MINERVA ADVISORS LLC

PrivateCIK: 1541536

Location

BALA CYNWYD, PA

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

% of voting shares65.0%

Shared

Joint voting authority

5.04M

% of voting shares35.0%

None

No voting authority

0.00

% 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

OTR

COM

Shares1.03M

TypeSH

Market value$17.50M

11.30%

Sole

795.74K

Shared

233.96K

None

0.00

TREDEGAR CORP

OTR

COM

Shares1.67M

TypeSH

Market value$13.24M

8.55%

Sole

960.30K

Shared

705.30K

None

0.00

INFUSYSTEM HLDGS INC

OTR

COM

Shares1.20M

TypeSH

Market value$11.11M

7.17%

Sole

836.77K

Shared

367.33K

None

0.00

EASTERN CO

OTR

COM

Shares546.40K

TypeSH

Market value$11.06M

7.14%

Sole

348.70K

Shared

197.70K

None

0.00

ESCALADE INC

OTR

COM

Shares567.62K

TypeSH

Market value$9.75M

6.29%

Sole

392.03K

Shared

175.59K

None

0.00

VIRCO MANUFACTURING CO

OTR

COM

Shares1.52M

TypeSH

Market value$9.29M

5.99%

Sole

955.06K

Shared

562.39K

None

0.00

DLH HOLDINGS CORP

OTR

COM

Shares1.11M

TypeSH

Market value$6.48M

4.18%

Sole

675.43K

Shared

437.60K

None

0.00

SIFCO INDUSTRIES INC

OTR

COM

Shares480.65K

TypeSH

Market value$6.40M

4.13%

Sole

365.92K

Shared

114.73K

None

0.00

UTAH MEDICAL PRODUCTS INC

OTR

COM

Shares93.61K

TypeSH

Market value$5.80M

3.75%

Sole

60.94K

Shared

32.67K

None

0.00

NAVIGATOR HOLDINGS LTD

OTR

SHS

Shares296.21K

TypeSH

Market value$5.73M

3.70%

Sole

225.97K

Shared

70.25K

None

0.00

SCRIPPS E W CO OHIO

OTR

CL A NEW

Shares1.53M

TypeSH

Market value$5.68M

3.67%

Sole

971.05K

Shared

555.44K

None

0.00

ASTRONICS CORP

OTR

COM

Shares70.34K

TypeSH

Market value$4.69M

3.03%

Sole

22.45K

Shared

47.89K

None

0.00

KEWAUNEE SCIENTIFIC CP

OTR

COM

Shares136.71K

TypeSH

Market value$4.68M

3.02%

Sole

94.85K

Shared

41.85K

None

0.00

UNIFI INC

OTR

COM NEW

Shares1.26M

TypeSH

Market value$4.49M

2.90%

Sole

729.13K

Shared

529.50K

None

0.00

CAMDEN NATIONAL CORP

OTR

COM

Shares89.57K

TypeSH

Market value$4.25M

2.74%

Sole

53K

Shared

36.57K

None

0.00

PATHFINDER BANCORP INC

OTR

COM

Shares262.20K

TypeSH

Market value$3.35M

2.16%

Sole

210.84K

Shared

51.36K

None

0.00

CRAWFORD & CO CL B

OTR

CL B

Shares288.18K

TypeSH

Market value$2.92M

1.89%

Sole

187.08K

Shared

101.10K

None

0.00

FREIGHTCAR AMERICA INC

OTR

COM

Shares341.02K

TypeSH

Market value$2.72M

1.75%

Sole

231.64K

Shared

109.39K

None

0.00

FOSTER L B CO

OTR

COM

Shares83.97K

TypeSH

Market value$2.34M

1.51%

Sole

45.89K

Shared

38.08K

None

0.00

KELLY SERVICES INC

OTR

CL A

Shares199.80K

TypeSH

Market value$1.77M

1.14%

Sole

112.15K

Shared

87.65K

None

0.00

MID PENN BANCORP

OTR

COM

Shares54.18K

TypeSH

Market value$1.74M

1.12%

Sole

40.99K

Shared

13.18K

None

0.00

NI HOLDINGS INC

OTR

COM

Shares129.90K

TypeSH

Market value$1.67M

1.08%

Sole

100.40K

Shared

29.50K

None

0.00

CITIZENS FINL GROUP INC

OTR

COM

Shares21.48K

TypeSH

Market value$1.29M

0.83%

Sole

16.93K

Shared

4.56K

None

0.00

EASTERN BANKSHARES INC

SOLE

COM

Shares62.58K

TypeSH

Market value$1.22M

0.79%

Sole

24.71K

Shared

37.86K

None

0.00

CONTANGO ORE INC

OTR

COM

Shares59.65K

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
GREAT LAKES DREDGE & DOCK COOTR	COM	1.03M	SH	$17.50M 11.30%	795.74K	233.96K
TREDEGAR CORPOTR	COM	1.67M	SH	$13.24M 8.55%	960.30K	705.30K
INFUSYSTEM HLDGS INCOTR	COM	1.20M	SH	$11.11M 7.17%	836.77K	367.33K
EASTERN COOTR	COM	546.40K	SH	$11.06M 7.14%	348.70K	197.70K
ESCALADE INCOTR	COM	567.62K	SH	$9.75M 6.29%	392.03K	175.59K
VIRCO MANUFACTURING COOTR	COM	1.52M	SH	$9.29M 5.99%	955.06K	562.39K
DLH HOLDINGS CORPOTR	COM	1.11M	SH	$6.48M 4.18%	675.43K	437.60K
SIFCO INDUSTRIES INCOTR	COM	480.65K	SH	$6.40M 4.13%	365.92K	114.73K
UTAH MEDICAL PRODUCTS INCOTR	COM	93.61K	SH	$5.80M 3.75%	60.94K	32.67K
NAVIGATOR HOLDINGS LTDOTR	SHS	296.21K	SH	$5.73M 3.70%	225.97K	70.25K
SCRIPPS E W CO OHIOOTR	CL A NEW	1.53M	SH	$5.68M 3.67%	971.05K	555.44K
ASTRONICS CORPOTR	COM	70.34K	SH	$4.69M 3.03%	22.45K	47.89K
KEWAUNEE SCIENTIFIC CPOTR	COM	136.71K	SH	$4.68M 3.02%	94.85K	41.85K
UNIFI INCOTR	COM NEW	1.26M	SH	$4.49M 2.90%	729.13K	529.50K
CAMDEN NATIONAL CORPOTR	COM	89.57K	SH	$4.25M 2.74%	53K	36.57K
PATHFINDER BANCORP INCOTR	COM	262.20K	SH	$3.35M 2.16%	210.84K	51.36K
CRAWFORD & CO CL BOTR	CL B	288.18K	SH	$2.92M 1.89%	187.08K	101.10K
FREIGHTCAR AMERICA INCOTR	COM	341.02K	SH	$2.72M 1.75%	231.64K	109.39K
FOSTER L B COOTR	COM	83.97K	SH	$2.34M 1.51%	45.89K	38.08K
KELLY SERVICES INCOTR	CL A	199.80K	SH	$1.77M 1.14%	112.15K	87.65K
MID PENN BANCORPOTR	COM	54.18K	SH	$1.74M 1.12%	40.99K	13.18K
NI HOLDINGS INCOTR	COM	129.90K	SH	$1.67M 1.08%	100.40K	29.50K
CITIZENS FINL GROUP INCOTR	COM	21.48K	SH	$1.29M 0.83%	16.93K	4.56K
EASTERN BANKSHARES INCSOLE	COM	62.58K	SH	$1.22M 0.79%	24.71K	37.86K
CONTANGO ORE INCOTR	COM	59.65K	SH	$1.12M 0.72%	47.49K	12.16K

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