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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
EML icon
1
Eastern Company
EML
$144M
$12.8M 9.11%
505,987
+5,009
+1% +$136K
TG icon
2
Tredegar Corp
TG
$263M
$12.8M 9.07%
1,657,107
– –
GLDD
3
DELISTED
Great Lakes Dredge & Dock
GLDD
$12.1M 8.59%
1,389,807
+48,000
+4% +$479K
VIRC icon
4
Virco
VIRC
$94.4M
$11.5M 8.14%
1,210,455
+47,866
+4% +$499K
ATRO icon
5
Astronics
ATRO
$3.44B
$11.2M 7.96%
555,726
– –
ESCA icon
6
Escalade
ESCA
$275M
$8.23M 5.85%
537,814
– –
INFU icon
7
InfuSystem Holdings
INFU
$188M
$4.9M 3.48%
910,677
+63,826
+8% +$467K
UTMD icon
8
Utah Medical Products
UTMD
$223M
$4.87M 3.46%
86,902
+8,513
+11% +$510K
UFI icon
9
UNIFI
UFI
$114M
$4.37M 3.1%
907,774
+52,533
+6% +$294K
PBHC icon
10
Pathfinder Bancorp
PBHC
$102M
$4.31M 3.06%
262,204
– –
DLHC icon
11
DLH Holdings
DLHC
$71M
$4.12M 2.93%
1,018,397
+170,805
+20% +$1.05M
NVGS icon
12
Navigator Holdings
NVGS
$1.37B
$4.01M 2.85%
301,212
-5,000
-2% -$77.7K
SSP icon
13
E.W. Scripps
SSP
$257M
$3.73M 2.65%
1,259,842
+92,000
+8% +$201K
CAC icon
14
Camden National
CAC
$981M
$3.62M 2.58%
89,568
– –
CRD.B icon
15
Crawford & Co Class B
CRD.B
$484M
$3.16M 2.25%
276,688
– –
KEQU icon
16
Kewaunee Scientific
KEQU
$106M
$2.9M 2.06%
73,765
-35,728
-33% -$2M
SGA icon
17
Saga Communications
SGA
$56.9M
$2.83M 2.01%
226,688
– –
THRY icon
18
Thryv Holdings
THRY
$179M
$2.59M 1.84%
202,329
-21,500
-10% -$356K
NODK icon
19
NI Holdings
NODK
$314M
$1.85M 1.32%
129,900
– –
UIS icon
20
Unisys
UIS
$216M
$1.59M 1.13%
345,347
– –
VBFC
21
DELISTED
Village Bank and Trust Financial Corp.
VBFC
$1.58M 1.13%
19,745
– –
FSTR icon
22
Foster
FSTR
$437M
$1.57M 1.12%
79,798
– –
MPB icon
23
Mid Penn Bancorp
MPB
$970M
$1.34M 0.95%
51,732
– –
SIF icon
24
SIFCO Industries
SIF
$168M
$1.29M 0.92%
466,751
– –
RAIL icon
25
FreightCar America
RAIL
$263M
$1.21M 0.86%
219,005
– –
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.