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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
-13.27%
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
$156M
AUM Growth
-$39.2M
Cap. Flow
-$10.7M
Cap. Flow %
-6.84%
Top 10 Hldgs %
54.1%
Holding
83
New
4
Increased
13
Reduced
9
Closed
1

Top Buys

Rank Stock Value
1
ALR
AlerisLife Inc
ALR
+$794K
2
RIVE
Riverview Financial Corporation Common Stock
RIVE
+$705K
3
CLBK icon
Columbia Financial
CLBK
+$529K
4
PBHC icon
Pathfinder Bancorp
PBHC
+$477K
5
SGA icon
Saga Communications
SGA
+$476K

Top Sells

Rank Stock Value
1
KS
KapStone Paper and Pack Corp.
KS
+$14.2M
2
SAEX
SAExploration Holdings, Inc.
SAEX
+$234K
3
ATRO icon
Astronics
ATRO
+$164K
4
STFC
State Auto Financial Corp
STFC
+$135K
5
AUD
Audacy, Inc.
AUD
+$68.6K

Sector Composition

Rank Sector Weight
1 Industrials 31.31%
2 Financials 21.53%
3 Communication Services 12.33%
4 Materials 11.57%
5 Consumer Discretionary 7.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LGL icon
51
LGL Group
LGL
$45.2M
$493K 0.32%
214,491
– –
EMCF
52
DELISTED
Emclaire Financial Corp
EMCF
$463K 0.3%
15,359
– –
LSBK icon
53
Lake Shore Bancorp
LSBK
$135M
$439K 0.28%
29,669
– –
KOSS icon
54
Koss Corp
KOSS
$34.8M
$437K 0.28%
229,869
– –
BNCL
55
DELISTED
Beneficial Bancorp, Inc.
BNCL
$432K 0.28%
30,231
– –
EBMT icon
56
Eagle Bancorp Montana
EBMT
$187M
$411K 0.26%
25,598
– –
FRME icon
57
First Merchants
FRME
$2.68B
$409K 0.26%
11,960
– –
ICCH
58
DELISTED
ICC Holdings, Inc.
ICCH
$405K 0.26%
30,000
– –
MFNC
59
DELISTED
Mackinac Financial Corporation
MFNC
$403K 0.26%
30,394
– –
HVBC
60
DELISTED
HV Bancorp, Inc. Common Stock
HVBC
$388K 0.25%
25,890
– –
DGICA icon
61
Donegal Group Class A
DGICA
$731M
$381K 0.24%
28,162
– –
GPX
62
DELISTED
GP Strategies Corp.
GPX
$381K 0.24%
+30,212
New +$431K
TCF
63
DELISTED
TCF Financial Corporation Common Stock
TCF
$381K 0.24%
10,425
– –
PBBI
64
DELISTED
PB Bancorp, Inc. Common Stock
PBBI
$332K 0.21%
30,833
– –
DGICB
65
Donegal Group Class B
DGICB
$830M
$305K 0.19%
25,806
+4,300
+20% +$55.2K
NES
66
DELISTED
Nuverra Environmental Solutions, Inc. Common Stock
NES
$296K 0.19%
36,106
+10,699
+42% +$105K
CUO
67
DELISTED
Continental Materials Corporation
CUO
$289K 0.18%
26,670
+766
+3% +$10.3K
CSS
68
DELISTED
CSS Industries, Inc.
CSS
$285K 0.18%
31,738
-5,600
-15% -$67.5K
ASML icon
69
ASML
ASML
$626B
$281K 0.18%
1,807
– –
MSVB
70
DELISTED
Mid-Southern Bancorp, Inc.
MSVB
$251K 0.16%
21,706
– –
CIX icon
71
Comp X International
CIX
$349M
$232K 0.15%
17,048
+2,453
+17% +$33.2K
FSBC
72
DELISTED
FSB Bancorp, Inc. Common Stock
FSBC
$177K 0.11%
11,040
– –
SAEX
73
DELISTED
SAExploration Holdings, Inc.
SAEX
$140K 0.09%
74,735
-47,327
-39% -$234K
III icon
74
Information Services Group
III
$199M
$116K 0.07%
27,294
– –
ICCC icon
75
ImmuCell
ICCC
$101M
$100K 0.06%
14,559
– –
1 2
3
4

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TL
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AF
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MLIM
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ALAM
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LWM
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RPGNY
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DWM
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Minerva Advisors's Q4 2018 Portfolio in Review

As of Q4 2018, Minerva Advisors held 83 positions worth $156M, down 20% from $196M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Minerva Advisors withdrew a net $10.7M in Q4 2018, closing 1 position and reducing 9 holdings. Its most notable exit was KapStone Paper and Pack Corp., an estimated $14.2M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 31% of assets, up from 29% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Minerva Advisors opened a new position in Riverview Financial Corporation Common Stock worth $591K.

  • Minerva Advisors's largest Q4 2018 buy was Riverview Financial Corporation Common Stock: 54,213 shares worth $591K.
  • Minerva Advisors added most to AlerisLife Inc in Q4 2018, an estimated $794K increase.
  • Minerva Advisors's biggest Q4 2018 reduction was SAExploration Holdings, Inc., cutting an estimated $234K.
  • Minerva Advisors fully exited KapStone Paper and Pack Corp. in Q4 2018, selling an estimated $14.2M.
  • Minerva Advisors's ten largest holdings make up 54% of its $156M portfolio in Q4 2018.
  • Minerva Advisors opened 4 new positions and closed 1 in Q4 2018.
  • Minerva Advisors's portfolio value fell 20% quarter-over-quarter to $156M.

Based on Minerva Advisors's 13F filing for Q4 2018, filed 6 Feb 2019.