Denali Advisors LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 30, 2025), Denali Advisors LLC reported 288 stock positions worth $960.1 million. Its top holding was Nvidia (NVDA) at 5.0% of the portfolio, followed by Microsoft (MSFT, 4.9%) and Apple (AAPL, 3.4%). Compared with Q1 2025, it opened 40 new positions, sold out of 26, added to 94 and reduced 145. The biggest buy was Nvidia (NVDA, shares +5%) and the biggest sale an exit from Stonex (SNEX).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001142941
- Portfolio Value
- $960.1M (Q2 2025)
- SEC Filing
- 0001398344-25-014162 ↗ filed Jul 30, 2025
Holdings Value
Holdings 288 stocks · $960.1M
| NVDA Nvidia Corp. | 4.96% | 301,387 | $47.6M | Add +5.1% |
| MSFT Microsoft Corp. | 4.90% | 94,608 | $47.1M | Reduce -1.4% |
| AAPL Apple Inc. | 3.37% | 157,687 | $32.4M | Reduce -1.2% |
| AMZN Amazon.com Inc. | 2.93% | 128,428 | $28.2M | Reduce -4.8% |
| META Meta Platforms Inc. Class A | 2.51% | 32,595 | $24.1M | Reduce -1.0% |
| GOOG Alphabet Inc. Class C | 1.96% | 106,066 | $18.8M | Reduce -8.9% |
| NFLX Netflix Inc. | 1.81% | 12,994 | $17.4M | Reduce -0.9% |
| AVGO Broadcom Inc. | 1.67% | 58,151 | $16.0M | Reduce -1.9% |
| ARCC Ares Capital Corp. | 1.29% | 563,451 | $12.4M | Reduce -2.3% |
| T AT&T Inc. | 1.21% | 401,037 | $11.6M | Add +5.9% |
| COST Costco Wholesale Corp. | 1.14% | 11,093 | $11.0M | Reduce -0.9% |
| WMT Walmart Inc. | 1.07% | 104,710 | $10.2M | Reduce -0.7% |
| LLY Eli Lilly & Co. | 1.04% | 12,776 | $10.0M | Reduce -5.5% |
| VST Vistra Corp. | 1.03% | 51,119 | $9.9M | Reduce -1.0% |
| TSLA Tesla Inc. | 1.02% | 30,708 | $9.8M | Reduce -1.3% |
| HOOD Robinhood Markets Inc. Class A | 1.01% | 103,191 | $9.7M | Add +152.8% |
| BXSL Blackstone Secured Lending F | 0.97% | 303,781 | $9.3M | Reduce -2.3% |
| OBDC Blue Owl Capital Corp. | 0.94% | 630,218 | $9.0M | Reduce -2.4% |
| MAIN Main Street Capital Corp. | 0.94% | 152,199 | $9.0M | Reduce -2.2% |
| PLTR Palantir Technologies Inc. Class A | 0.92% | 64,921 | $8.9M | Add +69.8% |
| HD Home Depot Inc. | 0.86% | 22,457 | $8.2M | Reduce -1.1% |
| MO Altria Group Inc. | 0.84% | 137,962 | $8.1M | Add +11.9% |
| GBDC Golub Capital BDC Inc. | 0.83% | 542,148 | $7.9M | Reduce -2.2% |
| DFH Dream Finders Homes Inc. Class A | 0.82% | 313,810 | $7.9M | Add +13.1% |
| GEF Greif Inc. Class A | 0.78% | 115,667 | $7.5M | Add +0.4% |
| WM Waste Management Inc. | 0.76% | 31,868 | $7.3M | Add +31.2% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 0.76% | 171,994 | $7.3M | Reduce -8.9% |
| AMLP Alerian MLP ETF | 0.74% | 145,193 | $7.1M | Reduce -1.8% |
| MA Mastercard Inc. Class A | 0.73% | 12,552 | $7.1M | Reduce -1.1% |
| BKE The Buckle Inc. | 0.73% | 153,675 | $7.0M | Reduce -9.3% |
| GRBK Green Brick Partners Inc. | 0.72% | 110,517 | $6.9M | Add +86.2% |
| IBOC International Bancshares CRP | 0.71% | 102,372 | $6.8M | Add +0.4% |
| RUSHA Rush Enterprises Inc. Class A | 0.71% | 131,737 | $6.8M | Add +9.8% |
| CATY Cathay General Bancorp | 0.70% | 148,246 | $6.7M | Add +0.4% |
| FOR Forestar Group Inc. | 0.70% | 336,827 | $6.7M | Add +14.1% |
| EFSC Enterprise Financial Service | 0.70% | 121,924 | $6.7M | Add +6.1% |
| VCTR Victory Capital Holding - A | 0.70% | 105,277 | $6.7M | Add +494.6% |
| INVA Innoviva Inc. | 0.70% | 332,661 | $6.7M | Reduce -11.7% |
| FRME First Merchants Corp. | 0.70% | 174,384 | $6.7M | Add +8.7% |
| NTB Bank of N.T. Butterfield&son | 0.69% | 150,254 | $6.7M | Reduce -11.8% |
| MBIN Merchants Bancorp | 0.69% | 200,510 | $6.6M | Add +17.8% |
| CMRE Costamare Inc. | 0.69% | 722,656 | $6.6M | Add +30.2% |
| SRCE 1ST Source Corp. | 0.68% | 105,051 | $6.5M | Add +0.5% |
| SM SM Energy Co. | 0.67% | 261,902 | $6.5M | Add +52.0% |
| ACT Enact Holdings Inc. | 0.67% | 173,785 | $6.5M | Reduce -12.3% |
| TGNA Tegna Inc. | 0.67% | 383,911 | $6.4M | Add +0.8% |
| IMKTA Ingles Markets Inc. Class A | 0.67% | 101,089 | $6.4M | Reduce -1.1% |
| FSK FS KKR Capital Corp. | 0.67% | 308,047 | $6.4M | Reduce -2.5% |
| ORCL Oracle Corp. | 0.67% | 29,229 | $6.4M | Add +0.1% |
| FFBC First Financial Bancorp | 0.66% | 262,525 | $6.4M | Add +2.4% |
| ALX Alexander's Inc. | 0.66% | 27,924 | $6.3M | Reduce -6.7% |
| JXN Jackson Financial Inc. Class A | 0.64% | 69,446 | $6.2M | Add +0.4% |
| AEM Agnico Eagle Mines Ltd. | 0.64% | 51,576 | $6.1M | Add +0.0% |
| OTTR Otter Tail Corp. | 0.64% | 79,175 | $6.1M | Add +16.5% |
| HTGC Hercules Capital Inc. | 0.64% | 333,853 | $6.1M | Reduce -2.1% |
| FIZZ National Beverage Corp. | 0.63% | 140,050 | $6.1M | Reduce -14.3% |
| TRI Thomson Reuters Corp. | 0.62% | 29,646 | $6.0M | Add +0.0% |
| NOG Northern Oil and Gas Inc. | 0.60% | 201,581 | $5.7M | Add +24.9% |
| CCSI Consensus Cloud Solution | 0.59% | 243,840 | $5.6M | Add +13.4% |
| CAH Cardinal Health Inc. | 0.58% | 33,040 | $5.6M | No change |
| FG F&G Annuities & Life Inc. | 0.58% | 173,433 | $5.5M | Add +1248.2% |
| NNI Nelnet Inc. Class A | 0.56% | 44,422 | $5.4M | Reduce -10.3% |
| PANW Palo Alto Networks Inc. | 0.56% | 26,249 | $5.4M | Reduce -19.6% |
| LNG Cheniere Energy Inc. | 0.56% | 21,890 | $5.3M | Add +5.8% |
| WABC Westamerica Bancorporation | 0.54% | 107,152 | $5.2M | Add +505.1% |
| TNK Teekay Tankers Ltd. Class A | 0.54% | 123,798 | $5.2M | Add +45.7% |
| HPK Highpeak Energy Inc. | 0.53% | 522,525 | $5.1M | Add +10.8% |
| JPM JPMorgan Chase & Co. | 0.52% | 17,370 | $5.0M | Reduce -4.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.51% | 10,062 | $4.9M | Reduce -11.4% |
| BANF Bancfirst Corp. | 0.51% | 39,322 | $4.9M | Add +1.6% |
| TSLX Sixth Street Specialty Lendi | 0.49% | 198,685 | $4.7M | Reduce -2.3% |
| SAH Sonic Automotive Inc. Class A | 0.47% | 56,667 | $4.5M | Reduce -36.3% |
| GIC Global Industrial Co. | 0.47% | 165,778 | $4.5M | Reduce 0.0% |
| CNXN PC Connection Inc. | 0.46% | 66,631 | $4.4M | Add +25.7% |
| CEG Constellation Energy | 0.45% | 13,382 | $4.3M | Add +5.6% |
| V Visa Inc. Class A | 0.44% | 11,980 | $4.3M | Reduce -1.7% |
| PM Philip Morris International | 0.44% | 23,247 | $4.2M | Add +21.6% |
| KGC Kinross Gold Corp. | 0.42% | 258,090 | $4.0M | Reduce -9.9% |
| WOR Worthington Enterprises Inc. | 0.42% | 62,732 | $4.0M | Reduce -45.3% |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.41% | 458,698 | $3.9M | Add +0.1% |
| CASH Pathward Financial Inc. | 0.40% | 48,370 | $3.8M | No change |
| ATKR Atkore Inc. | 0.39% | 53,026 | $3.7M | Reduce 0.0% |
| FLEX Flex Ltd. | 0.38% | 72,973 | $3.6M | Add +0.1% |
| SD Sandridge Energy Inc. | 0.38% | 335,264 | $3.6M | Add +0.1% |
| PRDO Perdoceo Education Corp. | 0.37% | 107,754 | $3.5M | Reduce -42.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.36% | 15,155 | $3.4M | Add +0.1% |
| SB Safe Bulkers Inc. | 0.35% | 930,081 | $3.4M | Add +6.8% |
| PAX Patria Investments Ltd. Class A | 0.34% | 234,819 | $3.3M | Add +160.2% |
| CALM Cal-Maine Foods Inc. | 0.33% | 32,154 | $3.2M | New |
| NOW ServiceNow Inc. | 0.32% | 2,994 | $3.1M | Reduce -17.1% |
| BZH Beazer Homes USA Inc. | 0.32% | 137,177 | $3.1M | Reduce -7.2% |
| IBEX Ibex Ltd. | 0.32% | 104,096 | $3.0M | Add +41.2% |
| RDN Radian Group Inc. | 0.31% | 82,976 | $3.0M | Reduce -0.5% |
| BLK BlackRock Inc. | 0.31% | 2,830 | $3.0M | No change |
| MCD McDonald's Corp. | 0.31% | 10,074 | $2.9M | Reduce -1.8% |
| AGG iShares Core U.S. Aggregate | 0.30% | 29,049 | $2.9M | Reduce -8.0% |
| PLAB Photronics Inc. | 0.28% | 142,763 | $2.7M | Add +2.1% |
| AMR Alpha Metallurgical Resource | 0.28% | 23,611 | $2.7M | No change |
| LADR Ladder Capital Corp.-REIT | 0.28% | 245,824 | $2.6M | Add +48.0% |
| NVS Novartis AG-Sponsored ADR | 0.27% | 21,813 | $2.6M | Reduce -0.6% |
Portfolio Sells Q1 2025 → Q2 2025
| SNEX Stonex Group Inc. | Sold out | 0.00% | −0.73 |
| AAPL Apple Inc. | Reduce -1.2% | 3.37% | −0.67 |
| XOM Exxon Mobil Corp. | Reduce -81.2% | 0.12% | −0.64 |
| GNW Genworth Financial Inc. | Sold out | 0.00% | −0.55 |
| GOLDEN OCEAN GROUP LTD | Reduce -91.8% | 0.04% | −0.51 |
| FLNG Flex LNG Ltd. | Sold out | 0.00% | −0.40 |
| COP Conocophillips | Sold out | 0.00% | −0.37 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -82.3% | 0.06% | −0.37 |
| PFBC Preferred Bank/Los Angeles | Sold out | 0.00% | −0.32 |
| QCRH QCR Holdings Inc. | Sold out | 0.00% | −0.27 |
| BXC Bluelinx Holdings Inc. | Sold out | 0.00% | −0.27 |
| ETD Ethan Allen Interiors Inc. | Sold out | 0.00% | −0.26 |
| WOR Worthington Enterprises Inc. | Reduce -45.3% | 0.42% | −0.24 |
| LLY Eli Lilly & Co. | Reduce -5.5% | 1.04% | −0.23 |
| MOV Movado Group Inc. | Reduce -59.7% | 0.12% | −0.23 |
| BUSE First Busey Corp. | Sold out | 0.00% | −0.22 |
| EVR Evercore Inc. Class A | Reduce -87.1% | 0.04% | −0.20 |
| OFG Ofg Bancorp | Sold out | 0.00% | −0.19 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -11.4% | 0.51% | −0.18 |
| BXSL Blackstone Secured Lending F | Reduce -2.3% | 0.97% | −0.17 |
| PRDO Perdoceo Education Corp. | Reduce -42.3% | 0.37% | −0.17 |
| ARCC Ares Capital Corp. | Reduce -2.3% | 1.29% | −0.17 |
| FIZZ National Beverage Corp. | Reduce -14.3% | 0.63% | −0.14 |
| WMK Weis Markets Inc. | Reduce -31.4% | 0.20% | −0.14 |
| PG The Procter & Gamble Co. | Reduce -34.7% | 0.17% | −0.14 |
| OBDC Blue Owl Capital Corp. | Reduce -2.4% | 0.94% | −0.14 |
| AMLP Alerian MLP ETF | Reduce -1.8% | 0.74% | −0.14 |
| GBDC Golub Capital BDC Inc. | Reduce -2.2% | 0.83% | −0.13 |
| CCAP Crescent Capital BDC Inc. | Reduce -13.9% | 0.23% | −0.12 |
| CENTA Central Garden and Pet Co. Class A | Reduce -39.5% | 0.13% | −0.12 |
| GOOG Alphabet Inc. Class C | Reduce -8.9% | 1.96% | −0.11 |
| ACT Enact Holdings Inc. | Reduce -12.3% | 0.67% | −0.11 |
| HTGC Hercules Capital Inc. | Reduce -2.1% | 0.64% | −0.11 |
| STLD Steel Dynamics Inc. | Reduce -70.4% | 0.04% | −0.11 |
| SAH Sonic Automotive Inc. Class A | Reduce -36.3% | 0.47% | −0.10 |
| ANDE The Andersons Inc. | Sold out | 0.00% | −0.10 |
| IMKTA Ingles Markets Inc. Class A | Reduce -1.1% | 0.67% | −0.09 |
| HD Home Depot Inc. | Reduce -1.1% | 0.86% | −0.09 |
| FSK FS KKR Capital Corp. | Reduce -2.5% | 0.67% | −0.09 |
| INVA Innoviva Inc. | Reduce -11.7% | 0.70% | −0.08 |
| PANW Palo Alto Networks Inc. | Reduce -19.6% | 0.56% | −0.07 |
| GRNT Granite Ridge Resources Inc. | Reduce -39.1% | 0.09% | −0.07 |
| AIG American International Group | Reduce -56.5% | 0.04% | −0.07 |
| NNI Nelnet Inc. Class A | Reduce -10.3% | 0.56% | −0.07 |
| MAIN Main Street Capital Corp. | Reduce -2.2% | 0.94% | −0.06 |
| CGBD Carlyle Secured Lending Inc. | Reduce -2.6% | 0.19% | −0.06 |
| NTB Bank of N.T. Butterfield&son | Reduce -11.8% | 0.69% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -0.9% | 1.14% | −0.06 |
| SNA Snap-on Inc. | Sold out | 0.00% | −0.06 |
| WLK Westlake Corp. | Sold out | 0.00% | −0.06 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +5.1% | 4.96% | +1.42 |
| HOOD Robinhood Markets Inc. Class A | Add +152.8% | 1.01% | +0.81 |
| VCTR Victory Capital Holding - A | Add +494.6% | 0.70% | +0.58 |
| PLTR Palantir Technologies Inc. Class A | Add +69.8% | 0.92% | +0.55 |
| FG F&G Annuities & Life Inc. | Add +1248.2% | 0.58% | +0.52 |
| WABC Westamerica Bancorporation | Add +505.1% | 0.54% | +0.44 |
| CALM Cal-Maine Foods Inc. | New | 0.33% | +0.33 |
| GRBK Green Brick Partners Inc. | Add +86.2% | 0.72% | +0.33 |
| MUR Murphy Oil Corp. | Add +1177.5% | 0.27% | +0.24 |
| PAX Patria Investments Ltd. Class A | Add +160.2% | 0.34% | +0.23 |
| ORCL Oracle Corp. | Add +0.1% | 0.67% | +0.20 |
| STBA S & T Bancorp Inc. | New | 0.19% | +0.19 |
| GHC Graham Holdings Co. Class B | New | 0.18% | +0.18 |
| SE Sea Ltd.-ADR | Add +257.4% | 0.23% | +0.17 |
| VRTS Virtus Investment Partners | New | 0.17% | +0.17 |
| TNK Teekay Tankers Ltd. Class A | Add +45.7% | 0.54% | +0.17 |
| CEG Constellation Energy | Add +5.6% | 0.45% | +0.16 |
| TRIN Trinity Capital Inc. | New | 0.15% | +0.15 |
| BY Byline Bancorp Inc. | Add +156.4% | 0.25% | +0.14 |
| DOLE Dole PLC | Add +167.8% | 0.24% | +0.14 |
| WM Waste Management Inc. | Add +31.2% | 0.76% | +0.12 |
| IBEX Ibex Ltd. | Add +41.2% | 0.32% | +0.11 |
| DFH Dream Finders Homes Inc. Class A | Add +13.1% | 0.82% | +0.11 |
| FLEX Flex Ltd. | Add +0.1% | 0.38% | +0.10 |
| PM Philip Morris International | Add +21.6% | 0.44% | +0.10 |
| SM SM Energy Co. | Add +52.0% | 0.67% | +0.09 |
| CMDB Costamare Bulkers Holding | New | 0.08% | +0.08 |
| CNXN PC Connection Inc. | Add +25.7% | 0.46% | +0.08 |
| REPX Riley Exploration Permian Inc. | New | 0.08% | +0.08 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.1% | 0.36% | +0.07 |
| MRC MRC Global Inc. | New | 0.07% | +0.07 |
| CMRE Costamare Inc. | Add +30.2% | 0.69% | +0.06 |
| GEF Greif Inc. Class A | Add +0.4% | 0.78% | +0.06 |
| MTH Meritage Homes Corp. | New | 0.06% | +0.06 |
| CNO Cno Financial Group Inc. | New | 0.06% | +0.06 |
| LADR Ladder Capital Corp.-REIT | Add +48.0% | 0.28% | +0.06 |
| PEBO Peoples Bancorp Inc. | Add +85.9% | 0.14% | +0.06 |
| PFG Principal Financial Group | Add +117.8% | 0.12% | +0.06 |
| ADM Archer-Daniels-Midland Co. | Add +63.5% | 0.13% | +0.05 |
| TK Teekay Corp. Ltd. | New | 0.05% | +0.05 |
| RBCAA Republic Bancorp Inc. Class A | Add +27.4% | 0.19% | +0.05 |
| EXC Exelon Corp. | New | 0.05% | +0.05 |
| PHM Pultegroup Inc. | Add +73.8% | 0.12% | +0.05 |
| CHTR Charter Communications Inc. Class A | Add +91.4% | 0.10% | +0.05 |
| STM Stmicroelectronics NV-NY SHS | New | 0.04% | +0.04 |
| DBX Dropbox Inc. Class A | New | 0.04% | +0.04 |
| L Loews Corp. | New | 0.04% | +0.04 |
| PAGS Pagseguro Digital Ltd. Class A | New | 0.04% | +0.04 |
| ED Consolidated Edison Inc. | New | 0.04% | +0.04 |
| RF Regions Financial Corp. | New | 0.04% | +0.04 |
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 |