Minerva Advisors LLC

Q1 2014 13F-HR Holdings

Location
Bala Cynwyd, PA
Holdings as of
3/31/2014
Date filed
5/12/2014
Form type
13F-HR
Num holdings
79
Total value ($000)
$168,746
Net value change ($000)
-3,921 (-2.3%)
New positions
6
Sold out positions
2
Turnover %
3.5%
Sector allocation + QoQ delta (equities-only)

Snapshot: Change Analysis

Compared to Q4 2013
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
DallasNews Corp 3,161 55.0%
WSBF 1,475 NEW
INFU 1,189 29.7%
KAPSTONE PAPER & PACKAGING C 780 4.2%
TECHE HLDG CO 650 58.5%
ESCA 605 13.5%
TRNS 596 18.2%
FNB 448 NEW
RAND LOGISTICS INC 360 20.5%
VIRC 303 14.2%
Top Reduces (Value $000, Stocks/ETFs)
MATERIAL SCIENCES CORP -2,980 -100.0%
PMFG INC -2,343 -33.9%
ASTRONICS CORP -2,210 -63.6%
CHASE CORP -1,575 -10.7%
ATRO -1,459 -63.1%
SSP -1,313 -18.4%
USLM -541 -8.2%
NVGS -445 -4.7%
BCSB BANCORP INC -420 -100.0%
APCO OIL & GAS INTERNATIONAL -346 -5.3%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type