9AT: DENALI ADVISORS, LLC

other names

DENALI ADVISORS, LLC
DENALI INVESTMENT ADVISORS, LLC
DENALI INVESTMENT ADVISORS

Adviser Profile

As of Date	03/27/2026
Registration	SEC, Approved, 03/02/2001
ADV Location	SAN DIEGO, CA, United States
Contact Info	858 xxxxxxx
Websites

AUM^*	1,387,865,090 16%
of that, discretionary	1,382,301,074 16%
Private Fund GAV^*	164,879,000 18%
Avg Account Size	4,769,296 24%
% High Net Worth	20.62% -4%
SMA’s	Yes
Private Funds	2

Adviser Type

- Large advisory firm

Number of Employees 14

of those in investment advisory functions 9

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Pooled investment vehicles
- Charitable organizations
- State or municipal government entities
- Sovereign wealth funds and foreign official institutions
- Corporations or other businesses not listed above
- Other

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

SEC Fund Type	Count	GAV
Fund TypeOther Private Fund	Count2	GAV$164,879,000

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser FOUNDRY PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.0b	#Funds-
Adviser SYNTAX ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM126.3m	#Funds-
Adviser ACM	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM231.2m	#Funds-
Adviser DAVIS SELECTED ADVISERS - NY, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM22.0b	#Funds-
Adviser BLACKROCK ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1,096.1b	#Funds-
Adviser FRACTAL INVESTMENTS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM734.7m	#Funds-
Adviser HOOD RIVER CAPITAL MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM9.5b	#Funds-
Adviser PROMETHOS CAPITAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.3b	#Funds-
Adviser NICHOLAS CO INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM6.1b	#Funds-
Adviser PROFIT INVESTMENTS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM26.8m	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker037833100	Stock NameAPPLE INC	$ Position$32,175,123	% Position4.00%	$ Change6.00%	# Change-1.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$33,599,812	% Position4.00%	$ Change-7.00%	# Change0.00%
Stck Ticker67066G104	Stock NameNVIDIA CORPORATION	$ Position$40,525,744	% Position4.00%	$ Change0.00%	# Change0.00%
Stck Ticker02079K107	Stock NameALPHABET INC	$ Position$28,957,828	% Position3.00%	$ Change54.00%	# Change20.00%
Stck Ticker023135106	Stock NameAMAZON COM INC	$ Position$18,830,526	% Position2.00%	$ Change5.00%	# Change0.00%
Stck Ticker11135F101	Stock NameBROADCOM INC	$ Position$14,100,117	% Position2.00%	$ Change15.00%	# Change9.00%
Stck Ticker30303M102	Stock NameMETA PLATFORMS INC	$ Position$15,670,556	% Position2.00%	$ Change-11.00%	# Change0.00%
Stck Ticker970646105	Stock NameWILLIS LEASE FIN CORP	$ Position$4,537,429	% Position1.00%	$ Change771.00%	# Change780.00%
Stck Ticker92840M102	Stock NameVISTRA CORP	$ Position$6,247,027	% Position1.00%	$ Change-18.00%	# Change0.00%
Stck Ticker931142103	Stock NameWALMART INC	$ Position$9,258,749	% Position1.00%	$ Change8.00%	# Change0.00%

Brochure Summary

Overview

Firm Description Denali Advisors, LLC is a majority employee-owned, quantitative-based, institutional investment management firm, and the largest Native American-owned asset management firm in the country. Specializing in U.S. value equities, Denali was founded in 2001 by our principal owner Robert Snigaroff, an Alaskan Native of the Aleut Tribe, and Michael Munson. Denali is 70% employee owned. In February 2024, Denali Advisors, LLC opened an office at 233 S. Wacker Drive, Suite 4400, Chicago, IL, 60606, (P) 858-558-3600. It shares office space with McKinley Capital at that location. Principal Owners Mr. Snigaroff, President, and Michael Munson, Senior Vice President and Portfolio Manager are founding principal owners of Denali Advisors, LLC. Nile Capital Group has 19% ownership interest in Denali. As part of this arrangement, Nile provides consulting on employment, sales, marketing and growth opportunities. Nile does not have any additional compensation arrangements, other than equity distributions as part of the ownership. Denali maintains its Minority Business Enterprise (“MBE”) investment manager status, independence, and autonomy. McKinley Management, LLC has an approximately 11% ownership interest in Denali. Types of Advisory Services Denali provides advisor and sub-advisory asset management services on a discretionary basis in accordance with the methods described in the Methods of Analysis, Investment Strategies and Risk of Loss section of this Brochure,

primarily to institutional public, corporate and foundation clients. For more information on the types of clients that we provide advisory services to, please see Types of Clients in this Brochure. Denali develops an investment policy and creates and manages client portfolios based on client-specified guidelines and objectives. Denali offers the following domestic and international equity strategies: Denali Network Value Large (NV Large), Denali Network Value Mid (NV Mid), Denali Network Value Small (NV Small), Denali NV Micro Core (NV Micro Core), Denali Network Value Emerging Markets (NV EM), Denali Network Value ACWI ex-US (NV ACWI ex-US ), Denali Network Value EAFE (NV EAFE), Denali Network Value EAFE Small (NV EAFE Small), Denali Network Value Small- Mid (NV SMID), and Denali Small Growth (DEN SG). 6 | P a g e Tailored Relationships Advisory services are tailored to individual needs of the client. Clients may impose restrictions on investing in certain securities or types of securities. Such restrictions must be submitted to Denali in writing. Assets under Management As of December 31, 2023, Denali managed $493,421,776 on a discretionary basis and $0 on a non- discretionary basis. Effective December 2023, Denali Advisors acquired McKinley Capital Management, LLC (“McKinley Capital”). McKinley Capital is now a wholly owned subsidiary of Denali with approximately $996 million in discretionary AUM and approximately $7.5 million in assets under advisement.

DENALI ADVISORS, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview