Denali Advisors, Llc
- Regulatory AUM
- $1.4B
- Discretionary
- $1.4B
- Clients
- 291
- Avg AUM / client
- $4.8M
- Accounts
- 291
- Employees
- 14
AUM over time
Annual snapshots from Form ADV filings · as of Mar 27, 2026
Investments (13F portfolio — 307 positions, $899,707,650)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Nvidia Corporation | COM | $38,117,947 | 218,566 | 4.24% | 2.75% |
| 2 | Apple Inc | COM | $30,084,239 | 118,540 | 3.34% | 2.17% |
| 3 | Alphabet Inc | CAP STK CL C | $26,473,793 | 92,288 | 2.94% | 1.91% |
| 4 | Microsoft Corp | COM | $25,806,305 | 69,715 | 2.87% | 1.86% |
| 5 | Amazon Com Inc | COM | $16,991,916 | 81,586 | 1.89% | 1.22% |
| 6 | Meta Platforms Inc | CL A | $13,629,303 | 23,822 | 1.51% | 0.98% |
| 7 | Broadcom Inc | COM | $12,684,976 | 40,984 | 1.41% | 0.91% |
| 8 | Walmart Inc | COM | $10,310,675 | 82,963 | 1.15% | 0.74% |
| 9 | At&T Inc | COM | $10,296,369 | 355,170 | 1.14% | 0.74% |
| 10 | Netflix Inc. | COM | $9,896,431 | 102,927 | 1.1% | 0.71% |
| 11 | Ingles Mkts Inc | CL A | $8,701,352 | 96,800 | 0.97% | 0.63% |
| 12 | Costco Wholesale Corporation | COM | $8,588,329 | 8,619 | 0.95% | 0.62% |
| 13 | Eli Lilly & Co | COM | $8,546,624 | 9,292 | 0.95% | 0.62% |
| 14 | Merchants Bancorp Ind | COM | $8,355,006 | 194,710 | 0.93% | 0.6% |
| 15 | Northern Oil & Gas Inc | COM | $8,344,025 | 285,461 | 0.93% | 0.6% |
| 16 | Cardinal Health Inc | COM | $8,286,771 | 39,216 | 0.92% | 0.6% |
| 17 | 1 St Source Corp | COM | $8,277,516 | 119,600 | 0.92% | 0.6% |
| 18 | Tesla Inc | COM | $8,174,784 | 21,990 | 0.91% | 0.59% |
| 19 | Bank Of N T Butterfield & So | SHS NEW | $8,127,525 | 154,869 | 0.9% | 0.59% |
| 20 | Cabot Corp | COM | $8,052,070 | 106,919 | 0.9% | 0.58% |
| 21 | Agnico Eagle Mines Ltd | COM | $7,996,383 | 39,507 | 0.89% | 0.58% |
| 22 | National Beverage Corp | COM | $7,958,864 | 236,519 | 0.88% | 0.57% |
| 23 | First Merchants Corp | COM | $7,947,396 | 205,200 | 0.88% | 0.57% |
| 24 | Cathay Gen Bancorp | COM | $7,930,831 | 159,062 | 0.88% | 0.57% |
| 25 | Otter Tail Corp | COM | $7,891,313 | 89,909 | 0.88% | 0.57% |
Top 25 of 307 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 197 | $63.4M | 4.57% |
| High net worth individuals | 60 | $178M | 12.8% |
| Pooled investment vehicles (non-investment companies) | 1 | $165M | 11.9% |
| Charitable organizations | 9 | $68.8M | 4.96% |
| State or municipal government entities | 8 | $868M | 62.5% |
| Sovereign wealth funds and foreign official institutions | 1 | $19.0M | 1.37% |
| Corporations and other businesses | 12 | $22.3M | 1.61% |
| Other | 3 | $3.5M | 0.25% |
Private funds (1)
Reported in Form ADV Section 7.B.(1), filing of Oct 2024 · $144M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Mckinley Capital Measa Fund Oeic Limited | Other Private Fund | Cayman Islands | $144M | 2 |
People (7)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Michael Robert Munson | Member | CFA | Feb 2001 (26y) | 5% – 10% |
| Snigaroff, Robert, Guenther | Member, Manager | Feb 2001 (26y) | 50% – 75% | |
| Lindsey, Melvin, Duane | Owner | Nov 2016 (10y) | ≈ 0.63% – 6.25% via Nile Capital Group | |
| Cuthbertson, John, William | Chief Investment Officer | Sep 2020 (6y) | Less than 5% | |
| Gillam, Robert, Arthur | Chief Investment Officer, Growth Equity | Jan 2024 (3y) | Less than 5% | |
| Lamb, Deborah, Anne | Chief Compliance Officer | Jan 2024 (3y) | Less than 5% | |
| Lenhart, Kenneth, Paul | Chief Operating Officer | Jan 2024 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Nile Capital Fund B, Lp | Owner | Nov 2016 | A | 10% – 25% |
| Mckinley Management, Llc | Member | Dec 2023 | A | 10% – 25% |
| The Lindsey Family Trust | Owner | Nov 2016 | B | ≈ 5% – 18.75% via Nile Capital Fund B, Lp |
| Nile Capital Group | Owner | Nov 2016 | B | ≈ 2.5% – 12.5% via Nile Capital Fund B, Lp |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Lindsey, Melvin, Duane: 25% – 50% of Nile Capital Group × 25% – 50% of Nile Capital Fund B, Lp × 10% – 25% direct ≈ 0.63% – 6.25% of the firm
- The Lindsey Family Trust: 50% – 75% of Nile Capital Fund B, Lp × 10% – 25% direct ≈ 5% – 18.75% of the firm
- Nile Capital Group: 25% – 50% of Nile Capital Fund B, Lp × 10% – 25% direct ≈ 2.5% – 12.5% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (1, $144M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Mckinley Capital Measa Fund Oeic Limited | Other Private Fund | $144M | $500K | 2 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/27/2026 | 1.32 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: THE CONSENT ORDER AND PENALTY RELATE TO A PRIVATE PLACEMENT IN CONNECTION WITH WHICH THE ADVISORY AFFILIATE DID NOT TIMELY SUBMIT A NOTICE FILING UNDER THE ALASKA SECURITIES ACT IN RESPECT OF SALES MADE IN ALASKA. Status: Final Sanction Detail: THE ADVISORY AFFILIATE CONSENTED TO AN ORDER TO PAY A CIVIL PENALTY OF $5,000 TO THE STATE OF ALASKA. THE ADVISORY AFFILIATE PAID SUCH PENALTY, WHICH WAS ACKNOWLEDGED BY THE STATE OF ALASKA PURSUANT TO AN ORDER ISSUED MAY 22, 2015, A COPY OF WHICH WAS RECEIVED BY THE ADVISORY AFFILIATE'S COUNSEL ON JUNE 1, 2015. Summary: THE ADVISORY AFFILIATE CONDUCTED A PRIVATE PLACEMENT AND INADVERTENTLY DID NOT TIMELY SUBMIT A NOTICE FILING UNDER THE ALASKA SECURITIES ACT IN RESPECT OF SALES MADE IN ALASKA. THE ALASKA DIVISION OF BANKING AND SECURITIES ISSUED AN ORDER AND CONSENT DATED MAY 22, 2015, A COPY OF WHICH WAS RECEIVED BY THE ADVISORY AFFILIATE'S COUNSEL ON JUNE 1, 2015, WHICH ORDER AND CONSENT IMPOSED A CIVIL PENALTY IN THE AMOUNT OF $5,000. PURSUANT TO THE ORDER AND CONSENT, THE ADVISORY AFFILIATE AGREED TO COMPLY WITH ALL PROVISIONS OF THE ALASKA SECURITIES ACT AND ITS ASSOCIATED REGULATIONS.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for businesses/institutional clients
- • Other services
Custody
Reported custodians
- BNY Mellon $412M (30% of AUM) Mar 2026
- State Street $198M (14% of AUM) Mar 2026
- Northern Trust $165M (12% of AUM) Mar 2026
- Hsbc Securities (Usa) Inc. $165M (12% of AUM) Mar 2026
- Charles Schwab & Co. $153M (11% of AUM) Mar 2026
- J.P. Morgan $98.9M (20% of AUM) Jul 2024
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 27, 2026.
View current Form ADV (SEC/IAPD) ↗