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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F COMBINATION REPORT

DENALI ADVISORS LLC

Quarter ended Q1 2025 · Filed May 5, 2025 · Accession 0001398344-25-008639

Total Value
$878.6M
Positions
274
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (274)

#IssuerTicker / CUSIPSharesValue% of Filing
1MICROSOFT CORPMSFT95,916$36.0M4.10%
2APPLE INCAAPL159,592$35.5M4.03%
3NVIDIA CORPORATIONNVDA286,768$31.1M3.54%
4AMAZON COM INCAMZN134,933$25.7M2.92%
5META PLATFORMS INCMETA32,930$19.0M2.16%
6ALPHABET INCGOOG116,463$18.2M2.07%
7ARES CAPITAL CORPARCC576,560$12.8M1.45%
8NETFLIX INCNFLX13,114$12.2M1.39%
9ELI LILLY & COLLY13,516$11.2M1.27%
10AT&T INCT-PC378,643$10.7M1.22%
11COSTCO WHSL CORP NEW22160K10511,198$10.6M1.21%
12BLACKSTONE SECD LENDING FDBX310,891$10.1M1.15%
13BROADCOM INCAVGO59,260$9.9M1.13%
14BLUE OWL CAPITAL CORPORATIONOWL645,659$9.5M1.08%
15WALMART INCWMT105,443$9.3M1.05%
16MAIN STR CAP CORP56035L104155,568$8.8M1.00%
17GOLUB CAP BDC INC38173M102554,527$8.4M0.96%
18HOME DEPOT INCHD22,717$8.3M0.95%
19TESLA INCTSLA31,114$8.1M0.92%
20ALPS ETF TR00162Q452147,840$7.7M0.87%
21ALTRIA GROUP INCMO123,239$7.4M0.84%
22MASTERCARD INCORPORATEDMA12,698$7.0M0.79%
23TEGNA INC87901J105380,710$6.9M0.79%
24ENACT HLDGS INCACT198,094$6.9M0.78%
25INNOVIVA INCINVA376,606$6.8M0.78%
26NMI HLDGS INCNMIH188,789$6.8M0.77%
27NATIONAL BEVERAGE CORPFIZZ163,400$6.8M0.77%
28EXXON MOBIL CORPXOM56,227$6.7M0.76%
29INGLES MKTS INC457030104102,221$6.7M0.76%
30BANK OF NT BUTTERFIELD&SON LG0772R208170,386$6.6M0.75%
31FS KKR CAP CORPFSK315,805$6.6M0.75%
32HERCULES CAPITAL INCHCXY341,045$6.6M0.75%
33BUCKLE INCBKE169,512$6.5M0.74%
34FIRST MERCHANTS CORPFRMEP160,379$6.5M0.74%
35STONEX GROUP INCSNEX84,535$6.5M0.73%
36INTERNATIONAL BANCSHARES CORINTR101,972$6.4M0.73%
37RUSH ENTERPRISES INCRUSHB119,929$6.4M0.73%
38FIRST FINL BANCORP OH320209109256,326$6.4M0.73%
39CATHAY GEN BANCORP149150104147,618$6.4M0.72%
40GREIF INCGEF-B115,167$6.3M0.72%
41MERCHANTS BANCORP INDMBINN170,154$6.3M0.72%
42DREAM FINDERS HOMES INCDFH277,496$6.3M0.71%
43ALEXANDERS INCALX29,925$6.3M0.71%
441ST SOURCE CORPSRCE104,551$6.3M0.71%
45FORESTAR GROUP INCFOR295,104$6.2M0.71%
46ENTERPRISE FINL SVCS CORP293712105114,948$6.2M0.70%
47VISTRA CORPVST51,645$6.1M0.69%
48BERKSHIRE HATHAWAY INC DELBRK-A11,360$6.1M0.69%
49HIGHPEAK ENERGY INCHPK471,548$6.0M0.68%
50JACKSON FINANCIAL INCJXN-PA69,146$5.8M0.66%
51WORTHINGTON ENTERPRISES INCWOR114,752$5.7M0.65%
52WASTE MGMT INC DEL94106L10924,291$5.6M0.64%
53AGNICO EAGLE MINES LTDAEM51,560$5.6M0.64%
54PALO ALTO NETWORKS INCPANW32,628$5.6M0.63%
55NELNET INCNNI49,534$5.5M0.63%
56COSTAMARE INCCMRE-PC555,073$5.5M0.62%
57OTTER TAIL CORPOTTR67,959$5.5M0.62%
58SM ENERGY COSM172,344$5.2M0.59%
59THOMSON REUTERS CORPTMSOF29,637$5.1M0.58%
60SONIC AUTOMOTIVE INCSAH88,885$5.1M0.58%
61CONSENSUS CLOUD SOLUTIONS INCCSI215,016$5.0M0.56%
62NORTHERN OIL & GAS INCNOG161,360$4.9M0.56%
63GENWORTH FINL INC37247D106680,225$4.8M0.55%
64CHENIERE ENERGY INCLNG20,693$4.8M0.55%
65GOLDEN OCEAN GROUP LTDNVGLF598,732$4.8M0.54%
66PERDOCEO ED CORPPRDO186,790$4.7M0.54%
67SIXTH STREET SPECIALTY LENDITSLX203,438$4.6M0.52%
68CARDINAL HEALTH INCCAH33,040$4.6M0.52%
69JPMORGAN CHASE & CO.VYLD18,170$4.5M0.51%
70VISA INCV12,192$4.3M0.49%
71BANCFIRST CORPBANFP38,721$4.3M0.48%
72ORACLE CORPORCL-PD29,213$4.1M0.46%
73SANDRIDGE ENERGY INCSD335,081$3.8M0.44%
74TRIP COM GROUP LTDTRPCF59,584$3.8M0.43%
75GLOBAL INDUSTRIAL COMPANYGIC165,779$3.7M0.42%
76KINROSS GOLD CORPKGCRF286,590$3.6M0.41%
77TELEFONAKTIEBOLAGET LM ERICS294821608458,400$3.6M0.40%
78FLEX LNG LTDFLNG154,568$3.6M0.40%
79PATHWARD FINANCIAL INCCASH48,370$3.5M0.40%
80GREEN BRICK PARTNERS INCGRBK-PA59,359$3.5M0.39%
81PC CONNECTION INCCNXN53,023$3.3M0.38%
82CONOCOPHILLIPSCOP31,140$3.3M0.37%
83TEEKAY TANKERS LTDTNK84,949$3.3M0.37%
84PALANTIR TECHNOLOGIES INCPLTR38,225$3.2M0.37%
85SAFE BULKERS INCSB-PC870,415$3.2M0.37%
86MCDONALDS CORPMCD10,255$3.2M0.36%
87ATKORE INCATKR53,027$3.2M0.36%
88ISHARES TR46428722631,576$3.1M0.36%
89CRESCENT CAP BDC INC225655109178,585$3.1M0.35%
90MOVADO GROUP INCMOVAA182,191$3.0M0.35%
91PHILIP MORRIS INTL INC71817210919,122$3.0M0.35%
92BEAZER HOMES USA INCBZH147,777$3.0M0.34%
93ALPHA METALLURGICAL RESOUR I02076410623,611$3.0M0.34%
94WEIS MKTS INC94884910438,219$2.9M0.34%
95PHOTRONICS INCPLAB139,863$2.9M0.33%
96SERVICENOW INCNOW3,613$2.9M0.33%
97PREFERRED BK LOS ANGELES CA74036740434,113$2.9M0.32%
98RADIAN GROUP INCRDN83,376$2.8M0.31%
99DNOW INCDNOW160,227$2.7M0.31%
100PROCTER AND GAMBLE CO74271810916,010$2.7M0.31%
101BLACKROCK INCBLK2,830$2.7M0.30%
102UNIVERSAL LOGISTICS HLDGS INULH101,001$2.7M0.30%
103HARMONY BIOSCIENCES HLDGS INHRMY79,367$2.6M0.30%
104CAPITAL SOUTHWEST CORPCSWC116,404$2.6M0.30%
105CONSTELLATION ENERGY CORPCEG12,669$2.6M0.29%
106TAIWAN SEMICONDUCTOR MFG LTD87403910015,138$2.5M0.29%
107NOVARTIS AGNVSEF21,936$2.4M0.28%
108FLEX LTDFLEX72,920$2.4M0.27%
109SOUTHERN COPPER CORPSCCO25,764$2.4M0.27%
110QCR HOLDINGS INCQCRH32,971$2.4M0.27%
111BLUELINX HLDGS INCBXC31,223$2.3M0.27%
112ETHAN ALLEN INTERIORS INCETD83,040$2.3M0.26%
113KB HOMEKBH39,467$2.3M0.26%
114OAKTREE SPECIALTY LENDING COOCSL147,769$2.3M0.26%
115UNION PAC CORPUNP9,603$2.3M0.26%
116SLR INVESTMENT CORPSLRC132,725$2.2M0.25%
117WELLTOWER INCWELL14,567$2.2M0.25%
118CARLYLE SECURED LENDING INCCGBD136,036$2.2M0.25%
119VERIZON COMMUNICATIONS INCVZ48,102$2.2M0.25%
120CENTRAL GARDEN & PET COCENTA65,626$2.1M0.24%
121SIGA TECHNOLOGIES INCSIGA390,530$2.1M0.24%
122EVERCORE INCEVR10,298$2.1M0.23%
123PEABODY ENERGY CORPBTU151,258$2.0M0.23%
124MCKESSON CORPMCK3,018$2.0M0.23%
125KKR & CO INCKKRT17,540$2.0M0.23%
126NAVIENT CORPORATIONJSM158,987$2.0M0.23%
127GOLDMAN SACHS BDC INCGSBD170,452$2.0M0.23%
128PBF ENERGY INCPBF103,215$2.0M0.22%
129FIRST BUSEY CORPBUSEP89,750$1.9M0.22%
130LADDER CAP CORPLADR166,081$1.9M0.22%
131INTUITIVE SURGICAL INCISRG3,741$1.9M0.21%
132IBEX LTDIBEX73,718$1.8M0.20%
133MORGAN STANLEY DIRECT LENDIN61774A10389,262$1.8M0.20%
134OMEGA HEALTHCARE INVS INC68193610046,149$1.8M0.20%
135OREILLY AUTOMOTIVE INC67103H1071,212$1.7M0.20%
136ROBINHOOD MKTS INC77070010240,820$1.7M0.19%
137OFG BANCORPOFG42,220$1.7M0.19%
138HOVNANIAN ENTERPRISES INCHOVVB15,814$1.7M0.19%
139UNITED RENTALS INCURI2,520$1.6M0.18%
140AMC NETWORKS INCAMCX225,339$1.6M0.18%
141GAMING & LEISURE PPTYS INC36467J10829,515$1.5M0.17%
142VANGUARD SCOTTSDALE FDS92206C81319,451$1.5M0.17%
143SAP SESAPGF5,492$1.5M0.17%
144CASEYS GEN STORES INC1475281033,391$1.5M0.17%
145ARISTA NETWORKS INCANET18,135$1.4M0.16%
146GRANITE RIDGE RESOURCES INCGRNT229,049$1.4M0.16%
147RPC INCRES251,925$1.4M0.16%
148STEEL DYNAMICS INCSTLD10,670$1.3M0.15%
149BARINGS BDC INCBBDC138,153$1.3M0.15%
150NEW MTN FIN CORP647551100118,966$1.3M0.15%
151BROOKFIELD CORP11271J10724,961$1.3M0.15%
152REPUBLIC BANCORP INC KYRBCAA19,984$1.3M0.15%
153IRON MTN INC DEL46284V10114,586$1.3M0.14%
154BWX TECHNOLOGIES INCBWXT12,677$1.3M0.14%
155SHELL PLCRYDAF16,911$1.2M0.14%
156ISHARES TR46436E71811,821$1.2M0.14%
157KEURIG DR PEPPER INCKDP34,700$1.2M0.14%
158APPLIED MATLS INC0382221057,992$1.2M0.13%
159MIDCAP FINANCIAL INVSTMNT CO03761U50290,006$1.2M0.13%
160LTC PPTYS INC50217510232,622$1.2M0.13%
161CHEVRON CORP NEWCVX6,901$1.2M0.13%
162STRYKER CORPORATIONSYK3,078$1.1M0.13%
163HAMILTON INSURANCE GROUP LTDHG54,326$1.1M0.13%
164GSK PLCGLAXF28,777$1.1M0.13%
165AFLAC INCAFL9,732$1.1M0.12%
166ALPHABET INCGOOG6,800$1.1M0.12%
167ASTRAZENECA PLCAZN14,065$1.0M0.12%
168BP PLCBPPFF30,537$1.0M0.12%
169INTUITINTU1,670$1.0M0.12%
170VICTORY CAP HLDGS INC92645B10317,707$1.0M0.12%
171PATRIA INVESTMENTS LIMITEDPAX90,242$1.0M0.12%
172BANK AMERICA CORP06050510423,800$993,1740.11%
173ENNIS INCEBF49,174$987,9060.11%
174VICI PPTYS INC92565210929,811$972,4350.11%
175DIGITAL RLTY TR INC2538681036,707$961,0450.11%
176AMERICAN INTL GROUP INC02687478410,800$938,9520.11%
177CATERPILLAR INCCAT2,835$934,9830.11%
178EOG RES INCEOG7,200$923,3280.11%
179ALIBABA GROUP HLDG LTDBBAAY6,942$917,9410.10%
180BYLINE BANCORP INCBY34,819$910,8650.10%
181GLADSTONE CAPITAL CORPGLAD33,169$910,8210.10%
182ACCEL ENTERTAINMENT INCACEL90,644$899,1880.10%
183WESTAMERICA BANCORPORATIONWABC17,708$896,5560.10%
184DOLE PLCDOLE60,330$871,7690.10%
185PFIZER INCPFE34,100$864,0940.10%
186HCA HEALTHCARE INCHCA2,500$863,8750.10%
187PNC FINL SVCS GROUP INC6934751054,900$861,2730.10%
188JOHNSON & JOHNSONJNJ5,096$845,2550.10%
189ANDERSONS INCANDE19,600$841,4280.10%
190VERISIGN INCVRSN3,210$814,9230.09%
191ALBERTSONS COS INC01309110336,608$805,0100.09%
192PREFORMED LINE PRODS CO7404441045,739$803,9760.09%
193RELX PLCRLXXF15,783$795,6210.09%
194PENNANTPARK FLOATING RATE CAPFLT70,953$793,9640.09%
195COREBRIDGE FINL INC21871X10924,249$765,5410.09%
196PENNANTPARK INVT CORP708062104108,758$764,5670.09%
197STATE STR CORPSTT-PG8,431$754,8270.09%
198COGNIZANT TECHNOLOGY SOLUTIOCTSH9,608$735,0120.08%
199EMBECTA CORPEMBC57,426$732,1820.08%
200BANK NEW YORK MELLON CORP0640581008,624$723,2950.08%
201FOX CORPFOX12,651$716,0470.08%
202VITAL ENERGY INC51680620533,465$710,1270.08%
203ARCHER DANIELS MIDLAND COADM14,546$698,3530.08%
204ARCH CAP GROUP LTDG0450A1057,225$694,9010.08%
205PEOPLES BANCORP INCPEBO23,411$694,3700.08%
206PULTE GROUP INC7458671016,523$670,5640.08%
207SS&C TECHNOLOGIES HLDGS INCSSNC7,711$644,1000.07%
208GENERAL MTRS CO37045V10013,600$639,6080.07%
209GLOBAL X FDS37954Y83016,178$632,0740.07%
210GARMIN LTDGRMN2,900$629,6770.07%
211COMCAST CORP NEWCCZ16,600$612,5400.07%
212BAIN CAP SPECIALTY FIN INC05684B10736,284$602,3140.07%
213PENSKE AUTOMOTIVE GRP INC70959W1034,166$599,8210.07%
214VALERO ENERGY CORPVLO4,500$594,3150.07%
215UNITED PARCEL SERVICE INCUPS5,400$593,9460.07%
216HP INCHPQ21,362$591,5140.07%
217SYNCHRONY FINANCIALSYF-PB11,047$584,8280.07%
218PRINCIPAL FINANCIAL GROUP INPFG6,637$559,9640.06%
219INMODE LTDINMD31,551$559,7150.06%
220MARATHON PETE CORPMARA3,800$553,6220.06%
221ADOBE INCADBE1,424$546,1470.06%
222NVR INCNVR75$543,3290.06%
223SNAP ON INCSNA1,607$541,5750.06%
224SYLVAMO CORPSLVM8,019$537,8340.06%
225MARVELL TECHNOLOGY INCMRVL8,713$536,4590.06%
226WESTLAKE CORPORATIONWLK5,322$532,3600.06%
227AMDOCS LTDDOX5,810$531,6150.06%
228LYONDELLBASELL INDUSTRIES NLYB7,535$530,4640.06%
229PROSPECT CAP CORPPSEC-PA128,237$525,7720.06%
230INTERNATIONAL SEAWAYS INCINSW15,500$514,6000.06%
231PEPSICO INCPEP3,404$510,3070.06%
232PACCAR INCPCAR5,200$506,3240.06%
233SEA LTDSE3,855$503,0390.06%
234PILGRIMS PRIDE CORPPPC9,169$499,8020.06%
235NUCOR CORPNUE4,117$495,4400.06%
236VANGUARD MALVERN FDS9220208059,751$486,5750.06%
237SAUL CTRS INC80439510113,423$484,1670.06%
238F&G ANNUITIES & LIFE INCFGSN12,864$463,7470.05%
239UNITED THERAPEUTICS CORP DELUTHR1,503$463,3300.05%
240HONEYWELL INTL INC4385161062,177$460,9800.05%
241CHARTER COMMUNICATIONS INC N16119P1081,205$444,0790.05%
242UNIVERSAL CORP VAUVV7,908$443,2430.05%
243USANA HEALTH SCIENCES INCUSNA16,409$442,5510.05%
244BHP GROUP LTDBHPLF9,031$438,3650.05%
245INTERCONTINENTAL HOTELS GROU45857P8063,887$425,9760.05%
246ACADEMY SPORTS & OUTDOORS INASO9,200$419,6120.05%
247BARCLAYS PLCBCLYF26,745$410,8030.05%
248ISHARES TR46434V4239,900$409,5630.05%
249TD SYNNEX CORPORATIONSNX3,911$406,5880.05%
250ISHARES INC46434G85510,523$403,6620.05%
251OCEANFIRST FINL CORP67523410823,711$403,3240.05%
252A-MARK PRECIOUS METALS INCGOLD15,608$395,9750.05%
253GEN DIGITAL INCGENVR14,800$392,7920.04%
254ISHARES TR46429B5987,600$391,2480.04%
255NOVO-NORDISK A SNONOF5,630$390,9470.04%
256SALLY BEAUTY HLDGS INCSBH43,100$389,1930.04%
257MITSUBISHI UFJ FINL GROUP IN60682210428,348$386,3830.04%
258EXELIXIS INCEXEL10,231$377,7290.04%
259GLOBALFOUNDRIES INCGFS9,827$362,7150.04%
260KOPPERS HOLDINGS INCKOP12,900$361,2000.04%
261HARMONY GOLD MINING CO LTDHGMCF23,986$354,2740.04%
262MATSON INCMATX2,740$351,1860.04%
263SONY GROUP CORPSNEJF12,341$313,3380.04%
264QUALCOMM INCQCOM2,000$307,2200.03%
265CONSTELLIUM SECSTM29,771$300,3890.03%
266MURPHY OIL CORPMUR9,000$255,6000.03%
267TAPESTRY INCTPR3,608$254,0390.03%
268CIRRUS LOGIC INCCRUS2,407$239,8700.03%
269AUTONATION INCAN1,453$235,2700.03%
270ENTERGY CORP NEWENO2,700$230,8230.03%
271KRONOS WORLDWIDE INCKRO30,729$229,8530.03%
272CAPITAL ONE FINL CORP14040H1051,200$215,1600.02%
273ISHARES TR46434V7795,100$90,9840.01%
274VANGUARD SCOTTSDALE FDS92206C409630$49,7320.01%