DENALI ADVISORS LLC's Q2 2023 13F: 97 new positions, 64 exits
Form 13F-HR for the quarter ended Jun 30, 2023 · filed Jul 18, 2023 · 469 reported positions · accession 0001941040-23-000161
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | MDC Holdings Inc (MDC) | 1.9% | 0.0% | −1.9 pts | −118K sh | −100% |
| Reduced | Mueller Industries, Inc. (MLI) | 1.8% | 0.0% | −1.8 pts | −58,300 sh | −100% |
| Exited | Kennedy-Wilson Holdings (KW) | 1.7% | — | −1.7 pts | −241K sh | −100% |
| Exited | Sylvamo Corp (SLVM) | 1.3% | — | −1.3 pts | −69,000 sh | −100% |
| Reduced | International Bancshares (IBOC) | 1.7% | 0.1% | −1.5 pts | −84,700 sh | −91% |
| Exited | Atlantic Union Bancshares (AUB) | 1.1% | — | −1.1 pts | −78,100 sh | −100% |
| Increased | Textainer Group Hldgs Ltd. (TGH) | 0.4% | 1.4% | +1.0 pts | +73,800 sh | +260% |
| Reduced | Dorian LPG Ltd. (LPG) | 1.6% | 0.7% | −0.9 pts | −111K sh | −59% |
| Increased | Dillards Inc cl A (DDS) | 0.2% | 1.1% | +0.9 pts | +8,195 sh | +481% |
| Increased | Farmer Mac (AGM) | 0.9% | 1.6% | +0.7 pts | +16,213 sh | +104% |
| Increased | PBF Energy Inc cl A (PBF) | 0.9% | 1.5% | +0.6 pts | +54,503 sh | +113% |
| Reduced | Stonex Group (SNEX) | 1.1% | 0.1% | −1.0 pts | −23,297 sh | −92% |
| Increased | Essent Group (ESNT) | 0.7% | 1.4% | +0.7 pts | +40,200 sh | +90% |
| Increased | Jackson Financial (JXN) | 0.7% | 1.2% | +0.4 pts | +59,866 sh | +126% |
| Increased | Arch Resources Inc (ARCH) | 0.1% | 0.7% | +0.6 pts | +16,200 sh | +648% |
| Reduced | M/I Homes, Inc. (MHO) | 1.9% | 1.6% | −0.3 pts | −19,800 sh | −27% |
| Increased | Victory Capital Holdings Inc (VCTR) | 0.9% | 1.3% | +0.4 pts | +44,718 sh | +61% |
| Exited | Heartland Express (HTLD) | 0.5% | — | −0.5 pts | −73,400 sh | −100% |
| Increased | Centrus Energy (LEU) | 0.0% | 0.5% | +0.4 pts | +38,825 sh | +3235% |
| Increased | AMC Networks Inc. cl A (AMCX) | 0.5% | 0.7% | +0.2 pts | +104K sh | +155% |
| Increased | American Equity Investment (ANG-PD) | 1.0% | 1.7% | +0.6 pts | +23,700 sh | +34% |
| Reduced | Select Medical Holdings Corp (SEM) | 0.9% | 0.5% | −0.4 pts | −38,200 sh | −45% |
| New | Berkshire Hathaway cl B (BRK-B) | — | 0.4% | +0.4 pts | +3,500 sh | new |
| Increased | La-Z-Boy Incorporated (LZB) | 0.5% | 0.8% | +0.3 pts | +40,400 sh | +101% |
| New | Customers Bancorp Inc (CUBI) | — | 0.4% | +0.4 pts | +38,000 sh | new |
| New | First Merchants Corp (FRME) | — | 0.4% | +0.4 pts | +39,100 sh | new |
| Increased | Geo Group Inc (GEO) | 0.0% | 0.4% | +0.4 pts | +152K sh | +2408% |
| Increased | Enact Holdings Inc (ACT) | 0.1% | 0.5% | +0.4 pts | +42,600 sh | +314% |
| Exited | Enterprise Financial Services (EFSC) | 0.4% | — | −0.4 pts | −20,000 sh | −100% |
| Reduced | Thryv Holdings (THRY) | 1.2% | 0.7% | −0.5 pts | −42,589 sh | −35% |
| Reduced | Century Communities, Inc. (CCS) | 1.9% | 1.6% | −0.3 pts | −13,174 sh | −18% |
| New | Patrick Industries Inc. (PATK) | — | 0.3% | +0.3 pts | +11,800 sh | new |
| Increased | Beazer Homes USA (BZH) | 0.3% | 0.8% | +0.5 pts | +30,000 sh | +60% |
| Reduced | Innoviva, Inc. (INVA) | 1.6% | 1.3% | −0.4 pts | −66,400 sh | −19% |
| Increased | Highpeak Energy (HPK) | 0.5% | 0.5% | 0.0 pts | +77,482 sh | +150% |
| Increased | Dynavax Technologies Corporation (DVAX) | 0.1% | 0.4% | +0.3 pts | +64,500 sh | +504% |
| Exited | Albertsons Companies (ACI) | 0.3% | — | −0.3 pts | −33,785 sh | −100% |
| Increased | ePlus Inc. (PLUS) | 0.4% | 0.6% | +0.3 pts | +14,726 sh | +83% |
| Increased | Dream Finders Homes Inc (DFH) | 0.0% | 0.3% | +0.3 pts | +33,446 sh | +22752% |
| Increased | Bank of NT Butterfield LTD (NTB) | 1.3% | 1.4% | +0.1 pts | +29,385 sh | +25% |
| New | HP Inc. (HPQ) | — | 0.3% | +0.3 pts | +25,777 sh | new |
| Increased | Atlanticus Holdings (ATLC) | 0.1% | 0.4% | +0.3 pts | +18,800 sh | +231% |
| Exited | AbCellera Biologics Inc (ABCL) | 0.3% | — | −0.3 pts | −87,600 sh | −100% |
| Increased | Johnson Outdoors Inc. (JOUT) | 0.3% | 0.6% | +0.2 pts | +12,600 sh | +95% |
| Increased | Richardson Electronics (RELL) | 0.0% | 0.3% | +0.3 pts | +45,900 sh | +1148% |
| Increased | Hackett Group Inc (HCKT) | 0.0% | 0.3% | +0.3 pts | +33,800 sh | +528% |
| Exited | Meta Platforms Inc (META) | 0.3% | — | −0.3 pts | −2,900 sh | −100% |
| New | Crescent Energy (CRGY) | — | 0.2% | +0.2 pts | +67,400 sh | new |
| Exited | Methode Electronics Inc (MEI) | 0.2% | — | −0.2 pts | −13,400 sh | −100% |
| Increased | Sandy Spring Bancorp Inc. (SASR) | 0.6% | 0.6% | +0.1 pts | +30,100 sh | +59% |
The 50 largest of 443 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 16.7% of the equity book
Changes in the top 10 this quarter: ANG-PD entered · BCC entered · CMRE entered · AGM entered · MDC left · MLI left · CNXN left · IMKTA left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Ryerson Holding Corporation (RYZ) | 1.8% | 2.0% | |
| 2 | American Equity Investment (ANG-PD) | 1.0% | 1.7% | Entered the top 10 |
| 3 | Boise Cascade LLC (BCC) | 1.3% | 1.7% | Entered the top 10 |
| 4 | Costamare Inc (CMRE) | 1.7% | 1.6% | Entered the top 10 |
| 5 | M/I Homes, Inc. (MHO) | 1.9% | 1.6% | |
| 6 | Worthington Industries (WOR) | 1.9% | 1.6% | |
| 7 | Farmer Mac (AGM) | 0.9% | 1.6% | Entered the top 10 |
| 8 | Rush Enterprises Inc (RUSHA) | 1.8% | 1.6% | |
| 9 | Century Communities, Inc. (CCS) | 1.9% | 1.6% | |
| 10 | Enova International, Inc. (ENVA) | 1.7% | 1.6% | |
| — | MDC Holdings Inc (MDC) | 1.9% | 0.0% | Left the top 10 |
| — | Mueller Industries, Inc. (MLI) | 1.8% | 0.0% | Left the top 10 |
| — | PC Connection, Inc. (CNXN) | 1.8% | 1.4% | Left the top 10 |
| — | Ingles Markets cl A (IMKTA) | 1.7% | 1.4% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).