Denali Advisors LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Denali Advisors LLC reported 274 stock positions worth $878.6 million. Its top holding was Microsoft (MSFT) at 4.1% of the portfolio, followed by Apple (AAPL, 4.0%) and Nvidia (NVDA, 3.5%). Compared with Q4 2024, it opened 36 new positions, sold out of 33, added to 109 and reduced 118. The biggest buy was Otter Tail (OTTR, shares +883%) and the biggest sale KKR (KKR, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001142941
- Portfolio Value
- $878.6M (Q1 2025)
- SEC Filing
- 0001398344-25-008639 ↗ filed May 5, 2025
Holdings Value
Holdings 274 stocks · $878.6M
| MSFT Microsoft Corp. | 4.10% | 95,916 | $36.0M | Reduce -1.7% |
| AAPL Apple Inc. | 4.03% | 159,592 | $35.5M | Reduce -0.7% |
| NVDA Nvidia Corp. | 3.54% | 286,768 | $31.1M | Reduce -0.9% |
| AMZN Amazon.com Inc. | 2.92% | 134,933 | $25.7M | Reduce -0.5% |
| META Meta Platforms Inc. Class A | 2.16% | 32,930 | $19.0M | Reduce -0.5% |
| GOOG Alphabet Inc. Class C | 2.07% | 116,463 | $18.2M | Reduce -0.4% |
| ARCC Ares Capital Corp. | 1.45% | 576,560 | $12.8M | Reduce -3.1% |
| NFLX Netflix Inc. | 1.39% | 13,114 | $12.2M | Reduce -0.5% |
| LLY Eli Lilly & Co. | 1.27% | 13,516 | $11.2M | Reduce -1.3% |
| T AT&T Inc. | 1.22% | 378,643 | $10.7M | Add +6.6% |
| COST Costco Wholesale Corp. | 1.21% | 11,198 | $10.6M | Reduce -0.4% |
| BXSL Blackstone Secured Lending F | 1.15% | 310,891 | $10.1M | Reduce -3.3% |
| AVGO Broadcom Inc. | 1.13% | 59,260 | $9.9M | Reduce -3.5% |
| OBDC Blue Owl Capital Corp. | 1.08% | 645,659 | $9.5M | Reduce -2.6% |
| WMT Walmart Inc. | 1.05% | 105,443 | $9.3M | Add +0.1% |
| MAIN Main Street Capital Corp. | 1.00% | 155,568 | $8.8M | Reduce -3.1% |
| GBDC Golub Capital BDC Inc. | 0.96% | 554,527 | $8.4M | Add +2.5% |
| HD Home Depot Inc. | 0.95% | 22,717 | $8.3M | Reduce -0.7% |
| TSLA Tesla Inc. | 0.92% | 31,114 | $8.1M | No change |
| AMLP Alerian MLP ETF | 0.87% | 147,840 | $7.7M | Reduce -0.4% |
| MO Altria Group Inc. | 0.84% | 123,239 | $7.4M | Add +67.4% |
| MA Mastercard Inc. Class A | 0.79% | 12,698 | $7.0M | Reduce -0.4% |
| TGNA Tegna Inc. | 0.79% | 380,710 | $6.9M | Reduce -7.2% |
| ACT Enact Holdings Inc. | 0.78% | 198,094 | $6.9M | Add +2.1% |
| INVA Innoviva Inc. | 0.78% | 376,606 | $6.8M | Add +6.3% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 0.77% | 188,789 | $6.8M | Add +7.4% |
| FIZZ National Beverage Corp. | 0.77% | 163,400 | $6.8M | Add +9.2% |
| XOM Exxon Mobil Corp. | 0.76% | 56,227 | $6.7M | Add +0.6% |
| IMKTA Ingles Markets Inc. Class A | 0.76% | 102,221 | $6.7M | Add +1.5% |
| NTB Bank of N.T. Butterfield&son | 0.75% | 170,386 | $6.6M | Reduce -10.1% |
| FSK FS KKR Capital Corp. | 0.75% | 315,805 | $6.6M | Add +5.8% |
| HTGC Hercules Capital Inc. | 0.75% | 341,045 | $6.6M | Reduce -2.4% |
| BKE The Buckle Inc. | 0.74% | 169,512 | $6.5M | Add +19.2% |
| FRME First Merchants Corp. | 0.74% | 160,379 | $6.5M | Reduce -4.8% |
| SNEX Stonex Group Inc. | 0.73% | 84,535 | $6.5M | Reduce -24.5% |
| IBOC International Bancshares CRP | 0.73% | 101,972 | $6.4M | Add +0.9% |
| RUSHA Rush Enterprises Inc. Class A | 0.73% | 119,929 | $6.4M | Add +0.4% |
| FFBC First Financial Bancorp | 0.73% | 256,326 | $6.4M | Add +2.6% |
| CATY Cathay General Bancorp | 0.72% | 147,618 | $6.4M | Add +2.7% |
| GEF Greif Inc. Class A | 0.72% | 115,167 | $6.3M | Add +9.4% |
| MBIN Merchants Bancorp | 0.72% | 170,154 | $6.3M | Reduce -6.8% |
| DFH Dream Finders Homes Inc. Class A | 0.71% | 277,496 | $6.3M | Add +22.9% |
| ALX Alexander's Inc. | 0.71% | 29,925 | $6.3M | Add +2.1% |
| SRCE 1ST Source Corp. | 0.71% | 104,551 | $6.3M | Reduce -8.3% |
| FOR Forestar Group Inc. | 0.71% | 295,104 | $6.2M | Add +24.4% |
| EFSC Enterprise Financial Service | 0.70% | 114,948 | $6.2M | Reduce -5.8% |
| VST Vistra Corp. | 0.69% | 51,645 | $6.1M | Add +4.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.69% | 11,360 | $6.1M | Reduce -3.0% |
| HPK Highpeak Energy Inc. | 0.68% | 471,548 | $6.0M | Add +3.0% |
| JXN Jackson Financial Inc. Class A | 0.66% | 69,146 | $5.8M | Add +1.5% |
| WOR Worthington Enterprises Inc. | 0.65% | 114,752 | $5.7M | Add +0.1% |
| WM Waste Management Inc. | 0.64% | 24,291 | $5.6M | Reduce -0.3% |
| AEM Agnico Eagle Mines Ltd. | 0.64% | 51,560 | $5.6M | Reduce -0.1% |
| PANW Palo Alto Networks Inc. | 0.63% | 32,628 | $5.6M | Reduce -0.5% |
| NNI Nelnet Inc. Class A | 0.63% | 49,534 | $5.5M | Reduce -20.1% |
| CMRE Costamare Inc. | 0.62% | 555,073 | $5.5M | Add +9.2% |
| OTTR Otter Tail Corp. | 0.62% | 67,959 | $5.5M | Add +883.4% |
| SM SM Energy Co. | 0.59% | 172,344 | $5.2M | Add +53.1% |
| TRI Thomson Reuters Corp. | 0.58% | 29,637 | $5.1M | Add +7.7% |
| SAH Sonic Automotive Inc. Class A | 0.58% | 88,885 | $5.1M | Add +2.0% |
| CCSI Consensus Cloud Solution | 0.56% | 215,016 | $5.0M | Add +4.9% |
| NOG Northern Oil and Gas Inc. | 0.56% | 161,360 | $4.9M | Add +120.8% |
| GNW Genworth Financial Inc. | 0.55% | 680,225 | $4.8M | Add +2.7% |
| LNG Cheniere Energy Inc. | 0.55% | 20,693 | $4.8M | Reduce -14.7% |
| GOLDEN OCEAN GROUP LTD | 0.54% | 598,732 | $4.8M | Reduce -3.5% |
| PRDO Perdoceo Education Corp. | 0.54% | 186,790 | $4.7M | Reduce -8.0% |
| TSLX Sixth Street Specialty Lendi | 0.52% | 203,438 | $4.6M | Reduce -2.2% |
| CAH Cardinal Health Inc. | 0.52% | 33,040 | $4.6M | No change |
| JPM JPMorgan Chase & Co. | 0.51% | 18,170 | $4.5M | Reduce -2.1% |
| V Visa Inc. Class A | 0.49% | 12,192 | $4.3M | Reduce -1.1% |
| BANF Bancfirst Corp. | 0.48% | 38,721 | $4.3M | Add +56.1% |
| ORCL Oracle Corp. | 0.46% | 29,213 | $4.1M | Add +0.3% |
| SD Sandridge Energy Inc. | 0.44% | 335,081 | $3.8M | Add +0.0% |
| TCOM Trip.com Group Ltd.-ADR | 0.43% | 59,584 | $3.8M | Reduce -0.2% |
| GIC Global Industrial Co. | 0.42% | 165,779 | $3.7M | Add +54.5% |
| KGC Kinross Gold Corp. | 0.41% | 286,590 | $3.6M | New |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.40% | 458,400 | $3.6M | Reduce -0.3% |
| FLNG Flex LNG Ltd. | 0.40% | 154,568 | $3.6M | Reduce -34.8% |
| CASH Pathward Financial Inc. | 0.40% | 48,370 | $3.5M | No change |
| GRBK Green Brick Partners Inc. | 0.39% | 59,359 | $3.5M | Add +63.4% |
| CNXN PC Connection Inc. | 0.38% | 53,023 | $3.3M | Reduce -49.5% |
| COP Conocophillips | 0.37% | 31,140 | $3.3M | Reduce -0.1% |
| TNK Teekay Tankers Ltd. Class A | 0.37% | 84,949 | $3.3M | Add +53.3% |
| PLTR Palantir Technologies Inc. Class A | 0.37% | 38,225 | $3.2M | Add +34.0% |
| SB Safe Bulkers Inc. | 0.37% | 870,415 | $3.2M | Add +25.8% |
| MCD McDonald's Corp. | 0.36% | 10,255 | $3.2M | Reduce -2.0% |
| ATKR Atkore Inc. | 0.36% | 53,027 | $3.2M | Add +0.1% |
| AGG iShares Core U.S. Aggregate | 0.36% | 31,576 | $3.1M | Add +2.2% |
| CCAP Crescent Capital BDC Inc. | 0.35% | 178,585 | $3.1M | Reduce -2.8% |
| MOV Movado Group Inc. | 0.35% | 182,191 | $3.0M | Reduce -23.1% |
| PM Philip Morris International | 0.35% | 19,122 | $3.0M | New |
| BZH Beazer Homes USA Inc. | 0.34% | 147,777 | $3.0M | Add +198.5% |
| AMR Alpha Metallurgical Resource | 0.34% | 23,611 | $3.0M | Add +0.0% |
| WMK Weis Markets Inc. filed as WEIS MKTS INC | 0.34% | 38,219 | $2.9M | Add +0.8% |
| PLAB Photronics Inc. | 0.33% | 139,863 | $2.9M | Add +149.8% |
| NOW ServiceNow Inc. | 0.33% | 3,613 | $2.9M | Reduce -55.1% |
| PFBC Preferred Bank/Los Angeles | 0.32% | 34,113 | $2.9M | Add +337.4% |
| RDN Radian Group Inc. | 0.31% | 83,376 | $2.8M | New |
| DNOW Dnow Inc. | 0.31% | 160,227 | $2.7M | New |
| PG The Procter & Gamble Co. | 0.31% | 16,010 | $2.7M | Reduce -1.3% |
Portfolio Sells Q4 2024 → Q1 2025
| KKR KKR & Co. Inc. | Reduce -68.5% | 0.23% | −0.63 |
| NOW ServiceNow Inc. | Reduce -55.1% | 0.33% | −0.57 |
| NVDA Nvidia Corp. | Reduce -0.9% | 3.54% | −0.53 |
| ANET Arista Networks Inc. | Reduce -69.0% | 0.16% | −0.52 |
| BFH Bread Financial Holdings Inc. | Sold out | 0.00% | −0.45 |
| WSBC Wesbanco Inc. | Sold out | 0.00% | −0.44 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −0.44 |
| INTU Intuit Inc. | Reduce -80.3% | 0.12% | −0.44 |
| CNXN PC Connection Inc. | Reduce -49.5% | 0.38% | −0.39 |
| BWXT BWX Technologies Inc. | Reduce -71.5% | 0.14% | −0.38 |
| AVGO Broadcom Inc. | Reduce -3.5% | 1.13% | −0.36 |
| BXC Bluelinx Holdings Inc. | Reduce -46.7% | 0.27% | −0.36 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −0.33 |
| SHOE Shoe Station Group Inc. | Sold out | 0.00% | −0.32 |
| ALSN Allison Transmission Holding | Sold out | 0.00% | −0.30 |
| REPX Riley Exploration Permian Inc. | Sold out | 0.00% | −0.29 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.29 |
| QCRH QCR Holdings Inc. | Reduce -48.6% | 0.27% | −0.28 |
| BIZD Vaneck BDC Income ETF | Sold out | 0.00% | −0.27 |
| GOOG Alphabet Inc. Class C | Reduce -0.4% | 2.07% | −0.26 |
| AGM Federal Agric MTG Corp. Class C | Sold out | 0.00% | −0.23 |
| MSFT Microsoft Corp. | Reduce -1.7% | 4.10% | −0.21 |
| SCCO Southern Copper Corp. | Reduce -48.5% | 0.27% | −0.20 |
| AMZN Amazon.com Inc. | Reduce -0.5% | 2.92% | −0.20 |
| AAPL Apple Inc. | Reduce -0.7% | 4.03% | −0.18 |
| INSW International Seaways Inc. | Reduce -75.3% | 0.06% | −0.18 |
| VCTR Victory Capital Holding - A | Reduce -58.0% | 0.12% | −0.17 |
| FLNG Flex LNG Ltd. | Reduce -34.8% | 0.40% | −0.17 |
| DLR Digital Realty Trust Inc. | Reduce -52.7% | 0.11% | −0.15 |
| MOV Movado Group Inc. | Reduce -23.1% | 0.35% | −0.14 |
| SFNC Simmons First Natl Corp. Class A | Sold out | 0.00% | −0.14 |
| ASO Academy Sports & Outdoors Inc. | Reduce -68.4% | 0.05% | −0.13 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.13 |
| TWI Titan International Inc. | Sold out | 0.00% | −0.11 |
| DXPE DXP Enterprises Inc. | Sold out | 0.00% | −0.11 |
| UHT Universal Health RLTY Income | Sold out | 0.00% | −0.10 |
| CNOB Connectone Bancorp Inc. | Sold out | 0.00% | −0.09 |
| EVR Evercore Inc. Class A | Reduce -7.0% | 0.23% | −0.09 |
| TTEK Tetra Tech Inc. | Sold out | 0.00% | −0.08 |
| SLVM Sylvamo Corp. | Reduce -53.6% | 0.06% | −0.08 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.08 |
| HRMY Harmony Biosciences Holdings | Reduce -23.9% | 0.30% | −0.08 |
| NNI Nelnet Inc. Class A | Reduce -20.1% | 0.63% | −0.07 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.06 |
| BANR Banner Corporation | Sold out | 0.00% | −0.06 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.05 |
| OMC Omnicom Group | Sold out | 0.00% | −0.05 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.05 |
| COF Capital One Financial Corp. | Reduce -69.2% | 0.02% | −0.05 |
| PEP Pepsico Inc. | Reduce -48.9% | 0.06% | −0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| OTTR Otter Tail Corp. | Add +883.4% | 0.62% | +0.57 |
| MO Altria Group Inc. | Add +67.4% | 0.84% | +0.44 |
| KGC Kinross Gold Corp. | New | 0.41% | +0.41 |
| T AT&T Inc. | Add +6.6% | 1.22% | +0.37 |
| PM Philip Morris International | New | 0.35% | +0.35 |
| RDN Radian Group Inc. | New | 0.31% | +0.31 |
| DNOW Dnow Inc. | New | 0.31% | +0.31 |
| NOG Northern Oil and Gas Inc. | Add +120.8% | 0.56% | +0.27 |
| KBH KB Home | New | 0.26% | +0.26 |
| PFBC Preferred Bank/Los Angeles | Add +337.4% | 0.32% | +0.25 |
| BZH Beazer Homes USA Inc. | Add +198.5% | 0.34% | +0.20 |
| HOOD Robinhood Markets Inc. Class A | New | 0.19% | +0.19 |
| OFG Ofg Bancorp | New | 0.19% | +0.19 |
| PLAB Photronics Inc. | Add +149.8% | 0.33% | +0.19 |
| BANF Bancfirst Corp. | Add +56.1% | 0.48% | +0.18 |
| GRBK Green Brick Partners Inc. | Add +63.4% | 0.39% | +0.18 |
| WOR Worthington Enterprises Inc. | Add +0.1% | 0.65% | +0.17 |
| DFH Dream Finders Homes Inc. Class A | Add +22.9% | 0.71% | +0.16 |
| RES RPC Inc. | New | 0.16% | +0.16 |
| ETD Ethan Allen Interiors Inc. | Add +131.3% | 0.26% | +0.16 |
| IBEX Ibex Ltd. | Add +183.9% | 0.20% | +0.15 |
| GIC Global Industrial Co. | Add +54.5% | 0.42% | +0.14 |
| PLTR Palantir Technologies Inc. Class A | Add +34.0% | 0.37% | +0.14 |
| TNK Teekay Tankers Ltd. Class A | Add +53.3% | 0.37% | +0.14 |
| INVA Innoviva Inc. | Add +6.3% | 0.78% | +0.13 |
| XOM Exxon Mobil Corp. | Add +0.6% | 0.76% | +0.13 |
| SM SM Energy Co. | Add +53.1% | 0.59% | +0.13 |
| HG Hamilton Insurance Grou Class B | New | 0.13% | +0.13 |
| GSK GSK PLC-Spon ADR | New | 0.13% | +0.13 |
| ACT Enact Holdings Inc. | Add +2.1% | 0.78% | +0.13 |
| TRI Thomson Reuters Corp. | Add +7.7% | 0.58% | +0.12 |
| PAX Patria Investments Ltd. Class A | New | 0.12% | +0.12 |
| VICI Vici Properties Inc. | New | 0.11% | +0.11 |
| LADR Ladder Capital Corp.-REIT | Add +82.3% | 0.22% | +0.11 |
| SB Safe Bulkers Inc. | Add +25.8% | 0.37% | +0.11 |
| BY Byline Bancorp Inc. | New | 0.10% | +0.10 |
| FIZZ National Beverage Corp. | Add +9.2% | 0.77% | +0.10 |
| ACEL Accel Entertainment Inc. | New | 0.10% | +0.10 |
| WABC Westamerica Bancorporation | New | 0.10% | +0.10 |
| DOLE Dole PLC | New | 0.10% | +0.10 |
| ALX Alexander's Inc. | Add +2.1% | 0.71% | +0.10 |
| NMIH Nmi Holdings Inc. | Add +7.4% | 0.77% | +0.10 |
| VZ Verizon Communications Inc. | Add +33.2% | 0.25% | +0.10 |
| GBDC Golub Capital BDC Inc. | Add +2.5% | 0.96% | +0.10 |
| SAP Sap SE-Sponsored ADR | Add +91.8% | 0.17% | +0.09 |
| VRSN Verisign Inc. | New | 0.09% | +0.09 |
| PLPC Preformed Line Products Co. | New | 0.09% | +0.09 |
| BNY Bank of New York Mellon Corp. | New | 0.08% | +0.08 |
| CENTA Central Garden and Pet Co. Class A | Add +37.9% | 0.24% | +0.08 |
| PEBO Peoples Bancorp Inc. | New | 0.08% | +0.08 |
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 |