1y return+25.5%S&P 500 +20.9%
3y return+73.1%S&P 500 +68.5%
5y return+34.7%S&P 500 +74.5%
10y return+181.2%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $281 against $357 in the S&P 500.2
Minerva Advisors LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| EMLEastern Co | $15.2M | 9.6% | |
| TGTredegar Corp | $13.3M | 8.4% | |
| INFUInfusystem Hldgs Inc | $13.0M | 8.2% | +12.0% |
| SIFSifco Inds Inc | $10.7M | 6.7% | −5.2% |
| ESCAEscalade Inc | $10.7M | 6.7% | |
| VIRCVirco Mfg Co | $9.4M | 6.0% | +1.2% |
| UTMDUtah Med Prods Inc | $6.5M | 4.1% | |
| UFIUnifi Inc | $6.0M | 3.8% | |
| DLHCDlh Hldgs Corp | $5.9M | 3.7% | |
| Navigator Hldgs LtdCUSIP Y62132108 | $5.5M | 3.5% | |
| KEQUKewaunee Scientific Corp | $5.3M | 3.4% | +9.3% |
| SSPScripps E W Co Ohio | $5.1M | 3.2% | +20.1% |
| CACCamden Natl Corp | $4.9M | 3.1% | |
| ATROAstronics Corp | $4.5M | 2.8% | −21.8% |
| PBHCPathfinder Bancorp Inc Md | $4.2M | 2.6% | |
| RAILFreightcar Amer Inc | $3.7M | 2.3% | +11.1% |
| KELYAKelly Svcs Inc | $3.1M | 2.0% | +26.7% |
| FSTRFoster L B Co | $3.1M | 1.9% | −19.1% |
| CRD/BCrawford & Co | $3.0M | 1.9% | |
| NODKNi Hldgs Inc | $2.0M | 1.3% | |
| Columbia Finl IncCUSIP 197641103 | $1.9M | 1.2% | +164.2% |
| MPBMid Penn Bancorp Inc | $1.9M | 1.2% | |
| CFGCitizens Finl Group Inc | $1.5M | 1.0% | |
| EBCEastern Bankshares Inc | $1.4M | 0.9% | |
| UISUnisys Corp | $1.3M | 0.8% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| ATROAstronics Corp | June 30, 2020 | +669.5% | $4.5M |
| SIFSifco Inds Inc | June 30, 2020 | +485.2% | $10.7M |
| KEQUKewaunee Scientific Corp | June 30, 2020 | +282.7% | $5.3M |
| FSTRFoster L B Co | June 30, 2020 | +253.8% | $3.1M |
| Navigator Hldgs LtdCUSIP Y62132108 | June 30, 2020 | +189.7% | $5.5M |
| FNBF N B Corp | June 30, 2020 | +154.4% | $1.2M |
| VIRCVirco Mfg Co | June 30, 2020 | +134.2% | $9.4M |
| CRD/BCrawford & Co | September 30, 2022 | +98.7% | $3.0M |
| CFGCitizens Finl Group Inc | June 30, 2022 | +96.3% | $1.5M |
| MPBMid Penn Bancorp Inc | June 30, 2020 | +89.0% | $1.9M |
Sold off last quarter
- GLDDGreat Lakes Dredge & Dock Co was $17.5M
- Proassurance CorpCUSIP 74267C106 was $426K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +13.5% | +14.8% |
| March 31, 2026 | +8.6% | −4.6% |
| December 31, 2025 | −2.7% | +2.4% |
| September 30, 2025 | +4.6% | +7.8% |
| June 30, 2025 | +9.9% | +10.5% |
| March 31, 2025 | −8.2% | −4.6% |
| December 31, 2024 | −1.8% | +2.1% |
| September 30, 2024 | +13.1% | +5.4% |
| June 30, 2024 | −2.1% | +4.0% |
| March 31, 2024 | +1.4% | +10.0% |
| December 31, 2023 | +21.3% | +11.2% |
| September 30, 2023 | +2.2% | −3.6% |
| June 30, 2023 | +6.0% | +8.3% |
| March 31, 2023 | +2.9% | +7.0% |
| December 31, 2022 | +2.0% | +7.1% |
| September 30, 2022 | −10.0% | −5.3% |
| June 30, 2022 | −11.2% | −16.5% |
| March 31, 2022 | −5.9% | −4.9% |
| December 31, 2021 | +1.4% | +10.7% |
| September 30, 2021 | −8.3% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Minerva Advisors LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1541536&type=13F-HR&dateb=&owner=include&count=40CIK 1541536
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1541536/000142050626001549/Filed August 12, 2026 · accession 0001420506-26-001549