Denali Advisors LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Denali Advisors LLC reported 297 stock positions worth $885.1 million. Its top holding was Nvidia (NVDA) at 4.6% of the portfolio, followed by Microsoft (MSFT, 4.1%) and Apple (AAPL, 3.4%). Compared with Q2 2025, it opened 45 new positions, sold out of 36, added to 79 and reduced 154. The biggest buy was Dnow (DNOW, shares +151%) and the biggest sale Amazon.com (AMZN, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001142941
- Portfolio Value
- $885.1M (Q3 2025)
- SEC Filing
- 0001398344-25-020496 ↗ filed Nov 7, 2025
Holdings Value
Holdings 297 stocks · $885.1M
| NVDA Nvidia Corp. | 4.59% | 217,681 | $40.6M | Reduce -27.8% |
| MSFT Microsoft Corp. | 4.07% | 69,632 | $36.1M | Reduce -26.4% |
| AAPL Apple Inc. | 3.42% | 119,018 | $30.3M | Reduce -24.5% |
| GOOG Alphabet Inc. Class C | 2.12% | 76,983 | $18.7M | Reduce -27.4% |
| AMZN Amazon.com Inc. | 2.03% | 81,976 | $18.0M | Reduce -36.2% |
| META Meta Platforms Inc. Class A | 1.98% | 23,843 | $17.5M | Reduce -26.9% |
| HOOD Robinhood Markets Inc. Class A | 1.51% | 93,116 | $13.3M | Reduce -9.8% |
| NFLX Netflix Inc. | 1.40% | 10,307 | $12.4M | Reduce -20.7% |
| AVGO Broadcom Inc. | 1.39% | 37,277 | $12.3M | Reduce -35.9% |
| TSLA Tesla Inc. | 1.11% | 22,159 | $9.9M | Reduce -27.8% |
| PLTR Palantir Technologies Inc. Class A | 1.10% | 53,509 | $9.8M | Reduce -17.6% |
| T AT&T Inc. | 1.04% | 326,053 | $9.2M | Reduce -18.7% |
| ORCL Oracle Corp. | 1.03% | 32,400 | $9.1M | Add +10.8% |
| ARCC Ares Capital Corp. | 1.03% | 446,106 | $9.1M | Reduce -20.8% |
| WMT Walmart Inc. | 0.97% | 83,451 | $8.6M | Reduce -20.3% |
| GRBK Green Brick Partners Inc. | 0.93% | 111,063 | $8.2M | Add +0.5% |
| CCSI Consensus Cloud Solution | 0.92% | 277,038 | $8.1M | Add +13.6% |
| AEM Agnico Eagle Mines Ltd. | 0.92% | 48,119 | $8.1M | Reduce -6.7% |
| COST Costco Wholesale Corp. | 0.91% | 8,683 | $8.0M | Reduce -21.7% |
| CMRE Costamare Inc. | 0.90% | 672,396 | $8.0M | Reduce -7.0% |
| BKE The Buckle Inc. | 0.89% | 134,600 | $7.9M | Reduce -12.4% |
| MO Altria Group Inc. | 0.87% | 116,243 | $7.7M | Reduce -15.7% |
| FOR Forestar Group Inc. | 0.86% | 287,213 | $7.6M | Reduce -14.7% |
| MBIN Merchants Bancorp | 0.86% | 239,414 | $7.6M | Add +19.4% |
| MAIN Main Street Capital Corp. | 0.86% | 119,697 | $7.6M | Reduce -21.4% |
| VST Vistra Corp. | 0.86% | 38,719 | $7.6M | Reduce -24.3% |
| CATY Cathay General Bancorp | 0.83% | 153,474 | $7.4M | Add +3.5% |
| EFSC Enterprise Financial Service | 0.82% | 125,900 | $7.3M | Add +3.3% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 0.82% | 190,211 | $7.3M | Add +10.6% |
| IBOC International Bancshares CRP | 0.82% | 105,917 | $7.3M | Add +3.5% |
| RUSHA Rush Enterprises Inc. Class A | 0.82% | 135,296 | $7.2M | Add +2.7% |
| FFBC First Financial Bancorp | 0.82% | 286,500 | $7.2M | Add +9.1% |
| DFH Dream Finders Homes Inc. Class A | 0.81% | 276,458 | $7.2M | Reduce -11.9% |
| JXN Jackson Financial Inc. Class A | 0.81% | 70,700 | $7.2M | Add +1.8% |
| IMKTA Ingles Markets Inc. Class A | 0.81% | 102,839 | $7.2M | Add +1.7% |
| OTTR Otter Tail Corp. | 0.80% | 86,125 | $7.1M | Add +8.8% |
| GEF Greif Inc. Class A | 0.79% | 117,485 | $7.0M | Add +1.6% |
| ALX Alexander's Inc. | 0.79% | 29,900 | $7.0M | Add +7.1% |
| FG F&G Annuities & Life Inc. | 0.79% | 223,161 | $7.0M | Add +28.7% |
| ACT Enact Holdings Inc. | 0.77% | 178,879 | $6.9M | Add +2.9% |
| FRME First Merchants Corp. | 0.77% | 180,600 | $6.8M | Add +3.6% |
| NTB Bank of N.T. Butterfield&son | 0.77% | 158,079 | $6.8M | Add +5.2% |
| HD Home Depot Inc. | 0.76% | 16,705 | $6.8M | Reduce -25.6% |
| DNOW Dnow Inc. | 0.76% | 443,337 | $6.8M | Add +151.0% |
| SRCE 1ST Source Corp. | 0.76% | 109,400 | $6.7M | Add +4.1% |
| FIZZ National Beverage Corp. | 0.76% | 182,262 | $6.7M | Add +30.1% |
| OBDC Blue Owl Capital Corp. | 0.73% | 508,615 | $6.5M | Reduce -19.3% |
| BXSL Blackstone Secured Lending F | 0.72% | 243,140 | $6.3M | Reduce -20.0% |
| SM SM Energy Co. | 0.69% | 245,572 | $6.1M | Reduce -6.2% |
| GBDC Golub Capital BDC Inc. | 0.67% | 433,255 | $5.9M | Reduce -20.1% |
| WM Waste Management Inc. | 0.67% | 26,752 | $5.9M | Reduce -16.1% |
| CAH Cardinal Health Inc. | 0.63% | 35,680 | $5.6M | Add +8.0% |
| MA Mastercard Inc. Class A | 0.62% | 9,643 | $5.5M | Reduce -23.2% |
| JPM JPMorgan Chase & Co. | 0.61% | 17,170 | $5.4M | Reduce -1.1% |
| PLAB Photronics Inc. | 0.61% | 235,238 | $5.4M | Add +64.8% |
| CNXN PC Connection Inc. | 0.61% | 86,900 | $5.4M | Add +30.4% |
| GIC Global Industrial Co. | 0.61% | 146,518 | $5.4M | Reduce -11.6% |
| LADR Ladder Capital Corp.-REIT | 0.60% | 490,600 | $5.4M | Add +99.6% |
| NOG Northern Oil and Gas Inc. | 0.60% | 214,787 | $5.3M | Add +6.5% |
| WABC Westamerica Bancorporation | 0.59% | 104,500 | $5.2M | Reduce -2.5% |
| LLY Eli Lilly & Co. | 0.58% | 6,772 | $5.2M | Reduce -47.0% |
| HTGC Hercules Capital Inc. | 0.57% | 265,576 | $5.0M | Reduce -20.4% |
| NNI Nelnet Inc. Class A | 0.55% | 39,000 | $4.9M | Reduce -12.2% |
| TNK Teekay Tankers Ltd. Class A | 0.53% | 92,257 | $4.7M | Reduce -25.5% |
| SCSC Scansource Inc. | 0.52% | 104,441 | $4.6M | Add +1066.3% |
| DOLE Dole PLC | 0.50% | 331,200 | $4.5M | Add +105.0% |
| AMLP Alerian MLP ETF | 0.50% | 94,253 | $4.4M | Reduce -35.1% |
| PANW Palo Alto Networks Inc. | 0.48% | 20,940 | $4.3M | Reduce -20.2% |
| SB Safe Bulkers Inc. | 0.48% | 955,469 | $4.2M | Add +2.7% |
| TRI Thomson Reuters Corp. | 0.48% | 27,306 | $4.2M | Reduce -7.9% |
| IBEX Ibex Ltd. | 0.48% | 104,611 | $4.2M | Add +0.5% |
| PRDO Perdoceo Education Corp. | 0.48% | 111,900 | $4.2M | Add +3.9% |
| CEG Constellation Energy | 0.47% | 12,754 | $4.2M | Reduce -4.7% |
| LNG Cheniere Energy Inc. | 0.47% | 17,795 | $4.2M | Reduce -18.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.47% | 8,210 | $4.1M | Reduce -18.4% |
| HPK Highpeak Energy Inc. | 0.47% | 582,532 | $4.1M | Add +11.5% |
| FLEX Flex Ltd. | 0.44% | 67,530 | $3.9M | Reduce -7.5% |
| AMR Alpha Metallurgical Resource | 0.43% | 23,400 | $3.8M | Reduce -0.9% |
| BTU Peabody Energy Corp. | 0.43% | 143,311 | $3.8M | Reduce -5.3% |
| SD Sandridge Energy Inc. | 0.43% | 334,900 | $3.8M | Reduce -0.1% |
| KGC Kinross Gold Corp. | 0.43% | 151,979 | $3.8M | Reduce -41.1% |
| FSK FS KKR Capital Corp. | 0.42% | 251,488 | $3.8M | Reduce -18.4% |
| TSLX Sixth Street Specialty Lendi | 0.41% | 159,133 | $3.6M | Reduce -19.9% |
| AMPH Amphastar Pharmaceuticals Inc. | 0.41% | 135,000 | $3.6M | New |
| CASH Pathward Financial Inc. | 0.40% | 48,370 | $3.6M | No change |
| MUR Murphy Oil Corp. | 0.38% | 119,639 | $3.4M | Add +4.1% |
| BZH Beazer Homes USA Inc. | 0.38% | 138,100 | $3.4M | Add +0.7% |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.38% | 405,497 | $3.4M | Reduce -11.6% |
| STBA S & T Bancorp Inc. | 0.38% | 88,700 | $3.3M | Add +82.0% |
| ATKR Atkore Inc. | 0.38% | 53,000 | $3.3M | Reduce -0.1% |
| BLK BlackRock Inc. | 0.37% | 2,830 | $3.3M | No change |
| SIGA Siga Technologies Inc. | 0.37% | 360,300 | $3.3M | Reduce -7.9% |
| MBC Masterbrand Inc. | 0.36% | 241,400 | $3.2M | New |
| PFBC Preferred Bank/Los Angeles | 0.35% | 34,200 | $3.1M | New |
| CALM Cal-Maine Foods Inc. | 0.35% | 32,700 | $3.1M | Add +1.7% |
| PBF PBF Energy Inc. Class A | 0.35% | 101,463 | $3.1M | Reduce -1.7% |
| PLTK Playtika Holding Corp. | 0.34% | 772,214 | $3.0M | New |
| SLVM Sylvamo Corp. | 0.33% | 66,400 | $2.9M | Add +309.2% |
| HRMY Harmony Biosciences Holdings | 0.32% | 102,028 | $2.8M | Add +28.6% |
| PRG Prog Holdings Inc. | 0.30% | 83,000 | $2.7M | New |
Portfolio Sells Q2 2025 → Q3 2025
| AMZN Amazon.com Inc. | Reduce -36.2% | 2.03% | −0.90 |
| MSFT Microsoft Corp. | Reduce -26.4% | 4.07% | −0.83 |
| VCTR Victory Capital Holding - A | Sold out | 0.00% | −0.70 |
| TGNA Tegna Inc. | Sold out | 0.00% | −0.67 |
| INVA Innoviva Inc. | Reduce -76.8% | 0.16% | −0.54 |
| META Meta Platforms Inc. Class A | Reduce -26.9% | 1.98% | −0.53 |
| SAH Sonic Automotive Inc. Class A | Sold out | 0.00% | −0.47 |
| LLY Eli Lilly & Co. | Reduce -47.0% | 0.58% | −0.45 |
| NFLX Netflix Inc. | Reduce -20.7% | 1.40% | −0.42 |
| WOR Worthington Enterprises Inc. | Sold out | 0.00% | −0.42 |
| NVDA Nvidia Corp. | Reduce -27.8% | 4.59% | −0.37 |
| BANF Bancfirst Corp. | Reduce -72.3% | 0.16% | −0.35 |
| PAX Patria Investments Ltd. Class A | Sold out | 0.00% | −0.34 |
| RDN Radian Group Inc. | Sold out | 0.00% | −0.31 |
| AVGO Broadcom Inc. | Reduce -35.9% | 1.39% | −0.28 |
| ARCC Ares Capital Corp. | Reduce -20.8% | 1.03% | −0.26 |
| BXSL Blackstone Secured Lending F | Reduce -20.0% | 0.72% | −0.26 |
| NOW ServiceNow Inc. | Reduce -74.7% | 0.08% | −0.24 |
| FSK FS KKR Capital Corp. | Reduce -18.4% | 0.42% | −0.24 |
| AMLP Alerian MLP ETF | Reduce -35.1% | 0.50% | −0.24 |
| COST Costco Wholesale Corp. | Reduce -21.7% | 0.91% | −0.24 |
| OBDC Blue Owl Capital Corp. | Reduce -19.3% | 0.73% | −0.21 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.21 |
| V Visa Inc. Class A | Reduce -43.0% | 0.26% | −0.18 |
| PM Philip Morris International | Reduce -38.4% | 0.26% | −0.18 |
| VST Vistra Corp. | Reduce -24.3% | 0.86% | −0.17 |
| VRTS Virtus Investment Partners | Sold out | 0.00% | −0.17 |
| T AT&T Inc. | Reduce -18.7% | 1.04% | −0.17 |
| KBH KB Home | Reduce -77.2% | 0.07% | −0.16 |
| GBDC Golub Capital BDC Inc. | Reduce -20.1% | 0.67% | −0.16 |
| TRI Thomson Reuters Corp. | Reduce -7.9% | 0.48% | −0.14 |
| PEBO Peoples Bancorp Inc. | Sold out | 0.00% | −0.14 |
| CENTA Central Garden and Pet Co. Class A | Sold out | 0.00% | −0.13 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -50.2% | 0.24% | −0.12 |
| KDP Keurig Dr Pepper Inc. | Sold out | 0.00% | −0.12 |
| MA Mastercard Inc. Class A | Reduce -23.2% | 0.62% | −0.12 |
| WMT Walmart Inc. | Reduce -20.3% | 0.97% | −0.09 |
| HD Home Depot Inc. | Reduce -25.6% | 0.76% | −0.09 |
| MCD McDonald's Corp. | Reduce -38.1% | 0.21% | −0.09 |
| WM Waste Management Inc. | Reduce -16.1% | 0.67% | −0.09 |
| LTC LTC Properties Inc. | Sold out | 0.00% | −0.09 |
| RELX Relx PLC - Spon ADR | Sold out | 0.00% | −0.09 |
| CRBG Corebridge Financial Inc. | Reduce -79.2% | 0.02% | −0.09 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.09 |
| CMDB Costamare Bulkers Holding | Sold out | 0.00% | −0.08 |
| LNG Cheniere Energy Inc. | Reduce -18.7% | 0.47% | −0.08 |
| TSLX Sixth Street Specialty Lendi | Reduce -19.9% | 0.41% | −0.08 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.08 |
| NVS Novartis AG-Sponsored ADR | Reduce -37.8% | 0.20% | −0.08 |
| SAP Sap SE-Sponsored ADR | Reduce -42.1% | 0.10% | −0.08 |
Portfolio Buys Q2 2025 → Q3 2025
| DNOW Dnow Inc. | Add +151.0% | 0.76% | +0.49 |
| SCSC Scansource Inc. | Add +1066.3% | 0.52% | +0.48 |
| AMPH Amphastar Pharmaceuticals Inc. | New | 0.41% | +0.41 |
| ORCL Oracle Corp. | Add +10.8% | 1.03% | +0.36 |
| MBC Masterbrand Inc. | New | 0.36% | +0.36 |
| PFBC Preferred Bank/Los Angeles | New | 0.35% | +0.35 |
| PLTK Playtika Holding Corp. | New | 0.34% | +0.34 |
| CCSI Consensus Cloud Solution | Add +13.6% | 0.92% | +0.33 |
| PLAB Photronics Inc. | Add +64.8% | 0.61% | +0.33 |
| LADR Ladder Capital Corp.-REIT | Add +99.6% | 0.60% | +0.33 |
| PRG Prog Holdings Inc. | New | 0.30% | +0.30 |
| ARDT Ardent Health Inc. | New | 0.28% | +0.28 |
| DOLE Dole PLC | Add +105.0% | 0.50% | +0.27 |
| SLVM Sylvamo Corp. | Add +309.2% | 0.33% | +0.25 |
| ABG Asbury Automotive Group | New | 0.22% | +0.22 |
| MHO M/I Homes Inc. | New | 0.21% | +0.21 |
| FG F&G Annuities & Life Inc. | Add +28.7% | 0.79% | +0.21 |
| GRBK Green Brick Partners Inc. | Add +0.5% | 0.93% | +0.20 |
| REPX Riley Exploration Permian Inc. | Add +211.8% | 0.27% | +0.19 |
| PBI Pitney Bowes Inc. | New | 0.19% | +0.19 |
| STBA S & T Bancorp Inc. | Add +82.0% | 0.38% | +0.18 |
| MBIN Merchants Bancorp | Add +19.4% | 0.86% | +0.17 |
| JXN Jackson Financial Inc. Class A | Add +1.8% | 0.81% | +0.17 |
| IBEX Ibex Ltd. | Add +0.5% | 0.48% | +0.16 |
| OTTR Otter Tail Corp. | Add +8.8% | 0.80% | +0.16 |
| RLJ RLJ Lodging Trust | New | 0.16% | +0.16 |
| INSW International Seaways Inc. | Add +94.3% | 0.25% | +0.16 |
| CCS Century Communities Inc. | New | 0.16% | +0.16 |
| FFBC First Financial Bancorp | Add +9.1% | 0.82% | +0.15 |
| CNXN PC Connection Inc. | Add +30.4% | 0.61% | +0.15 |
| AAT American Assets Trust Inc. | New | 0.14% | +0.14 |
| IMKTA Ingles Markets Inc. Class A | Add +1.7% | 0.81% | +0.14 |
| TK Teekay Corp. Ltd. | Add +249.3% | 0.19% | +0.14 |
| GBX Greenbrier Companies Inc. | New | 0.14% | +0.14 |
| ALX Alexander's Inc. | Add +7.1% | 0.79% | +0.14 |
| SB Safe Bulkers Inc. | Add +2.7% | 0.48% | +0.13 |
| FIZZ National Beverage Corp. | Add +30.1% | 0.76% | +0.13 |
| CATY Cathay General Bancorp | Add +3.5% | 0.83% | +0.13 |
| EFSC Enterprise Financial Service | Add +3.3% | 0.82% | +0.13 |
| MUR Murphy Oil Corp. | Add +4.1% | 0.38% | +0.11 |
| IBOC International Bancshares CRP | Add +3.5% | 0.82% | +0.11 |
| RUSHA Rush Enterprises Inc. Class A | Add +2.7% | 0.82% | +0.11 |
| PRDO Perdoceo Education Corp. | Add +3.9% | 0.48% | +0.11 |
| GOOGL Alphabet Inc. Class A | Add +33.9% | 0.21% | +0.10 |
| ACT Enact Holdings Inc. | Add +2.9% | 0.77% | +0.10 |
| KODK Eastman Kodak Co. | New | 0.09% | +0.09 |
| CINF Cincinnati Financial Corp. | New | 0.09% | +0.09 |
| DLX Deluxe Corp. | New | 0.09% | +0.09 |
| SRCE 1ST Source Corp. | Add +4.1% | 0.76% | +0.08 |
| TCBK Trico Bancshares | 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 |