2026 Q3 Portfolio Activity
In 2026 Q3, Minerva Advisors LLC maintained a portfolio of 47 distinct positions. The most significant new addition was CLARUS CORP NEW, now representing 0.13% of the total fund value. They heavily accumulated shares in FREIGHTCAR AMER INC, increasing the position by 53.5%. Conversely, Minerva Advisors LLC completely exited their position in COLUMBIA FINL INC.
Position History
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Total Positions
47
Quarter
2026 Q3
Top Holding
INFU (11.1%)
Top 10 Concentration
63.4%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-47 of 47
Minerva Advisors LLC Full Holdings List — 2026 Q3
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
INFU
INFUSYSTEM HLDG...
|
Healthcare | 11.14% | 8.22% |
#1
2
Prev: #3
|
6.5 |
—
|
14,860 | 1.1% |
P
S
|
1,363,477 | $17,575,219 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
EML
EASTERN CO
|
Industrials | 8.26% | 9.61% |
#2
1
Prev: #1
|
5.8 |
—
|
no change | no change |
P
S
|
546,402 | $13,037,152 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
TG
TREDEGAR CORP
|
Industrials | 7.26% | 8.38% |
#3
1
Prev: #2
|
4.9 |
—
|
no change | no change |
P
S
|
1,665,607 | $11,459,376 | 2014 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ESCA
ESCALADE INC
|
Consumer Cyclical | 6.71% | 6.73% |
#4
1
Prev: #5
|
3.7 |
—
|
-10,568 | -1.9% |
P
S
|
556,654 | $10,593,126 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
SIF
SIFCO INDS INC
|
Industrials | 6.42% | 6.74% |
#5
1
Prev: #4
|
3.6 |
—
|
-8,500 | -1.9% |
P
S
|
447,150 | $10,123,476 | 2013 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
VIRC
VIRCO MFG CO
|
Consumer Cyclical | 6.35% | 5.96% |
#6
Prev: #6
|
3.0 |
—
|
1,036 | 0.1% |
P
S
|
1,536,490 | $10,017,915 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
UFI
UNIFI INC
|
Consumer Cyclical | 5.34% | 3.78% |
#7
1
Prev: #8
|
2.6 |
—
|
31,301 | 2.5% |
P
S
|
1,290,093 | $8,424,307 | 2023 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
UTMD
UTAH MED PRODS ...
|
Healthcare | 4.39% | 4.08% |
#8
1
Prev: #7
|
2.8 |
—
|
no change | no change |
P
S
|
93,615 | $6,932,191 | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
NVGS
NAVIGATOR HLDGS...
|
Energy | 4.13% | 3.49% |
#9
1
Prev: #10
|
2.2 |
—
|
-15,000 | -5.1% |
P
S
|
281,212 | $6,518,494 | 2013 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
KEQU
KEWAUNEE SCIENT...
|
Consumer Cyclical | 3.39% | 3.35% |
#10
1
Prev: #11
|
1.9 |
—
|
6,018 | 4.0% |
P
S
|
155,428 | $5,354,495 | 2019 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CAC
CAMDEN NATL COR...
|
Financial Services | 3.14% | 3.07% |
#11
2
Prev: #13
|
2.3 |
—
|
no change | no change |
P
S
|
89,568 | $4,957,141 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
SSP
SCRIPPS E W CO ...
|
Communication Services | 3.02% | 3.21% |
#12
Prev: #12
|
2.2 |
—
|
no change | no change |
P
S
|
1,832,707 | $4,765,038 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
PBHC
PATHFINDER BANC...
|
Financial Services | 2.80% | 2.63% |
#13
2
Prev: #15
|
2.1 |
—
|
no change | no change |
P
S
|
262,204 | $4,426,004 | 2014 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
DLHC
DLH HLDGS CORP
|
Industrials | 2.63% | 3.70% |
#14
5
Prev: #9
|
1.6 |
—
|
6,200 | 0.6% |
P
S
|
1,122,568 | $4,153,502 | 2019 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
KELYA
KELLY SVCS INC
|
Industrials | 2.60% | 1.96% |
#15
2
Prev: #17
|
2.0 |
—
|
no change | no change |
P
S
|
253,162 | $4,103,756 | 2025 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
RAIL
FREIGHTCAR AMER...
|
Industrials | 2.49% | 2.33% |
#16
Prev: #16
|
4.0 |
—
|
202,696 | 53.5% |
P
S
|
581,726 | $3,926,651 | 2019 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ATRO
ASTRONICS CORP
|
Industrials | 2.18% | 2.83% |
#17
3
Prev: #14
|
1.4 |
—
|
-4,000 | -7.3% |
P
S
|
51,041 | $3,441,184 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CRD/B
CRAWFORD & CO
|
Financial Services | 2.15% | 1.90% |
#18
1
Prev: #19
|
1.9 |
—
|
no change | no change |
P
S
|
288,178 | $3,386,092 | 2022 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
FSTR
FOSTER L B CO
|
Industrials | 1.55% | 1.94% |
#19
1
Prev: #18
|
1.6 |
—
|
no change | no change |
P
S
|
67,922 | $2,449,947 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
NODK
NI HLDGS INC
|
Financial Services | 1.23% | 1.29% |
#20
Prev: #20
|
1.5 |
—
|
no change | no change |
P
S
|
129,900 | $1,938,108 | 2017 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
MPB
MID PENN BANCOR...
|
Financial Services | 1.18% | 1.19% |
#21
1
Prev: #22
|
1.0 |
—
|
-1,764 | -3.3% |
P
S
|
52,413 | $1,855,420 | 2018 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CFG
CITIZENS FINL G...
|
Financial Services | 0.87% | 0.95% |
#22
1
Prev: #23
|
1.3 |
—
|
no change | no change |
P
S
|
21,485 | $1,369,884 | 2022 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
EBC
EASTERN BANKSHA...
|
Financial Services | 0.83% | 0.88% |
#23
1
Prev: #24
|
1.3 |
—
|
no change | no change |
P
S
|
62,576 | $1,309,716 | 2025 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
FNB
F N B CORP
|
Financial Services | 0.70% | 0.77% |
#24
2
Prev: #26
|
1.3 |
—
|
no change | no change |
P
S
|
64,075 | $1,102,731 | 2014 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CZNC
CITIZENS & NORT...
|
Financial Services | 0.68% | 0.63% |
#25
4
Prev: #29
|
1.3 |
—
|
no change | no change |
P
S
|
42,900 | $1,073,358 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ECBK
ECB BANCORP INC
|
Financial Services | 0.64% | 0.63% |
#26
2
Prev: #28
|
1.3 |
—
|
no change | no change |
P
S
|
49,940 | $1,013,283 | 2023 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CTGO
CONTANGO SILVER...
|
Basic Materials | 0.63% | 0.60% |
#27
3
Prev: #30
|
1.3 |
—
|
no change | no change |
P
S
|
59,647 | $1,000,877 | 2021 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CPBI
CENTRAL PLAINS ...
|
Financial Services | 0.62% | 0.59% |
#28
3
Prev: #31
|
1.2 |
—
|
no change | no change |
P
S
|
49,117 | $983,031 | 2023 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
NWFL
NORWOOD FINANCI...
|
Financial Services | 0.60% | 0.58% |
#29
3
Prev: #32
|
1.2 |
—
|
no change | no change |
P
S
|
28,580 | $944,283 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
FRME
FIRST MERCHANTS...
|
Financial Services | 0.60% | 0.65% |
#30
3
Prev: #27
|
1.2 |
—
|
no change | no change |
P
S
|
23,662 | $941,274 | 2014 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
MBBC
MARATHON BANCOR...
|
Financial Services | 0.53% | 0.54% |
#31
4
Prev: #35
|
1.2 |
—
|
no change | no change |
P
S
|
55,750 | $836,250 | 2025 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
DGICA
DONEGAL GROUP I...
|
Financial Services | 0.52% | 0.55% |
#32
2
Prev: #34
|
1.2 |
—
|
no change | no change |
P
S
|
46,490 | $827,057 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
LSBK
LAKE SHORE BANC...
|
Financial Services | 0.51% | 0.50% |
#33
3
Prev: #36
|
1.2 |
—
|
no change | no change |
P
S
|
44,259 | $803,743 | 2013 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
UIS
UNISYS CORP
|
Technology | 0.51% | 0.80% |
#34
9
Prev: #25
|
1.2 |
—
|
no change | no change |
P
S
|
345,347 | $797,752 | 2023 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
FRBA
FIRST BK WILLIA...
|
Financial Services | 0.45% | 0.46% |
#35
2
Prev: #37
|
1.2 |
—
|
no change | no change |
P
S
|
41,143 | $709,305 | 2023 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
FMC
FMC CORP
|
Basic Materials | 0.44% | 0.57% |
#36
3
Prev: #33
|
1.2 |
—
|
no change | no change |
P
S
|
78,000 | $695,760 | 2025 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
HBNC
HORIZON BANCORP...
|
Financial Services | 0.42% | 0.44% |
#37
1
Prev: #38
|
1.2 |
—
|
no change | no change |
P
S
|
35,052 | $660,034 | 2015 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
NWBI
NORTHWEST BANCS...
|
Financial Services | 0.36% | 0.36% |
#38
1
Prev: #39
|
1.1 |
—
|
no change | no change |
P
S
|
38,000 | $563,920 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
FCF
FIRST COMWLTH F...
|
Financial Services | 0.33% | 0.33% |
#39
2
Prev: #41
|
1.1 |
—
|
no change | no change |
P
S
|
25,560 | $517,079 | 2023 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
RMBI
RICHMOND MUT BA...
|
Financial Services | 0.28% | 0.30% |
#40
3
Prev: #43
|
1.1 |
—
|
no change | no change |
P
S
|
30,224 | $449,129 | 2019 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
EBMT
EAGLE BANCORP M...
|
Financial Services | 0.28% | 0.32% |
#41
1
Prev: #42
|
1.1 |
—
|
no change | no change |
P
S
|
21,098 | $444,324 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
DLX
DELUXE CORP MED...
|
Industrials | 0.20% | 0.21% |
#42
3
Prev: #45
|
1.1 |
—
|
no change | no change |
P
S
|
13,900 | $319,283 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
DGICB
DONEGAL GROUP I...
|
Financial Services | 0.19% | 0.25% |
#43
1
Prev: #44
|
0.6 |
—
|
-856 | -4.8% |
P
S
|
17,000 | $294,780 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ASRV
AMERISERV FINL ...
|
Financial Services | 0.17% | 0.14% |
#44
2
Prev: #46
|
1.1 |
—
|
no change | no change |
P
S
|
58,200 | $268,302 | 2011 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
THRY
THRYV HLDGS INC
|
Technology | 0.14% | 0.36% |
#45
5
Prev: #40
|
0.6 |
—
|
-5,000 | -3.5% |
P
S
|
139,329 | $218,747 | 2020 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CLAR
CLARUS CORP NEW
|
Consumer Cyclical | 0.13% | — |
#46
Prev: #—
|
3.6 |
—
|
62,410 | — |
NEW
|
62,410 | $211,570 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CLBK
COLUMBIA FINL I...
|
Financial Services | 0.00% | 1.20% |
Sold All 😨
(Was: #21) |
0.0 |
—
|
-89,294 | -100.0% |
CLOSED
|
— | $— | 2018 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 |
Showing 1-47 of 47 holdings