Filed: 5/12/2026ACC: 0001420506-26-000931
📋 What this filing means
MINERVA ADVISORS LLC filed this quarterly 13F‑HR report disclosing 49 equity positions with a total reported market value of $154.91M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
49
Positions
$154.91M
Total AUM (reported)
14.38M
Total Shares
Allocation by class
COM$130.78M84.4%
COM NEW$6.92M4.5%
SHS$5.73M3.7%
CL A NEW$5.68M3.7%
CL B$3.24M2.1%
CL A$2.57M1.7%
Portfolio Concentration
Top 3$41.86M27.0%
4–10$54.50M35.2%
11–25$43.94M28.4%
Rest$14.61M9.4%
Top 3 weight
27.0%
Top 10 weight
62.2%
Voting Authority Distribution
Total shares with voting rights: 14.38M
Sole
Full voting authority
9.34M
shares
% of voting shares65.0%
Shared
Joint voting authority
5.04M
shares
% of voting shares35.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole7
Shared0
Other42
Dominant voting typeSole · 65.0% of voting shares
Institutional Holdings49
Rows:
GREAT LAKES DREDGE & DOCK CO
OTRShares1.03M
TypeSH
Market value$17.50M
11.30%
Sole
795.74K
Shared
233.96K
None
0.00
TREDEGAR CORP
OTRShares1.67M
TypeSH
Market value$13.24M
8.55%
Sole
960.30K
Shared
705.30K
None
0.00
INFUSYSTEM HLDGS INC
OTRShares1.20M
TypeSH
Market value$11.11M
7.17%
Sole
836.77K
Shared
367.33K
None
0.00
EASTERN CO
OTRShares546.40K
TypeSH
Market value$11.06M
7.14%
Sole
348.70K
Shared
197.70K
None
0.00
ESCALADE INC
OTRShares567.62K
TypeSH
Market value$9.75M
6.29%
Sole
392.03K
Shared
175.59K
None
0.00
VIRCO MANUFACTURING CO
OTRShares1.52M
TypeSH
Market value$9.29M
5.99%
Sole
955.06K
Shared
562.39K
None
0.00
DLH HOLDINGS CORP
OTRShares1.11M
TypeSH
Market value$6.48M
4.18%
Sole
675.43K
Shared
437.60K
None
0.00
SIFCO INDUSTRIES INC
OTRShares480.65K
TypeSH
Market value$6.40M
4.13%
Sole
365.92K
Shared
114.73K
None
0.00
UTAH MEDICAL PRODUCTS INC
OTRShares93.61K
TypeSH
Market value$5.80M
3.75%
Sole
60.94K
Shared
32.67K
None
0.00
NAVIGATOR HOLDINGS LTD
OTRShares296.21K
TypeSH
Market value$5.73M
3.70%
Sole
225.97K
Shared
70.25K
None
0.00
SCRIPPS E W CO OHIO
OTRShares1.53M
TypeSH
Market value$5.68M
3.67%
Sole
971.05K
Shared
555.44K
None
0.00
ASTRONICS CORP
OTRShares70.34K
TypeSH
Market value$4.69M
3.03%
Sole
22.45K
Shared
47.89K
None
0.00
KEWAUNEE SCIENTIFIC CP
OTRShares136.71K
TypeSH
Market value$4.68M
3.02%
Sole
94.85K
Shared
41.85K
None
0.00
UNIFI INC
OTRShares1.26M
TypeSH
Market value$4.49M
2.90%
Sole
729.13K
Shared
529.50K
None
0.00
CAMDEN NATIONAL CORP
OTRShares89.57K
TypeSH
Market value$4.25M
2.74%
Sole
53K
Shared
36.57K
None
0.00
PATHFINDER BANCORP INC
OTRShares262.20K
TypeSH
Market value$3.35M
2.16%
Sole
210.84K
Shared
51.36K
None
0.00
CRAWFORD & CO CL B
OTRShares288.18K
TypeSH
Market value$2.92M
1.89%
Sole
187.08K
Shared
101.10K
None
0.00
FREIGHTCAR AMERICA INC
OTRShares341.02K
TypeSH
Market value$2.72M
1.75%
Sole
231.64K
Shared
109.39K
None
0.00
FOSTER L B CO
OTRShares83.97K
TypeSH
Market value$2.34M
1.51%
Sole
45.89K
Shared
38.08K
None
0.00
KELLY SERVICES INC
OTRShares199.80K
TypeSH
Market value$1.77M
1.14%
Sole
112.15K
Shared
87.65K
None
0.00
MID PENN BANCORP
OTRShares54.18K
TypeSH
Market value$1.74M
1.12%
Sole
40.99K
Shared
13.18K
None
0.00
NI HOLDINGS INC
OTRShares129.90K
TypeSH
Market value$1.67M
1.08%
Sole
100.40K
Shared
29.50K
None
0.00
CITIZENS FINL GROUP INC
OTRShares21.48K
TypeSH
Market value$1.29M
0.83%
Sole
16.93K
Shared
4.56K
None
0.00
EASTERN BANKSHARES INC
SOLEShares62.58K
TypeSH
Market value$1.22M
0.79%
Sole
24.71K
Shared
37.86K
None
0.00
CONTANGO ORE INC
OTRShares59.65K
TypeSH
Market value$1.12M
0.72%
Sole
47.49K
Shared
12.16K
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
GREAT LAKES DREDGE & DOCK COOTR | COM | 1.03M | SH | $17.50M 11.30% | 795.74K | 233.96K | 0.00 |
TREDEGAR CORPOTR | COM | 1.67M | SH | $13.24M 8.55% | 960.30K | 705.30K | 0.00 |
INFUSYSTEM HLDGS INCOTR | COM | 1.20M | SH | $11.11M 7.17% | 836.77K | 367.33K | 0.00 |
EASTERN COOTR | COM | 546.40K | SH | $11.06M 7.14% | 348.70K | 197.70K | 0.00 |
ESCALADE INCOTR | COM | 567.62K | SH | $9.75M 6.29% | 392.03K | 175.59K | 0.00 |
VIRCO MANUFACTURING COOTR | COM | 1.52M | SH | $9.29M 5.99% | 955.06K | 562.39K | 0.00 |
DLH HOLDINGS CORPOTR | COM | 1.11M | SH | $6.48M 4.18% | 675.43K | 437.60K | 0.00 |
SIFCO INDUSTRIES INCOTR | COM | 480.65K | SH | $6.40M 4.13% | 365.92K | 114.73K | 0.00 |
UTAH MEDICAL PRODUCTS INCOTR | COM | 93.61K | SH | $5.80M 3.75% | 60.94K | 32.67K | 0.00 |
NAVIGATOR HOLDINGS LTDOTR | SHS | 296.21K | SH | $5.73M 3.70% | 225.97K | 70.25K | 0.00 |
SCRIPPS E W CO OHIOOTR | CL A NEW | 1.53M | SH | $5.68M 3.67% | 971.05K | 555.44K | 0.00 |
ASTRONICS CORPOTR | COM | 70.34K | SH | $4.69M 3.03% | 22.45K | 47.89K | 0.00 |
KEWAUNEE SCIENTIFIC CPOTR | COM | 136.71K | SH | $4.68M 3.02% | 94.85K | 41.85K | 0.00 |
UNIFI INCOTR | COM NEW | 1.26M | SH | $4.49M 2.90% | 729.13K | 529.50K | 0.00 |
CAMDEN NATIONAL CORPOTR | COM | 89.57K | SH | $4.25M 2.74% | 53K | 36.57K | 0.00 |
PATHFINDER BANCORP INCOTR | COM | 262.20K | SH | $3.35M 2.16% | 210.84K | 51.36K | 0.00 |
CRAWFORD & CO CL BOTR | CL B | 288.18K | SH | $2.92M 1.89% | 187.08K | 101.10K | 0.00 |
FREIGHTCAR AMERICA INCOTR | COM | 341.02K | SH | $2.72M 1.75% | 231.64K | 109.39K | 0.00 |
FOSTER L B COOTR | COM | 83.97K | SH | $2.34M 1.51% | 45.89K | 38.08K | 0.00 |
KELLY SERVICES INCOTR | CL A | 199.80K | SH | $1.77M 1.14% | 112.15K | 87.65K | 0.00 |
MID PENN BANCORPOTR | COM | 54.18K | SH | $1.74M 1.12% | 40.99K | 13.18K | 0.00 |
NI HOLDINGS INCOTR | COM | 129.90K | SH | $1.67M 1.08% | 100.40K | 29.50K | 0.00 |
CITIZENS FINL GROUP INCOTR | COM | 21.48K | SH | $1.29M 0.83% | 16.93K | 4.56K | 0.00 |
EASTERN BANKSHARES INCSOLE | COM | 62.58K | SH | $1.22M 0.79% | 24.71K | 37.86K | 0.00 |
CONTANGO ORE INCOTR | COM | 59.65K | SH | $1.12M 0.72% | 47.49K | 12.16K | 0.00 |
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