# DENALI ADVISORS LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1142941. Source: https://holderbook.com/funds/1142941-denali-advisors-llc/

- Reported value: $993.0M
- Positions: 318
- Weight of the ten largest: 21.6%
- Filed: 2026-08-10

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $43.9M | 219,391 | 4.4% | 8 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $37.4M | 105,988 | 3.8% | 8 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $29.3M | 101,322 | 3.0% | 8 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $21.4M | 57,369 | 2.2% | 8 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $16.4M | 68,888 | 1.7% | 8 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $15.5M | 12,917 | 1.6% | 8 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $15.5M | 40,971 | 1.6% | 8 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $12.8M | 22,697 | 1.3% | 8 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $11.8M | 11,035 | 1.2% | 8 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $10.7M | 18,468 | 1.1% | 1 |
| FLEX LTD | [FLEX](https://holderbook.com/stocks/FLEX/) | $10.7M | 66,146 | 1.1% | 7 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $10.6M | 14,650 | 1.1% | 8 |
| M/I HOMES INC | [MHO](https://holderbook.com/stocks/MHO/) | $9.9M | 61,445 | 1.0% | 4 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $9.4M | 83,102 | 0.9% | 8 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $9.4M | 39,366 | 0.9% | 7 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $9.3M | 22,027 | 0.9% | 8 |
| FORESTAR GROUP INC | [FOR](https://holderbook.com/stocks/FOR/) | $9.3M | 292,662 | 0.9% | 25 |
| ENTERPRISE FINL SVCS CORP | [EFSC](https://holderbook.com/stocks/EFSC/) | $8.9M | 135,100 | 0.9% | 8 |
| CONSENSUS CLOUD SOLUTIONS IN | [CCSI](https://holderbook.com/stocks/CCSI/) | $8.8M | 230,924 | 0.9% | 9 |
| WILLIS LEASE FIN CORP | [WLFC](https://holderbook.com/stocks/WLFC/) | $8.8M | 38,450 | 0.9% | 4 |
| MERCHANTS BANCORP IND | [MBIN](https://holderbook.com/stocks/MBIN/) | $8.7M | 174,576 | 0.9% | 31 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $8.7M | 20,139 | 0.9% | 1 |
| GREEN BRICK PARTNERS INC | [GRBK](https://holderbook.com/stocks/GRBK/) | $8.7M | 108,874 | 0.9% | 9 |
| CATHAY GEN BANCORP | [CATY](https://holderbook.com/stocks/CATY/) | $8.7M | 140,297 | 0.9% | 11 |
| MERCURY GENL CORP NEW | [MCY](https://holderbook.com/stocks/MCY/) | $8.7M | 81,535 | 0.9% | 3 |
| FIRST MERCHANTS CORP | [FRME](https://holderbook.com/stocks/FRME/) | $8.5M | 194,500 | 0.9% | 13 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $8.4M | 117,440 | 0.9% | 7 |
| BANK OF N T BUTTERFIELD & SO | [NTB](https://holderbook.com/stocks/NTB/) | $8.3M | 139,869 | 0.8% | 26 |
| INTERNATIONAL BANCSHARES COR | [IBOC](https://holderbook.com/stocks/IBOC/) | $8.2M | 108,480 | 0.8% | 8 |
| GREIF INC | [GEF](https://holderbook.com/stocks/GEF/) | $8.2M | 109,851 | 0.8% | 29 |
| NMI HLDGS INC | [NMIH](https://holderbook.com/stocks/NMIH/) | $8.1M | 198,100 | 0.8% | 8 |
| HAMILTON INSURANCE GROUP LTD | [HG](https://holderbook.com/stocks/HG/) | $8.1M | 239,500 | 0.8% | 6 |
| ENACT HLDGS INC | [ACT](https://holderbook.com/stocks/ACT/) | $7.9M | 172,988 | 0.8% | 14 |
| CABOT CORP | [CBT](https://holderbook.com/stocks/CBT/) | $7.9M | 86,707 | 0.8% | 3 |
| OTTER TAIL CORP | [OTTR](https://holderbook.com/stocks/OTTR/) | $7.7M | 85,102 | 0.8% | 7 |
| ASBURY AUTOMOTIVE GROUP INC | [ABG](https://holderbook.com/stocks/ABG/) | $7.6M | 37,922 | 0.8% | 4 |
| AMPHASTAR PHARMACEUTICALS IN | [AMPH](https://holderbook.com/stocks/AMPH/) | $7.6M | 375,965 | 0.8% | 4 |
| F&G ANNUITIES & LIFE INC | [FG](https://holderbook.com/stocks/FG/) | $7.6M | 284,700 | 0.8% | 11 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $7.5M | 8,050 | 0.8% | 8 |
| RILEY EXPLORATION PERMIAN IN | [REPX](https://holderbook.com/stocks/REPX/) | $7.5M | 228,051 | 0.8% | 5 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $7.4M | 103,210 | 0.7% | 8 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $7.4M | 6,380 | 0.7% | 1 |
| PC CONNECTION INC | [CNXN](https://holderbook.com/stocks/CNXN/) | $7.2M | 99,200 | 0.7% | 31 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $7.2M | 21,135 | 0.7% | 8 |
| BYLINE BANCORP INC | [BY](https://holderbook.com/stocks/BY/) | $7.0M | 185,516 | 0.7% | 6 |
| NATIONAL BEVERAGE CORP | [FIZZ](https://holderbook.com/stocks/FIZZ/) | $7.0M | 223,100 | 0.7% | 17 |
| 1ST SOURCE CORP | [SRCE](https://holderbook.com/stocks/SRCE/) | $6.6M | 80,900 | 0.7% | 20 |
| ARES CAPITAL CORP | [ARCC](https://holderbook.com/stocks/ARCC/) | $6.6M | 354,445 | 0.7% | 8 |
| INTERNATIONAL SEAWAYS INC | [INSW](https://holderbook.com/stocks/INSW/) | $6.5M | 84,681 | 0.7% | 7 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $6.5M | 312,618 | 0.7% | 8 |
| GREENBRIER COS INC | [GBX](https://holderbook.com/stocks/GBX/) | $6.4M | 131,571 | 0.6% | 4 |
| WORTHINGTON STL INC | [WS](https://holderbook.com/stocks/WS/) | $6.4M | 189,582 | 0.6% | 3 |
| TEEKAY TANKERS LTD | [TNK](https://holderbook.com/stocks/TNK/) | $6.2M | 95,481 | 0.6% | 7 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $6.2M | 38,951 | 0.6% | 8 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $6.1M | 39,121 | 0.6% | 8 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $6.0M | 26,801 | 0.6% | 8 |
| CASEYS GEN STORES INC | [CASY](https://holderbook.com/stocks/CASY/) | $5.9M | 7,414 | 0.6% | 8 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $5.9M | 17,970 | 0.6% | 30 |
| MCGRATH RENTCORP | [MGRC](https://holderbook.com/stocks/MGRC/) | $5.9M | 48,418 | 0.6% | 3 |
| SANDRIDGE ENERGY INC | [SD](https://holderbook.com/stocks/SD/) | $5.7M | 414,700 | 0.6% | 12 |
| STONEX GROUP INC | [SNEX](https://holderbook.com/stocks/SNEX/) | $5.6M | 47,453 | 0.6% | 1 |
| DREAM FINDERS HOMES INC | [DFH](https://holderbook.com/stocks/DFH/) | $5.5M | 321,182 | 0.6% | 14 |
| NELNET INC | [NNI](https://holderbook.com/stocks/NNI/) | $5.3M | 39,800 | 0.5% | 31 |
| RUSH ENTERPRISES INC | [RUSHA](https://holderbook.com/stocks/RUSHA/) | $5.2M | 70,785 | 0.5% | 30 |
| COSTAMARE INC | [CMRE](https://holderbook.com/stocks/CMRE/) | $5.2M | 368,177 | 0.5% | 31 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $5.1M | 35,136 | 0.5% | 8 |
| OFG BANCORP | [OFG](https://holderbook.com/stocks/OFG/) | $5.1M | 104,300 | 0.5% | 2 |
| TITAN AMER SA | [TTAM](https://holderbook.com/stocks/TTAM/) | $5.0M | 268,860 | 0.5% | 2 |
| MAIN STR CAP CORP | [MAIN](https://holderbook.com/stocks/MAIN/) | $5.0M | 95,591 | 0.5% | 8 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $4.9M | 9,573 | 0.5% | 8 |
| SAFEHOLD INC | [SAFE](https://holderbook.com/stocks/SAFE/) | $4.9M | 309,600 | 0.5% | 3 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $4.9M | 29,292 | 0.5% | 2 |
| NATIONAL HEALTHCARE CORP | [NHC](https://holderbook.com/stocks/NHC/) | $4.8M | 22,900 | 0.5% | 2 |
| ALPS ETF TR | [AMLP](https://holderbook.com/stocks/AMLP/) | $4.8M | 92,633 | 0.5% | 8 |
| SONIC AUTOMOTIVE INC | [SAH](https://holderbook.com/stocks/SAH/) | $4.8M | 56,600 | 0.5% | 1 |
| BUCKLE INC | [BKE](https://holderbook.com/stocks/BKE/) | $4.7M | 112,500 | 0.5% | 16 |
| BLUE OWL CAPITAL CORPORATION | [OBDC](https://holderbook.com/stocks/OBDC/) | $4.7M | 429,166 | 0.5% | 8 |
| BLACKSTONE SECD LENDING FD | [BXSL](https://holderbook.com/stocks/BXSL/) | $4.5M | 191,023 | 0.5% | 8 |
| TELEFONAKTIEBOLAGET LM ERICS | [ERIC](https://holderbook.com/stocks/ERIC/) | $4.5M | 399,989 | 0.4% | 7 |
| INGLES MKTS INC | [IMKTA](https://holderbook.com/stocks/IMKTA/) | $4.5M | 50,300 | 0.4% | 31 |
| GOLUB CAP BDC INC | [GBDC](https://holderbook.com/stocks/GBDC/) | $4.4M | 342,960 | 0.4% | 8 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $4.4M | 8,710 | 0.4% | 13 |
| KOPPERS HOLDINGS INC | [KOP](https://holderbook.com/stocks/KOP/) | $4.3M | 96,092 | 0.4% | 2 |
| PATHWARD FINANCIAL INC | [CASH](https://holderbook.com/stocks/CASH/) | $4.2M | 48,370 | 0.4% | 8 |
| MATSON INC | [MATX](https://holderbook.com/stocks/MATX/) | $4.1M | 21,250 | 0.4% | 1 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $4.0M | 34,245 | 0.4% | 7 |
| JOHNSON CONTROLS INTERNATION | [JCI](https://holderbook.com/stocks/JCI/) | $3.9M | 27,000 | 0.4% | 1 |
| UFP INDUSTRIES INC | [UFPI](https://holderbook.com/stocks/UFPI/) | $3.8M | 41,878 | 0.4% | 1 |
| 1ST FINL BANCORP | [FFBC](https://holderbook.com/stocks/FFBC/) | $3.6M | 105,700 | 0.4% | 25 |
| LADDER CAP CORP | [LADR](https://holderbook.com/stocks/LADR/) | $3.5M | 353,900 | 0.4% | 9 |
| HERCULES CAPITAL INC | [HTGC](https://holderbook.com/stocks/HTGC/) | $3.3M | 210,633 | 0.3% | 8 |
| PLAYTIKA HLDG CORP | [PLTK](https://holderbook.com/stocks/PLTK/) | $3.3M | 885,354 | 0.3% | 4 |
| HARMONY BIOSCIENCES HLDGS IN | [HRMY](https://holderbook.com/stocks/HRMY/) | $3.3M | 89,600 | 0.3% | 9 |
| ATKORE INC | [ATKR](https://holderbook.com/stocks/ATKR/) | $3.3M | 42,900 | 0.3% | 8 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $3.2M | 6,736 | 0.3% | 8 |
| DOLE PLC | [DOLE](https://holderbook.com/stocks/DOLE/) | $3.2M | 231,300 | 0.3% | 6 |
| TECHNIPFMC PLC | [FTI](https://holderbook.com/stocks/FTI/) | $3.1M | 46,564 | 0.3% | 3 |
| PROG HOLDINGS INC | [PRG](https://holderbook.com/stocks/PRG/) | $2.9M | 63,164 | 0.3% | 2 |
| CENTRAL GARDEN & PET CO | [CENTA](https://holderbook.com/stocks/CENTA/) | $2.8M | 73,400 | 0.3% | 3 |
| FLOWCO HLDGS INC | [FLOC](https://holderbook.com/stocks/FLOC/) | $2.8M | 131,433 | 0.3% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.7% | +14.8% | -6.2% | 100% |
| Q1 2026 | +0.1% | -4.6% | +4.8% | 100% |
| Q4 2025 | -1.4% | +2.4% | -3.8% | 100% |
| Q3 2025 | +7.3% | +7.8% | -0.6% | 100% |
| Q2 2025 | +9.5% | +10.5% | -1.0% | 100% |
| Q1 2025 | -6.2% | -4.6% | -1.7% | 100% |
| Q4 2024 | -0.3% | +2.1% | -2.4% | 100% |
| Q3 2024 | +8.9% | +5.4% | +3.5% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $993.0M | 318 |
| Q1 2026 | $899.7M | 307 |
| Q4 2025 | $901.0M | 321 |
| Q3 2025 | $885.1M | 297 |
| Q2 2025 | $960.1M | 288 |
| Q1 2025 | $878.6M | 274 |
| Q4 2024 | $954.0M | 271 |
| Q3 2024 | $930.7M | 271 |
| Q2 2024 | $365.4M | 175 |
| Q1 2024 | $339.6M | 450 |
| Q4 2023 | $327.3M | 451 |
| Q3 2023 | $284.8M | 468 |