Denali Advisors LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 4, 2025), Denali Advisors LLC reported 271 stock positions worth $954.0 million. Its top holding was Microsoft (MSFT) at 4.3% of the portfolio, followed by Apple (AAPL, 4.2%) and Nvidia (NVDA, 4.1%). Compared with Q3 2024, it opened 45 new positions, sold out of 45, added to 91 and reduced 121. The biggest buy was Tesla (TSLA, shares +106%) and the biggest sale an exit from Newmark Class A (NMRK).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001142941
- Portfolio Value
- $954.0M (Q4 2024)
- SEC Filing
- 0001398344-25-001944 ↗ filed Feb 4, 2025
Holdings Value
Holdings 271 stocks · $954.0M
| MSFT Microsoft Corp. | 4.31% | 97,617 | $41.1M | Reduce -0.6% |
| AAPL Apple Inc. | 4.22% | 160,669 | $40.2M | Add +6.6% |
| NVDA Nvidia Corp. | 4.07% | 289,265 | $38.8M | Reduce -0.4% |
| AMZN Amazon.com Inc. | 3.12% | 135,656 | $29.8M | Add +10.7% |
| GOOG Alphabet Inc. Class C | 2.33% | 116,963 | $22.3M | Reduce -0.8% |
| META Meta Platforms Inc. Class A | 2.03% | 33,083 | $19.4M | Reduce -0.6% |
| AVGO Broadcom Inc. | 1.49% | 61,406 | $14.2M | Add +14.6% |
| ARCC Ares Capital Corp. | 1.37% | 595,041 | $13.0M | Reduce -4.6% |
| TSLA Tesla Inc. | 1.32% | 31,114 | $12.6M | Add +106.2% |
| NFLX Netflix Inc. | 1.23% | 13,181 | $11.7M | Reduce -0.5% |
| LLY Eli Lilly & Co. | 1.11% | 13,688 | $10.6M | Reduce -12.0% |
| BXSL Blackstone Secured Lending F | 1.09% | 321,376 | $10.4M | Reduce -4.9% |
| COST Costco Wholesale Corp. | 1.08% | 11,248 | $10.3M | Reduce -0.7% |
| OBDC Blue Owl Capital Corp. | 1.05% | 663,104 | $10.0M | Reduce -5.8% |
| WMT Walmart Inc. | 1.00% | 105,309 | $9.5M | Add +7.0% |
| MAIN Main Street Capital Corp. | 0.99% | 160,583 | $9.4M | Reduce -4.6% |
| HD Home Depot Inc. | 0.93% | 22,866 | $8.9M | Reduce -0.3% |
| NOW ServiceNow Inc. | 0.89% | 8,046 | $8.5M | Reduce -0.6% |
| KKR KKR & Co. Inc. | 0.86% | 55,681 | $8.2M | Add +131.8% |
| GBDC Golub Capital BDC Inc. | 0.86% | 541,003 | $8.2M | Reduce -8.3% |
| T AT&T Inc. | 0.85% | 355,227 | $8.1M | Add +360.5% |
| TGNA Tegna Inc. | 0.79% | 410,172 | $7.5M | Reduce -20.9% |
| SNEX Stonex Group Inc. | 0.77% | 74,634 | $7.3M | Reduce -14.7% |
| CNXN PC Connection Inc. | 0.76% | 104,900 | $7.3M | Add +8.0% |
| BKE The Buckle Inc. | 0.76% | 142,228 | $7.2M | Reduce -9.4% |
| AMLP Alerian MLP ETF | 0.75% | 148,388 | $7.1M | Add +0.2% |
| HTGC Hercules Capital Inc. | 0.74% | 349,500 | $7.0M | Reduce -2.5% |
| NTB Bank of N.T. Butterfield&son | 0.73% | 189,415 | $6.9M | Add +10.2% |
| EFSC Enterprise Financial Service | 0.72% | 121,992 | $6.9M | Add +102.7% |
| CATY Cathay General Bancorp | 0.72% | 143,727 | $6.8M | Add +339.6% |
| VST Vistra Corp. | 0.72% | 49,522 | $6.8M | Add +52.4% |
| HPK Highpeak Energy Inc. | 0.71% | 457,829 | $6.7M | Add +9.5% |
| FRME First Merchants Corp. | 0.70% | 168,500 | $6.7M | Reduce -8.1% |
| MA Mastercard Inc. Class A | 0.70% | 12,754 | $6.7M | Add +74.6% |
| FFBC First Financial Bancorp | 0.70% | 249,700 | $6.7M | Reduce -7.7% |
| MBIN Merchants Bancorp | 0.70% | 182,606 | $6.7M | Add +18.0% |
| SRCE 1ST Source Corp. | 0.70% | 114,000 | $6.7M | Reduce -2.1% |
| NNI Nelnet Inc. Class A | 0.69% | 62,010 | $6.6M | Reduce -2.8% |
| RUSHA Rush Enterprises Inc. Class A | 0.69% | 119,465 | $6.5M | Reduce -15.0% |
| CMRE Costamare Inc. | 0.68% | 508,195 | $6.5M | Add +1.7% |
| IMKTA Ingles Markets Inc. Class A | 0.68% | 100,708 | $6.5M | Add +3.5% |
| FSK FS KKR Capital Corp. | 0.68% | 298,518 | $6.5M | Reduce -9.8% |
| ANET Arista Networks Inc. | 0.68% | 58,556 | $6.5M | Reduce -0.4% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 0.68% | 175,718 | $6.5M | Add +2446.6% |
| GEF Greif Inc. Class A | 0.67% | 105,221 | $6.4M | Reduce -9.0% |
| FIZZ National Beverage Corp. | 0.67% | 149,620 | $6.4M | Add +1.8% |
| IBOC International Bancshares CRP | 0.67% | 101,016 | $6.4M | Add +2051.6% |
| ACT Enact Holdings Inc. | 0.66% | 194,012 | $6.3M | Reduce -8.2% |
| INVA Innoviva Inc. | 0.64% | 354,324 | $6.1M | Reduce -6.9% |
| FOR Forestar Group Inc. | 0.64% | 237,161 | $6.1M | Add +2.0% |
| XOM Exxon Mobil Corp. | 0.63% | 55,911 | $6.0M | Reduce -20.2% |
| BXC Bluelinx Holdings Inc. | 0.63% | 58,618 | $6.0M | Reduce -4.3% |
| PANW Palo Alto Networks Inc. | 0.63% | 32,800 | $6.0M | Reduce -0.6% |
| JXN Jackson Financial Inc. Class A | 0.62% | 68,129 | $5.9M | Reduce -16.2% |
| ALX Alexander's Inc. | 0.61% | 29,315 | $5.9M | Add +9.3% |
| GOLDEN OCEAN GROUP LTD | 0.58% | 620,490 | $5.6M | Add +27.3% |
| SAH Sonic Automotive Inc. Class A | 0.58% | 87,100 | $5.5M | Add +111.2% |
| FLNG Flex LNG Ltd. | 0.57% | 236,900 | $5.4M | Add +19.8% |
| PRDO Perdoceo Education Corp. | 0.56% | 203,100 | $5.4M | Add +34.3% |
| INTU Intuit Inc. | 0.56% | 8,473 | $5.3M | Reduce -0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.56% | 11,710 | $5.3M | Add +4.5% |
| DFH Dream Finders Homes Inc. Class A | 0.55% | 225,858 | $5.3M | Add +3.5% |
| LNG Cheniere Energy Inc. | 0.55% | 24,251 | $5.2M | Reduce -6.0% |
| QCRH QCR Holdings Inc. | 0.54% | 64,199 | $5.2M | Add +31.1% |
| BWXT BWX Technologies Inc. | 0.52% | 44,489 | $5.0M | Reduce -0.1% |
| WM Waste Management Inc. | 0.52% | 24,375 | $4.9M | Add +0.7% |
| CCSI Consensus Cloud Solution | 0.51% | 204,932 | $4.9M | Add +36.8% |
| ORCL Oracle Corp. | 0.51% | 29,112 | $4.9M | Add +0.5% |
| AMR Alpha Metallurgical Resource | 0.50% | 23,602 | $4.7M | Reduce -0.8% |
| MOV Movado Group Inc. | 0.49% | 236,908 | $4.7M | Reduce -1.7% |
| GNW Genworth Financial Inc. | 0.49% | 662,500 | $4.6M | Reduce -4.1% |
| WOR Worthington Enterprises Inc. | 0.48% | 114,700 | $4.6M | No change |
| SCCO Southern Copper Corp. | 0.48% | 50,049 | $4.6M | Add +5.0% |
| JPM JPMorgan Chase & Co. | 0.47% | 18,570 | $4.5M | Reduce -2.1% |
| TSLX Sixth Street Specialty Lendi | 0.46% | 207,976 | $4.4M | Reduce -5.8% |
| ATKR Atkore Inc. | 0.46% | 53,000 | $4.4M | Reduce -2.9% |
| TRI Thomson Reuters Corp. | 0.46% | 27,515 | $4.4M | Add +6.0% |
| SM SM Energy Co. | 0.46% | 112,551 | $4.4M | New |
| BFH Bread Financial Holdings Inc. | 0.45% | 70,032 | $4.3M | Add +416.9% |
| ULH Universal Logistics Holdings | 0.44% | 92,249 | $4.2M | Add +10.0% |
| WSBC Wesbanco Inc. | 0.44% | 130,200 | $4.2M | Add +93.5% |
| THC Tenet Healthcare Corp. | 0.44% | 33,515 | $4.2M | Add +31.0% |
| TCOM Trip.com Group Ltd.-ADR | 0.43% | 59,688 | $4.1M | New |
| AEM Agnico Eagle Mines Ltd. | 0.42% | 51,618 | $4.0M | Add +51.2% |
| SD Sandridge Energy Inc. | 0.41% | 334,983 | $3.9M | Reduce -3.1% |
| CAH Cardinal Health Inc. | 0.41% | 33,040 | $3.9M | New |
| V Visa Inc. Class A | 0.41% | 12,325 | $3.9M | Reduce -54.1% |
| MO Altria Group Inc. | 0.40% | 73,610 | $3.8M | New |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.39% | 459,679 | $3.7M | New |
| HRMY Harmony Biosciences Holdings | 0.38% | 104,314 | $3.6M | Add +102.5% |
| CASH Pathward Financial Inc. | 0.37% | 48,370 | $3.6M | No change |
| CCAP Crescent Capital BDC Inc. | 0.37% | 183,783 | $3.5M | Add +0.5% |
| BLDR Builders Firstsource Inc. | 0.33% | 22,335 | $3.2M | Reduce -0.7% |
| BTU Peabody Energy Corp. | 0.33% | 151,111 | $3.2M | Add +2.3% |
| COP Conocophillips | 0.32% | 31,185 | $3.1M | Reduce -17.8% |
| EVR Evercore Inc. Class A | 0.32% | 11,074 | $3.1M | New |
| SHOE Shoe Station Group Inc. filed as SHOE CARNIVAL INC | 0.32% | 91,800 | $3.0M | Add +37.8% |
| MCD McDonald's Corp. | 0.32% | 10,460 | $3.0M | Reduce -7.4% |
| AGG iShares Core U.S. Aggregate | 0.31% | 30,901 | $3.0M | Add +43.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.31% | 14,764 | $2.9M | Add +3.5% |
Portfolio Sells Q3 2024 → Q4 2024
| NMRK Newmark Group Inc. Class A | Sold out | 0.00% | −0.84 |
| SLVM Sylvamo Corp. | Reduce -81.2% | 0.14% | −0.70 |
| GD General Dynamics Corp. | Sold out | 0.00% | −0.66 |
| SFNC Simmons First Natl Corp. Class A | Reduce -83.0% | 0.14% | −0.66 |
| PEP Pepsico Inc. | Reduce -83.8% | 0.11% | −0.64 |
| CNO Cno Financial Group Inc. | Sold out | 0.00% | −0.62 |
| PFSI Pennymac Financial Services | Sold out | 0.00% | −0.48 |
| TTEK Tetra Tech Inc. | Reduce -81.8% | 0.08% | −0.47 |
| TGT Target Corp. | Sold out | 0.00% | −0.43 |
| HOPE Hope Bancorp Inc. | Sold out | 0.00% | −0.42 |
| ARCH Arch Resources Inc. | Sold out | 0.00% | −0.41 |
| CVI CVR Energy Inc. | Sold out | 0.00% | −0.39 |
| V Visa Inc. Class A | Reduce -54.1% | 0.41% | −0.38 |
| LLY Eli Lilly & Co. | Reduce -12.0% | 1.11% | −0.37 |
| TWI Titan International Inc. | Reduce -72.3% | 0.11% | −0.37 |
| STLD Steel Dynamics Inc. | Reduce -63.0% | 0.17% | −0.34 |
| XOM Exxon Mobil Corp. | Reduce -20.2% | 0.63% | −0.25 |
| GRBK Green Brick Partners Inc. | Reduce -27.6% | 0.22% | −0.24 |
| CUBI Customers Bancorp Inc. | Sold out | 0.00% | −0.23 |
| OFG Ofg Bancorp | Sold out | 0.00% | −0.23 |
| MSFT Microsoft Corp. | Reduce -0.6% | 4.31% | −0.23 |
| BANR Banner Corporation | Reduce -80.5% | 0.06% | −0.21 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -61.2% | 0.07% | −0.19 |
| MAR Marriott International Class A | Reduce -44.0% | 0.29% | −0.18 |
| LGIH Lgi Homes Inc. | Sold out | 0.00% | −0.18 |
| JXN Jackson Financial Inc. Class A | Reduce -16.2% | 0.62% | −0.18 |
| ACT Enact Holdings Inc. | Reduce -8.2% | 0.66% | −0.17 |
| OEC Orion SA | Sold out | 0.00% | −0.17 |
| INVA Innoviva Inc. | Reduce -6.9% | 0.64% | −0.14 |
| USNA Usana Health Sciences Inc. | Sold out | 0.00% | −0.14 |
| BLDR Builders Firstsource Inc. | Reduce -0.7% | 0.33% | −0.13 |
| PSEC Prospect Capital Corp. | Reduce -65.3% | 0.05% | −0.13 |
| DHI D.R. Horton Inc. | Reduce -29.5% | 0.13% | −0.12 |
| STBA S & T Bancorp Inc. | Sold out | 0.00% | −0.12 |
| ATSG Air Transport Services Group | Sold out | 0.00% | −0.12 |
| LTC LTC Properties Inc. | Reduce -45.8% | 0.12% | −0.12 |
| HSII Heidrick & Struggles Intl | Sold out | 0.00% | −0.11 |
| RUSHA Rush Enterprises Inc. Class A | Reduce -15.0% | 0.69% | −0.11 |
| AMR Alpha Metallurgical Resource | Reduce -0.8% | 0.50% | −0.11 |
| AMAT Applied Materials Inc. | Reduce -27.9% | 0.14% | −0.11 |
| COP Conocophillips | Reduce -17.8% | 0.32% | −0.11 |
| GEF Greif Inc. Class A | Reduce -9.0% | 0.67% | −0.10 |
| HTH Hilltop Holdings Inc. | Sold out | 0.00% | −0.10 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.10 |
| CSWC Capital Southwest Corp. | Reduce -16.2% | 0.24% | −0.10 |
| PFC Premier Financial Corp. | Sold out | 0.00% | −0.10 |
| GBDC Golub Capital BDC Inc. | Reduce -8.3% | 0.86% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -20.6% | 0.28% | −0.10 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −0.10 |
| TGNA Tegna Inc. | Reduce -20.9% | 0.79% | −0.09 |
Portfolio Buys Q3 2024 → Q4 2024
| TSLA Tesla Inc. | Add +106.2% | 1.32% | +0.89 |
| AMZN Amazon.com Inc. | Add +10.7% | 3.12% | +0.67 |
| T AT&T Inc. | Add +360.5% | 0.85% | +0.67 |
| NMIH Nmi Holdings Inc. | Add +2446.6% | 0.68% | +0.65 |
| IBOC International Bancshares CRP | Add +2051.6% | 0.67% | +0.64 |
| CATY Cathay General Bancorp | Add +339.6% | 0.72% | +0.57 |
| KKR KKR & Co. Inc. | Add +131.8% | 0.86% | +0.53 |
| AVGO Broadcom Inc. | Add +14.6% | 1.49% | +0.50 |
| SM SM Energy Co. | New | 0.46% | +0.46 |
| AAPL Apple Inc. | Add +6.6% | 4.22% | +0.45 |
| TCOM Trip.com Group Ltd.-ADR | New | 0.43% | +0.43 |
| CAH Cardinal Health Inc. | New | 0.41% | +0.41 |
| MO Altria Group Inc. | New | 0.40% | +0.40 |
| EFSC Enterprise Financial Service | Add +102.7% | 0.72% | +0.39 |
| ERIC Ericsson (lm) Tel-SP ADR | New | 0.39% | +0.39 |
| BFH Bread Financial Holdings Inc. | Add +416.9% | 0.45% | +0.38 |
| EVR Evercore Inc. Class A | New | 0.32% | +0.32 |
| SAH Sonic Automotive Inc. Class A | Add +111.2% | 0.58% | +0.32 |
| MA Mastercard Inc. Class A | Add +74.6% | 0.70% | +0.32 |
| BLK BlackRock Inc. | New | 0.30% | +0.30 |
| VST Vistra Corp. | Add +52.4% | 0.72% | +0.30 |
| CEG Constellation Energy | New | 0.30% | +0.30 |
| ALSN Allison Transmission Holding | New | 0.30% | +0.30 |
| FLEX Flex Ltd. | New | 0.29% | +0.29 |
| NOG Northern Oil and Gas Inc. | New | 0.28% | +0.28 |
| BIZD Vaneck BDC Income ETF | New | 0.27% | +0.27 |
| INSW International Seaways Inc. | New | 0.24% | +0.24 |
| AGM Federal Agric MTG Corp. Class C | New | 0.23% | +0.23 |
| TNK Teekay Tankers Ltd. Class A | New | 0.23% | +0.23 |
| WSBC Wesbanco Inc. | Add +93.5% | 0.44% | +0.23 |
| PLTR Palantir Technologies Inc. Class A | New | 0.23% | +0.23 |
| PRDO Perdoceo Education Corp. | Add +34.3% | 0.56% | +0.20 |
| MSDL Morgan Stanley Direct Lendin | New | 0.20% | +0.20 |
| DLR Digital Realty Trust Inc. | Add +188.9% | 0.26% | +0.18 |
| ASO Academy Sports & Outdoors Inc. | New | 0.18% | +0.18 |
| CENTA Central Garden and Pet Co. Class A | New | 0.16% | +0.16 |
| HRMY Harmony Biosciences Holdings | Add +102.5% | 0.38% | +0.15 |
| QCRH QCR Holdings Inc. | Add +31.1% | 0.54% | +0.15 |
| WMT Walmart Inc. | Add +7.0% | 1.00% | +0.14 |
| BZH Beazer Homes USA Inc. | New | 0.14% | +0.14 |
| PLAB Photronics Inc. | New | 0.14% | +0.14 |
| CCSI Consensus Cloud Solution | Add +36.8% | 0.51% | +0.13 |
| AEM Agnico Eagle Mines Ltd. | Add +51.2% | 0.42% | +0.13 |
| BANF Bancfirst Corp. | Add +58.0% | 0.30% | +0.13 |
| VCTR Victory Capital Holding - A | Add +49.7% | 0.29% | +0.12 |
| DXPE DXP Enterprises Inc. | New | 0.11% | +0.11 |
| ETD Ethan Allen Interiors Inc. | New | 0.11% | +0.11 |
| EBF Ennis Inc. | New | 0.10% | +0.10 |
| REPX Riley Exploration Permian Inc. | Add +32.4% | 0.29% | +0.10 |
| MRVL Marvell Technology Inc. | New | 0.10% | +0.10 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 318 | $993.0M | NVDA, GOOG, AAPL, MSFT, AMZN |
| Q1 2026 | 307 | $899.7M | NVDA, AAPL, GOOG, MSFT, AMZN |
| Q4 2025 | 321 | $901.0M | NVDA, MSFT, AAPL, GOOG, AMZN |
| Q3 2025 | 297 | $885.1M | NVDA, MSFT, AAPL, GOOG, AMZN |
| Q2 2025 | 288 | $960.1M | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 274 | $878.6M | MSFT, AAPL, NVDA, AMZN, META |
| Q4 2024 | 271 | $954.0M | MSFT, AAPL, NVDA, AMZN, GOOG |
| Q3 2024 | 271 | $930.7M | MSFT, NVDA, AAPL, AMZN, GOOG |
| Q2 2024 | 175 | $365.4M | INVA, CMRE, ACT, JXN, FRME |
| Q1 2024 | 450 | $339.6M | JXN, GPOR, BXC, VCTR, RUSHA |