DENALI ADVISORS LLC
Q3 2021 Form 13-F
SAN DIEGO, CALIFORNIA
CIK 0001142941
· CRD 110242
· SEC-registered investment adviser
$239.1M Reported Value Total
DENALI ADVISORS, LLC reports 20 total accounts under management (AUM). There are 20 discretionary accounts valued at $729,337,943, 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.
Private funds (Form ADV)
2 funds
· $200.2M gross asset value
Other: $164.9M · Hedge Fund: $35.4M
Source: Form ADV filed 2026-03-27
Reported value
$239.1M
Quarter over quarter
+0.6%
Holdings
265
Top-10 concentration
17.9%
Filing Structure
Key People
Form ADV owners & control persons
Melvin Duane Lindsey
TRUSTEE
Robert Guenther Snigaroff
MEMBER, MANAGER, CHIEF INVESTMENT OFFICER
Michael Robert Munson
MEMBER
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
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Q3 2021 13F record
Q3 2021 13F filing summary
| Period of report | September 30, 2021 |
|---|---|
| Filed | October 12, 2021 |
| Form | 13F-HR |
| Reported value | $239.1M |
| Positions | 265 |
| Change in reported value | -8.4% |
| New positions | 60 |
| Exited positions | 46 |
| Position turnover | 34.1% |
| Top-10 concentration | 17.9% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 10, 2026
|
318 | $993.0M |
|
Q1 2026 13F
Filed May 8, 2026
|
307 | $899.7M |
|
Q4 2025 13F
Filed Feb 3, 2026
|
321 | $901.0M |
|
Q3 2025 13F
Filed Nov 7, 2025
|
297 | $885.1M |
|
Q2 2025 13F
Filed Jul 30, 2025
|
288 | $960.1M |
|
Q1 2025 13F
Filed May 5, 2025
|
274 | $878.6M |
|
Q4 2024 13F
Filed Feb 4, 2025
|
271 | $954.0M |
|
Q3 2024 13F
Filed Nov 13, 2024
|
271 | $930.7M |
|
Q2 2024 13F
Filed Aug 9, 2024
|
175 | $365.4M |
|
Q1 2024 13F
Filed Apr 19, 2024
|
450 | $339.6M |
|
Q4 2023 13F
Filed Jan 19, 2024
|
451 | $327.3M |
|
Q3 2023 13F
Filed Oct 19, 2023
|
468 | $284.8M |
|
Q2 2023 13F
Filed Jul 18, 2023
|
469 | $284.8M |
|
Q1 2023 13F
Filed Apr 21, 2023
|
436 | $240.3M |
|
Q4 2022 13F
Filed Feb 9, 2023
|
415 | $238.5M |
|
Q3 2022 13F
Filed Oct 25, 2022
|
337 | $211.5M |
|
Q2 2022 13F
Filed Jul 18, 2022
|
352 | $229.4M |
|
Q1 2022 13F
Filed Apr 19, 2022
|
358 | $258.9M |
|
Q4 2021 13F
Filed Jan 21, 2022
|
367 | $267.1M |
|
Q3 2021 13F
Filed Oct 12, 2021
|
265 | $239.1M |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q3 2021
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | INVA Innoviva, Inc. | $4.6M | 1.93% |
| 2 | CMRE Costamare Inc | $4.5M | 1.89% |
| 3 | CUBI Customers Bancorp Inc | $4.5M | 1.88% |
| 4 | GEF Greif Inc cl A | $4.4M | 1.83% |
| 5 | RUSHA Rush Enterprises Inc | $4.2M | 1.77% |
| 6 | AGM Farmer Mac | $4.2M | 1.76% |
| 7 | TOWN Towne Bank | $4.2M | 1.75% |
| 8 | EGBN Eagle Bancorp Inc | $4.2M | 1.74% |
| 9 | IMKTA Ingles Markets cl A | $4.1M | 1.72% |
| 10 | HTH Hilltop Holdings Inc. | $4.0M | 1.68% |
| 11 | NTB Bank of NT Butterfield LTD | $4.0M | 1.66% |
| 12 | GHC Graham Holdings Company | $4.0M | 1.65% |
| 13 | ACCO Acco Brands Corporation | $3.9M | 1.64% |
| 14 | EIG Employers Holdings, Inc. | $3.8M | 1.61% |
| 15 | ESGR Enstar Group Limited | $3.8M | 1.59% |
| 16 | EAF Graftech International Ltd | $3.8M | 1.59% |
| 17 | GTN Gray Television Inc | $3.8M | 1.59% |
| 18 | KW Kennedy-Wilson Holdings | $3.8M | 1.58% |
| 19 | IBOC International Bancshares | $3.7M | 1.54% |
| 20 | ATGE Adtalem Global Education | $3.7M | 1.54% |
Values as reported on the Q3 2021 Form 13F. Every position is in the holdings table below.