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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 Q3 2025 · Filed November 7, 2025 · Accession 0001398344-25-020496

Total Value
$885.1M
Positions
297
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (297)

#IssuerTicker / CUSIPSharesValue% of Filing
1NVIDIA CORPORATIONNVDA217,681$40.6M4.59%
2MICROSOFT CORPMSFT69,632$36.1M4.07%
3APPLE INCAAPL119,018$30.3M3.42%
4ALPHABET INCGOOG76,983$18.7M2.12%
5AMAZON COM INCAMZN81,976$18.0M2.03%
6META PLATFORMS INCMETA23,843$17.5M1.98%
7ROBINHOOD MKTS INC77070010293,116$13.3M1.51%
8NETFLIX INCNFLX10,307$12.4M1.40%
9BROADCOM INCAVGO37,277$12.3M1.39%
10TESLA INCTSLA22,159$9.9M1.11%
11PALANTIR TECHNOLOGIES INCPLTR53,509$9.8M1.10%
12AT&T INCT-PC326,053$9.2M1.04%
13ORACLE CORPORCL-PD32,400$9.1M1.03%
14ARES CAPITAL CORPARCC446,106$9.1M1.03%
15WALMART INCWMT83,451$8.6M0.97%
16GREEN BRICK PARTNERS INCGRBK-PA111,063$8.2M0.93%
17CONSENSUS CLOUD SOLUTIONS INCCSI277,038$8.1M0.92%
18AGNICO EAGLE MINES LTDAEM48,119$8.1M0.92%
19COSTCO WHSL CORP NEW22160K1058,683$8.0M0.91%
20COSTAMARE INCCMRE-PC672,396$8.0M0.90%
21BUCKLE INCBKE134,600$7.9M0.89%
22ALTRIA GROUP INCMO116,243$7.7M0.87%
23FORESTAR GROUP INCFOR287,213$7.6M0.86%
24MERCHANTS BANCORP INDMBINN239,414$7.6M0.86%
25MAIN STR CAP CORP56035L104119,697$7.6M0.86%
26VISTRA CORPVST38,719$7.6M0.86%
27CATHAY GEN BANCORP149150104153,474$7.4M0.83%
28ENTERPRISE FINL SVCS CORP293712105125,900$7.3M0.82%
29NMI HLDGS INCNMIH190,211$7.3M0.82%
30INTERNATIONAL BANCSHARES CORINTR105,917$7.3M0.82%
31RUSH ENTERPRISES INCRUSHB135,296$7.2M0.82%
32FIRST FINL BANCORP OH320209109286,500$7.2M0.82%
33DREAM FINDERS HOMES INCDFH276,458$7.2M0.81%
34JACKSON FINANCIAL INCJXN-PA70,700$7.2M0.81%
35INGLES MKTS INC457030104102,839$7.2M0.81%
36OTTER TAIL CORPOTTR86,125$7.1M0.80%
37GREIF INCGEF-B117,485$7.0M0.79%
38ALEXANDERS INCALX29,900$7.0M0.79%
39F&G ANNUITIES & LIFE INCFGSN223,161$7.0M0.79%
40ENACT HLDGS INCACT178,879$6.9M0.77%
41FIRST MERCHANTS CORPFRMEP180,600$6.8M0.77%
42BANK OF NT BUTTERFIELD&SON LG0772R208158,079$6.8M0.77%
43HOME DEPOT INCHD16,705$6.8M0.76%
44DNOW INCDNOW443,337$6.8M0.76%
451ST SOURCE CORPSRCE109,400$6.7M0.76%
46NATIONAL BEVERAGE CORPFIZZ182,262$6.7M0.76%
47BLUE OWL CAPITAL CORPORATIONOWL508,615$6.5M0.73%
48BLACKSTONE SECD LENDING FDBX243,140$6.3M0.72%
49SM ENERGY COSM245,572$6.1M0.69%
50GOLUB CAP BDC INC38173M102433,255$5.9M0.67%
51WASTE MGMT INC DEL94106L10926,752$5.9M0.67%
52CARDINAL HEALTH INCCAH35,680$5.6M0.63%
53MASTERCARD INCORPORATEDMA9,643$5.5M0.62%
54JPMORGAN CHASE & CO.VYLD17,170$5.4M0.61%
55PHOTRONICS INCPLAB235,238$5.4M0.61%
56PC CONNECTION INCCNXN86,900$5.4M0.61%
57GLOBAL INDUSTRIAL COMPANYGIC146,518$5.4M0.61%
58LADDER CAP CORPLADR490,600$5.4M0.60%
59NORTHERN OIL & GAS INCNOG214,787$5.3M0.60%
60WESTAMERICA BANCORPORATIONWABC104,500$5.2M0.59%
61ELI LILLY & COLLY6,772$5.2M0.58%
62HERCULES CAPITAL INCHCXY265,576$5.0M0.57%
63NELNET INCNNI39,000$4.9M0.55%
64TEEKAY TANKERS LTDTNK92,257$4.7M0.53%
65SCANSOURCE INCSCSC104,441$4.6M0.52%
66DOLE PLCDOLE331,200$4.5M0.50%
67ALPS ETF TR00162Q45294,253$4.4M0.50%
68PALO ALTO NETWORKS INCPANW20,940$4.3M0.48%
69SAFE BULKERS INCSB-PC955,469$4.2M0.48%
70THOMSON REUTERS CORPTMSOF27,306$4.2M0.48%
71IBEX LTDIBEX104,611$4.2M0.48%
72PERDOCEO ED CORPPRDO111,900$4.2M0.48%
73CONSTELLATION ENERGY CORPCEG12,754$4.2M0.47%
74CHENIERE ENERGY INCLNG17,795$4.2M0.47%
75BERKSHIRE HATHAWAY INC DELBRK-A8,210$4.1M0.47%
76HIGHPEAK ENERGY INCHPK582,532$4.1M0.47%
77FLEX LTDFLEX67,530$3.9M0.44%
78ALPHA METALLURGICAL RESOUR I02076410623,400$3.8M0.43%
79PEABODY ENERGY CORPBTU143,311$3.8M0.43%
80SANDRIDGE ENERGY INCSD334,900$3.8M0.43%
81KINROSS GOLD CORPKGCRF151,979$3.8M0.43%
82FS KKR CAP CORPFSK251,488$3.8M0.42%
83SIXTH STREET SPECIALTY LENDITSLX159,133$3.6M0.41%
84AMPHASTAR PHARMACEUTICALS INAMPH135,000$3.6M0.41%
85PATHWARD FINANCIAL INCCASH48,370$3.6M0.40%
86MURPHY OIL CORPMUR119,639$3.4M0.38%
87BEAZER HOMES USA INCBZH138,100$3.4M0.38%
88TELEFONAKTIEBOLAGET LM ERICS294821608405,497$3.4M0.38%
89S & T BANCORP INCSTBA88,700$3.3M0.38%
90ATKORE INCATKR53,000$3.3M0.38%
91BLACKROCK INCBLK2,830$3.3M0.37%
92SIGA TECHNOLOGIES INCSIGA360,300$3.3M0.37%
93MASTERBRAND INCMBC241,400$3.2M0.36%
94PREFERRED BK LOS ANGELES CA74036740434,200$3.1M0.35%
95CAL MAINE FOODS INCCALM32,700$3.1M0.35%
96PBF ENERGY INCPBF101,463$3.1M0.35%
97PLAYTIKA HLDG CORPPLTK772,214$3.0M0.34%
98SYLVAMO CORPSLVM66,400$2.9M0.33%
99HARMONY BIOSCIENCES HLDGS INHRMY102,028$2.8M0.32%
100PROG HOLDINGS INCPRG83,000$2.7M0.30%
101BYLINE BANCORP INCBY95,041$2.6M0.30%
102ISHARES TR46428722626,156$2.6M0.30%
103ARDENT HEALTH INCARDT184,800$2.4M0.28%
104RILEY EXPLORATION PERMIAN INREPX88,495$2.4M0.27%
105VISA INCV6,832$2.3M0.26%
106PHILIP MORRIS INTL INC71817210914,310$2.3M0.26%
107INTERNATIONAL SEAWAYS INCINSW48,774$2.2M0.25%
108SOUTHERN COPPER CORPSCCO17,967$2.2M0.25%
109UNIVERSAL LOGISTICS HLDGS INULH93,011$2.2M0.25%
110SEA LTDSE12,123$2.2M0.24%
111NAVIENT CORPORATIONJSM162,100$2.1M0.24%
112GRAHAM HLDGS COGHM1,800$2.1M0.24%
113TAIWAN SEMICONDUCTOR MFG LTD8740391007,542$2.1M0.24%
114HOVNANIAN ENTERPRISES INCHOVVB16,100$2.1M0.23%
115WEIS MKTS INC94884910427,800$2.0M0.23%
116ASBURY AUTOMOTIVE GROUP INCABG8,014$2.0M0.22%
117CAPITAL SOUTHWEST CORPCSWC87,806$1.9M0.22%
118M/I HOMES INCMHO13,131$1.9M0.21%
119MCDONALDS CORPMCD6,234$1.9M0.21%
120REPUBLIC BANCORP INC KYRBCAA25,700$1.9M0.21%
121ALPHABET INCGOOG7,500$1.8M0.21%
122AMC NETWORKS INCAMCX220,400$1.8M0.21%
123NOVARTIS AGNVSEF13,559$1.7M0.20%
124PITNEY BOWES INCPBI-PB149,840$1.7M0.19%
125TEEKAY CORPORATION LTDTK204,824$1.7M0.19%
126CRESCENT CAP BDC INC225655109117,433$1.7M0.19%
127WELLTOWER INCWELL9,215$1.6M0.19%
128TRINITY CAP INCTRINZ105,472$1.6M0.18%
129VERIZON COMMUNICATIONS INCVZ36,979$1.6M0.18%
130SLR INVESTMENT CORPSLRC102,293$1.6M0.18%
131ARISTA NETWORKS INCANET10,276$1.5M0.17%
132OAKTREE SPECIALTY LENDING COOCSL112,085$1.5M0.17%
133MOVADO GROUP INCMOVAA76,508$1.5M0.16%
134RLJ LODGING TRRLJ-PA198,900$1.4M0.16%
135INNOVIVA INCINVA77,200$1.4M0.16%
136CARLYLE SECURED LENDING INCCGBD111,211$1.4M0.16%
137BANCFIRST CORPBANFP10,900$1.4M0.16%
138CENTURY CMNTYS INC15650430021,700$1.4M0.16%
139HAMILTON INSURANCE GROUP LTDHG55,300$1.4M0.15%
140UNION PAC CORPUNP5,768$1.4M0.15%
141MCKESSON CORPMCK1,725$1.3M0.15%
142GOLDMAN SACHS BDC INCGSBD130,830$1.3M0.15%
143BWX TECHNOLOGIES INCBWXT7,170$1.3M0.15%
144VANGUARD SCOTTSDALE FDS92206C81316,488$1.3M0.14%
145AMERICAN ASSETS TR INCAAT62,800$1.3M0.14%
146OMEGA HEALTHCARE INVS INC68193610029,240$1.2M0.14%
147GREENBRIER COS INC39365710126,500$1.2M0.14%
148PULTE GROUP INC7458671019,135$1.2M0.14%
149GAMING & LEISURE PPTYS INC36467J10825,772$1.2M0.14%
150ARCHER DANIELS MIDLAND COADM20,074$1.2M0.14%
151RPC INCRES251,800$1.2M0.14%
152STATE STR CORPSTT-PG10,331$1.2M0.14%
153KKR & CO INCKKRT9,010$1.2M0.13%
154MORGAN STANLEY DIRECT LENDIN61774A10371,968$1.2M0.13%
155VICI PPTYS INC92565210934,735$1.1M0.13%
156OREILLY AUTOMOTIVE INC67103H10710,382$1.1M0.13%
157UNITED RENTALS INCURI1,155$1.1M0.12%
158ACCEL ENTERTAINMENT INCACEL99,200$1.1M0.12%
159VALERO ENERGY CORPVLO6,418$1.1M0.12%
160CASEYS GEN STORES INC1475281031,931$1.1M0.12%
161EXXON MOBIL CORPXOM9,600$1.1M0.12%
162BROOKFIELD CORP11271J10715,233$1.0M0.12%
163BANK AMERICA CORP06050510419,700$1.0M0.11%
164PROCTER AND GAMBLE CO7427181096,612$1.0M0.11%
165BARINGS BDC INCBBDC113,458$993,8920.11%
166SYNCHRONY FINANCIALSYF-PB13,747$976,7240.11%
167AFLAC INCAFL8,710$972,9070.11%
168NVR INCNVR120$964,1590.11%
169IRON MTN INC DEL46284V1019,252$943,1490.11%
170NEW MTN FIN CORP64755110097,434$939,2640.11%
171APPLIED MATLS INC0382221054,548$931,2130.11%
172ISHARES TR46436E7189,225$928,9580.10%
173PENSKE AUTOMOTIVE GRP INC70959W1035,266$915,8100.10%
174GENERAL MTRS CO37045V10014,700$896,2590.10%
175MIDCAP FINANCIAL INVSTMNT CO03761U50274,432$892,4400.10%
176SAP SESAPGF3,180$849,7540.10%
177COGNIZANT TECHNOLOGY SOLUTIOCTSH12,516$839,4480.09%
178EASTMAN KODAK COKODK130,492$836,4540.09%
179ARCH CAP GROUP LTDG0450A1059,133$828,6370.09%
180GSK PLCGLAXF19,140$826,0670.09%
181COMCAST CORP NEWCCZ25,700$807,4940.09%
182MARKEL GROUP INCMKL422$806,5940.09%
183ALBERTSONS COS INC01309110345,575$798,0180.09%
184UNITED THERAPEUTICS CORP DELUTHR1,903$797,7570.09%
185CINCINNATI FINL CORP1720621014,921$778,0100.09%
186GLOBAL X FDS37954Y83013,000$777,5300.09%
187CATERPILLAR INCCAT1,619$772,5060.09%
188DELUXE CORPDLX39,700$768,5920.09%
189HCA HEALTHCARE INCHCA1,800$767,1600.09%
190SHELL PLCRYDAF10,690$764,6580.09%
191NUCOR CORPNUE5,619$760,9810.09%
192CF INDS HLDGS INC1252691008,420$755,2740.09%
193MARATHON PETE CORPMARA3,906$752,8420.09%
194GRANITE RIDGE RESOURCES INCGRNT138,600$749,8260.08%
195SAUL CTRS INC80439510123,448$747,2880.08%
196PNC FINL SVCS GROUP INC6934751053,700$743,4410.08%
197PACCAR INCPCAR7,550$742,3160.08%
198DIGITAL RLTY TR INC2538681034,247$734,2210.08%
199TRICO BANCSHARESTCBK16,200$719,4420.08%
200MERITAGE HOMES CORPMTH9,800$709,8140.08%
201SERVICENOW INCNOW758$697,5730.08%
202ALIBABA GROUP HLDG LTDBBAAY3,884$694,2640.08%
203AVNET INCAVT13,214$690,8280.08%
204FOX CORPFOX10,945$690,1920.08%
205ASTRAZENECA PLCAZN8,975$688,5620.08%
206BP PLCBPPFF19,299$665,0330.08%
207MRC GLOBAL INC55345K10345,900$661,8780.07%
208STRYKER CORPORATIONSYK1,762$651,3590.07%
209EOG RES INCEOG5,800$650,2960.07%
210INTUITINTU938$640,6000.07%
211UNITED AIRLS HLDGS INCUNTCW6,614$638,2510.07%
212FARMLAND PARTNERS INCFPI58,500$636,4800.07%
213SS&C TECHNOLOGIES HLDGS INCSSNC6,900$612,4440.07%
214KB HOMEKBH9,600$610,9440.07%
215CHARTER COMMUNICATIONS INC N16119P1082,209$607,7070.07%
216JOHNSON & JOHNSONJNJ3,233$599,5380.07%
217PRINCIPAL FINANCIAL GROUP INPFG7,221$598,6930.07%
218GLADSTONE CAPITAL CORPGLAD27,333$597,7730.07%
219ENNIS INCEBF32,400$592,2720.07%
220ISHARES TR46429B59810,800$562,2480.06%
221PHILLIPS 66PSX4,118$560,1300.06%
222ISHARES INC46434G8558,529$551,9120.06%
223HP INCHPQ20,162$549,0110.06%
224PENNANTPARK INVT CORP70806210478,837$528,9960.06%
225WILLIS LEASE FIN CORPWLFC3,800$520,9420.06%
226PENNANTPARK FLOATING RATE CAPFLT58,499$520,0560.06%
227UNITED PARCEL SERVICE INCUPS6,100$509,5330.06%
228GLOBALFOUNDRIES INCGFS14,027$502,7280.06%
229ISHARES TR46434V42312,100$491,0180.06%
230ATLANTICUS HOLDINGS CORPATLCZ8,281$485,1010.05%
231AMDOCS LTDDOX5,910$484,9160.05%
232GIGACLOUD TECHNOLOGY INCGCT16,700$474,2800.05%
233CENTRUS ENERGY CORPLEU1,500$465,1050.05%
234UBIQUITI INCUI700$462,4060.05%
235DUKE ENERGY CORP NEWDUKB3,732$461,8350.05%
236MERCK & CO INCMRK5,500$461,6150.05%
237LOEWS CORPL4,514$453,1600.05%
238EXELIXIS INCEXEL10,922$451,0790.05%
239STEEL DYNAMICS INCSTLD3,211$447,7100.05%
240TRIP COM GROUP LTDTRPCF5,931$446,0120.05%
241OVINTIV INCOVV10,979$443,3320.05%
242DROPBOX INCDBX14,459$436,8060.05%
243BAIN CAP SPECIALTY FIN INC05684B10729,952$426,8160.05%
244AUTONATION INCAN1,943$425,0700.05%
245OCEANFIRST FINL CORP67523410823,700$416,4090.05%
246VANGUARD MALVERN FDS9220208057,968$403,4200.05%
247WHITESTONE REITWSR32,800$402,7840.05%
248REGIONS FINANCIAL CORP NEWRF-PF14,911$393,2030.04%
249DILLARDS INC254067101619$380,3630.04%
250GE HEALTHCARE TECHNOLOGIES IGEHC5,000$375,5000.04%
251AMERICAN INTL GROUP INC0268747844,700$369,1380.04%
252BRISTOW GROUP INCVTOL10,200$368,0160.04%
253CHUBB LIMITEDCB1,300$366,9250.04%
254BARCLAYS PLCBCLYF17,253$356,6200.04%
255GARMIN LTDGRMN1,400$344,7080.04%
256JAKKS PAC INCJAKK18,319$343,1150.04%
257D R HORTON INC23331A1092,008$340,2960.04%
258WESCO INTL INC95082P1051,606$339,6690.04%
259PREFORMED LINE PRODS CO7404441041,724$338,1630.04%
260CIRRUS LOGIC INCCRUS2,607$326,6310.04%
261BHP GROUP LTDBHPLF5,623$313,4830.04%
262BUNGE GLOBAL SABG3,827$310,9440.04%
263PG&E CORPPCG-PX20,553$309,9390.04%
264APTIV PLCAPTV3,527$304,0980.03%
265INTERCONTINENTAL HOTELS GROU45857P8062,502$303,3930.03%
266GOLD FIELDS LTDGFIOF7,144$299,7480.03%
267DEVON ENERGY CORP NEW25179M1038,537$299,3070.03%
268COTERRA ENERGY INCCTRA12,444$294,3010.03%
269ARBOR REALTY TRUST INCABR-PF24,000$293,0400.03%
270HONEYWELL INTL INC4385161061,377$289,8590.03%
271MITSUBISHI UFJ FINL GROUP IN60682210418,163$289,5180.03%
272PROSPECT CAP CORPPSEC-PA104,940$288,5850.03%
273HARMONY GOLD MINING CO LTDHGMCF15,601$283,1590.03%
274FIFTH THIRD BANCORPFITBM6,339$282,4020.03%
275A-MARK PRECIOUS METALS INCGOLD10,600$274,2220.03%
276CELESTICA INCCLS1,074$264,6120.03%
277PEPSICO INCPEP1,867$262,1420.03%
278M & T BK CORP55261F1041,313$259,4750.03%
279EAST WEST BANCORP INCEWBC2,412$256,7570.03%
280STMICROELECTRONICS N VSTMEF8,981$253,8030.03%
281FABRINETFN685$249,7650.03%
282DOORDASH INCDASH891$242,3430.03%
283BOISE CASCADE CO DELBCC3,101$239,7690.03%
284EXPEDITORS INTL WASH INC3021301091,906$233,6570.03%
285SONY GROUP CORPSNEJF7,951$228,9100.03%
286CNA FINL CORP1261171004,920$228,5830.03%
287EVERCORE INCEVR675$227,7080.03%
288BROOKFIELD ASSET MANAGMT LTD1130041053,940$224,3440.03%
289BAIDU INCBAIDF1,700$224,0090.03%
290EXELON CORPEXC4,900$220,5490.02%
291HF SINCLAIR CORPDINO4,089$214,0180.02%
292COREBRIDGE FINL INC21871X1096,241$200,0240.02%
293ELLINGTON FINANCIAL INCEFC-PD11,300$146,6740.02%
294CALERES INCCAL10,980$143,1790.02%
295ORGANON & COOGN10,251$109,4810.01%
296ISHARES TR46434V7795,400$105,4620.01%
297SUNCOKE ENERGY INCSXC10,900$88,9440.01%