Minerva Advisors LLC

Q4 2025 13F-HR Holdings

Location
Bala Cynwyd, PA
Holdings as of
12/31/2025
Date filed
2/9/2026
Form type
13F-HR
Num holdings
57
Total value ($000)
$149,717
Net value change ($000)
-7,734 (-4.9%)
New positions
2
Sold out positions
1
Turnover %
2.0%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/12/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
SSP 2,121 62.2%
GLDD 1,570 9.4%
EBC 1,153 NEW
KEQU 1,135 33.1%
ESCA 741 10.7%
FMC 666 NEW
NVGS 551 11.8%
CAC 429 12.4%
RAIL 427 16.9%
CRD-A 269 9.5%
Top Reduces (Value $000, Stocks/ETFs)
ATRO -3,350 -37.7%
SGA -2,456 -87.1%
EML -2,017 -16.2%
THRY -1,543 -63.2%
TG -1,409 -10.6%
VIRC -1,305 -12.4%
UFI -1,208 -22.0%
HONE -1,202 -100.0%
INFU -951 -8.9%
UTMD -621 -10.6%
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.
Filter:
Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type