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Minerva Advisors Portfolio holdings

AUM $155M
1-Year Est. Return 35.49%
This Fund
S&P 500
This Quarter Est. Return
+12.55%
1 Year Est. Return
+35.49%
3 Year Est. Return
+149.41%
5 Year Est. Return
+142.03%
10 Year Est. Return
+662.71%
AUM
$155M
AUM Growth
+$5.19M
Cap. Flow
-$7.33M
Cap. Flow %
-4.73%
Top 10 Hldgs %
62.2%
Holding
57
New
–
Increased
11
Reduced
7
Closed
9

Top Buys

Rank Stock Value
1
KELYA icon
Kelly Services Class A
KELYA
+$1.35M
2
INFU icon
InfuSystem Holdings
INFU
+$1.09M
3
RAIL icon
FreightCar America
RAIL
+$838K
4
KEQU icon
Kewaunee Scientific
KEQU
+$574K
5
FRME icon
First Merchants
FRME
+$538K

Top Sells

Rank Stock Value
1
GLDD
Great Lakes Dredge & Dock
GLDD
+$5.74M
2
ATRO icon
Astronics
ATRO
+$2.31M
3
DORM icon
Dorman Products
DORM
+$1.06M
4
USLM icon
United States Lime & Minerals
USLM
+$748K
5
SSB icon
SouthState Bank Corp
SSB
+$533K

Sector Composition

Rank Sector Weight
1 Industrials 42.98%
2 Financials 18.55%
3 Consumer Discretionary 18.21%
4 Healthcare 10.92%
5 Energy 3.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLDD
1
DELISTED
Great Lakes Dredge & Dock
GLDD
$17.5M 11.3%
1,029,703
-360,104
-26% -$5.74M
TG icon
2
Tredegar Corp
TG
$263M
$13.2M 8.55%
1,665,607
+8,500
+0.5% +$71.1K
INFU icon
3
InfuSystem Holdings
INFU
$180M
$11.1M 7.17%
1,204,105
+125,374
+12% +$1.09M
EML icon
4
Eastern Company
EML
$154M
$11.1M 7.14%
546,402
+17,318
+3% +$328K
ESCA icon
5
Escalade
ESCA
$266M
$9.75M 6.29%
567,621
– –
VIRC icon
6
Virco
VIRC
$95.8M
$9.29M 5.99%
1,517,452
+69,254
+5% +$439K
DLHC icon
7
DLH Holdings
DLHC
$77.2M
$6.48M 4.18%
1,113,037
-20
-0% -$116
SIF icon
8
SIFCO Industries
SIF
$144M
$6.4M 4.13%
480,650
-8,334
-2% -$84.6K
UTMD icon
9
Utah Medical Products
UTMD
$221M
$5.8M 3.75%
93,615
– –
NVGS icon
10
Navigator Holdings
NVGS
$1.3B
$5.73M 3.7%
296,212
-5,000
-2% -$95K
SSP icon
11
E.W. Scripps
SSP
$297M
$5.68M 3.67%
1,526,490
+140,570
+10% +$519K
ATRO icon
12
Astronics
ATRO
$3.32B
$4.69M 3.03%
84,408
-38,285
-31% -$2.31M
KEQU icon
13
Kewaunee Scientific
KEQU
$104M
$4.68M 3.02%
136,705
+14,842
+12% +$574K
UFI icon
14
UNIFI
UFI
$114M
$4.49M 2.9%
1,258,626
+36,206
+3% +$139K
CAC icon
15
Camden National
CAC
$918M
$4.25M 2.74%
89,568
– –
PBHC icon
16
Pathfinder Bancorp
PBHC
$100M
$3.35M 2.16%
262,204
– –
CRD.B icon
17
Crawford & Co Class B
CRD.B
$479M
$2.92M 1.89%
288,178
– –
RAIL icon
18
FreightCar America
RAIL
$245M
$2.72M 1.75%
341,023
+73,977
+28% +$838K
FSTR icon
19
Foster
FSTR
$436M
$2.34M 1.51%
83,965
– –
KELYA icon
20
Kelly Services Class A
KELYA
$533M
$1.77M 1.14%
199,796
+141,396
+242% +$1.35M
MPB icon
21
Mid Penn Bancorp
MPB
$893M
$1.74M 1.12%
54,177
– –
NODK icon
22
NI Holdings
NODK
$325M
$1.67M 1.08%
129,900
– –
CFG icon
23
Citizens Financial Group
CFG
$30.2B
$1.29M 0.83%
21,485
– –
EBC icon
24
Eastern Bankshares
EBC
$4.87B
$1.22M 0.79%
62,576
– –
CTGO icon
25
Contango Silver & Gold Inc
CTGO
$495M
$1.12M 0.72%
59,647
-16,500
-22% -$435K
1
2 3

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Minerva Advisors's Q1 2026 Portfolio in Review

As of Q1 2026, Minerva Advisors held 57 positions worth $155M, up 3.5% from $150M the previous quarter. Its ten largest holdings account for 62% of the portfolio.

Minerva Advisors withdrew a net $7.33M in Q1 2026, closing 9 positions and reducing 7 holdings. Its most notable exit was Dorman Products, an estimated $1.06M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 43% of assets, up from 41% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Minerva Advisors added an estimated $1.35M to Kelly Services Class A.

  • Minerva Advisors added most to Kelly Services Class A in Q1 2026, an estimated $1.35M increase.
  • Minerva Advisors's biggest Q1 2026 reduction was Great Lakes Dredge & Dock, cutting an estimated $5.74M.
  • Minerva Advisors fully exited Dorman Products in Q1 2026, selling an estimated $1.06M.
  • Minerva Advisors's ten largest holdings make up 62% of its $155M portfolio in Q1 2026.
  • Minerva Advisors opened 0 new positions and closed 9 in Q1 2026.
  • Minerva Advisors's portfolio value rose 3.5% quarter-over-quarter to $155M.

Based on Minerva Advisors's 13F filing for Q1 2026, filed 12 May 2026.