Minerva Advisors LLC 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Minerva Advisors LLC disclosed 56 US equity positions worth $157.5m in its Q3 2025 13F filing. The largest position was GLDD at 10.6% of the reported book, followed by TG and EML. Against the Q2 2025 filing, it opened 2 new positions, added to 11 and reduced 2 among the top 50 holdings.
What did Minerva Advisors LLC own in Q3 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | GLDD GREAT LAKES DREDGE & DOCK CO | 10.6% | $16.7m | 1,389,807 | 0% | held | |
| 2 | TG TREDEGAR CORP | Industrials | 8.5% | $13.3m | 1,657,107 | 0% | held |
| 3 | EML EASTERN CO | 7.9% | $12.4m | 530,053 | 1% | added | |
| 4 | INFU INFUSYSTEM HLDGS INC | Healthcare | 6.7% | $10.6m | 1,025,789 | 3% | added |
| 5 | VIRC VIRCO MFG CO | Consumer Cyclical | 6.7% | $10.6m | 1,362,502 | 6% | added |
| 6 | ATRO ASTRONICS CORP | Industrials | 5.6% | $8.9m | 195,041 | -24% | reduced |
| 7 | ESCA ESCALADE INC | 4.4% | $6.9m | 550,192 | 2% | added | |
| 8 | DLHC DLH HLDGS CORP | 4.0% | $6.3m | 1,116,802 | 1% | added | |
| 9 | UTMD UTAH MED PRODS INC | 3.7% | $5.9m | 93,058 | 0% | held | |
| 10 | UFI UNIFI INC | Consumer Cyclical | 3.5% | $5.5m | 1,152,481 | 6% | added |
| 11 | NVGS NAVIGATOR HLDGS LTD | Energy | 3.0% | $4.7m | 301,212 | 0% | held |
| 12 | PATHFINDER BANCORP INC MD | 2.6% | $4.1m | 262,204 | 0% | held | |
| 13 | CAC CAMDEN NATL CORP | 2.2% | $3.5m | 89,568 | 0% | held | |
| 14 | KEQU KEWAUNEE SCIENTIFIC CORP | 2.2% | $3.4m | 80,274 | 4% | added | |
| 15 | SSP SCRIPPS E W CO OHIO | 2.2% | $3.4m | 1,385,920 | 10% | added | |
| 16 | SIF SIFCO INDS INC | 2.1% | $3.3m | 466,901 | 0% | held | |
| 17 | SGA SAGA COMMUNICATIONS INC | 1.8% | $2.8m | 226,688 | 0% | held | |
| 18 | CRD/B CRAWFORD & CO | 1.8% | $2.8m | 288,334 | 2% | added | |
| 19 | RAIL FREIGHTCAR AMER INC | 1.6% | $2.5m | 258,546 | 18% | added | |
| 20 | THRY THRYV HLDGS INC | 1.5% | $2.4m | 202,329 | 0% | held | |
| 21 | FSTR FOSTER L B CO | Industrials | 1.4% | $2.3m | 83,965 | 0% | held |
| 22 | CTGO CONTANGO ORE INC | 1.2% | $1.9m | 76,147 | 0% | held | |
| 23 | NODK NI HLDGS INC | 1.1% | $1.8m | 129,900 | 0% | held | |
| 24 | MPB MID PENN BANCORP INC | 1.0% | $1.6m | 54,177 | 0% | held | |
| 25 | UIS UNISYS CORP | Technology | 0.9% | $1.3m | 345,347 | 0% | held |
| 26 | DORM DORMAN PRODS INC | Consumer Cyclical | 0.9% | $1.3m | 8,590 | 0% | held |
| 27 | 1S4 HARBORONE BANCORP INC NEW | 0.8% | $1.2m | 88,414 | 0% | held | |
| 28 | CFG CITIZENS FINL GROUP INC | Financial Services | 0.7% | $1.1m | 21,485 | -9% | reduced |
| 29 | FNB F N B CORP | Financial Services | 0.7% | $1.0m | 64,075 | 0% | held |
| 30 | DGICA DONEGAL GROUP INC | 0.6% | $901.4k | 46,490 | 0% | held | |
| 31 | CZNC CITIZENS & NORTHN CORP | 0.5% | $849.8k | 42,900 | 0% | held | |
| 32 | USLM UNITED STS LIME & MINERALS I | Basic Materials | 0.5% | $822.2k | 6,250 | 0% | held |
| 33 | CPBI CENTRAL PLAINS BANCSHARES IN | 0.5% | $800.6k | 49,117 | 0% | held | |
| 34 | ECBK ECB BANCORP INC | 0.5% | $792.5k | 49,940 | 0% | held | |
| 35 | FRBA FIRST BK WILLIAMSTOWN NEW JE | 0.4% | $670.2k | 41,143 | 0% | held | |
| 36 | MARATHON BANCORP INC | 0.4% | $615.1k | 58,976 | 8% | added | |
| 37 | LSBK LAKE SHORE BANCORP INC | 0.4% | $575.4k | 44,259 | – | new | |
| 38 | HBNC HORIZON BANCORP INC | Financial Services | 0.4% | $561.2k | 35,052 | 0% | held |
| 39 | SSB SOUTHSTATE BK CORP | 0.4% | $559.6k | 5,661 | – | new | |
| 40 | KELYA KELLY SVCS INC | 0.3% | $524.8k | 40,000 | 0% | held | |
| 41 | FSFG FIRST SVGS FINL GROUP INC | 0.3% | $509.8k | 16,221 | 0% | held | |
| 42 | COLUMBIA FINL INC | 0.3% | $507.2k | 33,794 | 0% | held | |
| 43 | CITIZENS FINL SVCS INC | 0.3% | $475.1k | 7,881 | 0% | held | |
| 44 | NWBI NORTHWEST BANCSHARES INC MD | Financial Services | 0.3% | $470.8k | 38,000 | 0% | held |
| 45 | FCF FIRST COMWLTH FINL CORP PA | Financial Services | 0.3% | $435.8k | 25,560 | 0% | held |
| 46 | RMBI RICHMOND MUT BANCORPORATION | 0.3% | $426.3k | 30,000 | 0% | held | |
| 47 | PRA PROASSURANCE CORP | 0.3% | $413.4k | 17,234 | 0% | held | |
| 48 | PBBK PB BANKSHARES INC | 0.3% | $394.3k | 20,560 | 0% | held | |
| 49 | ACNT ASCENT INDUSTRIES CO | Basic Materials | 0.2% | $391.7k | 30,415 | 0% | held |
| 50 | CBU COMMUNITY FINANCIAL SYSTEM I | Financial Services | 0.2% | $388.1k | 6,618 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.