DENALI ADVISORS LLC
Q3 2023 Form 13-F
SAN DIEGO, CALIFORNIA
CIK 0001142941
· CRD 110242
· SEC-registered investment adviser
$284.8M Reported Value Total
DENALI ADVISORS, LLC reports 16 total accounts under management (AUM). There are 16 discretionary accounts valued at $493,421,776, 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
$284.8M
Quarter over quarter
-0.7%
Holdings
468
Top-10 concentration
15.6%
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 2023 13F record
Q3 2023 13F filing summary
| Period of report | September 30, 2023 |
|---|---|
| Filed | October 19, 2023 |
| Form | 13F-HR |
| Reported value | $284.8M |
| Positions | 468 |
| Change in reported value | +0.0% |
| New positions | 92 |
| Exited positions | 93 |
| Position turnover | 33.0% |
| Top-10 concentration | 15.6% |
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 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | PBF PBF Energy Inc cl A | $5.1M | 1.79% |
| 2 | GOGL Golden Ocean Group | $4.7M | 1.66% |
| 3 | ENVA Enova International, Inc. | $4.5M | 1.56% |
| 4 | CNXN PC Connection, Inc. | $4.4M | 1.55% |
| 5 | INVA Innoviva, Inc. | $4.4M | 1.55% |
| 6 | VCTR Victory Capital Holdings Inc | $4.4M | 1.54% |
| 7 | BXC Bluelinx Holdings | $4.4M | 1.53% |
| 8 | HTLF Heartland Financial USA | $4.2M | 1.49% |
| 9 | RUSHA Rush Enterprises Inc | $4.2M | 1.47% |
| 10 | GEF Greif Inc cl A | $4.2M | 1.46% |
| 11 | TGH Textainer Group Hldgs Ltd. | $4.1M | 1.45% |
| 12 | IMKTA Ingles Markets cl A | $4.1M | 1.44% |
| 13 | NTB Bank of NT Butterfield LTD | $4.1M | 1.42% |
| 14 | ESNT Essent Group | $4.0M | 1.41% |
| 15 | CMRE Costamare Inc | $4.0M | 1.41% |
| 16 | ANG-PD American Equity Investment | $4.0M | 1.39% |
| 17 | PRDO Perdoceo Education Corp | $3.9M | 1.37% |
| 18 | JXN Jackson Financial | $3.7M | 1.31% |
| 19 | CCS Century Communities, Inc. | $3.7M | 1.31% |
| 20 | WOR Worthington Industries | $3.7M | 1.3% |
Values as reported on the Q3 2023 Form 13F. Every position is in the holdings table below.