Mount Lucas Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Mount Lucas Management LP reported 159 stock positions worth $221.6 million. Its top holding was Invesco QQQ Trust Series 1 (QQQ) at 13.0% of the portfolio, followed by AGNC Investment (AGNC, 2.0%) and Annaly Capital Management (NLY, 2.0%). Compared with Q2 2025, it opened 8 new positions, sold out of 5, added to 48 and reduced 95. The biggest buy was a new position in iShares Preferred & Income S (PFF) and the biggest sale iShares 7-10 Year Treasury B (IEF, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- Newtown, PA
- CIK
- 0001185072
- Portfolio Value
- $221.6M (Q3 2025)
- SEC Filing
- 0001140361-25-041412 ↗ filed Nov 10, 2025
Holdings Value
Holdings 159 stocks · $221.6M
| QQQ Invesco QQQ Trust Series 1 | 12.96% | 47,847 | $28.7M | Reduce -3.4% |
| AGNC AGNC Investment Corp. | 2.02% | 457,000 | $4.5M | Reduce -19.9% |
| NLY Annaly Capital Management Inc. | 1.98% | 217,000 | $4.4M | Reduce -25.6% |
| BBJP JPMorgan Betabuilders Japan | 1.70% | 56,874 | $3.8M | Reduce -0.5% |
| EWA iShares MSCI Australia ETF | 1.66% | 135,861 | $3.7M | Reduce -0.3% |
| CWB SS SPDR BB Conv Sec ETF | 1.35% | 33,084 | $3.0M | Reduce -2.0% |
| PFF iShares Preferred & Income S | 1.30% | 91,038 | $2.9M | New |
| BKLN Invesco Senior Loan ETF | 1.29% | 136,934 | $2.9M | Add +5.7% |
| REM iShares Mortgage Real Estate | 1.26% | 127,038 | $2.8M | New |
| VYM Vanguard High DVD Yield ETF | 1.25% | 19,613 | $2.8M | Reduce -1.8% |
| EMB iShares JP Morgan Usd Emergi | 1.24% | 28,975 | $2.8M | Add +2.0% |
| IEF iShares 7-10 Year Treasury B | 1.24% | 28,572 | $2.8M | Reduce -42.5% |
| PBP Invesco S&P 500 Buywrite ETF | 1.24% | 124,347 | $2.8M | Add +4.0% |
| FOXA Fox Corp. Class A | 1.24% | 43,558 | $2.7M | Add +1.3% |
| SHY iShares 1-3 Year Treasury Bo | 1.24% | 33,108 | $2.7M | Reduce -41.8% |
| IEI iShares 3-7 Year Treasury Bo | 1.24% | 22,953 | $2.7M | Reduce -42.3% |
| EMHY iShares J.P. Morgan Em High | 1.23% | 68,856 | $2.7M | Add +2.2% |
| DWX State Street SPDR S&P Intern | 1.23% | 63,599 | $2.7M | Add +2.7% |
| PGR Progressive Corp. | 1.05% | 9,429 | $2.3M | Reduce -4.6% |
| QQQM Invesco Nasdaq 100 ETF | 1.02% | 9,121 | $2.3M | Reduce -5.3% |
| ACGL Arch Capital Group Ltd. | 0.97% | 12,748 | $2.2M | Add +58.1% |
| NEM Newmont Corp. | 0.97% | 25,460 | $2.1M | Reduce -4.9% |
| T AT&T Inc. | 0.97% | 75,861 | $2.1M | Add +2.0% |
| COR Cencora Inc. | 0.93% | 6,575 | $2.1M | Add +0.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.92% | 18,692 | $2.0M | Add +3.5% |
| WELL Welltower Inc. | 0.91% | 11,382 | $2.0M | Add +3.3% |
| MET Metlife Inc. | 0.91% | 24,398 | $2.0M | Reduce -3.4% |
| UAL United Airlines Holdings Inc. | 0.89% | 20,342 | $2.0M | Reduce -5.2% |
| FALN iShares Fallen Angels ETF | 0.88% | 69,897 | $1.9M | Add +3.1% |
| HYGV NT HY Val-SCRD BD ETF | 0.87% | 46,606 | $1.9M | Add +4.6% |
| JNK SS SPDR BB High Yield Bond | 0.87% | 19,587 | $1.9M | Add +4.4% |
| GHYG iShares Us&intl High Yield C | 0.86% | 41,136 | $1.9M | Add +3.6% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.86% | 44,214 | $1.9M | Add +4.7% |
| GM General Motors Co. | 0.78% | 28,226 | $1.7M | Reduce -2.6% |
| CCL Carnival Corp. | 0.76% | 58,280 | $1.7M | Reduce -2.8% |
| AEM Agnico Eagle Mines Ltd. | 0.74% | 9,784 | $1.6M | Reduce -7.0% |
| WMB Williams Cos Inc. | 0.73% | 25,587 | $1.6M | Add +3.6% |
| WMT Walmart Inc. | 0.73% | 15,685 | $1.6M | Add +3.2% |
| EWZ iShares MSCI Brazil ETF | 0.72% | 51,551 | $1.6M | Reduce -2.3% |
| NTRS Northern Trust Corp. | 0.72% | 11,839 | $1.6M | Reduce -4.2% |
| HOOD Robinhood Markets Inc. Class A | 0.71% | 10,940 | $1.6M | Reduce -7.2% |
| DAL Delta Air Lines Inc. | 0.69% | 26,849 | $1.5M | Reduce -2.5% |
| WAB Wabtec Corp. | 0.67% | 7,447 | $1.5M | Add +3.0% |
| KMI Kinder Morgan Inc. | 0.66% | 51,616 | $1.5M | Add +4.0% |
| CSCO Cisco Systems Inc. | 0.66% | 21,223 | $1.5M | Add +3.6% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.65% | 30,254 | $1.4M | Reduce -0.6% |
| NDAQ Nasdaq Inc. | 0.65% | 16,287 | $1.4M | Add +3.2% |
| VNQ Vanguard Real Estate ETF | 0.64% | 15,575 | $1.4M | Add +95.9% |
| ABT Abbott Laboratories | 0.64% | 10,566 | $1.4M | Add +3.4% |
| MSI Motorola Solutions Inc. | 0.64% | 3,082 | $1.4M | Add +3.2% |
| VRSN Verisign Inc. | 0.63% | 4,999 | $1.4M | Add +3.2% |
| PKG Packaging Corp. of America | 0.63% | 6,367 | $1.4M | Add +3.5% |
| CME Cme Group Inc. | 0.63% | 5,128 | $1.4M | Add +3.4% |
| CAH Cardinal Health Inc. | 0.61% | 8,589 | $1.3M | Add +3.3% |
| FTAI Ftai Aviation Ltd. | 0.60% | 8,000 | $1.3M | New |
| ALL Allstate Corp. | 0.60% | 6,216 | $1.3M | Reduce -4.1% |
| ICE Intercontinental Exchange Inc. | 0.60% | 7,859 | $1.3M | Add +3.2% |
| COF Capital One Financial Corp. | 0.59% | 6,142 | $1.3M | Reduce -4.5% |
| RSG Republic Services Inc. | 0.58% | 5,648 | $1.3M | Add +3.1% |
| KGC Kinross Gold Corp. | 0.57% | 50,802 | $1.3M | Reduce -7.1% |
| FMCC Freddie Mac filed as FEDERAL HOME LN MTG CORP | 0.54% | 100,847 | $1.2M | Reduce -7.2% |
| HLI Houlihan Lokey Inc. | 0.53% | 5,681 | $1.2M | Reduce -7.0% |
| FTI Technipfmc PLC | 0.52% | 29,066 | $1.1M | Reduce -7.1% |
| WW WW International Inc.-New filed as WW INTL INC | 0.49% | 40,000 | $1.1M | New |
| IVZ Invesco Ltd. | 0.48% | 46,809 | $1.1M | Reduce -1.9% |
| EPU iShares MSCI Peru and Global | 0.47% | 17,096 | $1.1M | Reduce -9.6% |
| EZA iShares MSCI South Africa Et | 0.46% | 15,949 | $1.0M | Reduce -5.0% |
| EWY iShares MSCI South Korea ETF | 0.46% | 12,732 | $1.0M | Reduce -11.0% |
| EWW iShares MSCI Mexico ETF | 0.46% | 14,850 | $1.0M | Add +1.4% |
| EWT iShares MSCI Taiwan ETF | 0.45% | 15,637 | $995K | Reduce -5.6% |
| APP AppLovin Corp. Class A | 0.45% | 1,383 | $994K | Reduce -7.2% |
| UWMC Uwm Holdings Corp. | 0.45% | 162,000 | $987K | Reduce -24.6% |
| FXI iShares China Large-Cap ETF | 0.44% | 23,638 | $972K | Reduce -5.8% |
| EWM iShares MSCI Malaysia ETF | 0.43% | 36,984 | $959K | Add +10.7% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.43% | 12,396 | $950K | Reduce -2.7% |
| THD iShares MSCI Thailand ETF | 0.43% | 16,066 | $946K | New |
| GREK Global X MSCI Greece ETF | 0.42% | 14,579 | $939K | Reduce -8.7% |
| EPOL iShares MSCI Poland ETF | 0.42% | 29,016 | $934K | Add +0.1% |
| ECH iShares MSCI Chile ETF | 0.42% | 28,034 | $924K | Reduce -0.0% |
| PLTR Palantir Technologies Inc. Class A | 0.41% | 5,031 | $918K | Reduce -7.2% |
| EWN iShares MSCI Netherlands ETF | 0.40% | 15,426 | $895K | Add +4.5% |
| HIG Hartford Insurance Group Inc. | 0.40% | 6,617 | $883K | Reduce -2.5% |
| RBLX Roblox Corp. Class A | 0.39% | 6,240 | $864K | Reduce -7.2% |
| L Loews Corp. | 0.39% | 8,511 | $854K | Reduce -2.7% |
| EWP iShares MSCI Spain ETF | 0.38% | 17,136 | $848K | Reduce -4.7% |
| EWQ iShares MSCI France ETF | 0.38% | 19,197 | $843K | Add +3.8% |
| TRV The Travelers Cos Inc. | 0.38% | 2,986 | $834K | Reduce -2.5% |
| EWI iShares MSCI Italy ETF | 0.38% | 16,015 | $832K | Reduce -2.3% |
| EWD iShares MSCI Sweden ETF | 0.38% | 17,624 | $832K | Add +1.9% |
| EWU iShares MSCI United Kingdom | 0.37% | 19,720 | $828K | Add +0.3% |
| RF Regions Financial Corp. | 0.37% | 31,225 | $823K | Reduce -1.9% |
| EWO iShares MSCI Austria ETF | 0.37% | 26,537 | $822K | Reduce -2.6% |
| HPE Hewlett Packard Enterprise | 0.37% | 33,483 | $822K | Reduce -2.4% |
| UHS Universal Health Services-B | 0.37% | 4,013 | $820K | Reduce -2.8% |
| EWL iShares MSCI Switzerland ETF | 0.37% | 14,776 | $816K | Add +4.1% |
| GL Globe Life Inc. | 0.37% | 5,706 | $816K | Reduce -2.6% |
| EWG iShares MSCI Germany ETF | 0.37% | 19,522 | $812K | Add +4.8% |
| FIX Comfort Systems USA Inc. | 0.37% | 983 | $811K | Reduce -7.0% |
| B Barrick Mining Corp. | 0.37% | 24,747 | $811K | Reduce -6.7% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.36% | 7,233 | $806K | Add +4.2% |
Options reported separately and not counted above: EWZ calls ($9.9M), INTC calls ($6.1M), RKT calls ($5.8M).
Portfolio Sells Q2 2025 → Q3 2025
| IEF iShares 7-10 Year Treasury B | Reduce -42.5% | 1.24% | −1.02 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -42.3% | 1.24% | −1.02 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -41.8% | 1.24% | −1.00 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.70 |
| NLY Annaly Capital Management Inc. | Reduce -25.6% | 1.98% | −0.63 |
| AGNC AGNC Investment Corp. | Reduce -19.9% | 2.02% | −0.48 |
| RFIX Simplify Bond Bull ETF | Reduce -61.2% | 0.22% | −0.47 |
| EPHE iShares MSCI Philippines ETF | Sold out | 0.00% | −0.42 |
| INDA iShares MSCI India ETF | Sold out | 0.00% | −0.35 |
| SFM Sprouts Farmers Market Inc. | Reduce -7.2% | 0.32% | −0.23 |
| PGR Progressive Corp. | Reduce -4.6% | 1.05% | −0.20 |
| CHTR Charter Communications Inc. Class A | Reduce -2.8% | 0.22% | −0.14 |
| SHCO Soho House & Co. Inc. | Sold out | 0.00% | −0.09 |
| DUOL Duolingo | Reduce -7.1% | 0.18% | −0.08 |
| COF Capital One Financial Corp. | Reduce -4.5% | 0.59% | −0.06 |
| MET Metlife Inc. | Reduce -3.4% | 0.91% | −0.06 |
| EQH Equitable Holdings Inc. | Reduce -6.7% | 0.23% | −0.06 |
| EWA iShares MSCI Australia ETF | Reduce -0.3% | 1.66% | −0.05 |
| EXEL Exelixis Inc. | Reduce -7.2% | 0.24% | −0.05 |
| LAD Lithia Motors Inc. | Reduce -7.2% | 0.23% | −0.05 |
| COIN Coinbase Global Inc. Class A | Reduce -7.2% | 0.26% | −0.05 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -3.4% | 12.96% | −0.04 |
| PPC Pilgrim's Pride Corp. | Reduce -3.0% | 0.21% | −0.04 |
| CCL Carnival Corp. | Reduce -2.8% | 0.76% | −0.04 |
| ARES Ares Management Corp. Class A | Reduce -6.6% | 0.18% | −0.04 |
| AXON Axon Enterprise Inc. | Reduce -7.3% | 0.13% | −0.04 |
| DVA Davita Inc. | Reduce -7.2% | 0.17% | −0.04 |
| CB Chubb Ltd. | Reduce -2.7% | 0.34% | −0.04 |
| GMED Globus Medical Inc. Class A | Reduce -7.2% | 0.21% | −0.04 |
| USFD US Foods Holding Corp. | Reduce -7.2% | 0.24% | −0.03 |
| PRU Prudential Financial Inc. | Reduce -1.7% | 0.29% | −0.03 |
| CF CF Industries Holdings Inc. | Reduce -2.3% | 0.28% | −0.03 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -7.3% | 0.29% | −0.03 |
| EWY iShares MSCI South Korea ETF | Reduce -11.0% | 0.46% | −0.03 |
| NTRS Northern Trust Corp. | Reduce -4.2% | 0.72% | −0.03 |
| IOT Samsara Inc. Class A | Reduce -7.2% | 0.11% | −0.02 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -5.3% | 1.02% | −0.02 |
| NOW ServiceNow Inc. | Reduce -7.0% | 0.09% | −0.02 |
| ZS Zscaler Inc. | Reduce -7.3% | 0.12% | −0.02 |
| VYM Vanguard High DVD Yield ETF | Reduce -1.8% | 1.25% | −0.02 |
| MTB M & T Bank Corp. | Reduce -2.1% | 0.33% | −0.02 |
| ALL Allstate Corp. | Reduce -4.1% | 0.60% | −0.02 |
| GREK Global X MSCI Greece ETF | Reduce -8.7% | 0.42% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -1.3% | 0.33% | −0.02 |
| WRB WR Berkley Corp. | Reduce -2.7% | 0.43% | −0.02 |
| VNQI Vanguard GLBL Ex-US Real Est | Reduce -0.6% | 0.65% | −0.02 |
| HBAN Huntington Bancshares Inc. | Reduce -2.1% | 0.34% | −0.02 |
| CVRX CVRX Inc. | Sold out | 0.00% | −0.01 |
| TRV The Travelers Cos Inc. | Reduce -2.5% | 0.38% | −0.01 |
| NET Cloudflare Inc. Class A | Reduce -7.2% | 0.33% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| PFF iShares Preferred & Income S | New | 1.30% | +1.30 |
| REM iShares Mortgage Real Estate | New | 1.26% | +1.26 |
| ACGL Arch Capital Group Ltd. | Add +58.1% | 0.97% | +0.62 |
| FTAI Ftai Aviation Ltd. | New | 0.60% | +0.60 |
| WW WW International Inc.-New | New | 0.49% | +0.49 |
| THD iShares MSCI Thailand ETF | New | 0.43% | +0.43 |
| MUB iShares National Muni Bond E | New | 0.33% | +0.33 |
| VNQ Vanguard Real Estate ETF | Add +95.9% | 0.64% | +0.31 |
| RKT Rocket Cos Inc. Class A | New | 0.30% | +0.30 |
| STLN Starling Oncology Inc. | Add +108.4% | 0.25% | +0.18 |
| BNY Bank of New York Mellon Corp. | Add +3.5% | 0.92% | +0.14 |
| WELL Welltower Inc. | Add +3.3% | 0.91% | +0.11 |
| TUR iShares MSCI Turkey ETF | New | 0.10% | +0.10 |
| FOXA Fox Corp. Class A | Add +1.3% | 1.24% | +0.09 |
| PKG Packaging Corp. of America | Add +3.5% | 0.63% | +0.07 |
| EWM iShares MSCI Malaysia ETF | Add +10.7% | 0.43% | +0.05 |
| MSI Motorola Solutions Inc. | Add +3.2% | 0.64% | +0.04 |
| EWW iShares MSCI Mexico ETF | Add +1.4% | 0.46% | +0.04 |
| WMT Walmart Inc. | Add +3.2% | 0.73% | +0.02 |
| EWN iShares MSCI Netherlands ETF | Add +4.5% | 0.40% | +0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +2.6% | 0.31% | +0.01 |
| CMTL Comtech Telecommunications | Add +7.4% | 0.13% | +0.01 |
| BKLN Invesco Senior Loan ETF | Add +5.7% | 1.29% | +0.00 |
| EWQ iShares MSCI France ETF | Add +3.8% | 0.38% | +0.00 |
| SCHP Schwab U.S. Tips ETF | Add +5.0% | 0.36% | +0.00 |
| EWU iShares MSCI United Kingdom | Add +0.3% | 0.37% | +0.00 |
| FLRN SS SPDR BB Ig Float RT ETF | Add +5.8% | 0.36% | +0.00 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +4.2% | 0.36% | +0.00 |
| FALN iShares Fallen Angels ETF | Add +3.1% | 0.88% | +0.00 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +4.9% | 0.36% | 0.00 |
| EWD iShares MSCI Sweden ETF | Add +1.9% | 0.38% | −0.00 |
| EWL iShares MSCI Switzerland ETF | Add +4.1% | 0.37% | −0.00 |
| PBP Invesco S&P 500 Buywrite ETF | Add +4.0% | 1.24% | −0.00 |
| JNK SS SPDR BB High Yield Bond | Add +4.4% | 0.87% | −0.00 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +4.7% | 0.86% | −0.00 |
| HYGV NT HY Val-SCRD BD ETF | Add +4.6% | 0.87% | −0.00 |
| WIP State Street SPDR Ftse Inter | Add +5.4% | 0.36% | −0.01 |
| WMB Williams Cos Inc. | Add +3.6% | 0.73% | −0.01 |
| EMB iShares JP Morgan Usd Emergi | Add +2.0% | 1.24% | −0.01 |
| EWG iShares MSCI Germany ETF | Add +4.8% | 0.37% | −0.01 |
| COR Cencora Inc. | Add +0.1% | 0.93% | −0.01 |
| GHYG iShares Us&intl High Yield C | Add +3.6% | 0.86% | −0.01 |
| EMHY iShares J.P. Morgan Em High | Add +2.2% | 1.23% | −0.02 |
| DWX State Street SPDR S&P Intern | Add +2.7% | 1.23% | −0.02 |
| CSCO Cisco Systems Inc. | Add +3.6% | 0.66% | −0.02 |
| NDAQ Nasdaq Inc. | Add +3.2% | 0.65% | −0.02 |
| ABT Abbott Laboratories | Add +3.4% | 0.64% | −0.02 |
| EPOL iShares MSCI Poland ETF | Add +0.1% | 0.42% | −0.02 |
| CME Cme Group Inc. | Add +3.4% | 0.63% | −0.03 |
| VRSN Verisign Inc. | Add +3.2% | 0.63% | −0.03 |
Options Activity Q2 2025 → Q3 2025
| EWZ iShares MSCI Brazil ETF | call | Reduce -20.0% | 320,000 | $9.9M |
| TSLA Tesla Inc. | call | Sold out | 30,000 | $9.5Mbefore exit |
| INTC Intel Corp. | call | Add +21.7% | 182,500 | $6.1M |
| RKT Rocket Cos Inc. Class A | call | New | 300,000 | $5.8M |
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 |