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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
-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
PBBK
51
DELISTED
PB Bankshares
PBBK
$338K 0.24%
20,560
– –
NWFL icon
52
Norwood Financial Corp
NWFL
$367M
$331K 0.24%
13,681
– –
DGICB
53
Donegal Group Class B
DGICB
$760M
$296K 0.21%
17,856
– –
DLX icon
54
Deluxe
DLX
$1.18B
$220K 0.16%
13,900
– –
ASRV icon
55
AmeriServ Financial
ASRV
$76.8M
$141K 0.1%
58,200
– –
ICCH
56
DELISTED
ICC Holdings, Inc.
ICCH
– –
-33,367
Closed -$776K
USAP
57
DELISTED
Universal Stainless & Alloy
USAP
– –
-391,487
Closed -$17.2M
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.