MINERVA ADVISORS LLC

PrivateCIK: 1541536

Location

BALA CYNWYD, PA

Positions

$158.28M

Total AUM (reported)

13.93M

Total Shares

Allocation by class

COM$130.74M82.6%

COM NEW$9.56M6.0%

SHS$5.52M3.5%

CL A NEW$5.08M3.2%

CL A$3.99M2.5%

CL B$3.39M2.1%

Portfolio Concentration

Top 3$41.49M26.2%

4–10$54.56M34.5%

11–25$46.73M29.5%

Rest$15.49M9.8%

Top 3 weight

26.2%

Top 10 weight

60.7%

Voting Authority Distribution

Total shares with voting rights: 13.93M

Sole

Full voting authority

% of voting shares64.6%

Shared

Joint voting authority

4.93M

% of voting shares35.4%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole0

Shared0

Other46

Dominant voting typeSole · 64.6% of voting shares

Institutional Holdings46

Rows:

EASTERN CO

OTR

COM

Shares546.40K

TypeSH

Market value$15.22M

9.61%

Sole

348.70K

Shared

197.70K

None

0.00

TREDEGAR CORP

OTR

COM

Shares1.67M

TypeSH

Market value$13.26M

8.38%

Sole

960.30K

Shared

705.30K

None

0.00

INFUSYSTEM HLDGS INC

OTR

COM

Shares1.35M

TypeSH

Market value$13.01M

8.22%

Sole

932.57K

Shared

416.05K

None

0.00

SIFCO INDS INC

OTR

COM

Shares455.65K

TypeSH

Market value$10.66M

6.74%

Sole

346.96K

Shared

108.69K

None

0.00

ESCALADE INC

OTR

COM

Shares567.22K

TypeSH

Market value$10.65M

6.73%

Sole

391.63K

Shared

175.59K

None

0.00

VIRCO MFG CO

OTR

COM

Shares1.54M

TypeSH

Market value$9.43M

5.96%

Sole

966.94K

Shared

568.52K

None

0.00

UTAH MED PRODS INC

OTR

COM

Shares93.61K

TypeSH

Market value$6.46M

4.08%

Sole

60.94K

Shared

32.67K

None

0.00

UNIFI INC

OTR

COM NEW

Shares1.26M

TypeSH

Market value$5.98M

3.78%

Sole

729.13K

Shared

529.67K

None

0.00

DLH HLDGS CORP

OTR

COM

Shares1.12M

TypeSH

Market value$5.86M

3.70%

Sole

678.76K

Shared

437.60K

None

0.00

NAVIGATOR HLDGS LTD

OTR

SHS

Shares296.21K

TypeSH

Market value$5.52M

3.49%

Sole

225.97K

Shared

70.25K

None

0.00

KEWAUNEE SCIENTIFIC CORP

OTR

COM

Shares149.41K

TypeSH

Market value$5.31M

3.35%

Sole

103.17K

Shared

46.24K

None

0.00

SCRIPPS E W CO OHIO

OTR

CL A NEW

Shares1.83M

TypeSH

Market value$5.08M

3.21%

Sole

1.23M

Shared

604.48K

None

0.00

CAMDEN NATL CORP

OTR

COM

Shares89.57K

TypeSH

Market value$4.86M

3.07%

Sole

53K

Shared

36.57K

None

0.00

ASTRONICS CORP

OTR

COM

Shares55.04K

TypeSH

Market value$4.47M

2.83%

Sole

21.45K

Shared

33.59K

None

0.00

PATHFINDER BANCORP INC MD

OTR

COM

Shares262.20K

TypeSH

Market value$4.16M

2.63%

Sole

210.84K

Shared

51.36K

None

0.00

FREIGHTCAR AMER INC

OTR

COM

Shares379.03K

TypeSH

Market value$3.69M

2.33%

Sole

258.44K

Shared

120.59K

None

0.00

KELLY SVCS INC

OTR

CL A

Shares253.16K

TypeSH

Market value$3.11M

1.96%

Sole

148.25K

Shared

104.91K

None

0.00

FOSTER L B CO

OTR

COM

Shares67.92K

TypeSH

Market value$3.07M

1.94%

Sole

37.05K

Shared

30.88K

None

0.00

CRAWFORD & CO

OTR

CL B

Shares288.18K

TypeSH

Market value$3.01M

1.90%

Sole

187.08K

Shared

101.10K

None

0.00

NI HLDGS INC

OTR

COM

Shares129.90K

TypeSH

Market value$2.04M

1.29%

Sole

100.40K

Shared

29.50K

None

0.00

COLUMBIA FINL INC

OTR

COM

Shares89.29K

TypeSH

Market value$1.89M

1.20%

Sole

71.29K

Shared

18K

None

0.00

MID PENN BANCORP INC

OTR

COM

Shares54.18K

TypeSH

Market value$1.89M

1.19%

Sole

40.99K

Shared

13.18K

None

0.00

CITIZENS FINL GROUP INC

OTR

COM

Shares21.48K

TypeSH

Market value$1.51M

0.95%

Sole

16.93K

Shared

4.56K

None

0.00

EASTERN BANKSHARES INC

OTR

COM

Shares62.58K

TypeSH

Market value$1.39M

0.88%

Sole

24.71K

Shared

37.86K

None

0.00

UNISYS CORP

OTR

COM NEW

Shares345.35K

TypeSH

Market value$1.26M

0.80%

Sole

153.20K

Shared

192.15K

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared
EASTERN COOTR	COM	546.40K	SH	$15.22M 9.61%	348.70K	197.70K
TREDEGAR CORPOTR	COM	1.67M	SH	$13.26M 8.38%	960.30K	705.30K
INFUSYSTEM HLDGS INCOTR	COM	1.35M	SH	$13.01M 8.22%	932.57K	416.05K
SIFCO INDS INCOTR	COM	455.65K	SH	$10.66M 6.74%	346.96K	108.69K
ESCALADE INCOTR	COM	567.22K	SH	$10.65M 6.73%	391.63K	175.59K
VIRCO MFG COOTR	COM	1.54M	SH	$9.43M 5.96%	966.94K	568.52K
UTAH MED PRODS INCOTR	COM	93.61K	SH	$6.46M 4.08%	60.94K	32.67K
UNIFI INCOTR	COM NEW	1.26M	SH	$5.98M 3.78%	729.13K	529.67K
DLH HLDGS CORPOTR	COM	1.12M	SH	$5.86M 3.70%	678.76K	437.60K
NAVIGATOR HLDGS LTDOTR	SHS	296.21K	SH	$5.52M 3.49%	225.97K	70.25K
KEWAUNEE SCIENTIFIC CORPOTR	COM	149.41K	SH	$5.31M 3.35%	103.17K	46.24K
SCRIPPS E W CO OHIOOTR	CL A NEW	1.83M	SH	$5.08M 3.21%	1.23M	604.48K
CAMDEN NATL CORPOTR	COM	89.57K	SH	$4.86M 3.07%	53K	36.57K
ASTRONICS CORPOTR	COM	55.04K	SH	$4.47M 2.83%	21.45K	33.59K
PATHFINDER BANCORP INC MDOTR	COM	262.20K	SH	$4.16M 2.63%	210.84K	51.36K
FREIGHTCAR AMER INCOTR	COM	379.03K	SH	$3.69M 2.33%	258.44K	120.59K
KELLY SVCS INCOTR	CL A	253.16K	SH	$3.11M 1.96%	148.25K	104.91K
FOSTER L B COOTR	COM	67.92K	SH	$3.07M 1.94%	37.05K	30.88K
CRAWFORD & COOTR	CL B	288.18K	SH	$3.01M 1.90%	187.08K	101.10K
NI HLDGS INCOTR	COM	129.90K	SH	$2.04M 1.29%	100.40K	29.50K
COLUMBIA FINL INCOTR	COM	89.29K	SH	$1.89M 1.20%	71.29K	18K
MID PENN BANCORP INCOTR	COM	54.18K	SH	$1.89M 1.19%	40.99K	13.18K
CITIZENS FINL GROUP INCOTR	COM	21.48K	SH	$1.51M 0.95%	16.93K	4.56K
EASTERN BANKSHARES INCOTR	COM	62.58K	SH	$1.39M 0.88%	24.71K	37.86K
UNISYS CORPOTR	COM NEW	345.35K	SH	$1.26M 0.80%	153.20K	192.15K

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