Minerva Advisors LLC

Q3 2025 13F-HR Holdings

Location
Bala Cynwyd, PA
Holdings as of
9/30/2025
Date filed
11/12/2025
Form type
13F-HR
Num holdings
56
Total value ($000)
$157,451
Net value change ($000)
+4,861 (3.2%)
New positions
2
Sold out positions
2
Turnover %
1.4%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/13/2025 Next filing: 2/9/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
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)
INFU 4,449 72.0%
SIF 1,545 88.7%
RAIL 641 34.0%
UTMD 593 11.3%
LSBK 575 NEW
SSB 560 NEW
EML 453 3.8%
FSTR 432 23.6%
CTGO 411 27.6%
NVGS 369 8.6%
Top Reduces (Value $000, Stocks/ETFs)
THRY -2,237 -47.8%
TG -1,276 -8.7%
KEQU -1,077 -23.9%
ESCA -570 -7.6%
SSB -521 -100.0%
LSBK -481 -100.0%
SSP -282 -7.6%
GLDD -264 -1.6%
UIS -217 -13.9%
UFI -179 -3.2%
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