Denali Advisors LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 8, 2026), Denali Advisors LLC reported 307 stock positions worth $899.7 million. Its top holding was Nvidia (NVDA) at 4.2% of the portfolio, followed by Apple (AAPL, 3.3%) and Alphabet Class C (GOOG, 2.9%). Compared with Q4 2025, it opened 30 new positions, sold out of 44, added to 127 and reduced 118. The biggest buy was Hamilton Insurance Grou Class B (HG, shares +354%) and the biggest sale Photronics (PLAB, shares −59%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001142941
- Portfolio Value
- $899.7M (Q1 2026)
- SEC Filing
- 0001398344-26-008814 ↗ filed May 8, 2026
Holdings Value
Holdings 307 stocks · $899.7M
| NVDA Nvidia Corp. | 4.24% | 218,566 | $38.1M | Add +0.6% |
| AAPL Apple Inc. | 3.34% | 118,540 | $30.1M | Add +0.2% |
| GOOG Alphabet Inc. Class C | 2.94% | 92,288 | $26.5M | Add +0.0% |
| MSFT Microsoft Corp. | 2.87% | 69,715 | $25.8M | Add +0.3% |
| AMZN Amazon.com Inc. | 1.89% | 81,586 | $17.0M | Add +0.0% |
| META Meta Platforms Inc. Class A | 1.51% | 23,822 | $13.6M | Add +0.3% |
| AVGO Broadcom Inc. | 1.41% | 40,984 | $12.7M | Add +0.6% |
| WMT Walmart Inc. | 1.15% | 82,963 | $10.3M | Reduce -0.2% |
| T AT&T Inc. | 1.14% | 355,170 | $10.3M | Add +9.1% |
| NFLX Netflix Inc. | 1.10% | 102,927 | $9.9M | Reduce -0.1% |
| IMKTA Ingles Markets Inc. Class A | 0.97% | 96,800 | $8.7M | Reduce -0.3% |
| COST Costco Wholesale Corp. | 0.95% | 8,619 | $8.6M | Reduce -0.1% |
| LLY Eli Lilly & Co. | 0.95% | 9,292 | $8.5M | Add +38.3% |
| MBIN Merchants Bancorp | 0.93% | 194,710 | $8.4M | Reduce -18.1% |
| NOG Northern Oil and Gas Inc. | 0.93% | 285,461 | $8.3M | Reduce -8.9% |
| CAH Cardinal Health Inc. | 0.92% | 39,216 | $8.3M | Add +10.0% |
| SRCE 1ST Source Corp. | 0.92% | 119,600 | $8.3M | Reduce -0.8% |
| TSLA Tesla Inc. | 0.91% | 21,990 | $8.2M | Add +0.1% |
| NTB Bank of N.T. Butterfield&son | 0.90% | 154,869 | $8.1M | Add +1.6% |
| CBT Cabot Corp. | 0.90% | 106,919 | $8.1M | Add +28.1% |
| AEM Agnico Eagle Mines Ltd. | 0.89% | 39,507 | $8.0M | Add +0.1% |
| FIZZ National Beverage Corp. | 0.88% | 236,519 | $8.0M | Add +6.2% |
| FRME First Merchants Corp. | 0.88% | 205,200 | $7.9M | No change |
| CATY Cathay General Bancorp | 0.88% | 159,062 | $7.9M | Add +0.4% |
| OTTR Otter Tail Corp. | 0.88% | 89,909 | $7.9M | Add +1.4% |
| IBOC International Bancshares CRP | 0.88% | 117,217 | $7.9M | Add +5.3% |
| PLTR Palantir Technologies Inc. Class A | 0.87% | 53,662 | $7.8M | Add +0.1% |
| FFBC First Financial Bancorp filed as 1ST FINL BANCORP | 0.87% | 280,700 | $7.8M | Reduce -9.5% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 0.87% | 208,300 | $7.8M | Add +5.3% |
| GEF Greif Inc. Class A | 0.86% | 115,951 | $7.8M | Reduce -0.1% |
| MO Altria Group Inc. | 0.86% | 117,199 | $7.7M | Add +2.4% |
| RUSHA Rush Enterprises Inc. Class A | 0.86% | 116,911 | $7.7M | Reduce -21.4% |
| EFSC Enterprise Financial Service | 0.85% | 140,800 | $7.6M | No change |
| HG Hamilton Insurance Grou Class B | 0.83% | 250,800 | $7.5M | Add +353.5% |
| ACT Enact Holdings Inc. | 0.83% | 182,288 | $7.4M | Reduce -0.2% |
| GRBK Green Brick Partners Inc. | 0.82% | 114,674 | $7.4M | Reduce -0.3% |
| TNK Teekay Tankers Ltd. Class A | 0.82% | 100,690 | $7.4M | Add +11.7% |
| MHO M/I Homes Inc. | 0.81% | 59,345 | $7.3M | Add +7.4% |
| FOR Forestar Group Inc. | 0.80% | 293,991 | $7.2M | Reduce -0.4% |
| WLFC Willis Lease Finance Corp. | 0.78% | 40,952 | $7.0M | Add +22.4% |
| GBX Greenbrier Companies Inc. | 0.77% | 131,941 | $6.9M | Add +494.3% |
| FG F&G Annuities & Life Inc. | 0.77% | 273,600 | $6.9M | Add +13.2% |
| CAT Caterpillar Inc. | 0.76% | 9,697 | $6.9M | Add +0.0% |
| ARCC Ares Capital Corp. | 0.76% | 377,611 | $6.8M | Reduce -3.8% |
| SD Sandridge Energy Inc. | 0.74% | 407,451 | $6.6M | Add +0.4% |
| CMRE Costamare Inc. | 0.73% | 390,777 | $6.6M | Reduce -21.5% |
| STBA S & T Bancorp Inc. | 0.71% | 151,800 | $6.3M | Add +19.4% |
| CCSI Consensus Cloud Solution | 0.70% | 267,184 | $6.3M | Reduce -1.4% |
| SM SM Energy Co. | 0.70% | 202,800 | $6.3M | Reduce -32.4% |
| WM Waste Management Inc. | 0.68% | 26,726 | $6.1M | Reduce -0.1% |
| WS Worthington Steel Inc. | 0.67% | 199,415 | $6.1M | Add +194.6% |
| ABG Asbury Automotive Group | 0.65% | 30,122 | $5.9M | Add +41.9% |
| BKE The Buckle Inc. | 0.65% | 116,600 | $5.9M | Add +8.3% |
| VST Vistra Corp. | 0.65% | 38,728 | $5.8M | Add +0.0% |
| HD Home Depot Inc. | 0.61% | 16,645 | $5.5M | Reduce -0.1% |
| ALX Alexander's Inc. | 0.60% | 22,900 | $5.4M | Reduce -23.4% |
| MAIN Main Street Capital Corp. | 0.60% | 101,485 | $5.4M | Reduce -4.5% |
| NNI Nelnet Inc. Class A | 0.59% | 41,200 | $5.3M | Reduce -7.6% |
| BY Byline Bancorp Inc. | 0.59% | 167,416 | $5.3M | Add +33.1% |
| JPM JPMorgan Chase & Co. | 0.58% | 17,770 | $5.2M | Add +2.9% |
| AMPH Amphastar Pharmaceuticals Inc. | 0.58% | 266,465 | $5.2M | Add +25.8% |
| PLAB Photronics Inc. | 0.58% | 128,553 | $5.2M | Reduce -59.0% |
| ORCL Oracle Corp. | 0.57% | 35,071 | $5.2M | Add +0.3% |
| CASY Casey's General Stores Inc. | 0.57% | 7,010 | $5.1M | Add +0.0% |
| OBDC Blue Owl Capital Corp. | 0.57% | 459,746 | $5.1M | Reduce -2.2% |
| AMLP Alerian MLP ETF | 0.55% | 94,394 | $5.0M | Reduce -0.3% |
| CNXN PC Connection Inc. | 0.54% | 83,300 | $4.9M | Add +23.8% |
| BXSL Blackstone Secured Lending F | 0.54% | 204,149 | $4.8M | Reduce -4.2% |
| MA Mastercard Inc. Class A | 0.53% | 9,548 | $4.8M | Reduce -0.2% |
| LADR Ladder Capital Corp.-REIT | 0.52% | 482,200 | $4.7M | Reduce -1.3% |
| DFH Dream Finders Homes Inc. Class A | 0.52% | 338,282 | $4.7M | Add +30.1% |
| DOLE Dole PLC | 0.52% | 329,100 | $4.7M | Reduce -0.7% |
| HOOD Robinhood Markets Inc. Class A | 0.52% | 67,047 | $4.6M | Add +0.2% |
| GBDC Golub Capital BDC Inc. | 0.51% | 365,282 | $4.6M | Reduce -2.0% |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.51% | 404,240 | $4.6M | Reduce -0.0% |
| FLEX Flex Ltd. filed as FLEXTRONICS INTL LTD | 0.49% | 67,486 | $4.4M | Reduce 0.0% |
| CASH Pathward Financial Inc. | 0.48% | 48,370 | $4.3M | No change |
| SEM Select Medical Holdings Corp. | 0.48% | 263,100 | $4.3M | No change |
| SAFE Safehold Inc. | 0.47% | 309,600 | $4.2M | Add +236.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.46% | 8,710 | $4.2M | Add +3.6% |
| PLTK Playtika Holding Corp. | 0.44% | 1,428,314 | $4.0M | Add +28.4% |
| CVX Chevron Corp. | 0.44% | 19,056 | $3.9M | New |
| KGC Kinross Gold Corp. | 0.43% | 126,326 | $3.9M | Reduce -1.4% |
| PRIM Primoris Services Corp. | 0.39% | 24,460 | $3.5M | New |
| TK Teekay Corp. Ltd. | 0.38% | 282,931 | $3.5M | Reduce -0.1% |
| PANW Palo Alto Networks Inc. | 0.38% | 21,054 | $3.4M | Add +0.0% |
| MCY Mercury General Corp. | 0.37% | 38,214 | $3.4M | Add +855.4% |
| HTGC Hercules Capital Inc. | 0.37% | 224,350 | $3.3M | Reduce -3.8% |
| ATKR Atkore Inc. | 0.36% | 55,000 | $3.2M | No change |
| SB Safe Bulkers Inc. | 0.36% | 504,824 | $3.2M | Reduce -47.0% |
| PRG Prog Holdings Inc. | 0.35% | 110,611 | $3.2M | New |
| TGLS Tecnoglass Holdings Inc. | 0.34% | 69,439 | $3.1M | Add +105.3% |
| MGRC McGrath Rentcorp | 0.32% | 26,500 | $2.9M | Add +703.0% |
| BLK BlackRock Inc. | 0.30% | 2,830 | $2.7M | No change |
| TSLX Sixth Street Specialty Lendi | 0.30% | 144,882 | $2.7M | Add +3.4% |
| CALM Cal-Maine Foods Inc. | 0.29% | 32,700 | $2.6M | No change |
| AGG iShares Core U.S. Aggregate | 0.29% | 26,053 | $2.6M | Add +15.4% |
| SCCO Southern Copper Corp. | 0.27% | 14,353 | $2.5M | Reduce -12.4% |
| LNG Cheniere Energy Inc. | 0.27% | 8,518 | $2.4M | Reduce -61.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.27% | 7,118 | $2.4M | Reduce -3.0% |
Portfolio Sells Q4 2025 → Q1 2026
| PLAB Photronics Inc. | Reduce -59.0% | 0.58% | −0.54 |
| CEG Constellation Energy | Sold out | 0.00% | −0.50 |
| PFBC Preferred Bank/Los Angeles | Reduce -82.6% | 0.09% | −0.44 |
| DNOW Dnow Inc. | Sold out | 0.00% | −0.35 |
| HPK Highpeak Energy Inc. | Sold out | 0.00% | −0.32 |
| HRTG Heritage Insurance Holdings | Sold out | 0.00% | −0.28 |
| WSFS WSFS Financial Corp. | Sold out | 0.00% | −0.27 |
| IBEX Ibex Ltd. | Reduce -43.7% | 0.16% | −0.24 |
| SCSC Scansource Inc. | Reduce -44.0% | 0.25% | −0.23 |
| HRMY Harmony Biosciences Holdings | Reduce -38.8% | 0.19% | −0.22 |
| LNG Cheniere Energy Inc. | Reduce -61.6% | 0.27% | −0.21 |
| BZH Beazer Homes USA Inc. | Sold out | 0.00% | −0.19 |
| TEX Terex Corp. | Sold out | 0.00% | −0.19 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.18 |
| INVA Innoviva Inc. | Sold out | 0.00% | −0.17 |
| REPX Riley Exploration Permian Inc. | Reduce -81.4% | 0.06% | −0.16 |
| FSK FS KKR Capital Corp. | Reduce -21.3% | 0.19% | −0.16 |
| SB Safe Bulkers Inc. | Reduce -47.0% | 0.36% | −0.15 |
| CMRE Costamare Inc. | Reduce -21.5% | 0.73% | −0.14 |
| PRDO Perdoceo Education Corp. | Reduce -85.4% | 0.03% | −0.13 |
| EFC Ellington Financial Inc. | Sold out | 0.00% | −0.13 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.13 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.13 |
| ARCC Ares Capital Corp. | Reduce -3.8% | 0.76% | −0.12 |
| TCBK Trico Bancshares | Sold out | 0.00% | −0.12 |
| ALX Alexander's Inc. | Reduce -23.4% | 0.60% | −0.12 |
| HTGC Hercules Capital Inc. | Reduce -3.8% | 0.37% | −0.12 |
| MAIN Main Street Capital Corp. | Reduce -4.5% | 0.60% | −0.12 |
| ATLC Atlanticus Holdings Corp. | Sold out | 0.00% | −0.11 |
| MOV Movado Group Inc. | Sold out | 0.00% | −0.11 |
| WABC Westamerica Bancorporation | Sold out | 0.00% | −0.09 |
| ADEA Adeia Inc. | Sold out | 0.00% | −0.09 |
| BXSL Blackstone Secured Lending F | Reduce -4.2% | 0.54% | −0.09 |
| OBDC Blue Owl Capital Corp. | Reduce -2.2% | 0.57% | −0.08 |
| SAP Sap SE-Sponsored ADR | Sold out | 0.00% | −0.08 |
| ULH Universal Logistics Holdings | Sold out | 0.00% | −0.08 |
| NVR NVR Inc. | Sold out | 0.00% | −0.08 |
| EXEL Exelixis Inc. | Sold out | 0.00% | −0.08 |
| VAC Marriott Vacations World | Sold out | 0.00% | −0.08 |
| MA Mastercard Inc. Class A | Reduce -0.2% | 0.53% | −0.08 |
| DDS Dillards Inc. Class A | Sold out | 0.00% | −0.08 |
| GIC Global Industrial Co. | Reduce -32.4% | 0.20% | −0.07 |
| LADR Ladder Capital Corp.-REIT | Reduce -1.3% | 0.52% | −0.07 |
| THR Thermon Group Holdings Inc. | Sold out | 0.00% | −0.07 |
| INTU Intuit Inc. | Sold out | 0.00% | −0.07 |
| NNI Nelnet Inc. Class A | Reduce -7.6% | 0.59% | −0.07 |
| FOXA Fox Corp. Class A | Reduce -44.4% | 0.05% | −0.07 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.06 |
| OVV Ovintiv Inc. | Reduce -72.1% | 0.04% | −0.06 |
| VTIP Vanguard Short-Term Tips | Reduce -58.3% | 0.04% | −0.06 |
Portfolio Buys Q4 2025 → Q1 2026
| HG Hamilton Insurance Grou Class B | Add +353.5% | 0.83% | +0.66 |
| GBX Greenbrier Companies Inc. | Add +494.3% | 0.77% | +0.66 |
| CVX Chevron Corp. | New | 0.44% | +0.44 |
| WS Worthington Steel Inc. | Add +194.6% | 0.67% | +0.41 |
| PRIM Primoris Services Corp. | New | 0.39% | +0.39 |
| PRG Prog Holdings Inc. | New | 0.35% | +0.35 |
| MCY Mercury General Corp. | Add +855.4% | 0.37% | +0.33 |
| SAFE Safehold Inc. | Add +236.9% | 0.47% | +0.33 |
| MGRC McGrath Rentcorp | Add +703.0% | 0.32% | +0.29 |
| TNK Teekay Tankers Ltd. Class A | Add +11.7% | 0.82% | +0.29 |
| CBT Cabot Corp. | Add +28.1% | 0.90% | +0.28 |
| WLFC Willis Lease Finance Corp. | Add +22.4% | 0.78% | +0.27 |
| T AT&T Inc. | Add +9.1% | 1.14% | +0.25 |
| KOP Koppers Holdings Inc. | New | 0.24% | +0.24 |
| NHC National Healthcare Corp. | New | 0.23% | +0.23 |
| FTI Technipfmc PLC | Add +596.2% | 0.26% | +0.23 |
| TTAM Titan America SA | New | 0.21% | +0.21 |
| INSW International Seaways Inc. | Add +113.6% | 0.26% | +0.18 |
| BY Byline Bancorp Inc. | Add +33.1% | 0.59% | +0.18 |
| FBRT Franklin BSP Realty Trust Inc. | New | 0.17% | +0.17 |
| DLX Deluxe Corp. | Add +210.0% | 0.23% | +0.17 |
| TGLS Tecnoglass Holdings Inc. | Add +105.3% | 0.34% | +0.15 |
| STBA S & T Bancorp Inc. | Add +19.4% | 0.71% | +0.15 |
| LLY Eli Lilly & Co. | Add +38.3% | 0.95% | +0.15 |
| CAT Caterpillar Inc. | Add +0.0% | 0.76% | +0.15 |
| AEM Agnico Eagle Mines Ltd. | Add +0.1% | 0.89% | +0.14 |
| FLOC Flowco Holdings Inc. Class A | New | 0.14% | +0.14 |
| CASY Casey's General Stores Inc. | Add +0.0% | 0.57% | +0.14 |
| REX Rex American Resources Corp. | New | 0.14% | +0.14 |
| MO Altria Group Inc. | Add +2.4% | 0.86% | +0.13 |
| PSX Phillips 66 | Add +289.6% | 0.15% | +0.12 |
| BG Bunge Global SA | Add +132.8% | 0.17% | +0.12 |
| CNXN PC Connection Inc. | Add +23.8% | 0.54% | +0.11 |
| MPC Marathon Petroleum Corp. | Add +12.7% | 0.27% | +0.11 |
| CAH Cardinal Health Inc. | Add +10.0% | 0.92% | +0.11 |
| ABG Asbury Automotive Group | Add +41.9% | 0.65% | +0.11 |
| PAHC Phibro Animal Health Corp. Class A | New | 0.10% | +0.10 |
| FIZZ National Beverage Corp. | Add +6.2% | 0.88% | +0.10 |
| PLUS Eplus Inc. | New | 0.09% | +0.09 |
| BFS Saul Centers Inc. | Add +47.7% | 0.26% | +0.09 |
| CCS Century Communities Inc. | Add +66.0% | 0.24% | +0.09 |
| SD Sandridge Energy Inc. | Add +0.4% | 0.74% | +0.09 |
| OTF Blue Owl Technology Finance | Add +74.0% | 0.26% | +0.08 |
| OTTR Otter Tail Corp. | Add +1.4% | 0.88% | +0.08 |
| CF CF Industries Holdings Inc. | Add +10.0% | 0.17% | +0.08 |
| CHTR Charter Communications Inc. Class A | Add +110.6% | 0.14% | +0.08 |
| NTB Bank of N.T. Butterfield&son | Add +1.6% | 0.90% | +0.06 |
| TCMD Tactile Systems Technology I | New | 0.06% | +0.06 |
| TXT Textron Inc. | Add +156.4% | 0.09% | +0.06 |
| IBOC International Bancshares CRP | Add +5.3% | 0.88% | +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 |