DENALI ADVISORS LLC

SAN DIEGO, CA · CIK 1142941 · 13F filing filed 2026-08-10

SEC-registered investment adviser since 2001 · limited liability company

Assets managed$1.4bn
Staff14 · 9 in investment roles
Main clients (by assets)State and local governments 63%, High net worth individuals 13%, Private funds 12%
Private funds1 · $164.9m gross assets
Websitedenaliadvisors.com
Form ADV · 2026-03-27SEC adviser record

Legal entityDENALI ADVISORS, LLC (US)

Kindinstitutions
Others nearbySan Diego, CA, Chicago, IL, Anchorage, AK

As an employer

Offices in1 country
Private fundsother private 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
San Diego, CA (main office)United States	United States	about 4
Chicago, ILUnited States	United States	3
Anchorage, AKUnited States	United States	2

US visa salary filings

Filings FY2025–20263
Median salary offered$68,120
Middle half$67,028 – $71,560
Job titles2

Job title	Filings	Median	Range
TraderSan Diego, CA	2	$71,560	$68,120 – $90,000
Jr. Research AnalystSan Diego, CA	1	$65,936	$65,936 – $80,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Denali Advisors, LLC.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$993.0m reported value +10.4% vs Q1 2026

318positions

21.6%in top 10

40 new 97 added 142 reduced 29 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	219,391	$43.9m4.42%	4.42%	Added +825	+825 0.4%
2	ALPHABET INC CAP STK CL C GOOG	GOOG	105,988	$37.4m3.77%	3.77%	Added +13.7k	+13,700 14.8%
3	APPLE INC COM AAPL	AAPL	101,322	$29.3m2.95%	2.95%	Reduced -17.2k	-17,218 -14.5%
4	MICROSOFT CORP COM MSFT	MSFT	57,369	$21.4m2.15%	2.15%	Reduced -12.3k	-12,346 -17.7%
5	AMAZON COM INC COM AMZN	AMZN	68,888	$16.4m1.65%	1.65%	Reduced -12.7k	-12,698 -15.6%
6	ELI LILLY & CO COM LLY	LLY	12,917	$15.5m1.56%	1.56%	Added +3.6k	+3,625 39.0%
7	BROADCOM INC COM AVGO	AVGO	40,971	$15.5m1.56%	1.56%	Reduced -13	-13 -0.0%
8	META PLATFORMS INC CL A META	META	22,697	$12.8m1.29%	1.29%	Reduced -1.1k	-1,125 -4.7%
9	CATERPILLAR INC COM CAT	CAT	11,035	$11.8m1.18%	1.18%	Added +1.3k	+1,338 13.8%
10	ADVANCED MICRO DEVICES INC COM AMD	AMD	18,468	$10.7m1.08%	1.08%	New
11	FLEX LTD ORD FLEX	FLEX	66,146	$10.7m1.08%	1.08%	Reduced -1.3k	-1,340 -2.0%
12	APPLIED MATLS INC COM AMAT	AMAT	14,650	$10.6m1.07%	1.07%	Added +10.1k	+10,101 222.1%
13	M/I HOMES INC COM MHO	MHO	61,445	$9.9m0.99%	0.99%	Added +2.1k	+2,100 3.5%
14	WALMART INC COM WMT	WMT	83,102	$9.4m0.95%	0.95%	Added +139	+139 0.2%
15	CARDINAL HEALTH INC COM CAH	CAH	39,366	$9.4m0.94%	0.94%	Added +150	+150 0.4%
16	TESLA INC COM TSLA	TSLA	22,027	$9.3m0.93%	0.93%	Added +37	+37 0.2%
17	FORESTAR GROUP INC COM FOR	FOR	292,662	$9.3m0.93%	0.93%	Reduced -1.3k	-1,329 -0.5%
18	ENTERPRISE FINL SVCS CORP COM EFSC	EFSC	135,100	$8.9m0.90%	0.90%	Reduced -5.7k	-5,700 -4.0%
19	CONSENSUS CLOUD SOLUTIONS IN COM CCSI	CCSI	230,924	$8.8m0.89%	0.89%	Reduced -36.3k	-36,260 -13.6%
20	WILLIS LEASE FIN CORP COM WLFC	WLFC	38,450	$8.8m0.89%	0.89%	Reduced -2.5k	-2,502 -6.1%
21	MERCHANTS BANCORP IND COM MBIN	MBIN	174,576	$8.7m0.88%	0.88%	Reduced -20.1k	-20,134 -10.3%
22	LAM RESEARCH CORP COM NEW LRCX	LRCX	20,139	$8.7m0.88%	0.88%	New
23	GREEN BRICK PARTNERS INC COM GRBK	GRBK	108,874	$8.7m0.88%	0.88%	Reduced -5.8k	-5,800 -5.1%
24	CATHAY GEN BANCORP COM CATY	CATY	140,297	$8.7m0.88%	0.88%	Reduced -18.8k	-18,765 -11.8%
25	MERCURY GENL CORP NEW COM MCY	MCY	81,535	$8.7m0.88%	0.88%	Added +43.3k	+43,321 113.4%
26	FIRST MERCHANTS CORP COM FRME	FRME	194,500	$8.5m0.86%	0.86%	Reduced -10.7k	-10,700 -5.2%
27	ALTRIA GROUP INC COM MO	MO	117,440	$8.4m0.85%	0.85%	Added +241	+241 0.2%
28	BANK OF NT BUTTERFIELD&SON L SHS NEW NTB	NTB	139,869	$8.3m0.84%	0.84%	Reduced -15.0k	-15,000 -9.7%
29	INTERNATIONAL BANCSHARES COR COM IBOC	IBOC	108,480	$8.2m0.83%	0.83%	Reduced -8.7k	-8,737 -7.5%
30	GREIF INC CL A GEF	GEF	109,851	$8.2m0.82%	0.82%	Reduced -6.1k	-6,100 -5.3%
31	NMI HLDGS INC COM NMIH	NMIH	198,100	$8.1m0.82%	0.82%	Reduced -10.2k	-10,200 -4.9%
32	HAMILTON INSURANCE GROUP LTD CL B HG	HG	239,500	$8.1m0.82%	0.82%	Reduced -11.3k	-11,300 -4.5%
33	ENACT HLDGS INC COM ACT	ACT	172,988	$7.9m0.80%	0.80%	Reduced -9.3k	-9,300 -5.1%
34	CABOT CORP COM CBT	CBT	86,707	$7.9m0.79%	0.79%	Reduced -20.2k	-20,212 -18.9%
35	OTTER TAIL CORP COM OTTR	OTTR	85,102	$7.7m0.77%	0.77%	Reduced -4.8k	-4,807 -5.3%
36	ASBURY AUTOMOTIVE GROUP INC COM ABG	ABG	37,922	$7.6m0.77%	0.77%	Added +7.8k	+7,800 25.9%
37	AMPHASTAR PHARMACEUTICALS IN COM AMPH	AMPH	375,965	$7.6m0.76%	0.76%	Added +109.5k	+109,500 41.1%
38	F&G ANNUITIES & LIFE INC COMMON STOCK FG	FG	284,700	$7.6m0.76%	0.76%	Added +11.1k	+11,100 4.1%
39	COSTCO WHSL CORP NEW COM COST	COST	8,050	$7.5m0.76%	0.76%	Reduced -569	-569 -6.6%
40	RILEY EXPLORATION PERMIAN IN COM REPX	REPX	228,051	$7.5m0.76%	0.76%	Added +214.0k	+214,010 1524.2%
41	NETFLIX INC COM NFLX	NFLX	103,210	$7.4m0.74%	0.74%	Added +283	+283 0.3%
42	MICRON TECHNOLOGY INC COM MU	MU	6,380	$7.4m0.74%	0.74%	New
43	PC CONNECTION INC COM CNXN	CNXN	99,200	$7.2m0.73%	0.73%	Added +15.9k	+15,900 19.1%
44	PALO ALTO NETWORKS INC COM PANW	PANW	21,135	$7.2m0.73%	0.73%	Added +81	+81 0.4%
45	BYLINE BANCORP INC COM BY	BY	185,516	$7.0m0.70%	0.70%	Added +18.1k	+18,100 10.8%
46	NATIONAL BEVERAGE CORP COM FIZZ	FIZZ	223,100	$7.0m0.70%	0.70%	Reduced -13.4k	-13,419 -5.7%
47	1ST SOURCE CORP COM SRCE	SRCE	80,900	$6.6m0.66%	0.66%	Reduced -38.7k	-38,700 -32.4%
48	ARES CAPITAL CORP COM ARCC	ARCC	354,445	$6.6m0.66%	0.66%	Reduced -23.2k	-23,166 -6.1%
49	INTERNATIONAL SEAWAYS INC COM INSW	INSW	84,681	$6.5m0.65%	0.65%	Added +52.2k	+52,153 160.3%
50	AT&T INC COM T	T	312,618	$6.5m0.65%	0.65%	Reduced -42.6k	-42,552 -12.0%
51	GREENBRIER COS INC COM GBX	GBX	131,571	$6.4m0.65%	0.65%	Reduced -370	-370 -0.3%
52	WORTHINGTON STL INC COM SHS WS	WS	189,582	$6.4m0.64%	0.64%	Reduced -9.8k	-9,833 -4.9%
53	TEEKAY TANKERS LTD CL A TNK	TNK	95,481	$6.2m0.62%	0.62%	Reduced -5.2k	-5,209 -5.2%
54	VISTRA CORP COM VST	VST	38,951	$6.2m0.62%	0.62%	Added +223	+223 0.6%
55	AGNICO EAGLE MINES LTD COM AEM	AEM	39,121	$6.1m0.61%	0.61%	Reduced -386	-386 -1.0%
56	WASTE MGMT INC DEL COM WM	WM	26,801	$6.0m0.60%	0.60%	Added +75	+75 0.3%
57	CASEYS GEN STORES INC COM CASY	CASY	7,414	$5.9m0.59%	0.59%	Added +404	+404 5.8%
58	JPMORGAN CHASE & CO COM JPM	JPM	17,970	$5.9m0.59%	0.59%	Added +200	+200 1.1%
59	MCGRATH RENTCORP COM MGRC	MGRC	48,418	$5.9m0.59%	0.59%	Added +21.9k	+21,918 82.7%
60	SANDRIDGE ENERGY INC COM NEW SD	SD	414,700	$5.7m0.57%	0.57%	Added +7.2k	+7,249 1.8%
61	STONEX GROUP INC COM SNEX	SNEX	47,453	$5.6m0.57%	0.57%	New
62	DREAM FINDERS HOMES INC COM CL A DFH	DFH	321,182	$5.5m0.56%	0.56%	Reduced -17.1k	-17,100 -5.0%
63	NELNET INC CL A NNI	NNI	39,800	$5.3m0.53%	0.53%	Reduced -1.4k	-1,400 -3.4%
64	RUSH ENTERPRISES INC CL A RUSHA	RUSHA	70,785	$5.2m0.52%	0.52%	Reduced -46.1k	-46,126 -39.5%
65	COSTAMARE INC SHS CMRE	CMRE	368,177	$5.2m0.52%	0.52%	Reduced -22.6k	-22,600 -5.8%
66	ORACLE CORP COM ORCL	ORCL	35,136	$5.1m0.52%	0.52%	Added +65	+65 0.2%
67	OFG BANCORP COM OFG	OFG	104,300	$5.1m0.52%	0.52%	Added +97.1k	+97,100 1348.6%
68	TITAN AMER SA COMMON SHARES TTAM	TTAM	268,860	$5.0m0.51%	0.51%	Added +140.7k	+140,685 109.8%
69	MAIN STR CAP CORP COM MAIN	MAIN	95,591	$5.0m0.50%	0.50%	Reduced -5.9k	-5,894 -5.8%
70	MASTERCARD INCORPORATED CL A MA	MA	9,573	$4.9m0.50%	0.50%	Added +25	+25 0.3%
71	SAFEHOLD INC COM SAFE	SAFE	309,600	$4.9m0.49%	0.49%	Unchanged
72	CHEVRON CORP NEW COM CVX	CVX	29,292	$4.9m0.49%	0.49%	Added +10.2k	+10,236 53.7%
73	NATIONAL HEALTHCARE CORP COM NHC	NHC	22,900	$4.8m0.49%	0.49%	Added +9.8k	+9,800 74.8%
74	ALPS ETF TR ALERIAN MLP AMLP	AMLP	92,633	$4.8m0.48%	0.48%	Reduced -1.8k	-1,761 -1.9%
75	SONIC AUTOMOTIVE INC CL A SAH	SAH	56,600	$4.8m0.48%	0.48%	New
76	BUCKLE INC COM BKE	BKE	112,500	$4.7m0.48%	0.48%	Reduced -4.1k	-4,100 -3.5%
77	BLUE OWL CAPITAL CORPORATION COM OBDC	OBDC	429,166	$4.7m0.47%	0.47%	Reduced -30.6k	-30,580 -6.7%
78	BLACKSTONE SECD LENDING FD COMMON STOCK BXSL	BXSL	191,023	$4.5m0.46%	0.46%	Reduced -13.1k	-13,126 -6.4%
79	TELEFONAKTIEBOLAGET LM ERICS ADR B SEK 10 ERIC	ERIC	399,989	$4.5m0.45%	0.45%	Reduced -4.3k	-4,251 -1.1%
80	INGLES MKTS INC CL A IMKTA	IMKTA	50,300	$4.5m0.45%	0.45%	Reduced -46.5k	-46,500 -48.0%
81	GOLUB CAP BDC INC COM GBDC	GBDC	342,960	$4.4m0.44%	0.44%	Reduced -22.3k	-22,322 -6.1%
82	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	8,710	$4.4m0.44%	0.44%	Unchanged
83	KOPPERS HOLDINGS INC COM KOP	KOP	96,092	$4.3m0.43%	0.43%	Added +41.1k	+41,127 74.8%
84	PATHWARD FINANCIAL INC COM CASH	CASH	48,370	$4.2m0.42%	0.42%	Unchanged
85	MATSON INC COM MATX	MATX	21,250	$4.1m0.41%	0.41%	New
86	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	34,245	$4.0m0.40%	0.40%	Reduced -19.4k	-19,417 -36.2%
87	JOHNSON CTLS INTL PLC SHS JCI	JCI	27,000	$3.9m0.40%	0.40%	New
88	UFP INDUSTRIES INC COM UFPI	UFPI	41,878	$3.8m0.38%	0.38%	New
89	FIRST FINL BANCORP OH COM FFBC	FFBC	105,700	$3.6m0.36%	0.36%	Reduced -175.0k	-175,000 -62.3%
90	LADDER CAP CORP CL A LADR	LADR	353,900	$3.5m0.35%	0.35%	Reduced -128.3k	-128,300 -26.6%
91	HERCULES CAPITAL INC COM HTGC	HTGC	210,633	$3.3m0.33%	0.33%	Reduced -13.7k	-13,717 -6.1%
92	PLAYTIKA HLDG CORP COM PLTK	PLTK	885,354	$3.3m0.33%	0.33%	Reduced -543.0k	-542,960 -38.0%
93	HARMONY BIOSCIENCES HLDGS IN COM HRMY	HRMY	89,600	$3.3m0.33%	0.33%	Added +29.7k	+29,700 49.6%
94	ATKORE INC COM ATKR	ATKR	42,900	$3.3m0.33%	0.33%	Reduced -12.1k	-12,100 -22.0%
95	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	6,736	$3.2m0.32%	0.32%	Reduced -382	-382 -5.4%
96	DOLE PLC ORD SHS DOLE	DOLE	231,300	$3.2m0.32%	0.32%	Reduced -97.8k	-97,800 -29.7%
97	TECHNIPFMC PLC COM FTI	FTI	46,564	$3.1m0.31%	0.31%	Added +13.3k	+13,292 40.0%
98	PROG HOLDINGS INC COM NPV PRG	PRG	63,164	$2.9m0.30%	0.30%	Reduced -47.4k	-47,447 -42.9%
99	CENTRAL GARDEN & PET CO CL A NON-VTG CENTA	CENTA	73,400	$2.8m0.29%	0.29%	Added +42.9k	+42,900 140.7%
100	FLOWCO HLDGS INC COM CL A FLOC	FLOC	131,433	$2.8m0.28%	0.28%	Added +68.5k	+68,500 108.8%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NORTHERN OIL & GAS INC NOG	NOG	285,461	$8.3m285.5k shares
S & T BANCORP INC STBA	STBA	151,800	$6.3m151.8k shares
SM ENERGY CO SM	SM	202,800	$6.3m202.8k shares
ROBINHOOD MKTS INC HOOD	HOOD	67,047	$4.6m67.0k shares
SELECT MED HLDGS CORP SEM	SEM	263,100	$4.3m263.1k shares
PRIMORIS SVCS CORP PRIM	PRIM	24,460	$3.5m24.5k shares
GLOBAL INDUSTRIAL COMPANY GIC	GIC	57,600	$1.8m57.6k shares
REPUBLIC BANCORP INC KY RBCAA	RBCAA	23,000	$1.6m23.0k shares
PEABODY ENERGY CORP BTU	BTU	46,632	$1.5m46.6k shares
EASTMAN KODAK CO KODK	KODK	130,599	$1.2m130.6k shares
APTIV PLC APTV	APTV	14,045	$975.3k14.0k shares
PREFERRED BK LOS ANGELES CA PFBC	PFBC	8,816	$799.5k8.8k shares
ARCH CAP GROUP LTD ACGL	ACGL	6,834	$656.0k6.8k shares
STRYKER CORPORATION SYK	SYK	1,740	$571.7k1.7k shares
FOX CORP FOXA	FOXA	8,145	$475.7k8.1k shares
WHITESTONE REIT		25,701	$415.1k25.7k shares
DELL TECHNOLOGIES INC DELL	DELL	2,500	$410.3k2.5k shares
ACCEL ENTERTAINMENT INC ACEL	ACEL	35,600	$388.4k35.6k shares
UNUM GROUP UNM	UNM	5,120	$373.9k5.1k shares
PRICE T ROWE GROUP INC TROW	TROW	4,119	$371.3k4.1k shares
CIRRUS LOGIC INC CRUS	CRUS	2,202	$318.5k2.2k shares
HONEYWELL INTL INC		690	$312.1k690 shares
PAGSEGURO DIGITAL LTD PAGS	PAGS	29,129	$291.9k29.1k shares
PERDOCEO ED CORP PRDO	PRDO	7,423	$276.2k7.4k shares
ENI S P A E	E	4,502	$254.9k4.5k shares