Data as of Q4 2025 (Dec 31, 2025)

Minerva Advisors LLC

•CIK: 1541536•Filing: Q4 2025

Minerva Advisors LLC is a sophisticated, actively managed hedge fund with $150M in assets under management. The firm maintains a focused portfolio of 57 positions, demonstrating selective conviction in its holdings. Top allocations include GLDD at $18.2M and TG at $11.9M, signaling significant capital deployment into specific market segments. This concentrated approach suggests a deep, proprietary view on near-term sector catalysts.

Total AUM
$149.7M
QoQ Performance
-4.9%
Positions
56
Top 10 Concentration
59.9%
Latest Filing
Q4 2025

Top Holdings Allocation

GLDD
TG
EML
INFU
VIRC
ESCA
GLDD12.2%
TG7.9%
EML7.0%
INFU6.5%
VIRC6.2%
ESCA5.1%
DLHC4.2%
ATRO3.7%

📈 Biggest Buys

KEQU
KEWAUNEE SCIENTIFIC CORP
+51.8%
3.0% of portfolio
EBC
EASTERN BANKSHARES INC
NEW
0.8% of portfolio
FMC
FMC CORP
NEW
0.4% of portfolio
VIRC
VIRCO MFG CO
+6.3%
6.2% of portfolio
INFU
INFUSYSTEM HLDGS INC
+5.2%
6.5% of portfolio

📉 Biggest Sells

ATRO
ASTRONICS CORP
-47.6%
3.7% of portfolio
SGA
SAGA COMMUNICATIONS INC
-86.0%
0.2% of portfolio
THRY
THRYV HLDGS INC
-26.7%
0.6% of portfolio
DLHC
DLH HLDGS CORP
-0.3%
4.2% of portfolio
EML
EASTERN CO
-0.2%
7.0% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

—
HARBORONE BANCORP INC NEW
SOLD
$1.2M

Changes from Q3 2025

NEW2 new positions
↑10 increased
↓6 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

GLDD12.2%
GREAT LAKES DREDGE & DOCK CO
$18.2M
TG7.9%
TREDEGAR CORP
$11.9M
EML7.0%
EASTERN CO
$10.4M
INFU6.5%
INFUSYSTEM HLDGS INC
$9.7M
VIRC6.2%
VIRCO MFG CO
$9.3M

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