Skip to main content
Livermore
Livermore
ZHEN

Minerva Advisors LLC

SEC CIK
0001541536
Latest filing
Aug 12, 2026

The latest 13F from Minerva Advisors LLC covers Q2 2026 (filed Aug 12, 2026): 46 long positions worth $158.3M. The top 10 holdings make up 60.7% of the portfolio, and the largest is Eastern Co (EML) at 9.6%. Livermore has 28 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
0
Added
10
Est. +$5.37M
Reduced
5
Est. −$2.61M
Sold out
2
Est. −$17.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. EMLEastern Co
    9.6%$15.2MHistory
  2. TGTredegar Corp
    8.4%$13.3MHistory
  3. INFUInfuSystem Holdings, Inc
    8.2%$13.0MHistory
  4. SIFSifco Industries Inc
    6.7%$10.7MHistory
  5. ESCAEscalade Inc
    6.7%$10.7MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. INFUInfuSystem Holdings, Inc
    +$1.39MAddedHistory
  2. CLBKColumbia Financial, Inc.
    +$1.18MAddedHistory
  3. SSPE.W. Scripps Co
    +$848.2KAddedHistory
  4. KELYAKelly Services Inc
    +$655.3KAddedHistory
  5. KEQUKewaunee Scientific Corp
    +$451.3KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. INFUInfuSystem Holdings, Inc
    +1.05 pp7.2% → 8.2%History
  2. UFIUnifi Inc
    +0.88 pp2.9% → 3.8%History
  3. KELYAKelly Services Inc
    +0.82 pp1.1% → 2.0%History
  4. CLBKColumbia Financial, Inc.
    +0.82 pp0.4% → 1.2%History
  5. RAILFreightCar America, Inc.
    +0.58 pp1.8% → 2.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GLDDGreat Lakes Dredge & Dock CORP
    −$17.5MSold outHistory
  2. ATROAstronics Corp
    −$1.24MReducedHistory
  3. FSTRFoster L B Co
    −$724.7KReducedHistory
  4. SIFSifco Industries Inc
    −$585.0KReducedHistory
  5. PRAProassurance Corp
    −$426.0KSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. GLDDGreat Lakes Dredge & Dock CORP
    −11.30 pp11.3% → 0.0%History
  2. PRAProassurance Corp
    −0.28 pp0.3% → 0.0%History
  3. ATROAstronics Corp
    −0.20 pp3.0% → 2.8%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$158.3M
+$3.37M (+2.2%) vs. prior quarter
Positions
46
−2 vs. prior quarter
Top 10 concentration
60.7%
Top 10 as share of value
Turnover
3.4%
Q2 2026, one quarter
Average holding period
19.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $189.3M (Q2 2021)

Q1 2021: $182.7MQ2 2021: $189.3MQ3 2021: $172.0MQ4 2021: $166.3MQ1 2022: $154.4MQ2 2022: $138.5MQ3 2022: $132.0MQ4 2022: $134.4MQ1 2023: $138.6MQ2 2023: $144.5MQ3 2023: $143.0MQ4 2023: $160.0MQ1 2024: $163.3MQ2 2024: $150.0MQ3 2024: $172.6MQ4 2024: $171.0MQ1 2025: $140.7MQ2 2025: $152.6MQ3 2025: $157.5MQ4 2025: $149.7MQ1 2026: $154.9MQ2 2026: $158.3M
Q1 2021Q2 2026
13F filings of Minerva Advisors LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 202646$158.3MEMLTGINFUvs. Q1 2026SEC
Q1 2026May 12, 202648$154.9MGLDDTGINFUvs. Q4 2025SEC
Q4 2025Feb 9, 202657$149.7MGLDDTGEMLvs. Q3 2025SEC
Q3 2025Nov 12, 202556$157.5MGLDDTGEMLvs. Q2 2025SEC
Q2 2025Aug 13, 202556$152.6MGLDDTGEMLvs. Q1 2025SEC
Q1 2025May 9, 2025Amended55$140.7MEMLTGGLDDvs. Q4 2024SEC
Q4 2024Feb 4, 202557$171.0MUSAPGLDDEMLvs. Q3 2024SEC
Q3 2024Nov 8, 202457$172.6MUSAPEMLVIRCvs. Q2 2024SEC
Q2 2024Aug 12, 202457$150.0MVIRCUSAPEMLvs. Q1 2024SEC
Q1 2024May 14, 202459$163.3MUSAPEMLVIRCvs. Q4 2023SEC
Q4 2023Feb 9, 202459$160.0MUSAPVIRCESCAvs. Q3 2023SEC
Q3 2023Jan 31, 2024Amended62$143.0MCTGGLDDUSAPvs. Q2 2023SEC
Q2 2023Jan 31, 2024Amended65$144.5MCCFUSAPGLDDvs. Q1 2023SEC
Q1 2023Jan 31, 2024Amended67$138.6MCCFCTGESCAvs. Q4 2022SEC
Q4 2022Jan 31, 2024Amended66$134.4MCCFCTGEMLvs. Q3 2022SEC
Q3 2022Nov 10, 202266$132.0MCCFCTGINFUvs. Q2 2022SEC
Q2 2022Aug 12, 202265$138.5MGLDDCTGCCFvs. Q1 2022SEC
Q1 2022May 12, 202265$154.4MGLDDCTGSSPvs. Q4 2021SEC
Q4 2021Feb 14, 202271$166.3MGLDDINFUCTGvs. Q3 2021SEC
Q3 2021Nov 12, 202173$172.0MGLDDCCFINFUvs. Q2 2021SEC
Q2 2021Aug 11, 202170$189.3MINFUGLDDCCFvs. Q1 2021SEC
Q1 2021May 12, 202171$182.7MINFUCCFGLDD–SEC

13D and 13G filings

Companies where Minerva Advisors LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

11 companies, largest stake first.

Companies where Minerva Advisors LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
NUVRNuvera Communications, Inc.13G/A11.60%606.9K shares−0.20 ppfrom 11.80%Feb 9, 20216 filingsFeb 13, 2026SEC
VIRCVirco Mfg Corporation13G/A9.20%1.45M shares–Feb 9, 20215 filingsFeb 17, 2026SEC
EMLEastern Co13G/A8.80%531.3K shares0.00 ppfrom 8.80%Feb 9, 20216 filingsFeb 17, 2026SEC
SIFSifco Industries Inc13G/A7.90%489.0K shares–Feb 9, 20214 filingsFeb 17, 2026SEC
DLHCDLH Holdings Corp.13G/A7.70%1.11M shares–Oct 17, 20242 filingsFeb 17, 2026SEC
GOVBGouverneur Bancorp, Inc.13G/A7.50%78.4K shares+0.40 ppfrom 7.10%Jan 9, 20242 filingsFeb 13, 2026SEC
UFIUnifi Inc13G/A6.60%1.22M shares+0.30 ppfrom 6.30%Apr 11, 20253 filingsFeb 17, 2026SEC
SNNFSeneca Bancorp, Inc.13G/A6.00%108.1K shares0.00 ppfrom 6.00%Nov 20, 20252 filingsFeb 13, 2026SEC
PBHCPathfinder Bancorp, Inc.13G/A5.50%262.2K shares–Feb 9, 20215 filingsFeb 17, 2026SEC
INFUInfuSystem Holdings, Inc13G/A5.30%1.08M shares+0.30 ppfrom 5.00%Feb 5, 20213 filingsFeb 17, 2026SEC
KEQUKewaunee Scientific Corp13G/A5.20%149.4K shares–Jun 9, 20216 filingsJun 29, 2026SEC

Latest filings

60 filings on file made by Minerva Advisors LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Minerva Advisors LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
KEQUKewaunee Scientific CorpJun 29, 20264:44 PM ET13G/A5.20%149.4K shares–Jun 24, 2026SEC
EMLEastern CoFeb 17, 20262:22 PM ET13G/A8.80%531.3K shares0.00 ppfrom 8.80%Dec 31, 2025SEC
SIFSifco Industries IncFeb 17, 20262:22 PM ET13G/A7.90%489.0K shares–Dec 31, 2025SEC
VIRCVirco Mfg CorporationFeb 17, 20262:21 PM ET13G/A9.20%1.45M shares–Dec 31, 2025SEC
UFIUnifi IncFeb 17, 20262:20 PM ET13G/A6.60%1.22M shares+0.30 ppfrom 6.30%Dec 31, 2025SEC
INFUInfuSystem Holdings, IncFeb 17, 20262:20 PM ET13G/A5.30%1.08M shares+0.30 ppfrom 5.00%Dec 31, 2025SEC
PBHCPathfinder Bancorp, Inc.Feb 17, 20262:20 PM ET13G/A5.50%262.2K shares–Dec 31, 2025SEC
DLHCDLH Holdings Corp.Feb 17, 20262:19 PM ET13G/A7.70%1.11M shares–Dec 31, 2025SEC
GOVBGouverneur Bancorp, Inc.Feb 13, 20268:48 PM ET13G/A7.50%78.4K shares+0.40 ppfrom 7.10%Dec 31, 2025SEC
SNNFSeneca Bancorp, Inc.Feb 13, 20268:34 PM ET13G/A6.00%108.1K shares0.00 ppfrom 6.00%Dec 31, 2025SEC
NUVRNuvera Communications, Inc.Feb 13, 20268:34 PM ET13G/A11.60%606.9K shares−0.20 ppfrom 11.80%Dec 31, 2025SEC
EMLEastern CoFeb 13, 20268:33 PM ET13G/A8.80%531.3K shares–Dec 31, 2025SEC
INFUInfuSystem Holdings, IncDec 3, 20251:41 PM ET13G5.00%1.03M shares–Oct 31, 2025SEC
SNNFSeneca Bancorp, Inc.Nov 20, 202511:21 AM ET13G6.00%108.1K sharesNewNov 18, 2025SEC
UFIUnifi IncNov 12, 20251:25 PM ET13G/A6.30%1.15M shares+1.30 ppfrom 5.00%Jul 11, 2025SEC
NUVRNuvera Communications, Inc.Jun 6, 202510:38 AM ET13G/A11.80%609.0K shares–Jun 5, 2025SEC
UFIUnifi IncApr 11, 202512:00 PM ET13G5.00%921.8K sharesNewApr 8, 2025SEC
USAPUniversal Stainless & Alloy Products IncFeb 5, 20251:58 PM ET13G/A4.20%391.5K shares–Below 5%Dec 31, 2024SEC
KEQUKewaunee Scientific CorpNov 1, 202413G/AOld format–––SEC
DLHCDLH Holdings Corp.Oct 17, 202413GOld format–New–SEC