The Denali Fund Receives Lipper Awards

The Denali Fund Inc. (NYSE: DNY) is pleased to report that the Fund has received 2008 Performance Achievement Certificates from Lipper Analytical Services for the 1-Year and 5-Year periods ended 12/31/2008 in Lipper’s Real Estate Fund category.

The Denali Fund:

  • Ranks #1 in the Lipper Closed-End Equity Fund Performance Analysis for Real Estate Funds for the 1-Year Ended Dec. 31, 2008
  • Ranks #1 in the Lipper Closed-End Equity Fund Performance Analysis for Real Estate Funds for the 5-Year Ended Dec. 31, 2008

Commenting on the awards, Carl Johns, one of the portfolio managers stated, “We’re pleased with the award, but not terribly satisfied with the losses in 2008. We lost less than most, but a loss is a loss. When we took over as managers to the Fund at the end of October 2007, we immediately started selling off many of the REITs in the portfolio which we viewed as more than fully-priced and, in fact, over-priced in many situations. We asked the new Board to change the Fund’s investment objective from concentrating in REITs to 'total return,' which they unanimously approved. In March 2008, stockholders approved the change in objective. This helped the Fund mitigate its losses in 2008 when the REIT market overall saw significant declines. While we can’t take credit for any of the Fund’s performance prior to October 2007, we will take credit for helping the Fund avoid the catastrophic losses that other REIT funds suffered in 2008.”

The Denali Fund is co-advised by Boulder Investment Advisers, LLC (BIA) and Stewart Investment Advisers (SIA). BIA and SIA became investment co-advisers to the Fund on Oct. 27, 2007. The Fund operates as a non-diversified investment company, as defined in the 1940 Act. The Lipper category is representative of the Fund’s prior investment strategy and has not been updated to reflect the “total return” investment objective.

BIA and SIA serve as investment co-advisers to two other closed-end funds: the Boulder Total Return Fund, Inc. (NYSE: BTF) and the Boulder Growth & Income Fund, Inc. (NYSE: BIF). BIF received similar Lipper awards for the 1-year and 5-year periods ended Dec. 31, 2008, in Lipper’s Core Funds category.

For more information on the Fund, please visit

Past performance is no guarantee of future results. Lipper and Lipper Analytical Services are proprietary trademarks of Lipper, a Thomson Reuters Company.


Boulder Investment Advisers, LLC
Nicole Murphey, 303-449-0426
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