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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
+24.63%
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
$160M
AUM Growth
+$17M
Cap. Flow
-$11.1M
Cap. Flow %
-6.92%
Top 10 Hldgs %
60.83%
Holding
65
New
3
Increased
10
Reduced
6
Closed
6

Top Buys

Rank Stock Value
1
TG icon
Tredegar Corp
TG
+$1.85M
2
UIS icon
Unisys
UIS
+$1.47M
3
EML icon
Eastern Company
EML
+$1.2M
4
UFI icon
UNIFI
UFI
+$724K
5
SGA icon
Saga Communications
SGA
+$594K

Top Sells

Rank Stock Value
1
CTG
Computer Task Group, Inc.
CTG
+$13M
2
CCF
Chase Corporation
CCF
+$3.05M
3
PATI
Patriot Transportation Holding, Inc. Common Stock
PATI
+$1.76M
4
CECO icon
Ceco Environmental
CECO
+$571K
5
ESCA icon
Escalade
ESCA
+$290K

Sector Composition

Rank Sector Weight
1 Industrials 33.18%
2 Consumer Discretionary 20.17%
3 Financials 15.96%
4 Materials 11.49%
5 Communication Services 6.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CTGO icon
26
Contango Silver & Gold Inc
CTGO
$524M
$1.27M 0.79%
70,147
– –
MPB icon
27
Mid Penn Bancorp
MPB
$968M
$1.26M 0.79%
51,732
– –
USLM icon
28
United States Lime & Minerals
USLM
$3.14B
$1.05M 0.65%
22,730
– –
CZNC icon
29
Citizens & Northern Corp
CZNC
$455M
$962K 0.6%
42,900
– –
SCX
30
DELISTED
The L.S. Starrett Company
SCX
$886K 0.55%
73,237
– –
FNB icon
31
FNB Corp
FNB
$6.74B
$882K 0.55%
64,075
– –
VBFC
32
DELISTED
Village Bank and Trust Financial Corp.
VBFC
$790K 0.49%
19,745
– –
CFG icon
33
Citizens Financial Group
CFG
$30.3B
$782K 0.49%
23,585
– –
CIX icon
34
Comp X International
CIX
$350M
$704K 0.44%
27,847
– –
CLBK icon
35
Columbia Financial
CLBK
$1.12B
$652K 0.41%
33,794
– –
DGICA icon
36
Donegal Group Class A
DGICA
$719M
$649K 0.41%
46,490
– –
FRBA icon
37
First Bank
FRBA
$463M
$604K 0.38%
41,143
– –
ACNT icon
38
Ascent Industries
ACNT
$140M
$531K 0.33%
55,593
-4,776
-8% -$39.3K
ICCH
39
DELISTED
ICC Holdings, Inc.
ICCH
$509K 0.32%
33,367
– –
HBNC icon
40
Horizon Bancorp
HBNC
$1.05B
$502K 0.31%
35,052
– –
CZFS icon
41
Citizens Financial Services
CZFS
$361M
$500K 0.31%
7,881
– –
SSB icon
42
SouthState Bank Corp
SSB
$10.2B
$478K 0.3%
5,661
– –
NWBI icon
43
Northwest Bancshares
NWBI
$2.3B
$474K 0.3%
38,000
– –
NWFL icon
44
Norwood Financial Corp
NWFL
$367M
$450K 0.28%
13,681
– –
ECBK icon
45
ECB Bancorp
ECBK
$177M
$405K 0.25%
32,365
+25,488
+371% +$288K
FCF icon
46
First Commonwealth Financial
FCF
$2.17B
$394K 0.25%
25,560
– –
FRME icon
47
First Merchants
FRME
$2.69B
$366K 0.23%
9,875
– –
LSBK icon
48
Lake Shore Bancorp
LSBK
$135M
$347K 0.22%
30,118
– –
RMBI icon
49
Richmond Mutual Bancorp
RMBI
$250M
$345K 0.22%
30,000
– –
CBU icon
50
Community Bank
CBU
$3.41B
$345K 0.22%
6,618
– –
1
2
3

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Minerva Advisors's Q4 2023 Portfolio in Review

As of Q4 2023, Minerva Advisors held 65 positions worth $160M, up 12% from $143M the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Minerva Advisors withdrew a net $11.1M in Q4 2023, closing 6 positions and reducing 6 holdings. Its most notable exit was Computer Task Group, Inc., an estimated $13M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 33% of assets, down from 34% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Minerva Advisors opened a new position in Unisys worth $1.94M.

  • Minerva Advisors's largest Q4 2023 buy was Unisys: 345,347 shares worth $1.94M.
  • Minerva Advisors added most to Tredegar Corp in Q4 2023, an estimated $1.85M increase.
  • Minerva Advisors's biggest Q4 2023 reduction was Ceco Environmental, cutting an estimated $571K.
  • Minerva Advisors fully exited Computer Task Group, Inc. in Q4 2023, selling an estimated $13M.
  • Minerva Advisors's ten largest holdings make up 61% of its $160M portfolio in Q4 2023.
  • Minerva Advisors opened 3 new positions and closed 6 in Q4 2023.
  • Minerva Advisors's portfolio value rose 12% quarter-over-quarter to $160M.

Based on Minerva Advisors's 13F filing for Q4 2023, filed 9 Feb 2024.