{
  "crd_number": 110242,
  "slug": "denali-advisors-llc-san-diego-ca-110242",
  "primary_business_name": "DENALI ADVISORS, LLC",
  "legal_name": "DENALI ADVISORS, LLC",
  "dbas": [],
  "city": "San Diego",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41740",
  "metro": {
    "cbsa_code": "41740",
    "common_name": "San Diego",
    "msa_name": "San Diego-Chula Vista-Carlsbad, CA",
    "path": "/advisors/ca/san-diego"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2001-03-02",
  "years_registered": 25,
  "period": "2026-10-01",
  "filing_date": "2026-03-27",
  "carried_forward": false,
  "raum_total": 1387865090.0,
  "raum_discretionary": 1382301074.0,
  "raum_non_discretionary": 5564016.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 14,
  "advisory_employees": 9,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 3487856.0,
      "count": 3,
      "description": "NATIVE",
      "fewer_than_5": true
    },
    "charitable": {
      "raum": 68809506.0,
      "count": 9
    },
    "individuals": {
      "raum": 63381431.0,
      "count": 197
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 867961397.0,
      "count": 8
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 178030810.0,
      "count": 60
    },
    "pooled_investment_vehicles": {
      "raum": 164879000.0,
      "count": 1
    },
    "corporations_other_businesses": {
      "raum": 22323284.0,
      "count": 12
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 18991806.0,
      "count": 1,
      "fewer_than_5": true
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "other",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "PR",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://denaliadvisors.com",
    "https://linkedin.com/company/denali-advisors"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/110242",
  "city_as_filed": "SAN DIEGO",
  "url": "https://advisorcensus.com/firm/denali-advisors-llc-san-diego-ca-110242",
  "display_name": "Denali Advisors, LLC",
  "summary": "Denali Advisors, LLC is an SEC-registered investment advisory firm in San Diego, CA, registered since 2001, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.",
  "citation": "AdvisorCensus. Denali Advisors, LLC (CRD 110242): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Denali Advisors, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Denali Advisors, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is Denali Advisors, LLC located?",
      "a": "Denali Advisors, LLC's principal office is in San Diego, CA, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Denali Advisors, LLC registered with the SEC or a state?",
      "a": "Denali Advisors, LLC is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 110242."
    },
    {
      "q": "How much does Denali Advisors, LLC manage?",
      "a": "Denali Advisors, LLC reports $1,387,865,090 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary)."
    },
    {
      "q": "How have Denali Advisors, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Denali Advisors, LLC: Regulatory assets under management: $729,337,943 in the October 2021 data and $1,387,865,090 in the October 2026 data, up 90%. Total employees: 14 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Denali Advisors, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (197); high net worth individuals (60); corporations or other businesses not listed above (12)."
    },
    {
      "q": "Which custodians does Denali Advisors, LLC use?",
      "a": "Denali Advisors, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon Capital Markets, LLC, Charles Schwab & Co., Inc., HSBC Securities (USA) Inc., Northern Trust Securities, Inc. and State Street Global Markets, LLC as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Denali Advisors, LLC report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/110242"
    },
    {
      "q": "What changed in Denali Advisors, LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $1,198,606,479 to $1,387,865,090 (+16%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 729337943.0,
      "total_employees": 14,
      "filing_date": "2021-04-09"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 425884640.0,
      "total_employees": 12,
      "filing_date": "2022-02-01"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 410450273.0,
      "total_employees": 11,
      "filing_date": "2023-03-02"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 493421776.0,
      "total_employees": 20,
      "filing_date": "2024-07-17"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1198606479.0,
      "total_employees": 13,
      "filing_date": "2025-06-10"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1387865090.0,
      "total_employees": 14,
      "filing_date": "2026-03-27"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $1,198,606,479 to $1,387,865,090 (+16%)."
      ]
    },
    {
      "period": "2025-12-01",
      "period_label": "December 2025",
      "notes": [
        "Item 11 disclosure answers changed: 0 yes answers, previously 2 (now no: 11.D(2), 11.D(4))."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "BNY Mellon Capital Markets, LLC",
      "name_as_filed": "BNY MELLON CAPITAL MARKETS, LLC",
      "affiliated": false
    },
    {
      "name": "Charles Schwab & Co., Inc.",
      "name_as_filed": "CHARLES SCHWAB & CO., INC.",
      "affiliated": false
    },
    {
      "name": "HSBC Securities (USA) Inc.",
      "name_as_filed": "HSBC SECURITIES (USA) INC.",
      "affiliated": false
    },
    {
      "name": "Northern Trust Securities, Inc.",
      "name_as_filed": "NORTHERN TRUST SECURITIES, INC.",
      "affiliated": false
    },
    {
      "name": "State Street Global Markets, LLC",
      "name_as_filed": "STATE STREET GLOBAL MARKETS, LLC",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/denali-advisors-llc-san-diego-ca-110242.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 197,
      "fewer_than_5": false,
      "raum": 63381431.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 60,
      "fewer_than_5": false,
      "raum": 178030810.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 1,
      "fewer_than_5": false,
      "raum": 164879000.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 9,
      "fewer_than_5": false,
      "raum": 68809506.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 8,
      "fewer_than_5": false,
      "raum": 867961397.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 1,
      "fewer_than_5": true,
      "raum": 18991806.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 12,
      "fewer_than_5": false,
      "raum": 22323284.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 3,
      "fewer_than_5": true,
      "raum": 3487856.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/110242",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}