Mount Lucas Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Mount Lucas Management LP reported 156 stock positions worth $210.1 million. Its top holding was Invesco QQQ Trust Series 1 (QQQ) at 13.0% of the portfolio, followed by Annaly Capital Management (NLY, 2.6%) and AGNC Investment (AGNC, 2.5%). Compared with Q1 2025, it opened 43 new positions, sold out of 31, added to 31 and reduced 80. The biggest buy was a new position in iShares MSCI Australia ETF (EWA) and the biggest sale Hartford Insurance (HIG, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- Newtown, PA
- CIK
- 0001185072
- Portfolio Value
- $210.1M (Q2 2025)
- SEC Filing
- 0001140361-25-030098 ↗ filed Aug 11, 2025
Holdings Value
Holdings 156 stocks · $210.1M
| QQQ Invesco QQQ Trust Series 1 | 13.00% | 49,539 | $27.3M | Reduce -3.5% |
| NLY Annaly Capital Management Inc. | 2.61% | 291,600 | $5.5M | Add +3.7% |
| AGNC AGNC Investment Corp. | 2.50% | 570,800 | $5.2M | Add +4.0% |
| IEF iShares 7-10 Year Treasury B | 2.26% | 49,686 | $4.8M | Reduce -30.8% |
| IEI iShares 3-7 Year Treasury Bo | 2.25% | 39,756 | $4.7M | Reduce -31.6% |
| SHY iShares 1-3 Year Treasury Bo | 2.24% | 56,853 | $4.7M | Reduce -31.4% |
| EWA iShares MSCI Australia ETF | 1.71% | 136,206 | $3.6M | New |
| BBJP JPMorgan Betabuilders Japan | 1.68% | 57,160 | $3.5M | Reduce -9.1% |
| CWB SS SPDR BB Conv Sec ETF | 1.33% | 33,775 | $2.8M | Reduce -2.2% |
| BKLN Invesco Senior Loan ETF | 1.29% | 129,518 | $2.7M | Reduce -0.9% |
| VYM Vanguard High DVD Yield ETF | 1.27% | 19,969 | $2.7M | Add +2.4% |
| PGR Progressive Corp. | 1.26% | 9,887 | $2.6M | Add +19.7% |
| EMB iShares JP Morgan Usd Emergi | 1.25% | 28,405 | $2.6M | Add +0.1% |
| EMHY iShares J.P. Morgan Em High | 1.25% | 67,401 | $2.6M | Add +0.4% |
| PBP Invesco S&P 500 Buywrite ETF | 1.24% | 119,538 | $2.6M | Add +7.4% |
| DWX State Street SPDR S&P Intern | 1.24% | 61,944 | $2.6M | Reduce -12.7% |
| FOXA Fox Corp. Class A | 1.15% | 43,002 | $2.4M | Reduce -16.7% |
| QQQM Invesco Nasdaq 100 ETF | 1.04% | 9,628 | $2.2M | Reduce -5.3% |
| T AT&T Inc. | 1.02% | 74,397 | $2.2M | New |
| MET Metlife Inc. | 0.97% | 25,252 | $2.0M | Add +9.1% |
| COR Cencora Inc. | 0.94% | 6,569 | $2.0M | New |
| FALN iShares Fallen Angels ETF | 0.88% | 67,806 | $1.8M | Add +0.7% |
| GHYG iShares Us&intl High Yield C | 0.87% | 39,688 | $1.8M | Reduce -2.5% |
| HYGV NT HY Val-SCRD BD ETF | 0.87% | 44,564 | $1.8M | Add +0.4% |
| JNK SS SPDR BB High Yield Bond | 0.87% | 18,765 | $1.8M | Reduce -0.3% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.87% | 42,231 | $1.8M | Reduce -0.1% |
| UAL United Airlines Holdings Inc. | 0.81% | 21,467 | $1.7M | Add +5.5% |
| WELL Welltower Inc. | 0.81% | 11,014 | $1.7M | Reduce -13.4% |
| CCL Carnival Corp. | 0.80% | 59,962 | $1.7M | Reduce -8.8% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.78% | 18,064 | $1.6M | Reduce -13.2% |
| NTRS Northern Trust Corp. | 0.75% | 12,353 | $1.6M | Add +34.6% |
| NEM Newmont Corp. | 0.74% | 26,783 | $1.6M | New |
| WMB Williams Cos Inc. | 0.74% | 24,687 | $1.6M | Reduce -12.8% |
| EWZ iShares MSCI Brazil ETF | 0.72% | 52,761 | $1.5M | Add +163.8% |
| WAB Wabtec Corp. | 0.72% | 7,228 | $1.5M | Reduce -13.6% |
| WMT Walmart Inc. | 0.71% | 15,205 | $1.5M | Reduce -13.5% |
| ADP Automatic Data Processing | 0.70% | 4,753 | $1.5M | Reduce -13.3% |
| KMI Kinder Morgan Inc. | 0.69% | 49,637 | $1.5M | Reduce -12.8% |
| RFIX Simplify Bond Bull ETF | 0.69% | 30,000 | $1.5M | No change |
| GM General Motors Co. | 0.68% | 28,982 | $1.4M | Reduce -19.0% |
| CSCO Cisco Systems Inc. | 0.68% | 20,494 | $1.4M | New |
| NDAQ Nasdaq Inc. | 0.67% | 15,786 | $1.4M | New |
| VNQI Vanguard GLBL Ex-US Real Est | 0.67% | 30,437 | $1.4M | Add +110.0% |
| VRSN Verisign Inc. | 0.67% | 4,842 | $1.4M | New |
| CAH Cardinal Health Inc. | 0.67% | 8,319 | $1.4M | New |
| ICE Intercontinental Exchange Inc. | 0.67% | 7,616 | $1.4M | New |
| ABT Abbott Laboratories | 0.66% | 10,221 | $1.4M | New |
| COF Capital One Financial Corp. | 0.65% | 6,435 | $1.4M | New |
| CME Cme Group Inc. | 0.65% | 4,962 | $1.4M | New |
| DAL Delta Air Lines Inc. | 0.64% | 27,531 | $1.4M | Reduce -32.8% |
| RSG Republic Services Inc. | 0.64% | 5,476 | $1.4M | Reduce -21.5% |
| ALL Allstate Corp. | 0.62% | 6,483 | $1.3M | Reduce -39.0% |
| MSI Motorola Solutions Inc. | 0.60% | 2,987 | $1.3M | Reduce -13.5% |
| AEM Agnico Eagle Mines Ltd. | 0.60% | 10,515 | $1.3M | Add +57.5% |
| PKG Packaging Corp. of America | 0.55% | 6,151 | $1.2M | Reduce -13.1% |
| SFM Sprouts Farmers Market Inc. | 0.55% | 6,977 | $1.1M | Add +79.7% |
| HOOD Robinhood Markets Inc. Class A | 0.53% | 11,790 | $1.1M | Reduce -11.3% |
| HLI Houlihan Lokey Inc. | 0.52% | 6,106 | $1.1M | Add +92.7% |
| FTI Technipfmc PLC | 0.51% | 31,279 | $1.1M | Reduce -10.1% |
| EWY iShares MSCI South Korea ETF | 0.49% | 14,308 | $1.0M | New |
| EWT iShares MSCI Taiwan ETF | 0.45% | 16,562 | $951K | New |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.45% | 12,745 | $936K | Reduce -59.5% |
| EPOL iShares MSCI Poland ETF | 0.45% | 28,991 | $935K | Reduce -16.7% |
| GREK Global X MSCI Greece ETF | 0.44% | 15,976 | $927K | Reduce -22.7% |
| FXI iShares China Large-Cap ETF | 0.44% | 25,084 | $922K | Add +0.4% |
| EPU iShares MSCI Peru and Global | 0.44% | 18,901 | $918K | Reduce -12.1% |
| EZA iShares MSCI South Africa Et | 0.43% | 16,786 | $902K | Reduce -15.3% |
| FMCC Freddie Mac filed as FEDERAL HOME LN MTG CORP | 0.43% | 108,677 | $895K | Reduce -11.3% |
| UWMC Uwm Holdings Corp. | 0.42% | 215,000 | $890K | Add +12.6% |
| EWW iShares MSCI Mexico ETF | 0.42% | 14,639 | $887K | New |
| ECH iShares MSCI Chile ETF | 0.42% | 28,046 | $882K | Reduce -8.8% |
| EPHE iShares MSCI Philippines ETF | 0.42% | 32,171 | $872K | New |
| HIG Hartford Insurance Group Inc. | 0.41% | 6,786 | $861K | Reduce -80.1% |
| KGC Kinross Gold Corp. | 0.41% | 54,662 | $854K | Reduce -38.7% |
| TRV The Travelers Cos Inc. | 0.39% | 3,064 | $820K | Reduce -21.6% |
| EWM iShares MSCI Malaysia ETF | 0.39% | 33,418 | $813K | New |
| EWN iShares MSCI Netherlands ETF | 0.38% | 14,756 | $804K | Add +522.6% |
| L Loews Corp. | 0.38% | 8,751 | $802K | Reduce -59.8% |
| EWO iShares MSCI Austria ETF | 0.38% | 27,249 | $801K | Reduce -16.7% |
| EWP iShares MSCI Spain ETF | 0.38% | 17,985 | $792K | Reduce -17.1% |
| EWQ iShares MSCI France ETF | 0.38% | 18,501 | $792K | Reduce -6.5% |
| EWD iShares MSCI Sweden ETF | 0.38% | 17,295 | $791K | Reduce -4.7% |
| CB Chubb Ltd. | 0.38% | 2,727 | $790K | Reduce -58.0% |
| EWI iShares MSCI Italy ETF | 0.38% | 16,384 | $789K | Reduce -14.6% |
| EWG iShares MSCI Germany ETF | 0.38% | 18,633 | $788K | Reduce -14.1% |
| EWU iShares MSCI United Kingdom | 0.37% | 19,653 | $781K | Reduce -7.0% |
| EWL iShares MSCI Switzerland ETF | 0.37% | 14,199 | $778K | Reduce -6.1% |
| WIP State Street SPDR Ftse Inter | 0.37% | 19,501 | $778K | Add +82.4% |
| CINF Cincinnati Financial Corp. | 0.37% | 5,217 | $777K | Reduce -21.7% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.36% | 6,945 | $761K | Add +0.1% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.36% | 14,291 | $754K | Reduce -1.6% |
| IVZ Invesco Ltd. | 0.36% | 47,704 | $752K | New |
| FLRN SS SPDR BB Ig Float RT ETF | 0.36% | 24,358 | $751K | Reduce -1.2% |
| SCHP Schwab U.S. Tips ETF | 0.36% | 28,086 | $749K | Reduce -1.0% |
| RF Regions Financial Corp. | 0.36% | 31,822 | $748K | New |
| UHS Universal Health Services-B | 0.36% | 4,127 | $748K | Reduce -56.7% |
| HBAN Huntington Bancshares Inc. | 0.36% | 44,600 | $747K | New |
| CHTR Charter Communications Inc. Class A | 0.36% | 1,827 | $747K | New |
| USB US Bancorp | 0.35% | 16,457 | $745K | New |
| SYF Synchrony Financial | 0.35% | 11,139 | $743K | Reduce -74.2% |
Options reported separately and not counted above: EWZ calls ($11.5M), TSLA calls ($9.5M), INTC calls ($3.4M).
Portfolio Sells Q1 2025 → Q2 2025
| HIG Hartford Insurance Group Inc. | Reduce -80.1% | 0.41% | −1.58 |
| REM iShares Mortgage Real Estate | Sold out | 0.00% | −1.22 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -31.4% | 2.24% | −0.98 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -31.6% | 2.25% | −0.97 |
| IEF iShares 7-10 Year Treasury B | Reduce -30.8% | 2.26% | −0.96 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −0.91 |
| BRO Brown & Brown Inc. | Sold out | 0.00% | −0.84 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.76 |
| CTAS Cintas Corp. | Sold out | 0.00% | −0.74 |
| SYF Synchrony Financial | Reduce -74.2% | 0.35% | −0.72 |
| ACGL Arch Capital Group Ltd. | Reduce -65.4% | 0.35% | −0.71 |
| MCK McKesson Corp. | Sold out | 0.00% | −0.70 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.70 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −0.68 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.64 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.62 |
| WRB WR Berkley Corp. | Reduce -59.5% | 0.45% | −0.61 |
| APP AppLovin Corp. Class A | Reduce -77.2% | 0.25% | −0.57 |
| L Loews Corp. | Reduce -59.8% | 0.38% | −0.56 |
| CB Chubb Ltd. | Reduce -58.0% | 0.38% | −0.55 |
| PFF iShares Preferred & Income S | Sold out | 0.00% | −0.54 |
| UHS Universal Health Services-B | Reduce -56.7% | 0.36% | −0.49 |
| AIZ Assurant Inc. | Sold out | 0.00% | −0.46 |
| DVA Davita Inc. | Reduce -65.6% | 0.21% | −0.44 |
| AIG American International Group | Sold out | 0.00% | −0.44 |
| ALL Allstate Corp. | Reduce -39.0% | 0.62% | −0.41 |
| EG Everest Group Ltd. | Sold out | 0.00% | −0.36 |
| PCAR Paccar Inc. | Sold out | 0.00% | −0.35 |
| PHM Pultegroup Inc. | Sold out | 0.00% | −0.35 |
| FANG Diamondback Energy Inc. | Sold out | 0.00% | −0.32 |
| PRU Prudential Financial Inc. | Reduce -47.2% | 0.32% | −0.31 |
| VNQ Vanguard Real Estate ETF | Reduce -45.7% | 0.34% | −0.29 |
| PR Permian Resources Corp. Class A | Sold out | 0.00% | −0.28 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.28 |
| HCC Warrior Met Coal Inc. | Sold out | 0.00% | −0.27 |
| VBNK Versabank | Reduce -64.7% | 0.16% | −0.25 |
| FOXA Fox Corp. Class A | Reduce -16.7% | 1.15% | −0.23 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.22 |
| MUB iShares National Muni Bond E | Sold out | 0.00% | −0.22 |
| BURL Burlington Stores Inc. | Sold out | 0.00% | −0.22 |
| RGA Reinsurance Group of America | Sold out | 0.00% | −0.21 |
| DAL Delta Air Lines Inc. | Reduce -32.8% | 0.64% | −0.20 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -59.8% | 0.32% | −0.19 |
| DKNG Draftkings Inc. Class A | Sold out | 0.00% | −0.18 |
| HWM Howmet Aerospace Inc. | Sold out | 0.00% | −0.16 |
| THC Tenet Healthcare Corp. | Reduce -50.1% | 0.31% | −0.16 |
| RSG Republic Services Inc. | Reduce -21.5% | 0.64% | −0.15 |
| EME Emcor Group Inc. | Reduce -56.3% | 0.26% | −0.15 |
| FIX Comfort Systems USA Inc. | Reduce -60.3% | 0.27% | −0.13 |
| KGC Kinross Gold Corp. | Reduce -38.7% | 0.41% | −0.12 |
Portfolio Buys Q1 2025 → Q2 2025
| EWA iShares MSCI Australia ETF | New | 1.71% | +1.71 |
| T AT&T Inc. | New | 1.02% | +1.02 |
| COR Cencora Inc. | New | 0.94% | +0.94 |
| NEM Newmont Corp. | New | 0.74% | +0.74 |
| CSCO Cisco Systems Inc. | New | 0.68% | +0.68 |
| NDAQ Nasdaq Inc. | New | 0.67% | +0.67 |
| VRSN Verisign Inc. | New | 0.67% | +0.67 |
| CAH Cardinal Health Inc. | New | 0.67% | +0.67 |
| ICE Intercontinental Exchange Inc. | New | 0.67% | +0.67 |
| ABT Abbott Laboratories | New | 0.66% | +0.66 |
| COF Capital One Financial Corp. | New | 0.65% | +0.65 |
| CME Cme Group Inc. | New | 0.65% | +0.65 |
| EWY iShares MSCI South Korea ETF | New | 0.49% | +0.49 |
| EWZ iShares MSCI Brazil ETF | Add +163.8% | 0.72% | +0.48 |
| EWT iShares MSCI Taiwan ETF | New | 0.45% | +0.45 |
| EWW iShares MSCI Mexico ETF | New | 0.42% | +0.42 |
| EPHE iShares MSCI Philippines ETF | New | 0.42% | +0.42 |
| VNQI Vanguard GLBL Ex-US Real Est | Add +110.0% | 0.67% | +0.39 |
| EWM iShares MSCI Malaysia ETF | New | 0.39% | +0.39 |
| IVZ Invesco Ltd. | New | 0.36% | +0.36 |
| RF Regions Financial Corp. | New | 0.36% | +0.36 |
| HBAN Huntington Bancshares Inc. | New | 0.36% | +0.36 |
| CHTR Charter Communications Inc. Class A | New | 0.36% | +0.36 |
| USB US Bancorp | New | 0.35% | +0.35 |
| MTB M & T Bank Corp. | New | 0.35% | +0.35 |
| VZ Verizon Communications Inc. | New | 0.35% | +0.35 |
| CVS CVS Health Corp. | New | 0.35% | +0.35 |
| GL Globe Life Inc. | New | 0.35% | +0.35 |
| INDA iShares MSCI India ETF | New | 0.35% | +0.35 |
| HCA HCA Healthcare Inc. | New | 0.34% | +0.34 |
| EWN iShares MSCI Netherlands ETF | Add +522.6% | 0.38% | +0.33 |
| NTRS Northern Trust Corp. | Add +34.6% | 0.75% | +0.32 |
| BLND Blend Labs Inc. Class A | New | 0.31% | +0.31 |
| CVNA Carvana Co. | New | 0.31% | +0.31 |
| CF CF Industries Holdings Inc. | New | 0.31% | +0.31 |
| EQH Equitable Holdings Inc. | New | 0.29% | +0.29 |
| IBKR Interactive Brokers Gro Class A | New | 0.29% | +0.29 |
| EXEL Exelixis Inc. | New | 0.29% | +0.29 |
| HLI Houlihan Lokey Inc. | Add +92.7% | 0.52% | +0.28 |
| LAD Lithia Motors Inc. | New | 0.28% | +0.28 |
| USFD US Foods Holding Corp. | New | 0.27% | +0.27 |
| PFGC Performance Food Group Co. | New | 0.27% | +0.27 |
| SFM Sprouts Farmers Market Inc. | Add +79.7% | 0.55% | +0.27 |
| B Barrick Mining Corp. | New | 0.26% | +0.26 |
| AEM Agnico Eagle Mines Ltd. | Add +57.5% | 0.60% | +0.25 |
| NET Cloudflare Inc. Class A | Add +55.4% | 0.34% | +0.22 |
| RBLX Roblox Corp. Class A | Add +52.9% | 0.34% | +0.22 |
| PLTR Palantir Technologies Inc. Class A | Add +40.8% | 0.35% | +0.20 |
| WIP State Street SPDR Ftse Inter | Add +82.4% | 0.37% | +0.18 |
| PGR Progressive Corp. | Add +19.7% | 1.26% | +0.16 |
Options Activity Q1 2025 → Q2 2025
| KWEB Kranesh Csi China Internet | call | Sold out | 1,420,000 | $49.6Mbefore exit |
| ASHR Xtrackers Harvest Csi 300 CH | call | Sold out | 700,000 | $18.6Mbefore exit |
| JD Jd.com Inc.-ADR | call | Sold out | 400,000 | $16.4Mbefore exit |
| TSLA Tesla Inc. | call | New | 30,000 | $9.5M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 166 | $280.7M | EWZ, RPV, QQQ, NBIS, SHY |
| Q1 2026 | 165 | $270.8M | RPV, EWZ, ADBE, INTC, SHY |
| Q4 2025 | 167 | $225.9M | RPV, QQQ, EWA, BBJP, FOXA |
| Q3 2025 | 159 | $221.6M | QQQ, AGNC, NLY, BBJP, EWA |
| Q2 2025 | 156 | $210.1M | QQQ, NLY, AGNC, IEF, IEI |
| Q1 2025 | 144 | $212.6M | QQQ, IEI, SHY, IEF, NLY |
| Q4 2024 | 135 | $287.3M | KWEB, RPV, ASHR, SHY, JD |
| Q3 2024 | 145 | $293.6M | KWEB, QQQ, BABA, JD, AGNC |
| Q2 2024 | 154 | $281.8M | QQQ, HIG, L, COST, ACGL |
| Q1 2024 | 142 | $298.6M | RPV, PCAR, URI, PHM, CAH |