13F Holding Comparison: Denali Advisors LLC Q4 2022 vs. Q1 2023

Denali Advisors LLC's Q4 2022 and Q1 2023 13F filings show significant changes in the firm's holdings. In this article, we will look at the top holdings in both quarters and analyze the changes in shares and value. We will also provide insights into the firms whose shares Denali Advisors LLC bought or sold, allowing us to have a broader view of the firm's investment strategy.

Top holdings in Q4 2022

M/I Homes, Inc. (MHO) was the firm's top holding in Q4 2022, with 98130 shares and a value of $4531,000. Worthington Industries (WOR) and Century Communities, Inc. (CCS) were second and third, with 73861 and 76900 shares, respectively.

Top holdings in Q1 2023

There has been a significant change in the top holdings in the Q1 2023 filing. M/I Homes, Inc. (MHO) is no longer the firm's top holding, and Enova International, Inc. (ENVA) has taken its place with 92872 shares and a value of $4126,000.

Changes in holdings

M/I Homes, Inc. (MHO) saw the most significant change in shares held, with Denali Advisors LLC selling 24800 shares, representing a -25.24% change. Dorian LPG Ltd. (LPG) was the second most sold with 6570 shares, representing a -3.36% change. On the other hand, Enova International, Inc. (ENVA) saw the most significant increase in shares held with 31319 shares bought, representing a 50.86% jump. Bluelinx Holdings (BXC) followed with 6575 shares bought, representing a 12.43% increase.

The firm's investment strategy

Denali Advisors LLC's Q4 2022 and Q1 2023 filings show a healthy mix of stocks from different sectors. In Q1 2023, the firm's top holdings' sectors were Financials, Information Technology, and Consumer Discretionary. While in Q4 2022, the top sectors were Consumer Discretionary, Materials, and Financials.

The firm's buying and selling activity in Q1 2023 shows that they were more bullish on the Financials and Consumer Staples sectors. The firm bought significant stakes in International Bancshares (IBOC), Bread Financial Holdings (BFH), and Atlantic Union Bancshares (AUB). They also increased their holdings in Bank of NT Butterfield LTD (NTB), Park National Corp OH (PRK), and Merchants Bancorp (MBIN).

On the other hand, Denali Advisors LLC sold significant stakes in Enstar Group Limited (ESGR), Forestar Group (FOR), and La-Z-Boy Incorporated (LZB). Their selling activity also saw them decrease their holdings in Sandy Spring Bancorp Inc. (SASR), Oppenheimer Holdings (OPY), and American Equity Investment (AEL).

Conclusion

Denali Advisors LLC's Q4 2022 and Q1 2023 filings show a mix of buying and selling activity, indicating a dynamic investment strategy. Although the firm sold a significant stake in M/I Homes, Inc. (MHO) and Dorian LPG Ltd. (LPG), they also bought significant stakes in Enova International, Inc. (ENVA), International Bancshares (IBOC), and Bread Financial Holdings (BFH). Monitoring the firm's 13F filings is crucial to understand their investment strategy and take cues for our portfolio.