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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
+5.62%
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
$139M
AUM Growth
+$4.29M
Cap. Flow
+$1.11M
Cap. Flow %
0.8%
Top 10 Hldgs %
52.92%
Holding
68
New
2
Increased
6
Reduced
5
Closed
1

Top Buys

Rank Stock Value
1
DLHC icon
DLH Holdings
DLHC
+$1.77M
2
TG icon
Tredegar Corp
TG
+$564K
3
FCF icon
First Commonwealth Financial
FCF
+$409K
4
UFI icon
UNIFI
UFI
+$235K
5
GLDD
Great Lakes Dredge & Dock
GLDD
+$198K

Top Sells

Rank Stock Value
1
USLM icon
United States Lime & Minerals
USLM
+$1.7M
2
DALN
DallasNews
DALN
+$293K
3
CECO icon
Ceco Environmental
CECO
+$240K
4
AUD
Audacy, Inc.
AUD
+$17.4K
5
CTGO icon
Contango Silver & Gold Inc
CTGO
+$14.9K

Sector Composition

Rank Sector Weight
1 Industrials 37.97%
2 Financials 16.9%
3 Consumer Discretionary 11.77%
4 Materials 10.2%
5 Communication Services 6.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MPB icon
26
Mid Penn Bancorp
MPB
$968M
$1.32M 0.95%
51,732
– –
THRY icon
27
Thryv Holdings
THRY
$180M
$1.15M 0.83%
49,703
– –
SIF icon
28
SIFCO Industries
SIF
$165M
$1.14M 0.82%
385,708
– –
CRD.B icon
29
Crawford & Co Class B
CRD.B
$497M
$1.02M 0.73%
132,341
+25,624
+24% +$158K
VBFC
30
DELISTED
Village Bank and Trust Financial Corp.
VBFC
$1.01M 0.73%
19,745
– –
CZNC icon
31
Citizens & Northern Corp
CZNC
$455M
$913K 0.66%
42,900
– –
FSTR icon
32
Foster
FSTR
$434M
$907K 0.65%
79,798
– –
SCX
33
DELISTED
The L.S. Starrett Company
SCX
$817K 0.59%
73,237
– –
FNB icon
34
FNB Corp
FNB
$6.74B
$808K 0.58%
69,690
– –
MLVF
35
DELISTED
Malvern Bancorp, Inc.
MLVF
$803K 0.58%
53,206
– –
HVBC
36
DELISTED
HV Bancorp, Inc. Common Stock
HVBC
$777K 0.56%
25,890
– –
CFG icon
37
Citizens Financial Group
CFG
$30.3B
$716K 0.52%
23,585
– –
DGICA icon
38
Donegal Group Class A
DGICA
$719M
$709K 0.51%
46,490
– –
CLBK icon
39
Columbia Financial
CLBK
$1.12B
$618K 0.45%
33,794
– –
ACNT icon
40
Ascent Industries
ACNT
$140M
$552K 0.4%
60,369
– –
GVP
41
DELISTED
GSE Systems, Inc.
GVP
$542K 0.39%
77,956
+1,187
+2% +$9.68K
ICCH
42
DELISTED
ICC Holdings, Inc.
ICCH
$518K 0.37%
33,367
– –
CIX icon
43
Comp X International
CIX
$350M
$503K 0.36%
27,847
– –
NWBI icon
44
Northwest Bancshares
NWBI
$2.3B
$457K 0.33%
38,000
– –
SSB icon
45
SouthState Bank Corp
SSB
$10.2B
$403K 0.29%
5,661
– –
NWFL icon
46
Norwood Financial Corp
NWFL
$367M
$402K 0.29%
13,681
– –
HBNC icon
47
Horizon Bancorp
HBNC
$1.05B
$387K 0.28%
35,052
– –
FCF icon
48
First Commonwealth Financial
FCF
$2.17B
$352K 0.25%
+28,360
New +$409K
CBU icon
49
Community Bank
CBU
$3.41B
$347K 0.25%
6,618
– –
FRME icon
50
First Merchants
FRME
$2.69B
$325K 0.23%
9,875
– –
1
2
3

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MLIM
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LWM
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Minerva Advisors's Q1 2023 Portfolio in Review

As of Q1 2023, Minerva Advisors held 68 positions worth $139M, up 3.2% from $134M the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Trading was light in Q1 2023: portfolio turnover was 4.4%. Minerva Advisors opened 2 new positions and exited 1, leaving the 68-position portfolio largely intact.

By sector, the portfolio is most concentrated in Industrials at 38% of assets, up from 35% a quarter earlier, followed by Financials and Consumer Discretionary.

  • Minerva Advisors's largest Q1 2023 buy was First Commonwealth Financial: 28,360 shares worth $352K.
  • Minerva Advisors added most to DLH Holdings in Q1 2023, an estimated $1.77M increase.
  • Minerva Advisors's biggest Q1 2023 reduction was United States Lime & Minerals, cutting an estimated $1.7M.
  • Minerva Advisors fully exited Audacy, Inc. in Q1 2023, selling an estimated $17.4K.
  • Minerva Advisors's ten largest holdings make up 53% of its $139M portfolio in Q1 2023.
  • Minerva Advisors opened 2 new positions and closed 1 in Q1 2023.
  • Minerva Advisors's portfolio value rose 3.2% quarter-over-quarter to $139M.

Based on Minerva Advisors's 13F filing for Q1 2023, filed 15 May 2023.