Minerva Advisors LLC — 13F holdings

Minerva Advisors LLC reported 46 holdings worth $158M in its 13F filing for Q2 2026, filed August 12, 2026. That's up 2.2% from $155M in Q1 2026, when it reported 92 holdings. Its 10 largest positions make up 60.7% of the portfolio.

Minerva Advisors LLC's largest positions in Q2 2026

1. EML EASTERN CO — $15.2M (9.6%) · unchanged
2. TG TREDEGAR CORP — $13.3M (8.4%) · unchanged
3. INFU INFUSYSTEM HLDGS INC — $13.0M (8.2%) · added 12%
4. SIF SIFCO INDS INC — $10.7M (6.7%) · cut 5%
5. ESCA ESCALADE INC — $10.7M (6.7%) · unchanged
6. VIRC VIRCO MFG CO — $9.43M (6.0%) · added 1%
7. UTMD UTAH MED PRODS INC — $6.46M (4.1%) · unchanged
8. UFI UNIFI INC — $5.98M (3.8%) · unchanged
9. DLHC DLH HLDGS CORP — $5.86M (3.7%) · unchanged
10. NVGS NAVIGATOR HLDGS LTD — $5.52M (3.5%) · unchanged
11. KEQU KEWAUNEE SCIENTIFIC CORP — $5.31M (3.4%) · added 9%
12. SSP SCRIPPS E W CO OHIO — $5.08M (3.2%) · added 20%
13. CAC CAMDEN NATL CORP — $4.86M (3.1%) · unchanged
14. ATRO ASTRONICS CORP — $4.47M (2.8%) · cut 22%
15. PBHC PATHFINDER BANCORP INC MD — $4.16M (2.6%) · unchanged
16. RAIL FREIGHTCAR AMER INC — $3.69M (2.3%) · added 11%
17. KELYA KELLY SVCS INC — $3.11M (2.0%) · added 27%
18. FSTR FOSTER L B CO — $3.07M (1.9%) · cut 19%
19. CRD.B CRAWFORD & CO — $3.01M (1.9%) · unchanged
20. NODK NI HLDGS INC — $2.04M (1.3%) · unchanged

What Minerva Advisors LLC bought in Q2 2026

0 new positions and 8 positions added to.

1. INFU INFUSYSTEM HLDGS INC — added, about $1.39M
2. COLUMBIA FINL INC — added, about $1.18M
3. SSP SCRIPPS E W CO OHIO — added, about $848K
4. KELYA KELLY SVCS INC — added, about $655K
5. KEQU KEWAUNEE SCIENTIFIC CORP — added, about $451K
6. RAIL FREIGHTCAR AMER INC — added, about $370K
7. FMC FMC CORP — added, about $345K
8. VIRC VIRCO MFG CO — added, about $111K

What Minerva Advisors LLC sold in Q2 2026

2 positions sold out and 4 reduced.

1. GLDD GREAT LAKES DREDGE & DOCK CO — sold out, about $17.5M
2. ATRO ASTRONICS CORP — cut 22%, about $1.24M
3. FSTR FOSTER L B CO — cut 19%, about $725K
4. SIF SIFCO INDS INC — cut 5%, about $585K
5. PROASSURANCE CORP — sold out, about $431K
6. MBBC MARATHON BANCORP INC — cut 5%, about $49.3K

Minerva Advisors LLC portfolio value by quarter

• Q2 2026: $158M in 46 holdings
• Q1 2026: $155M in 92 holdings
• Q4 2025: $150M in 104 holdings
• Q3 2025: $157M in 103 holdings
• Q2 2025: $153M in 102 holdings
• Q1 2025: $141M in 101 holdings
• Q4 2024: $171M in 105 holdings

What does Minerva Advisors LLC own?

Its largest positions in Q2 2026 were EML, TG, INFU, SIF, ESCA, out of 46 holdings worth $158M.

What did Minerva Advisors LLC buy last quarter?

In Q2 2026 it opened 0 new positions and added to 8; the largest buys were INFU, COLUMBIA FINL INC, SSP.

What did Minerva Advisors LLC sell last quarter?

In Q2 2026 it sold out of 2 positions and reduced 4, including GLDD, PROASSURANCE CORP.