DENALI ADVISORS LLC
Q4 2021 Form 13-F
SAN DIEGO, CALIFORNIA
CIK 0001142941
· CRD 110242
· SEC-registered investment adviser
$267.1M Reported Value Total
DENALI ADVISORS, LLC reports 16 total accounts under management (AUM). There are 16 discretionary accounts valued at $425,884,640, 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
$267.1M
Quarter over quarter
+7.1%
Holdings
367
Top-10 concentration
16.9%
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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Q4 2021 13F record
Q4 2021 13F filing summary
| Period of report | December 31, 2021 |
|---|---|
| Filed | January 21, 2022 |
| Form | 13F-HR |
| Reported value | $267.1M |
| Positions | 367 |
| Change in reported value | +11.7% |
| New positions | 132 |
| Exited positions | 42 |
| Position turnover | 42.5% |
| Top-10 concentration | 16.9% |
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 · Q4 2021
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | IMKTA Ingles Markets cl A | $4.8M | 1.79% |
| 2 | MHO M/I Homes, Inc. | $4.7M | 1.76% |
| 3 | GHC Graham Holdings Company | $4.7M | 1.75% |
| 4 | SANM Sanmina Corporation | $4.6M | 1.74% |
| 5 | RUSHA Rush Enterprises Inc | $4.6M | 1.73% |
| 6 | HTH Hilltop Holdings Inc. | $4.4M | 1.64% |
| 7 | BCC Boise Cascade LLC | $4.4M | 1.63% |
| 8 | EAF Graftech International Ltd | $4.3M | 1.62% |
| 9 | KW Kennedy-Wilson Holdings | $4.3M | 1.62% |
| 10 | INVA Innoviva, Inc. | $4.3M | 1.61% |
| 11 | AX AXOS Financial Inc | $4.3M | 1.61% |
| 12 | NTB Bank of NT Butterfield LTD | $4.3M | 1.61% |
| 13 | TOWN Towne Bank | $4.3M | 1.59% |
| 14 | GEF Greif Inc cl A | $4.2M | 1.57% |
| 15 | EIG Employers Holdings, Inc. | $4.1M | 1.52% |
| 16 | NNI Nelnet Inc | $4.0M | 1.51% |
| 17 | IBOC International Bancshares | $4.0M | 1.51% |
| 18 | ESGR Enstar Group Limited | $4.0M | 1.5% |
| 19 | CUBI Customers Bancorp Inc | $4.0M | 1.5% |
| 20 | PDM Piedmont Office Realty Trust, | $3.9M | 1.48% |
Values as reported on the Q4 2021 Form 13F. Every position is in the holdings table below.