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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 Q2 2025 · Filed July 30, 2025 · Accession 0001398344-25-014162

Total Value
$960.1M
Positions
288
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (288)

#IssuerTicker / CUSIPSharesValue% of Filing
1NVIDIA CORPORATIONNVDA301,387$47.6M4.96%
2MICROSOFT CORPMSFT94,608$47.1M4.90%
3APPLE INCAAPL157,687$32.4M3.37%
4AMAZON COM INCAMZN128,428$28.2M2.93%
5META PLATFORMS INCMETA32,595$24.1M2.51%
6ALPHABET INCGOOG106,066$18.8M1.96%
7NETFLIX INCNFLX12,994$17.4M1.81%
8BROADCOM INCAVGO58,151$16.0M1.67%
9ARES CAPITAL CORPARCC563,451$12.4M1.29%
10AT&T INCT-PC401,037$11.6M1.21%
11COSTCO WHSL CORP NEW22160K10511,093$11.0M1.14%
12WALMART INCWMT104,710$10.2M1.07%
13ELI LILLY & COLLY12,776$10.0M1.04%
14VISTRA CORPVST51,119$9.9M1.03%
15TESLA INCTSLA30,708$9.8M1.02%
16ROBINHOOD MKTS INC770700102103,191$9.7M1.01%
17BLACKSTONE SECD LENDING FDBX303,781$9.3M0.97%
18BLUE OWL CAPITAL CORPORATIONOWL630,218$9.0M0.94%
19MAIN STR CAP CORP56035L104152,199$9.0M0.94%
20PALANTIR TECHNOLOGIES INCPLTR64,921$8.9M0.92%
21HOME DEPOT INCHD22,457$8.2M0.86%
22ALTRIA GROUP INCMO137,962$8.1M0.84%
23GOLUB CAP BDC INC38173M102542,148$7.9M0.83%
24DREAM FINDERS HOMES INCDFH313,810$7.9M0.82%
25GREIF INCGEF-B115,667$7.5M0.78%
26WASTE MGMT INC DEL94106L10931,868$7.3M0.76%
27NMI HLDGS INCNMIH171,994$7.3M0.76%
28ALPS ETF TR00162Q452145,193$7.1M0.74%
29MASTERCARD INCORPORATEDMA12,552$7.1M0.73%
30BUCKLE INCBKE153,675$7.0M0.73%
31GREEN BRICK PARTNERS INCGRBK-PA110,517$6.9M0.72%
32INTERNATIONAL BANCSHARES CORINTR102,372$6.8M0.71%
33RUSH ENTERPRISES INCRUSHB131,737$6.8M0.71%
34CATHAY GEN BANCORP149150104148,246$6.7M0.70%
35FORESTAR GROUP INCFOR336,827$6.7M0.70%
36ENTERPRISE FINL SVCS CORP293712105121,924$6.7M0.70%
37VICTORY CAP HLDGS INC92645B103105,277$6.7M0.70%
38INNOVIVA INCINVA332,661$6.7M0.70%
39FIRST MERCHANTS CORPFRMEP174,384$6.7M0.70%
40BANK OF NT BUTTERFIELD&SON LG0772R208150,254$6.7M0.69%
41MERCHANTS BANCORP INDMBINN200,510$6.6M0.69%
42COSTAMARE INCCMRE-PC722,656$6.6M0.69%
431ST SOURCE CORPSRCE105,051$6.5M0.68%
44SM ENERGY COSM261,902$6.5M0.67%
45ENACT HLDGS INCACT173,785$6.5M0.67%
46TEGNA INC87901J105383,911$6.4M0.67%
47INGLES MKTS INC457030104101,089$6.4M0.67%
48FS KKR CAP CORPFSK308,047$6.4M0.67%
49ORACLE CORPORCL-PD29,229$6.4M0.67%
50FIRST FINL BANCORP OH320209109262,525$6.4M0.66%
51ALEXANDERS INCALX27,924$6.3M0.66%
52JACKSON FINANCIAL INCJXN-PA69,446$6.2M0.64%
53AGNICO EAGLE MINES LTDAEM51,576$6.1M0.64%
54OTTER TAIL CORPOTTR79,175$6.1M0.64%
55HERCULES CAPITAL INCHCXY333,853$6.1M0.64%
56NATIONAL BEVERAGE CORPFIZZ140,050$6.1M0.63%
57THOMSON REUTERS CORPTMSOF29,646$6.0M0.62%
58NORTHERN OIL & GAS INCNOG201,581$5.7M0.60%
59CONSENSUS CLOUD SOLUTIONS INCCSI243,840$5.6M0.59%
60CARDINAL HEALTH INCCAH33,040$5.6M0.58%
61F&G ANNUITIES & LIFE INCFGSN173,433$5.5M0.58%
62NELNET INCNNI44,422$5.4M0.56%
63PALO ALTO NETWORKS INCPANW26,249$5.4M0.56%
64CHENIERE ENERGY INCLNG21,890$5.3M0.56%
65WESTAMERICA BANCORPORATIONWABC107,152$5.2M0.54%
66TEEKAY TANKERS LTDTNK123,798$5.2M0.54%
67HIGHPEAK ENERGY INCHPK522,525$5.1M0.53%
68JPMORGAN CHASE & CO.VYLD17,370$5.0M0.52%
69BERKSHIRE HATHAWAY INC DELBRK-A10,062$4.9M0.51%
70BANCFIRST CORPBANFP39,322$4.9M0.51%
71SIXTH STREET SPECIALTY LENDITSLX198,685$4.7M0.49%
72SONIC AUTOMOTIVE INCSAH56,667$4.5M0.47%
73GLOBAL INDUSTRIAL COMPANYGIC165,778$4.5M0.47%
74PC CONNECTION INCCNXN66,631$4.4M0.46%
75CONSTELLATION ENERGY CORPCEG13,382$4.3M0.45%
76VISA INCV11,980$4.3M0.44%
77PHILIP MORRIS INTL INC71817210923,247$4.2M0.44%
78KINROSS GOLD CORPKGCRF258,090$4.0M0.42%
79WORTHINGTON ENTERPRISES INCWOR62,732$4.0M0.42%
80TELEFONAKTIEBOLAGET LM ERICS294821608458,698$3.9M0.41%
81PATHWARD FINANCIAL INCCASH48,370$3.8M0.40%
82ATKORE INCATKR53,026$3.7M0.39%
83FLEX LTDFLEX72,973$3.6M0.38%
84SANDRIDGE ENERGY INCSD335,264$3.6M0.38%
85PERDOCEO ED CORPPRDO107,754$3.5M0.37%
86TAIWAN SEMICONDUCTOR MFG LTD87403910015,155$3.4M0.36%
87SAFE BULKERS INCSB-PC930,081$3.4M0.35%
88PATRIA INVESTMENTS LIMITEDPAX234,819$3.3M0.34%
89CAL MAINE FOODS INCCALM32,154$3.2M0.33%
90SERVICENOW INCNOW2,994$3.1M0.32%
91BEAZER HOMES USA INCBZH137,177$3.1M0.32%
92IBEX LTDIBEX104,096$3.0M0.32%
93RADIAN GROUP INCRDN82,976$3.0M0.31%
94BLACKROCK INCBLK2,830$3.0M0.31%
95MCDONALDS CORPMCD10,074$2.9M0.31%
96ISHARES TR46428722629,049$2.9M0.30%
97PHOTRONICS INCPLAB142,763$2.7M0.28%
98ALPHA METALLURGICAL RESOUR I02076410623,611$2.7M0.28%
99LADDER CAP CORPLADR245,824$2.6M0.28%
100NOVARTIS AGNVSEF21,813$2.6M0.27%
101DNOW INCDNOW176,604$2.6M0.27%
102MURPHY OIL CORPMUR114,976$2.6M0.27%
103UNIVERSAL LOGISTICS HLDGS INULH101,224$2.6M0.27%
104SIGA TECHNOLOGIES INCSIGA391,103$2.5M0.27%
105CAPITAL SOUTHWEST CORPCSWC113,850$2.5M0.26%
106HARMONY BIOSCIENCES HLDGS INHRMY79,367$2.5M0.26%
107SOUTHERN COPPER CORPSCCO24,472$2.5M0.26%
108BYLINE BANCORP INCBY89,286$2.4M0.25%
109DOLE PLCDOLE161,584$2.3M0.24%
110NAVIENT CORPORATIONJSM158,984$2.2M0.23%
111PBF ENERGY INCPBF103,214$2.2M0.23%
112KB HOMEKBH42,079$2.2M0.23%
113WELLTOWER INCWELL14,396$2.2M0.23%
114SEA LTDSE13,777$2.2M0.23%
115UNION PAC CORPUNP9,438$2.2M0.23%
116CRESCENT CAP BDC INC225655109153,691$2.2M0.23%
117MCKESSON CORPMCK2,954$2.2M0.23%
118SLR INVESTMENT CORPSLRC129,744$2.1M0.22%
119PEABODY ENERGY CORPBTU151,266$2.0M0.21%
120INTUITIVE SURGICAL INCISRG3,660$2.0M0.21%
121OAKTREE SPECIALTY LENDING COOCSL144,458$2.0M0.21%
122KKR & CO INCKKRT14,769$2.0M0.20%
123VERIZON COMMUNICATIONS INCVZ44,985$1.9M0.20%
124WEIS MKTS INC94884910426,212$1.9M0.20%
125GOLDMAN SACHS BDC INCGSBD166,725$1.9M0.20%
126REPUBLIC BANCORP INC KYRBCAA25,464$1.9M0.19%
127S & T BANCORP INCSTBA48,723$1.8M0.19%
128ARISTA NETWORKS INCANET17,734$1.8M0.19%
129CARLYLE SECURED LENDING INCCGBD132,433$1.8M0.19%
130BWX TECHNOLOGIES INCBWXT12,415$1.8M0.19%
131GRAHAM HLDGS COGHM1,803$1.7M0.18%
132HOVNANIAN ENTERPRISES INCHOVVB16,308$1.7M0.18%
133CASEYS GEN STORES INC1475281033,323$1.7M0.18%
134OMEGA HEALTHCARE INVS INC68193610045,715$1.7M0.17%
135SAP SESAPGF5,497$1.7M0.17%
136PROCTER AND GAMBLE CO74271810910,453$1.7M0.17%
137GAMING & LEISURE PPTYS INC36467J10835,632$1.7M0.17%
138VIRTUS INVT PARTNERS INC92828Q1099,004$1.6M0.17%
139MORGAN STANLEY DIRECT LENDIN61774A10386,581$1.6M0.17%
140OREILLY AUTOMOTIVE INC67103H10717,820$1.6M0.17%
141UNITED RENTALS INCURI1,980$1.5M0.16%
142IRON MTN INC DEL46284V10114,416$1.5M0.15%
143BROOKFIELD CORP11271J10723,687$1.5M0.15%
144TRINITY CAP INCTRINZ102,530$1.4M0.15%
145APPLIED MATLS INC0382221057,825$1.4M0.15%
146VANGUARD SCOTTSDALE FDS92206C81318,665$1.4M0.15%
147AMC NETWORKS INCAMCX225,334$1.4M0.15%
148PEOPLES BANCORP INCPEBO43,523$1.3M0.14%
149INTUITINTU1,607$1.3M0.13%
150ARCHER DANIELS MIDLAND COADM23,787$1.3M0.13%
151CENTRAL GARDEN & PET COCENTA39,700$1.2M0.13%
152BARINGS BDC INCBBDC134,504$1.2M0.13%
153AFLAC INCAFL11,645$1.2M0.13%
154GSK PLCGLAXF31,849$1.2M0.13%
155NEW MTN FIN CORP647551100115,826$1.2M0.13%
156PULTE GROUP INC74586710111,340$1.2M0.12%
157STRYKER CORPORATIONSYK3,016$1.2M0.12%
158RPC INCRES251,924$1.2M0.12%
159HAMILTON INSURANCE GROUP LTDHG54,326$1.2M0.12%
160SHELL PLCRYDAF16,664$1.2M0.12%
161DIGITAL RLTY TR INC2538681036,626$1.2M0.12%
162PRINCIPAL FINANCIAL GROUP INPFG14,453$1.1M0.12%
163KEURIG DR PEPPER INCKDP34,511$1.1M0.12%
164EXXON MOBIL CORPXOM10,579$1.1M0.12%
165VICI PPTYS INC92565210934,729$1.1M0.12%
166MOVADO GROUP INCMOVAA73,377$1.1M0.12%
167MIDCAP FINANCIAL INVSTMNT CO03761U50287,681$1.1M0.12%
168STATE STR CORPSTT-PG10,331$1.1M0.11%
169CATERPILLAR INCCAT2,769$1.1M0.11%
170ACCEL ENTERTAINMENT INCACEL90,643$1.1M0.11%
171COREBRIDGE FINL INC21871X10929,935$1.1M0.11%
172ALPHABET INCGOOG5,600$986,8880.10%
173PREFORMED LINE PRODS CO7404441046,165$985,2280.10%
174SYNCHRONY FINANCIALSYF-PB14,747$984,2150.10%
175ALBERTSONS COS INC01309110345,575$980,3180.10%
176ASTRAZENECA PLCAZN13,977$976,7130.10%
177BANK AMERICA CORP06050510420,500$970,0600.10%
178CHARTER COMMUNICATIONS INC N16119P1082,306$942,7160.10%
179ENNIS INCEBF50,528$916,5780.10%
180INTERNATIONAL SEAWAYS INCINSW25,100$915,6480.10%
181ISHARES TR46436E7189,029$909,1290.09%
182COGNIZANT TECHNOLOGY SOLUTIOCTSH11,616$906,3960.09%
183PENSKE AUTOMOTIVE GRP INC70959W1035,266$904,7510.09%
184BP PLCBPPFF30,024$898,6010.09%
185GRANITE RIDGE RESOURCES INCGRNT139,425$888,1370.09%
186NVR INCNVR120$886,2790.09%
187GLADSTONE CAPITAL CORPGLAD32,301$871,1580.09%
188LTC PPTYS INC50217510225,012$865,6650.09%
189RELX PLCRLXXF15,811$859,1490.09%
190CHEVRON CORP NEWCVX5,701$816,2630.09%
191SYLVAMO CORPSLVM16,226$812,9230.08%
192PNC FINL SVCS GROUP INC6934751054,300$801,6060.08%
193COSTAMARE BULKERS HLDGS LTDY2001C10192,025$797,8570.08%
194NUCOR CORPNUE6,122$793,0440.08%
195ALIBABA GROUP HLDG LTDBBAAY6,949$788,0860.08%
196JOHNSON & JOHNSONJNJ5,044$770,5940.08%
197PFIZER INCPFE31,700$768,4160.08%
198EOG RES INCEOG6,400$765,5040.08%
199ARCH CAP GROUP LTDG0450A1058,233$749,6150.08%
200RILEY EXPLORATION PERMIAN INREPX28,385$744,5380.08%
201PENNANTPARK INVT CORP708062104106,775$730,3430.08%
202GLOBAL X FDS37954Y83016,031$721,3950.08%
203PENNANTPARK FLOATING RATE CAPFLT69,103$713,8340.07%
204MARVELL TECHNOLOGY INCMRVL8,540$660,9960.07%
205MRC GLOBAL INC55345K10345,900$629,2890.07%
206TRIP COM GROUP LTDTRPCF10,559$619,1800.06%
207VERISIGN INCVRSN2,103$607,3460.06%
208GENERAL MTRS CO37045V10012,200$600,3620.06%
209MERITAGE HOMES CORPMTH8,904$596,3010.06%
210UNITED PARCEL SERVICE INCUPS5,900$595,5460.06%
211CNO FINL GROUP INC12621E10315,007$578,9700.06%
212BANK NEW YORK MELLON CORP0640581006,300$573,9930.06%
213FOX CORPFOX10,145$568,5260.06%
214MARATHON PETE CORPMARA3,300$548,1630.06%
215AMDOCS LTDDOX5,910$539,2280.06%
216SS&C TECHNOLOGIES HLDGS INCSSNC6,511$539,1110.06%
217PILGRIMS PRIDE CORPPPC11,977$538,7250.06%
218VITAL ENERGY INC51680620533,465$538,4520.06%
219ADOBE INCADBE1,391$538,1510.06%
220GLOBALFOUNDRIES INCGFS14,027$535,8310.06%
221BAIN CAP SPECIALTY FIN INC05684B10735,359$531,7920.06%
222PACCAR INCPCAR5,350$508,5710.05%
223COMCAST CORP NEWCCZ14,200$506,7990.05%
224INMODE LTDINMD34,851$503,2480.05%
225USANA HEALTH SCIENCES INCUSNA16,409$500,9670.05%
226HONEYWELL INTL INC4385161062,144$499,2940.05%
227HCA HEALTHCARE INCHCA1,300$498,0300.05%
228VALERO ENERGY CORPVLO3,700$497,3540.05%
229BARCLAYS PLCBCLYF26,681$496,0010.05%
230HP INCHPQ20,162$493,1630.05%
231VANGUARD MALVERN FDS9220208059,686$486,9150.05%
232TEEKAY CORPORATION LTDTK58,634$483,7310.05%
233GARMIN LTDGRMN2,300$480,0560.05%
234EMBECTA CORPEMBC49,226$477,0000.05%
235ISHARES TR46429B5988,500$473,2800.05%
236EXELON CORPEXC10,700$464,5940.05%
237ISHARES INC46434G85510,481$458,8580.05%
238SAUL CTRS INC80439510113,394$457,2710.05%
239ISHARES TR46434V42311,700$450,9180.05%
240INTERCONTINENTAL HOTELS GROU45857P8063,875$446,9420.05%
241EXELIXIS INCEXEL10,122$446,1270.05%
242QUALCOMM INCQCOM2,700$430,0020.04%
243STMICROELECTRONICS N VSTMEF13,898$422,6380.04%
244BHP GROUP LTDBHPLF8,770$421,7500.04%
245OCEANFIRST FINL CORP67523410823,711$417,5510.04%
246LOEWS CORPL4,514$413,7530.04%
247DROPBOX INCDBX14,459$413,5270.04%
248PAGSEGURO DIGITAL LTDPAGS42,859$413,1610.04%
249CONSOLIDATED EDISON INCED4,109$412,3380.04%
250REGIONS FINANCIAL CORP NEWRF-PF17,511$411,8590.04%
251STEEL DYNAMICS INCSTLD3,162$404,8210.04%
252AVNET INCAVT7,614$404,1510.04%
253AMERICAN INTL GROUP INC0268747844,700$402,2730.04%
254PROSPECT CAP CORPPSEC-PA124,960$397,3730.04%
255OVINTIV INCOVV10,442$397,3180.04%
256COTERRA ENERGY INCCTRA15,644$397,0450.04%
257UNITED AIRLS HLDGS INCUNTCW4,907$390,7440.04%
258D R HORTON INC23331A1093,009$387,9200.04%
259MITSUBISHI UFJ FINL GROUP IN60682210428,266$387,8100.04%
260PEPSICO INCPEP2,913$384,5210.04%
261SCANSOURCE INCSCSC8,955$374,4090.04%
262GEN DIGITAL INCGENVR12,700$373,3800.04%
263GE HEALTHCARE TECHNOLOGIES IGEHC5,000$370,3500.04%
264FERRARI N VRACE748$367,0840.04%
265GOLDEN OCEAN GROUP LTDNVGLF49,246$360,4810.04%
266EVERCORE INCEVR1,331$359,4050.04%
267UNITED THERAPEUTICS CORP DELUTHR1,200$344,8200.04%
268BROOKFIELD ASSET MANAGMT LTD1130041056,134$339,0870.04%
269HARMONY GOLD MINING CO LTDHGMCF23,962$334,7490.03%
270SONY GROUP CORPSNEJF12,309$320,4030.03%
271FABRINETFN1,069$315,0130.03%
272BUNGE GLOBAL SABG3,837$308,0340.03%
273LENNAR CORPLEN-B2,711$299,8640.03%
274CIRRUS LOGIC INCCRUS2,807$292,6440.03%
275MARKEL GROUP INCMKL141$281,6280.03%
276DEVON ENERGY CORP NEW25179M1038,537$271,5620.03%
277EMCOR GROUP INCEME500$267,4450.03%
278FIFTH THIRD BANCORPFITBM6,339$260,7230.03%
279CENTRUS ENERGY CORPLEU1,400$256,4520.03%
280AUTONATION INCAN1,250$248,3130.03%
281EAST WEST BANCORP INCEWBC2,412$243,5640.03%
282CNA FINL CORP1261171004,920$228,9280.02%
283CF INDS HLDGS INC1252691002,415$222,1800.02%
284A-MARK PRECIOUS METALS INCGOLD10,000$221,8000.02%
285ARROW ELECTRS INC0427351001,631$207,8380.02%
286ISHARES TR46434V7795,600$104,2720.01%
287ORGANON & COOGN10,251$99,2300.01%
288VANGUARD SCOTTSDALE FDS92206C409629$50,0060.01%