Filed: 11/12/2025ACC: 0001420506-25-003135
📋 What this filing means
MINERVA ADVISORS LLC filed this quarterly 13F‑HR report disclosing 56 equity positions with a total reported market value of $157.45M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
56
Positions
$157.45M
Total AUM (reported)
14.29M
Total Shares
Allocation by class
COM$130.93M83.2%
COM NEW$11.09M7.0%
CL A NEW$6.23M4.0%
SHS$4.67M3.0%
CL B$3.11M2.0%
CL A$1.43M0.9%
Portfolio Concentration
Top 3$42.41M26.9%
4–10$54.65M34.7%
11–25$41.78M26.5%
Rest$18.61M11.8%
Top 3 weight
26.9%
Top 10 weight
61.6%
Voting Authority Distribution
Total shares with voting rights: 14.29M
Sole
Full voting authority
9.28M
shares
% of voting shares65.0%
Shared
Joint voting authority
5.01M
shares
% of voting shares35.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole6
Shared0
Other50
Dominant voting typeSole · 65.0% of voting shares
Institutional Holdings56
Rows:
GREAT LAKES DREDGE & DOCK CO
OTRShares1.39M
TypeSH
Market value$16.66M
10.58%
Sole
958.26K
Shared
431.55K
None
0.00
TREDEGAR CORP
OTRShares1.66M
TypeSH
Market value$13.31M
8.45%
Sole
955.30K
Shared
701.80K
None
0.00
EASTERN CO
OTRShares530.05K
TypeSH
Market value$12.44M
7.90%
Sole
338.39K
Shared
191.66K
None
0.00
INFUSYSTEM HLDGS INC
OTRShares1.03M
TypeSH
Market value$10.63M
6.75%
Sole
729.32K
Shared
296.47K
None
0.00
VIRCO MFG CO
OTRShares1.36M
TypeSH
Market value$10.56M
6.71%
Sole
857.93K
Shared
504.57K
None
0.00
ASTRONICS CORP
OTRShares195.04K
TypeSH
Market value$8.90M
5.65%
Sole
139K
Shared
56.04K
None
0.00
ESCALADE INC
OTRShares550.19K
TypeSH
Market value$6.92M
4.39%
Sole
381.88K
Shared
168.31K
None
0.00
DLH HLDGS CORP
OTRShares1.12M
TypeSH
Market value$6.31M
4.01%
Sole
672.78K
Shared
444.02K
None
0.00
UTAH MED PRODS INC
OTRShares93.06K
TypeSH
Market value$5.86M
3.72%
Sole
60.39K
Shared
32.67K
None
0.00
UNIFI INC
OTRShares1.15M
TypeSH
Market value$5.49M
3.48%
Sole
655.01K
Shared
497.47K
None
0.00
NAVIGATOR HLDGS LTD
OTRShares301.21K
TypeSH
Market value$4.67M
2.96%
Sole
229.76K
Shared
71.45K
None
0.00
PATHFINDER BANCORP INC MD
OTRShares262.20K
TypeSH
Market value$4.11M
2.61%
Sole
210.84K
Shared
51.36K
None
0.00
CAMDEN NATL CORP
OTRShares89.57K
TypeSH
Market value$3.46M
2.20%
Sole
53K
Shared
36.57K
None
0.00
KEWAUNEE SCIENTIFIC CORP
OTRShares80.27K
TypeSH
Market value$3.42M
2.17%
Sole
55.46K
Shared
24.82K
None
0.00
SCRIPPS E W CO OHIO
OTRShares1.39M
TypeSH
Market value$3.41M
2.17%
Sole
886.05K
Shared
499.87K
None
0.00
SIFCO INDS INC
OTRShares466.90K
TypeSH
Market value$3.29M
2.09%
Sole
359.07K
Shared
107.83K
None
0.00
SAGA COMMUNICATIONS INC
OTRShares226.69K
TypeSH
Market value$2.82M
1.79%
Sole
153.48K
Shared
73.21K
None
0.00
CRAWFORD & CO
OTRShares288.33K
TypeSH
Market value$2.82M
1.79%
Sole
187.08K
Shared
101.26K
None
0.00
FREIGHTCAR AMER INC
OTRShares258.55K
TypeSH
Market value$2.53M
1.61%
Sole
182.13K
Shared
76.42K
None
0.00
THRYV HLDGS INC
SOLEShares202.33K
TypeSH
Market value$2.44M
1.55%
Sole
176K
Shared
26.33K
None
0.00
FOSTER L B CO
OTRShares83.97K
TypeSH
Market value$2.26M
1.44%
Sole
45.89K
Shared
38.08K
None
0.00
CONTANGO ORE INC
OTRShares76.15K
TypeSH
Market value$1.90M
1.21%
Sole
61.69K
Shared
14.46K
None
0.00
NI HLDGS INC
OTRShares129.90K
TypeSH
Market value$1.76M
1.12%
Sole
100.40K
Shared
29.50K
None
0.00
MID PENN BANCORP INC
OTRShares54.18K
TypeSH
Market value$1.55M
0.99%
Sole
40.99K
Shared
13.18K
None
0.00
UNISYS CORP
OTRShares345.35K
TypeSH
Market value$1.35M
0.86%
Sole
153.20K
Shared
192.15K
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
GREAT LAKES DREDGE & DOCK COOTR | COM | 1.39M | SH | $16.66M 10.58% | 958.26K | 431.55K | 0.00 |
TREDEGAR CORPOTR | COM | 1.66M | SH | $13.31M 8.45% | 955.30K | 701.80K | 0.00 |
EASTERN COOTR | COM | 530.05K | SH | $12.44M 7.90% | 338.39K | 191.66K | 0.00 |
INFUSYSTEM HLDGS INCOTR | COM | 1.03M | SH | $10.63M 6.75% | 729.32K | 296.47K | 0.00 |
VIRCO MFG COOTR | COM | 1.36M | SH | $10.56M 6.71% | 857.93K | 504.57K | 0.00 |
ASTRONICS CORPOTR | COM | 195.04K | SH | $8.90M 5.65% | 139K | 56.04K | 0.00 |
ESCALADE INCOTR | COM | 550.19K | SH | $6.92M 4.39% | 381.88K | 168.31K | 0.00 |
DLH HLDGS CORPOTR | COM | 1.12M | SH | $6.31M 4.01% | 672.78K | 444.02K | 0.00 |
UTAH MED PRODS INCOTR | COM | 93.06K | SH | $5.86M 3.72% | 60.39K | 32.67K | 0.00 |
UNIFI INCOTR | COM NEW | 1.15M | SH | $5.49M 3.48% | 655.01K | 497.47K | 0.00 |
NAVIGATOR HLDGS LTDOTR | SHS | 301.21K | SH | $4.67M 2.96% | 229.76K | 71.45K | 0.00 |
PATHFINDER BANCORP INC MDOTR | COM | 262.20K | SH | $4.11M 2.61% | 210.84K | 51.36K | 0.00 |
CAMDEN NATL CORPOTR | COM | 89.57K | SH | $3.46M 2.20% | 53K | 36.57K | 0.00 |
KEWAUNEE SCIENTIFIC CORPOTR | COM | 80.27K | SH | $3.42M 2.17% | 55.46K | 24.82K | 0.00 |
SCRIPPS E W CO OHIOOTR | CL A NEW | 1.39M | SH | $3.41M 2.17% | 886.05K | 499.87K | 0.00 |
SIFCO INDS INCOTR | COM | 466.90K | SH | $3.29M 2.09% | 359.07K | 107.83K | 0.00 |
SAGA COMMUNICATIONS INCOTR | CL A NEW | 226.69K | SH | $2.82M 1.79% | 153.48K | 73.21K | 0.00 |
CRAWFORD & COOTR | CL B | 288.33K | SH | $2.82M 1.79% | 187.08K | 101.26K | 0.00 |
FREIGHTCAR AMER INCOTR | COM | 258.55K | SH | $2.53M 1.61% | 182.13K | 76.42K | 0.00 |
THRYV HLDGS INCSOLE | COM NEW | 202.33K | SH | $2.44M 1.55% | 176K | 26.33K | 0.00 |
FOSTER L B COOTR | COM | 83.97K | SH | $2.26M 1.44% | 45.89K | 38.08K | 0.00 |
CONTANGO ORE INCOTR | COM | 76.15K | SH | $1.90M 1.21% | 61.69K | 14.46K | 0.00 |
NI HLDGS INCOTR | COM | 129.90K | SH | $1.76M 1.12% | 100.40K | 29.50K | 0.00 |
MID PENN BANCORP INCOTR | COM | 54.18K | SH | $1.55M 0.99% | 40.99K | 13.18K | 0.00 |
UNISYS CORPOTR | COM NEW | 345.35K | SH | $1.35M 0.86% | 153.20K | 192.15K | 0.00 |
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