Fund Holdings

VELA Investment Management, LLC

Filing Period:
Securities
SharesValue ($K)
Q4 2025
Q1 2026
Change
Q4 2025
Q1 2026
Weight (%)
Change
Worthington Inc(WOR)78,306217,109+138,8034,038,24011,320,0632.87%+7,281,823
Equifax Inc(EFX)020,635+20,63503,715,7440.94%+3,715,744
Interparfums Inc(IPAR)039,724+39,72403,608,5280.92%+3,608,528
Lamb Weston Holdings Inc(LW)080,739+80,73903,412,0300.87%+3,412,030
Henry Jack & Assoc Inc(JKHY)13,98837,661+23,6732,552,5305,951,9441.51%+3,399,414
Criteo SA(CRTO)551,407822,470+271,06311,364,49814,746,8873.74%+3,382,389
Limbach Holdings Inc.(LMB)043,106+43,10603,364,4230.85%+3,364,423
Pool Corp(POOL)20,57837,320+16,7424,707,2177,550,9561.92%+2,843,739
Essent Group LTD(ESNT)040,242+40,24202,351,7420.60%+2,351,742
Houlihan Lokey Inc(HLI)016,130+16,13002,316,5910.59%+2,316,591
Booking Holdings Inc(BKNG)255865+6101,365,6093,641,9270.92%+2,276,318
Kirby Corp(KEX)154,048143,898-10,15016,973,00919,121,1664.85%+2,148,157
Carlisle Cos Inc(CSL)15,70621,006+5,3005,023,7217,008,0221.78%+1,984,301
Murphy USA Inc.(MUSA)9,76511,932+2,1673,940,3735,894,0501.49%+1,953,677
Federal Agric Mtg Corp Cl C(AGM)3,29216,356+13,064577,9762,426,4130.62%+1,848,437
Energy Select Sector SPDR Fund(Put)
ST STR ENERG ETF
030,000+30,00001,837,800+1,837,800
Johnson & Johnson(JNJ)(Put)07,000+7,00001,711,080+1,711,080
Taiwan Semiconductor Mfg Ltd S(TSM)(Call)4,0008,000+4,0001,215,5602,703,600+1,488,040
Accenture PLC
SHS CLASS A
14,50327,033+12,5303,891,1555,360,3741.36%+1,469,219
Encompass Health Corp(EHC)16,77633,052+16,2761,780,6053,197,1200.81%+1,416,515
Etsy Inc(ETSY)20,07549,440+29,3651,112,9582,471,0110.63%+1,358,053
ASTRAZENECA PLC(AZN)06,592+6,59201,300,0740.33%+1,300,074
National Fuel Gas Co NJ(NFG)25,80635,064+9,2582,066,0283,294,6130.84%+1,228,585
Tidewater Inc(TDW)33,36934,509+1,1401,685,4682,883,2270.73%+1,197,759
Wix.com Ltd
SHS
97,974126,065+28,09110,178,51911,354,6752.88%+1,176,156
Atlanta Braves Holdings Inc88,467109,086+20,6193,490,0234,657,9721.18%+1,167,949
Gildan Activewear Inc(GIL)49,68875,770+26,0823,103,5124,216,6001.07%+1,113,088
Deckers Outdoor Corp.(DECK)(Put)5,00015,000+10,000518,3501,501,350+983,000
Autodesk Inc(Put)04,000+4,0000957,600+957,600
Wix.com Ltd(Call)
SHS
010,100+10,1000909,707+909,707
CSX Corp(CSX)(Put)020,000+20,0000821,000+821,000
iShares Silver Trust(SLV)(Put)012,000+12,0000817,680+817,680
Greenbrier Cos Inc/The(GBX)92,69595,269+2,5744,332,5645,015,9131.27%+683,349
PROCEPT BioRobotics Corp(PRCT)38,23873,039+34,8011,202,9671,826,7050.46%+623,738
Sun Country Airlines Holding239,179243,658+4,4793,441,7864,025,2301.02%+583,444
Movado Group PLC(MOV)185,006179,400-5,6063,814,8244,380,9481.11%+566,124
PayPal Holdings Inc(PYPL)(Call)012,500+12,5000565,375+565,375
Ingles Markets Inc. - Class A(IMKTA)24,83325,163+3301,702,3022,261,9020.57%+559,600
Netflix Inc(NFLX)05,745+5,7450552,3820.14%+552,382
Performance Food Group Co(PFGC)31,19439,173+7,9792,804,9643,355,5590.85%+550,595
Ionis Pharmaceuticals Inc(IONS)(Call)5,00012,500+7,500395,550938,625+543,075
CSX Corp(CSX)191,927182,572-9,3556,957,3547,494,5811.90%+537,227
Kirby Corp(KEX)(Put)04,000+4,0000531,520+531,520
BLUE OWL CAPITAL INC(OBDC)(Put)055,000+55,0000502,150+502,150
Proficient Auto Logistics Inc239,980412,605+172,6252,313,4072,797,4620.71%+484,055
MasterCard Incorporated Cl A(MA)0958+9580478,6740.12%+478,674
Baker Hughes Co(BKR)32,12231,764-3581,462,8361,939,1920.49%+476,356
Globant SA
COM
16,80034,100+17,3001,098,2161,572,3510.40%+474,135
Dominos Pizza Inc(DPZ)01,319+1,3190473,2440.12%+473,244
KKR & Co Inc Cl A(KKR)(Put)05,000+5,0000462,500+462,500
Johnson & Johnson(JNJ)33,11629,860-3,2566,853,2597,299,0521.85%+445,793
PepsiCo Inc(PEP)32,97933,343+3644,733,1465,177,8341.31%+444,688
Toro Co28,25028,462+2122,223,8402,659,4890.67%+435,649
Range Resources Corp(RRC)66,49660,750-5,7462,344,6492,744,6850.70%+400,036
BRP INC/CA- Sub-Voting(DOO)23,33528,202+4,8671,651,1852,025,1860.51%+374,001
NiSource Inc(NI)23,75729,031+5,274992,0921,354,5860.34%+362,494
Align Technology Inc19,49519,705+2103,044,1443,378,0280.86%+333,884
Baker Hughes Co(BKR)(Put)20,00020,0000910,8001,221,000+310,200
EPAM Systems Inc(EPAM)15,93926,399+10,4603,265,5823,574,4250.91%+308,843
Flowers Foods Inc(FLO)037,751+37,7510307,6710.08%+307,671
Simpson Manufacturing Co Inc.(SSD)15,50516,380+8752,503,5922,811,1360.71%+307,544
Wix.com Ltd(Put)
SHS
4,0008,000+4,000415,560720,560+305,000
Zebra Technologies Corp Cl A(ZBRA)01,418+1,4180296,4750.08%+296,475
Corpay Inc(CPAY)4,6325,757+1,1251,393,9081,675,2290.42%+281,321
Arch Capital Group Ltd
ORD
61,80764,646+2,8395,928,5276,205,3701.57%+276,843
Arcos Dorados Holdings Inc. -A(ARCO)151,000167,400+16,4001,108,3401,381,0500.35%+272,710
Nomad Foods LTD(NOMD)122,400187,000+64,6001,531,2241,797,0700.46%+265,846
Brown & Brown Inc(BRO)03,982+3,9820259,6660.07%+259,666
Vanguard S&P 500 ETF0433+4330258,8370.07%+258,837
Icon Plc(ICLR)01,994+1,9940220,6560.06%+220,656
AbbVie Inc(ABBV)(Put)01,000+1,0000217,490+217,490
TotalEnergies SE(TTE)22,60018,000-4,6001,475,5021,678,0410.43%+202,539
Align Technology Inc(Put)7,5008,000+5001,171,1251,371,440+200,315
Cimpress PLC Euro(CMPR)02,743+2,7430200,2390.05%+200,239
Supernus Pharmaceuticals Inc.(SUPN)49,91051,611+1,7012,480,5272,667,7730.68%+187,246
Cactus Inc. A(WHD)146,042144,703-1,3396,671,1996,854,5811.74%+183,382
Boston Properties Inc(BXP)4,7289,147+4,419319,045474,7290.12%+155,684
BWX Technologies Inc(BWXT)5,6955,561-134984,3241,137,1690.29%+152,845
Suncor Energy Inc(SU)54,36838,771-15,5972,411,7642,563,1510.65%+151,387
Salesforce Inc(CRM)(Put)3,0005,000+2,000794,730933,350+138,620
Simon Property Group Inc(SPG)1,9882,705+717367,999504,5640.13%+136,565
PPG Industries Inc(PPG)25,98926,163+1742,662,8332,796,3010.71%+133,468
Vail Resorts Inc(MTN)4,4175,574+1,157586,578715,2560.18%+128,678
First Interstate Bancsys-A(FIBK)11,50114,601+3,100397,935487,6730.12%+89,738
Janus International Group IN375,487494,196+118,7092,455,6852,545,1090.65%+89,424
Shift4 Payments Inc.(FOUR)3,0006,000+3,000240,030321,8400.08%+81,810
United Homes Group Inc. CL A
CL A
056,000+56,000064,9600.02%+64,960
Linde PLC Shs(LIN)8598590366,269425,8580.11%+59,589
Amazon.com Inc(AMZN)39,18443,669+4,4859,044,4519,094,9432.31%+50,492
Energy Select Sector SPDR Fund
ST STR ENERG ETF
0724+724044,3520.01%+44,352
Garmin Ltd(GRMN)1,5101,5100306,303350,3350.09%+44,032
TJX Cos Inc/The(TJX)(Put)7,0007,00001,075,2701,117,900+42,630
3M Co(MMM)6,4747,417+9431,036,4871,077,1710.27%+40,684
Union Pacific Corp(UNP)1,6751,761+86387,461427,2540.11%+39,793
Mondelez International Inc(MDLZ)4,9235,118+195265,005295,0020.07%+29,997
Medtronic PLC(MDT)5,8466,686+840561,567579,3420.15%+17,775
Deere & Co(DE)1,9591,641-318912,052924,3750.23%+12,323
Copa Holdings SA(CPA)37,39339,802+2,4094,509,9704,521,9051.15%+11,935
Deckers Outdoor Corp.(DECK)9,90310,376+4731,026,6441,038,5340.26%+11,890
Wesco Intl Inc(WCC)1,1461,060-86280,357290,0370.07%+9,680
Page 1 of 2