Minerva Advisors LLC

BALA CYNWYD, PA · CIK 1541536 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$321.0m
Staff4 · 2 in investment roles
Main clients (by assets)Private funds 73%, High net worth individuals 27%
Private funds2 (1 hedge) · $234.1m gross assets
Form ADV · 2026-03-27SEC adviser record

$158.3m reported value +2.2% vs Q1 2026

46positions

60.7%in top 10

0 new 10 added 5 reduced 2 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	EASTERN CO COM EML	EML	546,402	$15.2m9.61%	9.61%	Unchanged
2	TREDEGAR CORP COM TG	TG	1,665,607	$13.3m8.38%	8.38%	Unchanged
3	INFUSYSTEM HLDGS INC COM INFU	INFU	1,348,617	$13.0m8.22%	8.22%	Added +144.5k	+144,512 12.0%
4	SIFCO INDS INC COM SIF	SIF	455,650	$10.7m6.74%	6.74%	Reduced -25.0k	-25,000 -5.2%
5	ESCALADE INC COM ESCA	ESCA	567,222	$10.7m6.73%	6.73%	Reduced -399	-399 -0.1%
6	VIRCO MFG CO COM VIRC	VIRC	1,535,454	$9.4m5.96%	5.96%	Added +18.0k	+18,002 1.2%
7	UTAH MED PRODS INC COM UTMD	UTMD	93,615	$6.5m4.08%	4.08%	Unchanged
8	UNIFI INC COM NEW UFI	UFI	1,258,792	$6.0m3.78%	3.78%	Added +166	+166 0.0%
9	DLH HLDGS CORP COM DLHC	DLHC	1,116,368	$5.9m3.70%	3.70%	Added +3.3k	+3,331 0.3%
10	NAVIGATOR HLDGS LTD SHS NVGS	NVGS	296,212	$5.5m3.49%	3.49%	Unchanged
11	KEWAUNEE SCIENTIFIC CORP COM KEQU	KEQU	149,410	$5.3m3.35%	3.35%	Added +12.7k	+12,705 9.3%
12	SCRIPPS E W CO OHIO CL A NEW SSP	SSP	1,832,707	$5.1m3.21%	3.21%	Added +306.2k	+306,217 20.1%
13	CAMDEN NATL CORP COM CAC	CAC	89,568	$4.9m3.07%	3.07%	Unchanged
14	ASTRONICS CORP COM ATRO	ATRO	55,041	$4.5m2.83%	2.83%	Reduced -15.3k	-15,299 -21.8%
15	PATHFINDER BANCORP INC MD COM PBHC	PBHC	262,204	$4.2m2.63%	2.63%	Unchanged
16	FREIGHTCAR AMER INC COM RAIL	RAIL	379,030	$3.7m2.33%	2.33%	Added +38.0k	+38,007 11.1%
17	KELLY SVCS INC CL A KELYA	KELYA	253,162	$3.1m1.96%	1.96%	Added +53.4k	+53,366 26.7%
18	FOSTER L B CO COM FSTR	FSTR	67,922	$3.1m1.94%	1.94%	Reduced -16.0k	-16,043 -19.1%
19	CRAWFORD & CO CL B CRD.B	CRD.B	288,178	$3.0m1.90%	1.90%	Unchanged
20	NI HLDGS INC COM NODK	NODK	129,900	$2.0m1.29%	1.29%	Unchanged
21	COLUMBIA FINL INC COM COM		89,294	$1.9m1.20%	1.20%	Added +55.5k	+55,500 164.2%
22	MID PENN BANCORP INC COM MPB	MPB	54,177	$1.9m1.19%	1.19%	Unchanged
23	CITIZENS FINL GROUP INC COM CFG	CFG	21,485	$1.5m0.95%	0.95%	Unchanged
24	EASTERN BANKSHARES INC COM EBC	EBC	62,576	$1.4m0.88%	0.88%	Unchanged
25	UNISYS CORP COM NEW UIS	UIS	345,347	$1.3m0.80%	0.80%	Unchanged
26	F N B CORP COM FNB	FNB	64,075	$1.2m0.77%	0.77%	Unchanged
27	FIRST MERCHANTS CORP COM FRME	FRME	23,662	$1.0m0.65%	0.65%	Unchanged
28	ECB BANCORP INC COM ECBK	ECBK	49,940	$1.0m0.63%	0.63%	Unchanged
29	CITIZENS & NORTHN CORP COM CZNC	CZNC	42,900	$1,000.0k0.63%	0.63%	Unchanged
30	CONTANGO ORE INC COM CTGO	CTGO	59,647	$941.8k0.60%	0.60%	Unchanged
31	CENTRAL PLAINS BANCSHARES IN COM CPBI	CPBI	49,117	$934.7k0.59%	0.59%	Unchanged
32	NORWOOD FINANCIAL CORP COM NWFL	NWFL	28,580	$918.8k0.58%	0.58%	Unchanged
33	FMC CORP COM NEW FMC	FMC	78,000	$897.0k0.57%	0.57%	Added +30.0k	+30,000 62.5%
34	DONEGAL GROUP INC CL A DGICA	DGICA	46,490	$876.8k0.55%	0.55%	Unchanged
35	MARATHON BANCORP INC COM NEW MBBC	MBBC	55,750	$851.9k0.54%	0.54%	Reduced -3.2k	-3,226 -5.5%
36	LAKE SHORE BANCORP INC COM LSBK	LSBK	44,259	$788.3k0.50%	0.50%	Unchanged
37	FIRST BK WILLIAMSTOWN NEW JE COM FRBA	FRBA	41,143	$729.5k0.46%	0.46%	Unchanged
38	HORIZON BANCORP INC COM HBNC	HBNC	35,052	$700.3k0.44%	0.44%	Unchanged
39	NORTHWEST BANCSHARES INC MD COM NWBI	NWBI	38,000	$576.1k0.36%	0.36%	Unchanged
40	THRYV HLDGS INC COM NEW THRY	THRY	144,329	$568.7k0.36%	0.36%	Unchanged
41	FIRST COMWLTH FINL CORP PA COM FCF	FCF	25,560	$519.6k0.33%	0.33%	Unchanged
42	EAGLE BANCORP MONT INC COM EBMT	EBMT	21,098	$504.9k0.32%	0.32%	Unchanged
43	RICHMOND MUT BANCORPORATION COM RMBI	RMBI	30,224	$480.0k0.30%	0.30%	Unchanged
44	DONEGAL GROUP INC CL B DGICB	DGICB	17,856	$388.9k0.25%	0.25%	Unchanged
45	DELUXE CORP COM DLX	DLX	13,900	$331.9k0.21%	0.21%	Unchanged
46	AMERISERV FINL INC COM ASRV	ASRV	58,200	$225.8k0.14%	0.14%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
GREAT LAKES DREDGE & DOCK CO GLDD	GLDD	1,029,703	$17.5m1.0m shares
PROASSURANCE CORP PRA	PRA	17,234	$426.0k17.2k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
NUVERA COMMUNICATIONS INC NUVR · 13G · filed 2026-02-13	NUVR	11.6%	-0.2 pts	13G	2026-02-13
VIRCO MFG CO VIRC · 13G · filed 2026-02-17	VIRC	9.2%≈ $8.9m		13G	2026-02-17
EASTERN CO EML · 13G · filed 2026-02-17	EML	8.8%≈ $14.8m	no change	13G	2026-02-17
SIFCO INDS INC SIF · 13G · filed 2026-02-17	SIF	7.9%≈ $11.4m		13G	2026-02-17
DLH HLDGS CORP DLHC · 13G · filed 2026-02-17	DLHC	7.7%≈ $5.8m		13G	2026-02-17
UNIFI INC UFI · 13G · filed 2026-02-17	UFI	6.6%≈ $5.8m	+0.3 pts	13G	2026-02-17
PATHFINDER BANCORP INC MD PBHC · 13G · filed 2026-02-17	PBHC	5.5%≈ $4.2m		13G	2026-02-17
INFUSYSTEM HLDGS INC INFU · 13G · filed 2026-02-17	INFU	5.3%≈ $10.4m	+0.3 pts	13G	2026-02-17
KEWAUNEE SCIENTIFIC CORP KEQU · 13G · filed 2026-06-29	KEQU	5.2%≈ $5.3m		13G	2026-06-29