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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
FNB icon
26
FNB Corp
FNB
$6.8B
$1.07M 0.69%
64,075
– –
CZNC icon
27
Citizens & Northern Corp
CZNC
$419M
$958K 0.62%
42,900
– –
FRME icon
28
First Merchants
FRME
$2.77B
$916K 0.59%
23,662
+13,787
+140% +$538K
NWFL icon
29
Norwood Financial Corp
NWFL
$337M
$841K 0.54%
28,580
+14,899
+109% +$438K
CPBI icon
30
Central Plains Bancshares
CPBI
$84.2M
$840K 0.54%
49,117
– –
ECBK icon
31
ECB Bancorp
ECBK
$175M
$835K 0.54%
49,940
– –
FMC icon
32
FMC
FMC
$1.42B
$827K 0.53%
48,000
– –
DGICA icon
33
Donegal Group Class A
DGICA
$688M
$799K 0.52%
46,490
– –
MBBC
34
Marathon Bancorp
MBBC
$45.1M
$798K 0.52%
58,976
– –
UIS icon
35
Unisys
UIS
$256M
$715K 0.46%
345,347
– –
LSBK icon
36
Lake Shore Bancorp
LSBK
$133M
$672K 0.43%
44,259
– –
FRBA icon
37
First Bank
FRBA
$441M
$658K 0.42%
41,143
– –
CLBK icon
38
Columbia Financial
CLBK
$1.15B
$592K 0.38%
33,794
– –
HBNC icon
39
Horizon Bancorp
HBNC
$1.05B
$581K 0.37%
35,052
– –
NWBI icon
40
Northwest Bancshares
NWBI
$2.26B
$482K 0.31%
38,000
– –
FCF icon
41
First Commonwealth Financial
FCF
$2.13B
$449K 0.29%
25,560
– –
EBMT icon
42
Eagle Bancorp Montana
EBMT
$186M
$434K 0.28%
21,098
– –
PRA
43
DELISTED
ProAssurance
PRA
$426K 0.28%
17,234
– –
RMBI icon
44
Richmond Mutual Bancorp
RMBI
$246M
$410K 0.26%
30,224
– –
THRY icon
45
Thryv Holdings
THRY
$166M
$395K 0.26%
144,329
-4,000
-3% -$15.7K
DLX icon
46
Deluxe
DLX
$1.18B
$383K 0.25%
13,900
– –
DGICB
47
Donegal Group Class B
DGICB
$808M
$316K 0.2%
17,856
– –
ASRV icon
48
AmeriServ Financial
ASRV
$66.7M
$211K 0.14%
58,200
– –
ACNT icon
49
Ascent Industries
ACNT
$137M
– –
-30,415
Closed -$492K
CBU icon
50
Community Bank
CBU
$3.56B
– –
-6,618
Closed -$380K
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.