Athena Capital Management

Athena Capital Management as of Dec. 31, 2010

Portfolio Holdings for Athena Capital Management

Athena Capital Management holds 97 positions in its portfolio as reported in the December 2010 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
PMFG 9.0 $11M 644k 16.40
KapStone Paper and Packaging 6.1 $7.1M 466k 15.30
Chase Corporation 5.7 $6.7M 410k 16.30
Global Power Equipment Grp I 4.6 $5.4M 233k 23.20
KapStone Paper and Packaging 4.2 $5.0M 325k 15.30
Camden National Corporation (CAC) 3.7 $4.3M 119k 36.23
Dorman Products (DORM) 3.5 $4.1M 113k 36.23
Global Power Equipment Grp I 3.2 $3.7M 160k 23.20
L.B. Foster Company (FSTR) 3.1 $3.7M 89k 40.94
Astronics Corporation (ATRO) 3.0 $3.6M 170k 21.00
Belo 3.0 $3.5M 492k 7.08
E.W. Scripps Company (SSP) 2.6 $3.1M 306k 10.15
U.S. Lime & Minerals (USLM) 2.2 $2.6M 63k 42.14
Globecomm Systems 1.9 $2.3M 227k 10.00
Eastern Company (EML) 1.9 $2.2M 124k 17.85
Virco Mfg. Corporation (VIRC) 1.9 $2.2M 836k 2.64
Dawson Geophysical Company 1.7 $2.0M 63k 31.91
A. H. Belo Corporation 1.6 $1.9M 220k 8.70
Escalade (ESCA) 1.6 $1.9M 293k 6.38
Onvia 1.5 $1.8M 394k 4.53
Globecomm Systems 1.5 $1.8M 178k 10.00
A. H. Belo Corporation 1.5 $1.8M 201k 8.70
Ampco-Pittsburgh (AP) 1.5 $1.7M 61k 28.05
Atrion Corporation (ATRI) 1.4 $1.7M 9.4k 179.50
U.S. Lime & Minerals (USLM) 1.4 $1.6M 39k 42.13
Great Lakes Dredge & Dock Corporation (GLDD) 1.3 $1.5M 203k 7.37
Great Lakes Dredge & Dock Corporation (GLDD) 1.2 $1.5M 197k 7.37
Journal Communications 1.2 $1.4M 273k 5.05
Journal Communications 1.1 $1.3M 249k 5.05
Ecology and Environment 1.1 $1.2M 83k 14.99
TF Financial Corporation 1.0 $1.2M 54k 22.16
Deluxe Corporation (DLX) 0.9 $1.0M 45k 23.01
Gtsi 0.9 $1.0M 216k 4.71
Asml Holding Nv Adr depository receipts 0.8 $946k 25k 38.34
Gtsi 0.8 $955k 203k 4.71
Universal Stainless & Alloy Products (USAP) 0.8 $929k 30k 31.28
ProAssurance Corporation (PRA) 0.7 $859k 14k 60.59
Penn Millers Holding Corporation 0.7 $849k 64k 13.22
L.B. Foster Company (FSTR) 0.7 $786k 19k 40.96
Mercer Insurance (MIGP) 0.7 $774k 28k 27.99
Teche Holding Company 0.7 $777k 22k 34.86
Pathfinder Ban 0.7 $774k 91k 8.50
EDAC Technologies Corporation 0.6 $745k 220k 3.38
Century Ban 0.6 $709k 27k 26.81
Alliance Fiber Optic Products 0.6 $649k 41k 15.69
Charter Financial Corporation 0.5 $623k 70k 8.90
Capital Senior Living Corporation 0.5 $595k 89k 6.71
Aerosonic Corporation 0.5 $586k 169k 3.47
Oba Financial Services 0.4 $488k 35k 13.79
Providence & Worcester Railroad Company 0.4 $452k 27k 16.75
Kimco Realty Corporation (KIM) 0.3 $406k 23k 18.04
Citizens & Northern Corporation (CZNC) 0.3 $401k 27k 14.85
Charter Financial Corporation 0.3 $401k 45k 8.91
Aerosonic Corporation 0.3 $401k 116k 3.47
Donegal (DGICB) 0.3 $395k 22k 17.59
Community Bank System (CBU) 0.3 $387k 14k 27.77
Donegal (DGICA) 0.3 $364k 25k 14.49
Mercer Insurance (MIGP) 0.3 $359k 13k 27.95
Danvers Ban (DNBK) 0.3 $353k 20k 17.65
MutualFirst Financial 0.3 $316k 34k 9.31
Roma Financial Corporation 0.2 $297k 28k 10.62
Citizens & Northern Corporation (CZNC) 0.2 $296k 20k 14.87
PT GA Cimatron Ltd ord 0.2 $265k 93k 2.86
Eagle Ban (EBMT) 0.2 $275k 25k 10.83
Century Ban 0.2 $259k 9.7k 26.80
United Online 0.2 $227k 35k 6.59
Beneficial Mutual Ban 0.2 $220k 25k 8.83
Argan (AGX) 0.2 $213k 23k 9.22
Jacksonville Ban 0.2 $210k 19k 10.80
Koss Corporation (KOSS) 0.2 $197k 39k 5.00
Mod-pac 0.2 $200k 40k 5.00
BCSB Ban 0.2 $182k 16k 11.31
NAVIOS MARITIME HOLDINGS INC Com Stk 0.1 $181k 35k 5.13
Searchmedia Hldgs 0.1 $176k 57k 3.11
Superior Uniform (SGC) 0.1 $160k 15k 11.03
Investors Ban 0.1 $157k 12k 13.08
Fox Chase Ban 0.1 $127k 11k 11.88
Jacksonville Ban 0.1 $126k 12k 10.77
CMS Ban 0.1 $118k 12k 9.85
Exceed Company Ltd unit 0.1 $118k 32k 3.73
CFS Ban 0.1 $94k 18k 5.25
Breeze-Eastern Corporation 0.1 $92k 13k 7.08
CMS Ban 0.1 $77k 7.8k 9.87
Alliance Fiber Optic Products 0.1 $83k 5.3k 15.66
AmeriServ Financial (ASRV) 0.1 $65k 41k 1.59
PT GA Cimatron Ltd ord 0.1 $75k 26k 2.86
Mer Telemanagement 0.1 $65k 34k 1.93
Exceed Company Ltd unit 0.1 $60k 16k 3.75
Aehr Test Systems 0.0 $49k 41k 1.21
Giga-tronics, Incorporated 0.0 $35k 13k 2.68
Mer Telemanagement 0.0 $32k 17k 1.93
CFS Ban 0.0 $29k 5.5k 5.27
AmeriServ Financial (ASRV) 0.0 $18k 11k 1.61
Aehr Test Systems (AEHR) 0.0 $22k 18k 1.22
Yadkin Valley Financial 0.0 $9.0k 5.1k 1.78
Searchmedia Holdings Ltd *w exp 11/19/201 0.0 $6.0k 25k 0.24
Superior Uniform (SGC) 0.0 $11k 1.0k 11.00