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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
+14.47%
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
$188M
AUM Growth
+$7.8M
Cap. Flow
-$12.4M
Cap. Flow %
-6.63%
Top 10 Hldgs %
58.54%
Holding
88
New
2
Increased
6
Reduced
54
Closed
2

Top Buys

Rank Stock Value
1
GPX
GP Strategies Corp.
GPX
+$481K
2
GVP
GSE Systems, Inc.
GVP
+$358K
3
KEQU icon
Kewaunee Scientific
KEQU
+$297K
4
RAIL icon
FreightCar America
RAIL
+$283K
5
SCX
The L.S. Starrett Company
SCX
+$91.1K

Top Sells

Rank Stock Value
1
EEI
Ecology and Environment
EEI
+$2.94M
2
TRNS icon
Transcat
TRNS
+$1.59M
3
USLM icon
United States Lime & Minerals
USLM
+$1.04M
4
CCF
Chase Corporation
CCF
+$836K
5
CSFL
CenterState Bank Corporation Common Stock
CSFL
+$806K

Sector Composition

Rank Sector Weight
1 Industrials 33.94%
2 Financials 19.41%
3 Materials 11.3%
4 Healthcare 10.37%
5 Communication Services 9.74%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VRS
26
DELISTED
Verso Corporation
VRS
$1.23M 0.66%
68,300
– –
AE
27
DELISTED
Adams Resources & Energy Inc
AE
$1.21M 0.65%
31,695
+2
+0% +$65
CZNC icon
28
Citizens & Northern Corp
CZNC
$456M
$1.2M 0.64%
42,900
– –
FNB icon
29
FNB Corp
FNB
$6.73B
$1.19M 0.63%
93,666
-2,279
-2% -$27.9K
CECO icon
30
Ceco Environmental
CECO
$3.85B
$1.14M 0.61%
148,829
– –
ISBC
31
DELISTED
Investors Bancorp, Inc.
ISBC
$1.1M 0.59%
92,701
– –
KURA icon
32
Kura Oncology
KURA
$800M
$1.06M 0.57%
77,422
-8,665
-10% -$128K
MLVF
33
DELISTED
Malvern Bancorp, Inc.
MLVF
$1.03M 0.55%
44,781
– –
NWBI icon
34
Northwest Bancshares
NWBI
$2.3B
$1.02M 0.54%
61,482
-9,603
-14% -$160K
ACNT icon
35
Ascent Industries
ACNT
$140M
$1.01M 0.54%
79,332
-2,391
-3% -$33.2K
CBU icon
36
Community Bank
CBU
$3.41B
$998K 0.53%
14,062
-2,164
-13% -$145K
GPX
37
DELISTED
GP Strategies Corp.
GPX
$975K 0.52%
73,683
+38,775
+111% +$481K
DWSN icon
38
Dawson Geophysical
DWSN
$145M
$954K 0.51%
397,763
– –
MFSF
39
DELISTED
MutualFirst Financial Inc
MFSF
$954K 0.51%
24,111
-5,389
-18% -$199K
ATRO icon
40
Astronics
ATRO
$3.43B
$904K 0.48%
38,822
-2,178
-5% -$53.5K
PRA
41
DELISTED
ProAssurance
PRA
$901K 0.48%
24,939
-2,249
-8% -$86.2K
VBFC
42
DELISTED
Village Bank and Trust Financial Corp.
VBFC
$863K 0.46%
23,245
– –
HBNC icon
43
Horizon Bancorp
HBNC
$1.04B
$825K 0.44%
43,462
-962
-2% -$17.6K
RIVE
44
DELISTED
Riverview Financial Corporation Common Stock
RIVE
$723K 0.39%
59,908
-2,614
-4% -$30.6K
RAIL icon
45
FreightCar America
RAIL
$261M
$636K 0.34%
310,148
+94,158
+44% +$283K
NWFL icon
46
Norwood Financial Corp
NWFL
$370M
$581K 0.31%
15,238
-453
-3% -$15.5K
CLBK icon
47
Columbia Financial
CLBK
$1.12B
$572K 0.3%
33,794
– –
SIF icon
48
SIFCO Industries
SIF
$161M
$569K 0.3%
192,780
-14,043
-7% -$39.7K
ALR
49
DELISTED
AlerisLife Inc
ALR
$539K 0.29%
132,369
-2
-0% -$10
ASML icon
50
ASML
ASML
$626B
$535K 0.29%
1,807
– –
1
2
3 4

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Minerva Advisors's Q4 2019 Portfolio in Review

As of Q4 2019, Minerva Advisors held 88 positions worth $188M, up 4.3% from $180M the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Minerva Advisors withdrew a net $12.4M in Q4 2019, closing 2 positions and reducing 54 holdings. Its most notable exit was Ecology and Environment, an estimated $2.94M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 34% of assets, up from 34% a quarter earlier, followed by Financials and Materials.

Against the trend, Minerva Advisors opened a new position in GSE Systems, Inc. worth $431K.

  • Minerva Advisors's largest Q4 2019 buy was GSE Systems, Inc.: 26,094 shares worth $431K.
  • Minerva Advisors added most to GP Strategies Corp. in Q4 2019, an estimated $481K increase.
  • Minerva Advisors's biggest Q4 2019 reduction was Transcat, cutting an estimated $1.59M.
  • Minerva Advisors fully exited Ecology and Environment in Q4 2019, selling an estimated $2.94M.
  • Minerva Advisors's ten largest holdings make up 59% of its $188M portfolio in Q4 2019.
  • Minerva Advisors opened 2 new positions and closed 2 in Q4 2019.
  • Minerva Advisors's portfolio value rose 4.3% quarter-over-quarter to $188M.

Based on Minerva Advisors's 13F filing for Q4 2019, filed 14 Feb 2020.