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Minerva Advisors Portfolio holdings

AUM $158M
1-Year Est. Return 42.05%
This Fund
S&P 500
This Quarter Est. Return
+17.69%
1 Year Est. Return
+42.05%
3 Year Est. Return
+165.7%
5 Year Est. Return
+166.92%
10 Year Est. Return
+768.29%
AUM
$158M
AUM Growth
+$3.37M
Cap. Flow
-$15.5M
Cap. Flow %
-9.82%
Top 10 Hldgs %
60.68%
Holding
48
New
–
Increased
10
Reduced
5
Closed
2

Top Buys

Rank Stock Value
1
INFU icon
InfuSystem Holdings
INFU
+$1.37M
2
SSP icon
E.W. Scripps
SSP
+$1.16M
3
CLBK icon
Columbia Financial
CLBK
+$1.08M
4
KELYA icon
Kelly Services Class A
KELYA
+$555K
5
KEQU icon
Kewaunee Scientific
KEQU
+$471K

Top Sells

Rank Stock Value
1
GLDD
Great Lakes Dredge & Dock
GLDD
+$17.5M
2
ATRO icon
Astronics
ATRO
+$2M
3
FSTR icon
Foster
FSTR
+$598K
4
SIF icon
SIFCO Industries
SIF
+$455K
5
PRA
ProAssurance
PRA
+$426K

Sector Composition

Rank Sector Weight
1 Industrials 37.7%
2 Financials 21.17%
3 Consumer Discretionary 19.82%
4 Healthcare 12.3%
5 Energy 3.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FNB icon
26
FNB Corp
FNB
$6.58B
$1.22M 0.77%
64,075
– –
FRME icon
27
First Merchants
FRME
$2.61B
$1.03M 0.65%
23,662
– –
ECBK icon
28
ECB Bancorp
ECBK
$178M
$1M 0.63%
49,940
– –
CZNC icon
29
Citizens & Northern Corp
CZNC
$463M
$1,000K 0.63%
42,900
– –
CTGO icon
30
Contango Silver & Gold Inc
CTGO
$670M
$942K 0.6%
59,647
– –
CPBI icon
31
Central Plains Bancshares
CPBI
$81.6M
$935K 0.59%
49,117
– –
NWFL icon
32
Norwood Financial Corp
NWFL
$376M
$919K 0.58%
28,580
– –
FMC icon
33
FMC
FMC
$1.62B
$897K 0.57%
78,000
+30,000
+63% +$419K
DGICA icon
34
Donegal Group Class A
DGICA
$712M
$877K 0.55%
46,490
– –
MBBC
35
Marathon Bancorp
MBBC
$44.6M
$852K 0.54%
55,750
-3,226
-5% -$46.4K
LSBK icon
36
Lake Shore Bancorp
LSBK
$138M
$788K 0.5%
44,259
– –
FRBA icon
37
First Bank
FRBA
$452M
$729K 0.46%
41,143
– –
HBNC icon
38
Horizon Bancorp
HBNC
$1.02B
$700K 0.44%
35,052
– –
NWBI icon
39
Northwest Bancshares
NWBI
$2.28B
$576K 0.36%
38,000
– –
THRY icon
40
Thryv Holdings
THRY
$90.7M
$569K 0.36%
144,329
– –
FCF icon
41
First Commonwealth Financial
FCF
$2.15B
$520K 0.33%
25,560
– –
EBMT icon
42
Eagle Bancorp Montana
EBMT
$178M
$505K 0.32%
21,098
– –
RMBI icon
43
Richmond Mutual Bancorp
RMBI
$257M
$480K 0.3%
30,224
– –
DGICB
44
Donegal Group Class B
DGICB
$919M
$389K 0.25%
17,856
– –
DLX icon
45
Deluxe
DLX
$1.1B
$332K 0.21%
13,900
– –
ASRV icon
46
AmeriServ Financial
ASRV
$82.5M
$226K 0.14%
58,200
– –
GLDD
47
DELISTED
Great Lakes Dredge & Dock
GLDD
– –
-1,029,703
Closed -$17.5M
PRA
48
DELISTED
ProAssurance
PRA
– –
-17,234
Closed -$426K
1
2

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Minerva Advisors's Q2 2026 Portfolio in Review

As of Q2 2026, Minerva Advisors held 48 positions worth $158M, up 2.2% from $155M the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Minerva Advisors withdrew a net $15.5M in Q2 2026, closing 2 positions and reducing 5 holdings. Its most notable exit was Great Lakes Dredge & Dock, an estimated $17.5M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 38% of assets, down from 43% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Minerva Advisors added an estimated $1.37M to InfuSystem Holdings.

  • Minerva Advisors added most to InfuSystem Holdings in Q2 2026, an estimated $1.37M increase.
  • Minerva Advisors's biggest Q2 2026 reduction was Astronics, cutting an estimated $2M.
  • Minerva Advisors fully exited Great Lakes Dredge & Dock in Q2 2026, selling an estimated $17.5M.
  • Minerva Advisors's ten largest holdings make up 61% of its $158M portfolio in Q2 2026.
  • Minerva Advisors opened 0 new positions and closed 2 in Q2 2026.
  • Minerva Advisors's portfolio value rose 2.2% quarter-over-quarter to $158M.

Based on Minerva Advisors's 13F filing for Q2 2026, filed 12 Aug 2026.