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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
+7.94%
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
$157M
AUM Growth
+$4.86M
Cap. Flow
+$410K
Cap. Flow %
0.26%
Top 10 Hldgs %
61.64%
Holding
56
New
–
Increased
12
Reduced
2
Closed
–

Top Buys

Rank Stock Value
1
VIRC icon
Virco
VIRC
+$643K
2
SSP icon
E.W. Scripps
SSP
+$388K
3
RAIL icon
FreightCar America
RAIL
+$377K
4
UFI icon
UNIFI
UFI
+$310K
5
INFU icon
InfuSystem Holdings
INFU
+$257K

Top Sells

Rank Stock Value
1
ATRO icon
Astronics
ATRO
+$2.22M
2
CFG icon
Citizens Financial Group
CFG
+$105K

Sector Composition

Rank Sector Weight
1 Industrials 42.23%
2 Financials 18.39%
3 Consumer Discretionary 17.61%
4 Healthcare 10.47%
5 Communication Services 3.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DORM icon
26
Dorman Products
DORM
$4.01B
$1.34M 0.85%
8,590
– –
HONE
27
DELISTED
HarborOne Bancorp
HONE
$1.2M 0.76%
88,414
– –
CFG icon
28
Citizens Financial Group
CFG
$30.4B
$1.14M 0.73%
21,485
-2,100
-9% -$105K
FNB icon
29
FNB Corp
FNB
$6.78B
$1.03M 0.66%
64,075
– –
DGICA icon
30
Donegal Group Class A
DGICA
$695M
$901K 0.57%
46,490
– –
CZNC icon
31
Citizens & Northern Corp
CZNC
$436M
$850K 0.54%
42,900
– –
USLM icon
32
United States Lime & Minerals
USLM
$3.18B
$822K 0.52%
6,250
– –
CPBI icon
33
Central Plains Bancshares
CPBI
$82.8M
$801K 0.51%
49,117
– –
ECBK icon
34
ECB Bancorp
ECBK
$174M
$793K 0.5%
49,940
– –
FRBA icon
35
First Bank
FRBA
$451M
$670K 0.43%
41,143
– –
MBBC
36
Marathon Bancorp
MBBC
$43.4M
$615K 0.39%
58,976
+4,258
+8% +$43.4K
LSBK icon
37
Lake Shore Bancorp
LSBK
$135M
$575K 0.37%
44,259
+13,785
+45% +$185K
HBNC icon
38
Horizon Bancorp
HBNC
$1.03B
$561K 0.36%
35,052
– –
SSB icon
39
SouthState Bank Corp
SSB
$10.4B
$560K 0.36%
5,661
– –
KELYA icon
40
Kelly Services Class A
KELYA
$526M
$525K 0.33%
40,000
– –
FSFG
41
DELISTED
First Savings Financial Group
FSFG
$510K 0.32%
16,221
– –
CLBK icon
42
Columbia Financial
CLBK
$1.13B
$507K 0.32%
33,794
– –
CZFS icon
43
Citizens Financial Services
CZFS
$360M
$475K 0.3%
7,881
– –
NWBI icon
44
Northwest Bancshares
NWBI
$2.25B
$471K 0.3%
38,000
– –
FCF icon
45
First Commonwealth Financial
FCF
$2.12B
$436K 0.28%
25,560
– –
RMBI icon
46
Richmond Mutual Bancorp
RMBI
$249M
$426K 0.27%
30,000
– –
PRA
47
DELISTED
ProAssurance
PRA
$413K 0.26%
17,234
– –
PBBK
48
DELISTED
PB Bankshares
PBBK
$394K 0.25%
20,560
– –
ACNT icon
49
Ascent Industries
ACNT
$137M
$392K 0.25%
30,415
– –
CBU icon
50
Community Bank
CBU
$3.53B
$388K 0.25%
6,618
– –
1
2
3

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Minerva Advisors's Q3 2025 Portfolio in Review

As of Q3 2025, Minerva Advisors held 56 positions worth $157M, up 3.2% from $153M the previous quarter. Its ten largest holdings account for 62% of the portfolio.

Trading was light in Q3 2025: portfolio turnover was 0%. Minerva Advisors opened no new positions and made no exits, leaving the 56-position portfolio largely intact.

By sector, the portfolio is most concentrated in Industrials at 42% of assets, down from 42% a quarter earlier, followed by Financials and Consumer Discretionary.

  • Minerva Advisors added most to Virco in Q3 2025, an estimated $643K increase.
  • Minerva Advisors's biggest Q3 2025 reduction was Astronics, cutting an estimated $2.22M.
  • Minerva Advisors's ten largest holdings make up 62% of its $157M portfolio in Q3 2025.
  • Minerva Advisors opened 0 new positions and closed 0 in Q3 2025.
  • Minerva Advisors's portfolio value rose 3.2% quarter-over-quarter to $157M.

Based on Minerva Advisors's 13F filing for Q3 2025, filed 12 Nov 2025.