MINERVA ADVISORS LLC
Q4 2022 Form 13-F
BALA CYNWYD, PENNSYLVANIA
CIK 0001541536
· CRD 161408
· SEC-registered investment adviser
$134.4M Reported Value Total
MINERVA ADVISORS LLC reports 6 total accounts under management (AUM). There are 6 discretionary accounts valued at $283,552,907, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered
Discretionary & Non-Discretionary
Private funds (Form ADV)
2 funds
· $234.1M gross asset value
Hedge Fund: $181.2M · Other: $53.0M
Source: Form ADV filed 2026-03-27
Reported value
$134.4M
Quarter over quarter
+2.1%
Holdings
66
Top-10 concentration
52.2%
Key People
Form ADV owners & control persons
David Peter Cohen
MEMBER, PRESIDENT,CHIEF COMPLIANCE OFFICER
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
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Q4 2022 13F record
Q4 2022 13F filing summary
| Period of report | December 31, 2022 |
|---|---|
| Filed | February 13, 2023 |
| Form | 13F-HR |
| Reported value | $134.4M |
| Positions | 66 |
| Change in reported value | +1.8% |
| New positions | 2 |
| Exited positions | 2 |
| Position turnover | 5.9% |
| Top-10 concentration | 52.2% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 12, 2026
|
46 | $158.3M |
|
Q1 2026 13F
Filed May 12, 2026
|
48 | $154.9M |
|
Q4 2025 13F
Filed Feb 9, 2026
|
57 | $149.7M |
|
Q3 2025 13F
Filed Nov 12, 2025
|
56 | $157.5M |
|
Q2 2025 13F
Filed Aug 13, 2025
|
56 | $152.6M |
|
Q1 2025 13F
Filed May 8, 2025
|
55 | $140.7M |
|
Q4 2024 13F
Filed Feb 4, 2025
|
57 | $171.0M |
|
Q3 2024 13F
Filed Nov 8, 2024
|
57 | $172.6M |
|
Q2 2024 13F
Filed Aug 12, 2024
|
57 | $150.0M |
|
Q1 2024 13F
Filed May 14, 2024
|
59 | $163.3M |
|
Q4 2023 13F
Filed Feb 9, 2024
|
59 | $160.0M |
|
Q3 2023 13F
Filed Nov 13, 2023
|
62 | $143.0M |
|
Q2 2023 13F
Filed Aug 10, 2023
|
65 | $144.5M |
|
Q1 2023 13F
Filed May 15, 2023
|
67 | $138.6M |
|
Q4 2022 13F
Filed Feb 13, 2023
|
66 | $134.4M |
|
Q3 2022 13F
Filed Nov 10, 2022
|
66 | $132.0M |
|
Q2 2022 13F
Filed Aug 12, 2022
|
65 | $138.5M |
|
Q1 2022 13F
Filed May 12, 2022
|
65 | $154.4M |
|
Q4 2021 13F
Filed Feb 14, 2022
|
71 | $166.3M |
|
Q3 2021 13F
Filed Nov 12, 2021
|
73 | $172.0M |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2022
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | CCF CHASE CORP | $10.4M | 7.72% |
| 2 | CTG COMPUTER TASK GROUP INC | $9.5M | 7.07% |
| 3 | EML EASTERN CO | $7.9M | 5.86% |
| 4 | INFU INFUSYSTEM HLDGS INC | $7.4M | 5.47% |
| 5 | GLDD GREAT LAKES DREDGE & DOCK CO | $7.0M | 5.2% |
| 6 | SSP SCRIPPS E W CO OHIO | $6.9M | 5.13% |
| 7 | ESCA ESCALADE INC | $5.6M | 4.19% |
| 8 | USLM US LIME & MINERAL | $5.4M | 3.98% |
| 9 | USAP UNIVERSAL STAINLESS & ALLOY | $5.3M | 3.94% |
| 10 | SGA SAGA COMMUNICATIONS INC | $4.8M | 3.58% |
| 11 | ATRO ASTRONICS CORP | $4.8M | 3.55% |
| 12 | PBHC PATHFINDER BANCORP INC | $4.7M | 3.53% |
| 13 | VIRC VIRCO MANUFACTURING CO | $4.2M | 3.13% |
| 14 | NVGS NAVIGATOR HOLDINGS LTD | $4.1M | 3.06% |
| 15 | TG TREDEGAR CORP | $3.9M | 2.89% |
| 16 | CAC CAMDEN NATIONAL CORP | $3.7M | 2.78% |
| 17 | KEQU KEWAUNEE SCIENTIFIC CP | $2.7M | 2.01% |
| 18 | RAIL FREIGHTCAR AMERICA INC | $2.5M | 1.9% |
| 19 | DLHC DLH HOLDINGS CORP | $2.3M | 1.72% |
| 20 | CTGO CONTANGO ORE INC | $2.2M | 1.6% |
Values as reported on the Q4 2022 Form 13F. Every position is in the holdings table below.