CIK: 0001895612
Total reported value
$436.1M
Reporting period: 2026-03-31 · Number of holdings: 174
VELA Investment Management, LLC disclosed 174 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $436.1M and a quarterly turnover rate of 36.3%.
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VELA Investment Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.014 — mathematically equivalent to about 69 equally-sized positions, well below its 174 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.04), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add WOR
+177.3% $7.3M
Trim ARKK
-67.9% -$3.9M
Add JKHY
+169.2% $3.4M
Add CRTO
+49.2% $3.4M
Trim HUBG
-5.4% -$2.7M
Trim NOC
-85.2% -$2.9M
Showing top 143 holdings (of 174 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | KEX | Kirby CORP | Stock-Industrials | 4.51% | +0.52% | -3.99% | |
| 2 | CRTO | Criteo Sa-spon Adr | Stock-Other | 3.38% | +0.71% | +49.16% | |
| 3 | WIX | Wix.com Ltd. | Stock-Tech | 2.98% | +0.49% | +41.37% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.89% | -0.39% | -1.61% | |
| 5 | WOR | Worthington Enterprises INC | Stock-Other | 2.60% | +1.65% | +177.26% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.56% | — | +9.12% | |
| 7 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 2.56% | — | -0.63% | |
| 8 | HUBG | Hub Group Inc-cl A | Stock-Other | 2.51% | -0.71% | -5.37% | |
| 9 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.07% | +0.46% | +11.31% | |
| 10 | LECO | Lincoln Electric Holdings | Stock-Industrials | 1.98% | — | -8.47% | |
| 11 | CSX | Csx CORP | Stock-Industrials | 1.91% | +0.27% | +5.55% | |
| 12 | POOL | Pool CORP | Stock-Industrials | 1.73% | +0.62% | +81.36% | |
| 13 | CSL | Carlisle Cos INC | Stock-Industrials | 1.61% | +0.43% | +33.75% | |
| 14 | WHD | Cactus INC - A | Stock-Other | 1.57% | — | -0.92% | |
| 15 | ACGL | Arch Capital Group Ltd. | Stock-Financials | 1.49% | — | +1.26% | |
| 16 | JKHY | Jack Henry & Associates INC | Stock-Tech | 1.36% | +0.76% | +169.24% | |
| 17 | MUSA | Murphy USA INC | Stock-Consumer Disc | 1.35% | +0.42% | +22.19% | |
| 18 | DIS | Walt Disney Co/the | Stock-Comm Services | 1.35% | — | +17.14% | |
| 19 | ACN | Accenture plc | Stock-Tech | 1.23% | — | +54.45% | |
| 20 | PEP | Pepsico INC | Stock-Consumer Staples | 1.19% | — | +1.10% | |
| 21 | GBX | Greenbrier Companies INC | Stock-Other | 1.15% | — | +2.78% | |
| 22 | AXS | AXIS Capital Holdings Limited | Stock-Financials | 1.12% | — | -0.21% | |
| 23 | ALGN | Align Technology INC | Stock-Healthcare | 1.09% | — | +2.63% | |
| 24 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 1.09% | — | +13.47% | |
| 25 | BATRK | Atlanta Braves Holdings In-c | Stock-Other | 1.07% | +0.25% | +23.31% | |
| 26 | GHC | Graham Holdings Co-class B | Stock-Industrials | 1.05% | — | -12.12% | |
| 27 | EPAM | Epam Systems INC | Stock-Tech | 1.04% | — | +59.51% | |
| 28 | CPA | Copa Holdings, S.A. | Stock-Other | 1.04% | — | +6.44% | |
| 29 | MSFT | Microsoft CORP | Stock-Tech | 1.04% | — | +8.26% | |
| 30 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 1.03% | +0.46% | +134.07% | |
| 31 | AR | Antero Resources CORP | Stock-Energy | 1.02% | — | -19.08% | |
| 32 | MOV | Movado Group INC | Stock-Other | 1.00% | — | -3.03% | |
| 33 | GIL | Gildan Activewear INC | Stock-Consumer Disc | 0.97% | +0.24% | +52.49% | |
| 34 | SNCY | Sun Country Airlines Holding | Stock-Other | 0.92% | — | +1.87% | |
| 35 | AGI | Alamos Gold Inc-class A | Stock-Materials | 0.89% | — | -24.54% | |
| 36 | SYY | Sysco CORP | Stock-Consumer Staples | 0.86% | -0.63% | -38.67% | |
| 37 | EFX | Equifax INC | Stock-Industrials | 0.85% | +0.85% | NEW | |
| 38 | C | Citigroup INC | Stock-Financials | 0.85% | — | -6.88% | |
| 39 | VVV | Valvoline INC | Stock-Consumer Disc | 0.84% | — | -18.68% | |
| 40 | BRKR | Bruker CORP | Stock-Healthcare | 0.83% | -0.31% | -2.12% | |
| 41 | IPAR | Interparfums INC | Stock-Other | 0.83% | +0.83% | NEW | |
| 42 | AIT | Applied Industrial Tech INC | Stock-Industrials | 0.81% | -0.44% | -35.77% | |
| 43 | LW | Lamb Weston Holdings INC | Stock-Consumer Staples | 0.78% | +0.78% | NEW | |
| 44 | LMB | Limbach Holdings INC | Stock-Other | 0.77% | +0.77% | NEW | |
| 45 | PFGC | Performance Food Group Co | Stock-Consumer Staples | 0.77% | — | +25.58% | |
| 46 | NFG | National Fuel Gas Co | Stock-Energy | 0.76% | +0.27% | +35.88% | |
| 47 | EHC | Encompass Health CORP | Stock-Healthcare | 0.73% | +0.31% | +97.02% | |
| 48 | BKR | Baker Hughes Co | Stock-Energy | 0.72% | — | -0.69% | |
| 49 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.67% | — | -1.37% | |
| 50 | AGO | Assured Guaranty Ltd. | Stock-Financials | 0.67% | — | +1.94% |
Performance for Q3 2026
+4.1%
Performance Last 4 Quarters
+24.9%
Based on 67% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 174 | $436.1M | 36 | |
| 2025-12-31 | 169 | $425.0M | 36 | |
| 2025-09-30 | 174 | $409.9M | 45 | |
| 2025-06-30 | 161 | $368.9M | 0 | |
| 2025-03-31 | 154 | $318.9M | 0 | |
| 2024-12-31 | 167 | $359.0M | 0 | |
| 2024-09-30 | 160 | $324.1M | 0 | |
| 2024-06-30 | 164 | $321.7M | 0 | |
| 2024-03-31 | 160 | $295.0M | 0 | |
| 2023-12-31 | 160 | $261.4M | 0 | |
| 2023-09-30 | 136 | $227.6M | 0 | |
| 2023-06-30 | 136 | $216.6M | 0 | |
| 2023-03-31 | 134 | $219.8M | 0 | |
| 2022-12-31 | 139 | $202.5M | 0 | |
| 2022-09-30 | 137 | $176.4M | 0 | |
| 2022-06-30 | 138 | $174.7M | 0 | |
| 2022-03-31 | 114 | $159.3M | 0 | |
| 2021-12-31 | 114 | $148.7M | 0 |
VELA Investment Management, LLC's most significant position changes for 2026-03-31: Sold out: Ss Spdr S&p 500 ETF Trust-us (SPY); Sold out: Teradyne INC (TER); New buy: Equifax INC (EFX); New buy: Interparfums INC (IPAR); Sold out: Spdr Gold Shares (GLD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | WOR | Worthington Enterprises INC | +1.7% | +177.26% | Add |
| 2 | JKHY | Jack Henry & Associates INC | +0.8% | +169.24% | Add |
| 3 | CRTO | Criteo Sa-spon Adr | +0.7% | +49.16% | Add |
| 4 | POOL | Pool CORP | +0.6% | +81.36% | Add |
| 5 | KEX | Kirby CORP | +0.5% | -3.99% | Trim |
| 6 | WIX | Wix.com Ltd. | +0.5% | +41.37% | Add |
| 7 | JNJ | Johnson & Johnson | +0.5% | +11.31% | Add |
| 8 | BKNG | Booking Holdings INC | +0.5% | +134.07% | Add |
| 9 | CSL | Carlisle Cos INC | +0.4% | +33.75% | Add |
| 10 | MUSA | Murphy USA INC | +0.4% | +22.19% | Add |
| 11 | AGM | Federal Agric Mtg Corp-cl C | +0.4% | +396.84% | Add |
| 12 | TSM | Taiwan Semiconductor-sp Adr | +0.3% | +100.00% | Add |
| 13 | EHC | Encompass Health CORP | +0.3% | +97.02% | Add |
| 14 | ETSY | Etsy INC | +0.3% | +146.28% | Add |
| 15 | CSX | Csx CORP | +0.3% | +5.55% | Add |
| 16 | NFG | National Fuel Gas Co | +0.3% | +35.88% | Add |
| 17 | TDW | Tidewater INC | +0.3% | +3.42% | Add |
| 18 | BATRK | Atlanta Braves Holdings In-c | +0.3% | +23.31% | Add |
| 19 | GIL | Gildan Activewear INC | +0.2% | +52.49% | Add |
| 20 | SBUX | Starbucks CORP | -0.3% | -79.33% | Trim |
| 21 | MAMA | Mama's Creations INC | -0.3% | -48.93% | Trim |
| 22 | ABT | Abbott Laboratories | -0.3% | -23.66% | Trim |
| 23 | BRKR | Bruker CORP | -0.3% | -2.12% | Trim |
| 24 | GOOGL | Alphabet Inc-cl A | -0.4% | -1.61% | Trim |
| 25 | AIT | Applied Industrial Tech INC | -0.4% | -35.77% | Trim |
| 26 | MPLX | Mplx LP | -0.5% | -69.67% | Trim |
| 27 | COKE | Coca-cola Consolidated INC | -0.6% | -64.50% | Trim |
| 28 | FIS | Fidelity National Info Serv | -0.6% | -69.40% | Trim |
| 29 | SYY | Sysco CORP | -0.6% | -38.67% | Trim |
| 30 | NOC | Northrop Grumman CORP | -0.7% | -85.23% | Trim |
| 31 | HUBG | Hub Group Inc-cl A | -0.7% | -5.37% | Trim |
| 32 | ARKK | Ark Innovation ETF | -0.9% | -67.86% | Trim |
| 33 | SPY | Ss Spdr S&p 500 ETF Trust-us | — | EXIT | Sold out |
| 34 | TER | Teradyne INC | — | EXIT | Sold out |
| 35 | EFX | Equifax INC | — | NEW | New buy |
| 36 | IPAR | Interparfums INC | — | NEW | New buy |
| 37 | GLD | Spdr Gold Shares | — | EXIT | Sold out |
| 38 | LW | Lamb Weston Holdings INC | — | NEW | New buy |
| 39 | LMB | Limbach Holdings INC | — | NEW | New buy |
| 40 | SEB | Seaboard CORP | — | EXIT | Sold out |
| 41 | ESNT | Essent Group Ltd. | — | NEW | New buy |
| 42 | HLI | Houlihan Lokey INC | — | NEW | New buy |
| 43 | BOKF | Bok Financial Corporation | — | EXIT | Sold out |
| 44 | XLE | Ss Energy Select Sector | — | NEW | New buy |
| 45 | NEU | Newmarket CORP | — | EXIT | Sold out |
| 46 | WDAY | Workday Inc-class A | — | EXIT | Sold out |
| 47 | OSG | Octave Specialty Group INC | — | EXIT | Sold out |
| 48 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 49 | AZNN | Astrazeneca Plc-spons Adr | — | EXIT | Sold out |
| 50 | INTC | Intel CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-02 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-30 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-29 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-29 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-05 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-29 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-05 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-30 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-07 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-08 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-08 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-31 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
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