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MA

Minerva Advisors Portfolio holdings

AUM $155M
1-Year Est. Return 35.49%
This Fund
S&P 500
This Quarter Est. Return
-4.2%
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
$141M
AUM Growth
-$30.3M
Cap. Flow
-$16.6M
Cap. Flow %
-11.82%
Top 10 Hldgs %
61.82%
Holding
57
New
–
Increased
9
Reduced
3
Closed
2

Top Buys

Rank Stock Value
1
DLHC icon
DLH Holdings
DLHC
+$1.05M
2
UTMD icon
Utah Medical Products
UTMD
+$510K
3
VIRC icon
Virco
VIRC
+$499K
4
GLDD
Great Lakes Dredge & Dock
GLDD
+$479K
5
INFU icon
InfuSystem Holdings
INFU
+$467K

Top Sells

Rank Stock Value
1
USAP
Universal Stainless & Alloy
USAP
+$17.2M
2
KEQU icon
Kewaunee Scientific
KEQU
+$2M
3
ICCH
ICC Holdings, Inc.
ICCH
+$776K
4
THRY icon
Thryv Holdings
THRY
+$356K
5
NVGS icon
Navigator Holdings
NVGS
+$77.7K

Sector Composition

Rank Sector Weight
1 Industrials 40.7%
2 Financials 20.81%
3 Consumer Discretionary 19.89%
4 Healthcare 6.94%
5 Communication Services 4.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DORM icon
26
Dorman Products
DORM
$3.99B
$1.04M 0.74%
8,590
– –
CFG icon
27
Citizens Financial Group
CFG
$30.3B
$966K 0.69%
23,585
– –
HONE
28
DELISTED
HarborOne Bancorp
HONE
$917K 0.65%
88,414
– –
DGICA icon
29
Donegal Group Class A
DGICA
$719M
$913K 0.65%
46,490
– –
CZNC icon
30
Citizens & Northern Corp
CZNC
$455M
$863K 0.61%
42,900
– –
FNB icon
31
FNB Corp
FNB
$6.74B
$862K 0.61%
64,075
– –
ECBK icon
32
ECB Bancorp
ECBK
$177M
$757K 0.54%
49,940
+13,500
+37% +$195K
CPBI icon
33
Central Plains Bancshares
CPBI
$83.3M
$733K 0.52%
49,117
– –
CTGO icon
34
Contango Silver & Gold Inc
CTGO
$523M
$716K 0.51%
70,147
– –
FRBA icon
35
First Bank
FRBA
$463M
$609K 0.43%
41,143
– –
USLM icon
36
United States Lime & Minerals
USLM
$3.14B
$552K 0.39%
6,250
– –
HBNC icon
37
Horizon Bancorp
HBNC
$1.05B
$529K 0.38%
35,052
– –
SSB icon
38
SouthState Bank Corp
SSB
$10.2B
$525K 0.37%
5,661
– –
CLBK icon
39
Columbia Financial
CLBK
$1.12B
$507K 0.36%
33,794
– –
LSBK icon
40
Lake Shore Bancorp
LSBK
$135M
$476K 0.34%
30,118
– –
NWBI icon
41
Northwest Bancshares
NWBI
$2.3B
$457K 0.32%
38,000
– –
CZFS icon
42
Citizens Financial Services
CZFS
$361M
$453K 0.32%
7,881
– –
FSFG
43
DELISTED
First Savings Financial Group
FSFG
$418K 0.3%
16,221
– –
PRA
44
DELISTED
ProAssurance
PRA
$402K 0.29%
17,234
– –
FRME icon
45
First Merchants
FRME
$2.69B
$399K 0.28%
9,875
– –
FCF icon
46
First Commonwealth Financial
FCF
$2.17B
$397K 0.28%
25,560
– –
ACNT icon
47
Ascent Industries
ACNT
$140M
$385K 0.27%
30,415
– –
RMBI icon
48
Richmond Mutual Bancorp
RMBI
$250M
$384K 0.27%
30,000
– –
CBU icon
49
Community Bank
CBU
$3.41B
$376K 0.27%
6,618
– –
EBMT icon
50
Eagle Bancorp Montana
EBMT
$186M
$353K 0.25%
21,098
– –
1
2
3

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Minerva Advisors's Q1 2025 Portfolio in Review

As of Q1 2025, Minerva Advisors held 57 positions worth $141M, down 18% from $171M the previous quarter. Its ten largest holdings account for 62% of the portfolio.

Minerva Advisors withdrew a net $16.6M in Q1 2025, closing 2 positions and reducing 3 holdings. Its most notable exit was Universal Stainless & Alloy, an estimated $17.2M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 41% of assets, up from 36% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Minerva Advisors added an estimated $1.05M to DLH Holdings.

  • Minerva Advisors added most to DLH Holdings in Q1 2025, an estimated $1.05M increase.
  • Minerva Advisors's biggest Q1 2025 reduction was Kewaunee Scientific, cutting an estimated $2M.
  • Minerva Advisors fully exited Universal Stainless & Alloy in Q1 2025, selling an estimated $17.2M.
  • Minerva Advisors's ten largest holdings make up 62% of its $141M portfolio in Q1 2025.
  • Minerva Advisors opened 0 new positions and closed 2 in Q1 2025.
  • Minerva Advisors's portfolio value fell 18% quarter-over-quarter to $141M.

Based on Minerva Advisors's 13F filing for Q1 2025, filed 8 May 2025.