Minerva Advisors LLC

CIK 0001541536 · Q2 2026

13F Equity AUM

$158.3M

+2.2% QoQ

Positions

-2 QoQ

AUM Rank

#6,993

Top 80%

Skill Alpha (FF)

+1.5%/yr^ns

No Clear Edge

Rank #1,616 · Top 19%

vs S&P -3.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 39.7%Top 10: 60.7%Top 20: 85.2%

EML9.6%

TG8.4%

INFU8.2%

SIF6.7%

ESCA6.7%

VIRC6.0%

UTM4.1%

UFI3.8%

DLHC3.7%

NVGS3.5%

Others (36)39.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Industrials37.5%

Consumer Cyclical19.8%

Financial Services19.3%

Healthcare12.3%

Communication Services3.8%

Energy3.5%

Other3.9%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 46Median: 0.92%Avg: 2.17%

0–0.5%

11(3.7%)

0.5–1%

13(8.8%)

1–3%

9(17.3%)

3–5%

7(24.7%)

5%+

6(45.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 46vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New0Increased10Decreased5Exited2

Increased

SSP3.2%

+306K(+20%)

INFU8.2%

+145K(+12%)

CLBK1.2%

+56K(+164%)

KELYA2.0%

+53K(+27%)

RAIL2.3%

+38K(+11%)

FMC0.6%

+30K(+63%)

VIRC6.0%

+18K(+1%)

KEQU3.4%

+13K(+9%)

DLHC3.7%

+3K(+0%)

UFI3.8%

+166(+0%)

Decreased

SIF6.7%

-25,000(-5%)

FSTR1.9%

-16,043(-19%)

ATRO2.8%

-15,299(-22%)

MBBC0.5%

-3,226(-5%)

ESCA6.7%

-399(-0%)

Exited

GLDD

-1,029,703

PRA

-17,234

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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