.9M | 1.2% | 89K | +164% | 5+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | MID PENN BANCORP INC | Financials | $1.9M | 1.2% | 54K | — | 5+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | CITIZENS FINANCIAL GROUP INC/RI | Financials | $1.5M | 0.9% | 21K | — | 5+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | Eastern Bankshares, Inc. | Financials | $1.4M | 0.9% | 63K | — | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | UNISYS CORP | Technology | $1.3M | 0.8% | 345K | — | 5+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $FNB | FNB CORP/PA/ | Financials | $1.2M | 0.8% | 64K | — | |||
| 27 | $FRME | FIRST MERCHANTS CORP | Financials | $1.0M | 0.7% | 24K | — | |||
| 28 | $ECBK | ECB Bancorp, Inc. /MD/ | Financials | $1.0M | 0.6% | 50K | — | |||
| 29 | $CZNC | CITIZENS & NORTHERN CORP | Financials | $1000K | 0.6% | 43K | — | |||
| 30 | $CTGO | Contango Silver & Gold Inc. | Materials | $942K | 0.6% | 60K | — | |||
| 31 | $CPBI | Central Plains Bancshares, Inc. | Financials | $935K | 0.6% | 49K | — | |||
| 32 | $NWFL | NORWOOD FINANCIAL CORP | Financials | $919K | 0.6% | 29K | — | |||
| 33 | $FMC | FMC CORP | Healthcare | $897K | 0.6% | 78K | +63% | |||
| 34 | $DGICA | DONEGAL GROUP INC | Financials | $877K | 0.6% | 46K | — | |||
| 35 | $MBBC | Marathon Bancorp, Inc. /MD/ | Financials | $852K | 0.5% | 56K | -5% | |||
| 36 | $LSBK | Lake Shore Bancorp, Inc. /MD/ | Financials | $788K | 0.5% | 44K | — | |||
| 37 | — | FIRST BK WILLIAMSTOWN NEW JE - COM | — | $729K | 0.5% | 41K | — | |||
| 38 | $HBNC | HORIZON BANCORP INC /IN/ | Financials | $700K | 0.4% | 35K | — | |||
| 39 | $NWBI | Northwest Bancshares, Inc. | Financials | $576K | 0.4% | 38K | — | |||
| 40 | $THRY | Thryv Holdings, Inc. | Technology | $569K | 0.4% | 144K | — | |||
| 41 | $FCF | FIRST COMMONWEALTH FINANCIAL CORP /PA/ | Financials | $520K | 0.3% | 26K | — | |||
| 42 | $EBMT | Eagle Bancorp Montana, Inc. | Financials | $505K | 0.3% | 21K | — | |||
| 43 | $RMBI | Richmond Mutual Bancorporation, Inc. | Financials | $480K | 0.3% | 30K | — | |||
| 44 | $DGICA | DONEGAL GROUP INC | Financials | $389K | 0.3% | 18K | — | |||
| 45 | $DLX | DELUXE CORP | Communication Services | $332K | 0.2% | 14K | — | |||
| 46 | $ASRV | AMERISERV FINANCIAL INC /PA/ | Financials | $226K | 0.1% | 58K | — |
What changed in Q2 2026
Against the previous quarter's 13F: 0 new, 10 added to, 5 trimmed, 2 sold out. Share-count changes; largest moves by dollar size first.
New positions (0)
No new positions this quarter.
Added to (10)
now $13.0M · held 5+ qtrs, 4 adds in a row
$CLBK.R1723596Columbia Financial, Inc.+164%
now $1.9M · held 5+ qtrs
now $5.1M · held 5+ qtrs, 2 adds in a row
now $3.1M · held 5+ qtrs, 3 adds in a row
now $5.3M · held 5+ qtrs, 4 adds in a row
now $3.7M · held 5+ qtrs, 4 adds in a row
+4 more in the Excel export
Trimmed (5)
Holdings by quarter
Every 13F Minerva Advisors LLC has filed, 34 earlier quarters. Pick one to see what it held then.
Is it too late to follow Minerva Advisors?
Q2 2026 13F filed with the SEC on Aug 12, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of Minerva Advisors's top 20 holdings: 45/100 (our AI quality score, weighted by position size; 18 of the 20 are scored)
Top 10 since filing
-3.4%
Value-weighted move of the 10 largest stock positions
Turnover
3%
Last quarter; 13% over the last 4
Top 10 weight
61%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
99%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q2 2025 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Minerva Advisors LLC disclosed 46 positions worth $158.3M in its Form 13F-HR for Q2 2026, led by $EML (EASTERN CO) at 9.6% of the equity portfolio, followed by $TG and $INFU. During the quarter the fund opened 0 new positions and exited 2 and a full exit from $GLDD. The portfolio is most concentrated in Industrials (30.7% of disclosed assets). All figures are sourced directly from Minerva Advisors LLC’s Form 13F-HR filing with the SEC under CIK 1541536.
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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 an AI quality ranking built from its SEC filings (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.