Denali Advisors LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Denali Advisors LLC reported 321 stock positions worth $901.0 million. Its top holding was Nvidia (NVDA) at 4.5% of the portfolio, followed by Microsoft (MSFT, 3.7%) and Apple (AAPL, 3.6%). Compared with Q3 2025, it opened 55 new positions, sold out of 31, added to 123 and reduced 125. The biggest buy was Alphabet Class C (GOOG, shares +20%) and the biggest sale an exit from Jackson Financial Class A (JXN).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001142941
- Portfolio Value
- $901.0M (Q4 2025)
- SEC Filing
- 0001398344-26-002053 ↗ filed Feb 3, 2026
Holdings Value
Holdings 321 stocks · $901.0M
| NVDA Nvidia Corp. | 4.50% | 217,296 | $40.5M | Reduce -0.2% |
| MSFT Microsoft Corp. | 3.73% | 69,476 | $33.6M | Reduce -0.2% |
| AAPL Apple Inc. | 3.57% | 118,352 | $32.2M | Reduce -0.6% |
| GOOG Alphabet Inc. Class C | 3.21% | 92,281 | $29.0M | Add +19.9% |
| AMZN Amazon.com Inc. | 2.09% | 81,581 | $18.8M | Reduce -0.5% |
| META Meta Platforms Inc. Class A | 1.74% | 23,740 | $15.7M | Reduce -0.4% |
| AVGO Broadcom Inc. | 1.56% | 40,740 | $14.1M | Add +9.3% |
| PLAB Photronics Inc. | 1.11% | 313,404 | $10.0M | Add +33.2% |
| TSLA Tesla Inc. | 1.10% | 21,979 | $9.9M | Reduce -0.8% |
| NFLX Netflix Inc. | 1.07% | 103,032 | $9.7M | No change |
| PLTR Palantir Technologies Inc. Class A | 1.06% | 53,622 | $9.5M | Add +0.2% |
| WMT Walmart Inc. | 1.03% | 83,105 | $9.3M | Reduce -0.4% |
| MBIN Merchants Bancorp | 0.90% | 237,614 | $8.1M | Reduce -0.8% |
| T AT&T Inc. | 0.90% | 325,649 | $8.1M | Reduce -0.1% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 0.90% | 197,780 | $8.1M | Add +4.0% |
| RUSHA Rush Enterprises Inc. Class A | 0.89% | 148,811 | $8.0M | Add +10.0% |
| ARCC Ares Capital Corp. | 0.88% | 392,429 | $7.9M | Reduce -12.0% |
| CMRE Costamare Inc. | 0.87% | 497,977 | $7.9M | Reduce -25.9% |
| GEF Greif Inc. Class A | 0.87% | 116,007 | $7.9M | Reduce -1.3% |
| FFBC First Financial Bancorp | 0.86% | 310,200 | $7.8M | Add +8.3% |
| FRME First Merchants Corp. | 0.85% | 205,200 | $7.7M | Add +13.6% |
| CATY Cathay General Bancorp | 0.85% | 158,462 | $7.7M | Add +3.3% |
| EFSC Enterprise Financial Service | 0.84% | 140,800 | $7.6M | Add +11.8% |
| NTB Bank of N.T. Butterfield&son | 0.84% | 152,479 | $7.6M | Reduce -3.5% |
| HOOD Robinhood Markets Inc. Class A | 0.84% | 66,923 | $7.6M | Reduce -28.1% |
| SRCE 1ST Source Corp. | 0.84% | 120,600 | $7.5M | Add +10.2% |
| FG F&G Annuities & Life Inc. | 0.83% | 241,661 | $7.5M | Add +8.3% |
| COST Costco Wholesale Corp. | 0.83% | 8,629 | $7.4M | Reduce -0.6% |
| IBOC International Bancshares CRP | 0.82% | 111,317 | $7.4M | Add +5.1% |
| CAH Cardinal Health Inc. | 0.81% | 35,658 | $7.3M | Reduce -0.1% |
| FOR Forestar Group Inc. | 0.81% | 295,165 | $7.3M | Add +2.8% |
| ACT Enact Holdings Inc. | 0.80% | 182,631 | $7.2M | Add +2.1% |
| LLY Eli Lilly & Co. | 0.80% | 6,721 | $7.2M | Reduce -0.8% |
| GRBK Green Brick Partners Inc. | 0.80% | 115,074 | $7.2M | Add +3.6% |
| OTTR Otter Tail Corp. | 0.80% | 88,703 | $7.2M | Add +3.0% |
| FIZZ National Beverage Corp. | 0.79% | 222,762 | $7.1M | Add +22.2% |
| MHO M/I Homes Inc. | 0.78% | 55,239 | $7.1M | Add +320.7% |
| ORCL Oracle Corp. | 0.76% | 34,956 | $6.8M | Add +7.9% |
| NOG Northern Oil and Gas Inc. | 0.75% | 313,261 | $6.7M | Add +45.9% |
| AEM Agnico Eagle Mines Ltd. | 0.74% | 39,487 | $6.7M | Reduce -17.9% |
| IMKTA Ingles Markets Inc. Class A | 0.74% | 97,122 | $6.7M | Reduce -5.6% |
| MO Altria Group Inc. | 0.73% | 114,431 | $6.6M | Reduce -1.6% |
| ALX Alexander's Inc. | 0.72% | 29,900 | $6.5M | No change |
| MAIN Main Street Capital Corp. | 0.71% | 106,300 | $6.4M | Reduce -11.2% |
| VST Vistra Corp. | 0.69% | 38,722 | $6.2M | Add +0.0% |
| NNI Nelnet Inc. Class A | 0.66% | 44,600 | $5.9M | Add +14.4% |
| CCSI Consensus Cloud Solution | 0.66% | 271,065 | $5.9M | Reduce -2.2% |
| WM Waste Management Inc. | 0.65% | 26,753 | $5.9M | Add +0.0% |
| SD Sandridge Energy Inc. | 0.65% | 405,993 | $5.9M | Add +21.2% |
| OBDC Blue Owl Capital Corp. | 0.65% | 470,079 | $5.8M | Reduce -7.6% |
| BKE The Buckle Inc. | 0.64% | 107,700 | $5.8M | Reduce -20.0% |
| HD Home Depot Inc. | 0.64% | 16,661 | $5.7M | Reduce -0.3% |
| AMPH Amphastar Pharmaceuticals Inc. | 0.63% | 211,765 | $5.7M | Add +56.9% |
| BXSL Blackstone Secured Lending F | 0.62% | 213,088 | $5.6M | Reduce -12.4% |
| SM SM Energy Co. | 0.62% | 300,000 | $5.6M | Add +22.2% |
| JPM JPMorgan Chase & Co. | 0.62% | 17,270 | $5.6M | Add +0.6% |
| CAT Caterpillar Inc. | 0.62% | 9,694 | $5.6M | Add +498.8% |
| CBT Cabot Corp. | 0.61% | 83,442 | $5.5M | New |
| MA Mastercard Inc. Class A | 0.61% | 9,564 | $5.5M | Reduce -0.8% |
| LADR Ladder Capital Corp.-REIT | 0.60% | 488,700 | $5.4M | Reduce -0.4% |
| GBDC Golub Capital BDC Inc. | 0.56% | 372,620 | $5.1M | Reduce -14.0% |
| STBA S & T Bancorp Inc. | 0.56% | 127,100 | $5.0M | Add +43.3% |
| DOLE Dole PLC | 0.55% | 331,500 | $5.0M | Add +0.1% |
| ABG Asbury Automotive Group | 0.55% | 21,222 | $4.9M | Add +164.8% |
| TNK Teekay Tankers Ltd. Class A | 0.53% | 90,172 | $4.8M | Reduce -2.3% |
| PFBC Preferred Bank/Los Angeles | 0.53% | 50,600 | $4.8M | Add +48.0% |
| SB Safe Bulkers Inc. | 0.51% | 953,070 | $4.6M | Reduce -0.3% |
| WLFC Willis Lease Finance Corp. | 0.50% | 33,452 | $4.5M | Add +780.3% |
| CEG Constellation Energy | 0.50% | 12,750 | $4.5M | Reduce -0.0% |
| AMLP Alerian MLP ETF | 0.49% | 94,641 | $4.5M | Add +0.4% |
| DFH Dream Finders Homes Inc. Class A | 0.49% | 260,019 | $4.4M | Reduce -6.0% |
| PLTK Playtika Holding Corp. | 0.49% | 1,112,314 | $4.4M | Add +44.0% |
| HTGC Hercules Capital Inc. | 0.49% | 233,249 | $4.4M | Reduce -12.2% |
| SCSC Scansource Inc. | 0.48% | 110,337 | $4.3M | Add +5.7% |
| LNG Cheniere Energy Inc. | 0.48% | 22,163 | $4.3M | Add +24.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.47% | 8,410 | $4.2M | Add +2.4% |
| FLEX Flex Ltd. | 0.45% | 67,488 | $4.1M | Reduce -0.1% |
| SEM Select Medical Holdings Corp. | 0.43% | 263,100 | $3.9M | New |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.43% | 404,263 | $3.9M | Reduce -0.3% |
| CNXN PC Connection Inc. | 0.43% | 67,300 | $3.9M | Reduce -22.6% |
| PANW Palo Alto Networks Inc. | 0.43% | 21,052 | $3.9M | Add +0.5% |
| CASY Casey's General Stores Inc. | 0.43% | 7,008 | $3.9M | Add +262.9% |
| BY Byline Bancorp Inc. | 0.41% | 125,752 | $3.7M | Add +32.3% |
| HRMY Harmony Biosciences Holdings | 0.41% | 97,828 | $3.7M | Reduce -4.1% |
| KGC Kinross Gold Corp. | 0.40% | 128,106 | $3.6M | Reduce -15.7% |
| IBEX Ibex Ltd. | 0.40% | 93,504 | $3.6M | Reduce -10.6% |
| ATKR Atkore Inc. | 0.39% | 55,000 | $3.5M | Add +3.8% |
| CASH Pathward Financial Inc. | 0.38% | 48,370 | $3.4M | No change |
| DNOW Dnow Inc. | 0.35% | 238,645 | $3.2M | Reduce -46.2% |
| FSK FS KKR Capital Corp. | 0.34% | 208,911 | $3.1M | Reduce -16.9% |
| TSLX Sixth Street Specialty Lendi | 0.34% | 140,144 | $3.0M | Reduce -11.9% |
| BLK BlackRock Inc. | 0.34% | 2,830 | $3.0M | No change |
| HPK Highpeak Energy Inc. | 0.32% | 617,628 | $2.9M | Add +6.0% |
| SLVM Sylvamo Corp. | 0.30% | 56,500 | $2.7M | Reduce -14.9% |
| CALM Cal-Maine Foods Inc. | 0.29% | 32,700 | $2.6M | No change |
| TK Teekay Corp. Ltd. | 0.28% | 283,213 | $2.6M | Add +38.3% |
| HRTG Heritage Insurance Holdings | 0.28% | 85,115 | $2.5M | New |
| GIC Global Industrial Co. | 0.28% | 85,200 | $2.5M | Reduce -41.9% |
| WSFS WSFS Financial Corp. | 0.27% | 43,900 | $2.4M | New |
| V Visa Inc. Class A | 0.26% | 6,725 | $2.4M | Reduce -1.6% |
Portfolio Sells Q3 2025 → Q4 2025
| JXN Jackson Financial Inc. Class A | Sold out | 0.00% | −0.81 |
| HOOD Robinhood Markets Inc. Class A | Reduce -28.1% | 0.84% | −0.67 |
| WABC Westamerica Bancorporation | Reduce -83.0% | 0.09% | −0.50 |
| TRI Thomson Reuters Corp. | Sold out | 0.00% | −0.48 |
| AMR Alpha Metallurgical Resource | Sold out | 0.00% | −0.43 |
| DNOW Dnow Inc. | Reduce -46.2% | 0.35% | −0.41 |
| MUR Murphy Oil Corp. | Sold out | 0.00% | −0.38 |
| MSFT Microsoft Corp. | Reduce -0.2% | 3.73% | −0.35 |
| GIC Global Industrial Co. | Reduce -41.9% | 0.28% | −0.33 |
| DFH Dream Finders Homes Inc. Class A | Reduce -6.0% | 0.49% | −0.32 |
| PRDO Perdoceo Education Corp. | Reduce -54.7% | 0.17% | −0.31 |
| PRG Prog Holdings Inc. | Sold out | 0.00% | −0.30 |
| PBF PBF Energy Inc. Class A | Reduce -80.3% | 0.06% | −0.29 |
| CCSI Consensus Cloud Solution | Reduce -2.2% | 0.66% | −0.26 |
| BKE The Buckle Inc. | Reduce -20.0% | 0.64% | −0.25 |
| SE Sea Ltd.-ADR | Sold out | 0.00% | −0.24 |
| NAVI Navient Corp. | Sold out | 0.00% | −0.24 |
| META Meta Platforms Inc. Class A | Reduce -0.4% | 1.74% | −0.24 |
| WMK Weis Markets Inc. | Sold out | 0.00% | −0.23 |
| BTU Peabody Energy Corp. | Reduce -56.1% | 0.21% | −0.22 |
| BZH Beazer Homes USA Inc. | Reduce -39.0% | 0.19% | −0.19 |
| CNXN PC Connection Inc. | Reduce -22.6% | 0.43% | −0.18 |
| AEM Agnico Eagle Mines Ltd. | Reduce -17.9% | 0.74% | −0.17 |
| INSW International Seaways Inc. | Reduce -68.8% | 0.08% | −0.17 |
| ULH Universal Logistics Holdings | Reduce -47.1% | 0.08% | −0.16 |
| MBC Masterbrand Inc. | Reduce -29.9% | 0.21% | −0.15 |
| ARCC Ares Capital Corp. | Reduce -12.0% | 0.88% | −0.15 |
| MAIN Main Street Capital Corp. | Reduce -11.2% | 0.71% | −0.15 |
| T AT&T Inc. | Reduce -0.1% | 0.90% | −0.14 |
| MO Altria Group Inc. | Reduce -1.6% | 0.73% | −0.14 |
| HD Home Depot Inc. | Reduce -0.3% | 0.64% | −0.13 |
| BANF Bancfirst Corp. | Reduce -71.6% | 0.04% | −0.12 |
| GBDC Golub Capital BDC Inc. | Reduce -14.0% | 0.56% | −0.11 |
| BXSL Blackstone Secured Lending F | Reduce -12.4% | 0.62% | −0.09 |
| ACEL Accel Entertainment Inc. | Reduce -74.7% | 0.03% | −0.09 |
| NVDA Nvidia Corp. | Reduce -0.2% | 4.50% | −0.09 |
| OBDC Blue Owl Capital Corp. | Reduce -7.6% | 0.65% | −0.09 |
| GRNT Granite Ridge Resources Inc. | Sold out | 0.00% | −0.08 |
| IBEX Ibex Ltd. | Reduce -10.6% | 0.40% | −0.08 |
| COST Costco Wholesale Corp. | Reduce -0.6% | 0.83% | −0.08 |
| FSK FS KKR Capital Corp. | Reduce -16.9% | 0.34% | −0.08 |
| HTGC Hercules Capital Inc. | Reduce -12.2% | 0.49% | −0.08 |
| UNP Union Pacific Corp. | Reduce -49.1% | 0.08% | −0.08 |
| MRC MRC Global Inc. | Sold out | 0.00% | −0.07 |
| TSLX Sixth Street Specialty Lendi | Reduce -11.9% | 0.34% | −0.07 |
| IMKTA Ingles Markets Inc. Class A | Reduce -5.6% | 0.74% | −0.07 |
| KBH KB Home | Sold out | 0.00% | −0.07 |
| PFG Principal Financial Group | Sold out | 0.00% | −0.07 |
| EBF Ennis Inc. | Sold out | 0.00% | −0.07 |
| ACI Albertsons Cos Inc. Class A | Reduce -71.3% | 0.02% | −0.07 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOG Alphabet Inc. Class C | Add +19.9% | 3.21% | +1.10 |
| CBT Cabot Corp. | New | 0.61% | +0.61 |
| MHO M/I Homes Inc. | Add +320.7% | 0.78% | +0.57 |
| CAT Caterpillar Inc. | Add +498.8% | 0.62% | +0.53 |
| PLAB Photronics Inc. | Add +33.2% | 1.11% | +0.50 |
| WLFC Willis Lease Finance Corp. | Add +780.3% | 0.50% | +0.44 |
| SEM Select Medical Holdings Corp. | New | 0.43% | +0.43 |
| ABG Asbury Automotive Group | Add +164.8% | 0.55% | +0.33 |
| CASY Casey's General Stores Inc. | Add +262.9% | 0.43% | +0.31 |
| HRTG Heritage Insurance Holdings | New | 0.28% | +0.28 |
| WSFS WSFS Financial Corp. | New | 0.27% | +0.27 |
| WS Worthington Steel Inc. | New | 0.26% | +0.26 |
| SD Sandridge Energy Inc. | Add +21.2% | 0.65% | +0.22 |
| AMPH Amphastar Pharmaceuticals Inc. | Add +56.9% | 0.63% | +0.22 |
| TGLS Tecnoglass Holdings Inc. | New | 0.19% | +0.19 |
| TEX Terex Corp. | New | 0.19% | +0.19 |
| PFBC Preferred Bank/Los Angeles | Add +48.0% | 0.53% | +0.18 |
| VAL Valaris Ltd. | New | 0.18% | +0.18 |
| STBA S & T Bancorp Inc. | Add +43.3% | 0.56% | +0.18 |
| AVGO Broadcom Inc. | Add +9.3% | 1.56% | +0.18 |
| OTF Blue Owl Technology Finance | New | 0.17% | +0.17 |
| PEG Public Service Enterprise GP | New | 0.17% | +0.17 |
| PLTK Playtika Holding Corp. | Add +44.0% | 0.49% | +0.15 |
| NOG Northern Oil and Gas Inc. | Add +45.9% | 0.75% | +0.14 |
| SAFE Safehold Inc. | New | 0.14% | +0.14 |
| EFC Ellington Financial Inc. | Add +679.9% | 0.13% | +0.12 |
| GCT Gigacloud Technology Inc. Class A | Add +128.9% | 0.17% | +0.11 |
| SNA Snap-on Inc. | New | 0.11% | +0.11 |
| BY Byline Bancorp Inc. | Add +32.3% | 0.41% | +0.11 |
| NNI Nelnet Inc. Class A | Add +14.4% | 0.66% | +0.11 |
| CENTA Central Garden and Pet Co. Class A | New | 0.10% | +0.10 |
| PRU Prudential Financial Inc. | New | 0.10% | +0.10 |
| RNR Renaissancere Holdings Ltd. | New | 0.10% | +0.10 |
| TK Teekay Corp. Ltd. | Add +38.3% | 0.28% | +0.09 |
| ADEA Adeia Inc. | New | 0.09% | +0.09 |
| SBH Sally Beauty Holdings Inc. | New | 0.09% | +0.09 |
| ARW Arrow Electronics Inc. | New | 0.09% | +0.09 |
| BFS Saul Centers Inc. | Add +106.4% | 0.17% | +0.08 |
| FRME First Merchants Corp. | Add +13.6% | 0.85% | +0.08 |
| VAC Marriott Vacations World | New | 0.08% | +0.08 |
| SRCE 1ST Source Corp. | Add +10.2% | 0.84% | +0.08 |
| LNC Lincoln National Corp. | New | 0.07% | +0.07 |
| RUSHA Rush Enterprises Inc. Class A | Add +10.0% | 0.89% | +0.07 |
| APTV Aptiv PLC | Add +261.0% | 0.11% | +0.07 |
| MPC Marathon Petroleum Corp. | Add +123.1% | 0.16% | +0.07 |
| NMIH Nmi Holdings Inc. | Add +4.0% | 0.90% | +0.07 |
| THR Thermon Group Holdings Inc. | New | 0.07% | +0.07 |
| AZN Astrazeneca PLC-Spons ADR | Add +56.0% | 0.14% | +0.07 |
| MTB M & T Bank Corp. | Add +221.2% | 0.09% | +0.07 |
| ITW Illinois Tool Works | New | 0.06% | +0.06 |
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 |