VELA Investment Management, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), VELA Investment Management, LLC reported 142 stock positions worth $271.6 million. Its top holding was Kirby (KEX) at 5.0% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 4.3%) and Hub Class A (HUBG, 3.5%). Compared with Q4 2023, it opened 12 new positions, sold out of 15, added to 61 and reduced 35. The biggest buy was Wabash National (WNC, shares +201%) and the biggest sale an exit from Vertex Pharmaceuticals (VRTX).

Most Recent 13F
Q2 2026
Location
NEW ALBANY, OH
CIK
0001895612
Portfolio Value
$271.6M (Q1 2024)
SEC Filing
0001895612-24-000004 ↗ filed May 13, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $271.6M $271.6M Q1 2024 Q2 2024: $282.5M Q2 2024 Q3 2024: $292.5M Q3 2024 Q4 2024: $292.4M Q4 2024 Q1 2025: $291.4M Q1 2025 Q2 2025: $336.4M Q2 2025 Q3 2025: $347.1M Q3 2025 Q4 2025: $367.1M Q4 2025 Q1 2026: $386.6M Q1 2026 Q2 2026: $406.5M Q2 2026

Holdings 142 stocks · $271.6M
KEX Kirby Corp. 5.01% 142,740 $13.6M Add +2.1%
BRK.B Berkshire Hathaway Inc. Class B 4.30% 27,769 $11.7M Reduce -0.5%
HUBG Hub Group Inc. Class A 3.47% 218,212 $9.4M Add +16.0%
GOOGL Alphabet Inc. Class A 3.01% 54,199 $8.2M Add +4.7%
GBX Greenbrier Companies Inc. 2.94% 153,318 $8.0M Reduce -5.9%
CIVI Civitas Resources Inc. 2.48% 88,559 $6.7M Add +3.7%
GHC Graham Holdings Co. Class B 2.45% 8,651 $6.6M Add +0.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.99% 44,272 $5.4M Add +5.5%
SYY Sysco Corp. 1.90% 63,435 $5.1M Add +2.6%
CASY Casey's General Stores Inc. 1.81% 15,422 $4.9M Reduce -4.6%
ASH Ashland Inc. 1.79% 50,020 $4.9M Add +1.1%
AIT Applied Industrial Tech Inc. 1.70% 23,352 $4.6M Reduce -2.1%
WNC Wabash National Corp. 1.69% 153,091 $4.6M Add +200.9%
HUM Humana Inc. 1.63% 12,806 $4.4M Add +13.9%
ACGL Arch Capital Group Ltd. 1.55% 45,534 $4.2M Add +0.5%
NOC Northrop Grumman Corp. 1.50% 8,485 $4.1M Add +2.1%
MSFT Microsoft Corp. 1.32% 8,528 $3.6M Reduce -0.6%
MDT Medtronic PLC 1.32% 40,987 $3.6M Add +1.4%
CRTO Criteo SA-Spon 1.28% 99,345 $3.5M Add +0.3%
AXS Axis Capital Holdings Ltd. 1.19% 49,569 $3.2M Add +4.5%
FIS Fidelity National Info Serv 1.18% 43,360 $3.2M Add +3.6%
EHC Encompass Health Corp. 1.18% 38,833 $3.2M Reduce -10.7%
RRC Range Resources Corp. 1.13% 89,062 $3.1M Add +10.2%
AGI Alamos Gold Inc. Class A 1.06% 195,357 $2.9M Add +121.0%
SU Suncor Energy Inc. 1.05% 77,597 $2.9M Add +0.1%
SBUX Starbucks Corp. 1.05% 31,147 $2.8M Add +166.7%
MTN Vail Resorts Inc. 1.03% 12,553 $2.8M Add +0.1%
SCHW Schwab (charles) Corp. 1.00% 37,490 $2.7M Add +2.2%
WEN The Wendy's Co. 0.98% 141,642 $2.7M Add +6.9%
AMZN Amazon.com Inc. 0.97% 14,646 $2.6M Add +139.4%
ABT Abbott Laboratories 0.95% 22,764 $2.6M Reduce -15.2%
NTNX Nutanix Inc. Class A 0.94% 41,563 $2.6M Reduce -25.9%
PFGC Performance Food Group Co. 0.93% 34,018 $2.5M Reduce -3.9%
FROG Jfrog Ltd. 0.92% 56,427 $2.5M No change
BATRK Atlanta Braves Holdings in-C 0.89% 62,172 $2.4M Add +19.5%
BWXT BWX Technologies Inc. 0.89% 23,484 $2.4M Reduce -53.3%
ABBV Abbvie Inc. 0.88% 13,077 $2.4M Reduce -26.0%
CNM Core & Main Inc. Class A 0.84% 39,634 $2.3M Add +80.4%
TDW Tidewater Inc. 0.76% 22,372 $2.1M Add +6.0%
FLO Flowers Foods Inc. 0.74% 84,730 $2.0M Add +0.1%
ZBRA Zebra Technologies Corp. Class A 0.74% 6,641 $2.0M Add +3.6%
META Meta Platforms Inc. Class A 0.73% 4,092 $2.0M Add +1.3%
SRCE 1ST Source Corp. 0.73% 37,774 $2.0M Add +3.9%
AAPL Apple Inc. 0.71% 11,238 $1.9M Add +1.9%
TER Teradyne Inc. 0.71% 17,020 $1.9M Add +5.5%
VVV Valvoline Inc. 0.70% 42,704 $1.9M Reduce -30.6%
UHAL.B U-Haul Holding Co.-Non Voting 0.70% 28,467 $1.9M Reduce -0.3%
PZZA Papa John's Intl Inc. 0.66% 26,861 $1.8M Add +14.8%
AGO Assured Guaranty Ltd. 0.65% 20,360 $1.8M Reduce -13.5%
BOKF Bok Financial Corporation 0.63% 18,542 $1.7M Add +100.7%
HII Huntington Ingalls Industrie 0.61% 5,680 $1.7M Reduce -19.6%
EPD Enterprise Products Partners 0.61% 56,502 $1.6M Reduce -9.0%
BKR Baker Hughes Co. 0.60% 48,366 $1.6M Add +26.4%
CPA Copa Holdings SA Class A 0.59% 15,356 $1.6M Add +10.0%
JNJ Johnson & Johnson 0.59% 10,063 $1.6M Add +1.5%
FDX FedEx Corp. 0.58% 5,453 $1.6M Add +9.1%
CRM Salesforce Inc. 0.58% 5,219 $1.6M Add +0.7%
HD Home Depot Inc. 0.57% 4,033 $1.5M Reduce -2.4%
PEP Pepsico Inc. 0.53% 8,296 $1.5M Add +27.5%
KHC The Kraft Heinz Co. 0.53% 39,285 $1.4M Reduce -40.9%
LECO Lincoln Electric Holdings 0.52% 5,571 $1.4M Add +0.1%
ET Energy Transfer LP 0.52% 90,407 $1.4M Reduce -6.9%
C Citigroup Inc. 0.51% 22,063 $1.4M Add +23.1%
HLI Houlihan Lokey Inc. 0.51% 10,778 $1.4M Reduce -10.9%
NOW ServiceNow Inc. 0.51% 1,809 $1.4M Reduce -8.4%
MCHP Microchip Technology Inc. 0.49% 14,896 $1.3M No change
LNTH Lantheus Holdings Inc. 0.49% 21,392 $1.3M No change
NVST Envista Holdings Corp. 0.49% 61,953 $1.3M Add +0.2%
IWN iShares Russell 2000 Value E 0.48% 8,279 $1.3M Add +112.6%
MET Metlife Inc. 0.48% 17,544 $1.3M Add +9.6%
ACN Accenture PLC Class A 0.47% 3,681 $1.3M No change
SIBN Si-Bone Inc. 0.46% 76,414 $1.3M Add +24.1%
V Visa Inc. Class A 0.45% 4,360 $1.2M Add +1.4%
TTEK Tetra Tech Inc. 0.45% 6,578 $1.2M Add +11.2%
RPM RPM International Inc. 0.44% 10,148 $1.2M No change
CSX CSX Corp. 0.44% 32,514 $1.2M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.43% 11,474 $1.2M Reduce -16.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.42% 30,392 $1.2M Reduce -1.0%
ADBE Adobe Inc. 0.42% 2,267 $1.1M No change
WFC Wells Fargo & Co. 0.42% 19,685 $1.1M Reduce -6.6%
MMM 3M Co. 0.42% 10,648 $1.1M New
SWAV Shockwave Medical Inc. 0.41% 3,427 $1.1M No change
BSX Boston Scientific Corp. 0.41% 16,184 $1.1M No change
NHC National Healthcare Corp. 0.40% 11,617 $1.1M Reduce -3.8%
NVR NVR Inc. 0.40% 133 $1.1M Reduce -19.4%
AZN Astrazeneca PLC-Spons ADR 0.39% 15,533 $1.1M Add +11.1%
MAMA Mama's Creations Inc. 0.38% 206,064 $1.0M New
PRCT Procept Biorobotics Corp. 0.37% 20,487 $1.0M No change
OLLI Ollie's Bargain Outlet Holdi 0.37% 12,679 $1.0M No change
ADSK Autodesk Inc. 0.37% 3,863 $1.0M Add +12.3%
MBUU Malibu Boats Inc. Class A 0.37% 23,070 $998K Add +197.6%
TRMK Trustmark Corp. 0.36% 35,037 $985K No change
GS Goldman Sachs Group Inc. 0.36% 2,317 $968K No change
TMUS T-Mobile US Inc. 0.35% 5,878 $959K No change
CNP Centerpoint Energy Inc. 0.35% 33,600 $957K No change
SEB Seaboard Corp. 0.35% 295 $951K New
WIX Wix.com Ltd. 0.34% 6,815 $937K New
DE Deere & Co. 0.33% 2,166 $890K Add +16.0%
JBSS John B. Sanfilippo & Son Inc. filed as SANFILIPPO JOHN B & SON INC 0.32% 8,317 $881K No change
PYPL PayPal Holdings Inc. 0.29% 11,796 $790K Add +0.3%
LIN Linde PLC 0.29% 1,698 $788K Reduce -39.8%
JBHT Hunt (jb) Transprt SVCS Inc. 0.28% 3,882 $773K No change
AVY Avery Dennison Corp. 0.28% 3,456 $772K Reduce -2.4%
BKNG Booking Holdings Inc. 0.28% 211 $765K Reduce -7.5%
ESGR Enstar Group Ltd. 0.27% 2,380 $740K New
BHVN Biohaven Ltd. 0.26% 12,664 $693K Add +36.6%
SPG Simon Property Group Inc. 0.24% 4,234 $663K Add +1.2%
AR Antero Resources Corp. 0.24% 22,643 $657K New
MRVI Maravai Lifesciences Hldgs-A 0.24% 74,317 $644K No change
TXN Texas Instruments Inc. 0.23% 3,523 $614K Add +6.3%
UBER Uber Technologies Inc. 0.21% 7,542 $581K No change
RCKT Rocket Pharmaceuticals Inc. 0.21% 20,773 $560K No change
JPM JPMorgan Chase & Co. 0.20% 2,675 $536K Reduce -27.2%
ELV Elevance Health Inc. 0.20% 1,029 $534K Add +1.1%
COOP Mr Cooper Group Inc. 0.18% 6,146 $479K No change
SMAR Smartsheet Inc. Class A 0.17% 12,291 $473K New
PII Polaris Inc. 0.17% 4,635 $464K No change
NSC Norfolk Southern Corp. 0.17% 1,804 $460K Reduce -34.8%
CMCSA Comcast Corp. Class A 0.16% 10,255 $445K Add +3.9%
WDAY Workday Inc. Class A 0.16% 1,627 $444K Add +0.8%
CFR Cullen/Frost Bankers Inc. 0.16% 3,914 $441K Reduce -9.1%
NWE Northwestern Energy Group Inc. 0.15% 8,237 $420K No change
GPC Genuine Parts Co. 0.14% 2,461 $381K No change
O Realty Income Corp. 0.14% 7,037 $381K No change
LYB Lyondellbasell Indu Class A 0.14% 3,636 $372K No change
ROIV Roivant Sciences Ltd. 0.13% 32,386 $341K No change
MPLX MPLX LP 0.12% 8,040 $334K No change
OMC Omnicom Group 0.12% 3,447 $334K No change
NKE Nike Inc. Class B 0.12% 3,536 $332K New
AMGN Amgen Inc. 0.12% 1,163 $331K New
JCI Johnson Controls Internation 0.12% 4,824 $315K Reduce -80.0%
ONTO Onto Innovation Inc. 0.11% 1,683 $305K No change
MDLZ Mondelez International Inc. Class A 0.11% 4,311 $302K No change
AIG American International Group 0.10% 3,594 $281K Reduce -13.5%
CMPR Cimpress PLC 0.10% 2,987 $264K No change
WCC Wesco International Inc. 0.09% 1,480 $253K No change
KO The Coca-Cola Co. 0.09% 3,858 $236K No change
MCY Mercury General Corp. 0.08% 4,397 $227K Reduce -40.6%
A Agilent Technologies Inc. 0.08% 1,419 $206K New
KKR KKR & Co. Inc. 0.07% 2,009 $202K New
QQQ Invesco QQQ Trust Series 1 0.02% 151 $67K New
NVDA Nvidia Corp. 0.02% 55 $50K Add +175.0%

Options reported separately and not counted above: NOW puts ($3.8M), MSFT puts ($2.5M), AMZN calls ($2.0M), QQQ calls ($1.8M), ET puts ($1.7M), FDX puts ($1.4M), NVDA calls ($1.2M), ADBE puts ($1.1M), CRM puts ($1.1M), NTNX puts ($1.0M), GOOGL puts ($906K), MCHP puts ($897K), and 6 more.

Portfolio Sells Q4 2023 → Q1 2024
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −1.40
ORLY O'reilly Automotive Inc. Sold out 0.00% −1.00
BWXT BWX Technologies Inc. Reduce -53.3% 0.89% −0.68
LAZYDAYS HLDGS INC Sold out 0.00% −0.55
FOXF Fox Factory Holding Corp. Sold out 0.00% −0.50
KHC The Kraft Heinz Co. Reduce -40.9% 0.53% −0.46
JCI Johnson Controls Internation Reduce -80.0% 0.12% −0.45
GIL Gildan Activewear Inc. Sold out 0.00% −0.36
KRE SS SPDR S&P Regional Bank Sold out 0.00% −0.32
ULTA Ulta Beauty Inc. Sold out 0.00% −0.32
ABT Abbott Laboratories Reduce -15.2% 0.95% −0.25
VVV Valvoline Inc. Reduce -30.6% 0.70% −0.24
ABBV Abbvie Inc. Reduce -26.0% 0.88% −0.23
DNLI Denali Therapeutics Inc. Sold out 0.00% −0.23
LIN Linde PLC Reduce -39.8% 0.29% −0.18
ALNY Alnylam Pharmaceuticals Inc. Sold out 0.00% −0.14
NTNX Nutanix Inc. Class A Reduce -25.9% 0.94% −0.14
HII Huntington Ingalls Industrie Reduce -19.6% 0.61% −0.13
ALGN Align Technology Inc. Sold out 0.00% −0.13
UHAL.B U-Haul Holding Co.-Non Voting Reduce -0.3% 0.70% −0.12
SRPT Sarepta Therapeutics Inc. Sold out 0.00% −0.11
RRR Red Rock Resorts Inc. Class A Sold out 0.00% −0.10
NSC Norfolk Southern Corp. Reduce -34.8% 0.17% −0.10
TJX TJX Companies Inc. Reduce -16.4% 0.43% −0.09
HLI Houlihan Lokey Inc. Reduce -10.9% 0.51% −0.08
NVR NVR Inc. Reduce -19.4% 0.40% −0.07
AGO Assured Guaranty Ltd. Reduce -13.5% 0.65% −0.06
NOW ServiceNow Inc. Reduce -8.4% 0.51% −0.06
PFGC Performance Food Group Co. Reduce -3.9% 0.93% −0.06
EPD Enterprise Products Partners Reduce -9.0% 0.61% −0.06
JPM JPMorgan Chase & Co. Reduce -27.2% 0.20% −0.06
NHC National Healthcare Corp. Reduce -3.8% 0.40% −0.05
BKNG Booking Holdings Inc. Reduce -7.5% 0.28% −0.05
MCY Mercury General Corp. Reduce -40.6% 0.08% −0.03
CFR Cullen/Frost Bankers Inc. Reduce -9.1% 0.16% −0.03
ET Energy Transfer LP Reduce -6.9% 0.52% −0.02
XLE SS Energy Select Sector Sold out 0.00% −0.01
HD Home Depot Inc. Reduce -2.4% 0.57% −0.01
AIG American International Group Reduce -13.5% 0.10% −0.01
AVY Avery Dennison Corp. Reduce -2.4% 0.28% −0.01
GM General Motors Co. Sold out 0.00% −0.00
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.00
WFC Wells Fargo & Co. Reduce -6.6% 0.42% −0.00
EHC Encompass Health Corp. Reduce -10.7% 1.18% +0.01
BAC Bank of America Corp. Reduce -1.0% 0.42% +0.01
CASY Casey's General Stores Inc. Reduce -4.6% 1.81% +0.01
MSFT Microsoft Corp. Reduce -0.6% 1.32% +0.01
GBX Greenbrier Companies Inc. Reduce -5.9% 2.94% +0.02
AIT Applied Industrial Tech Inc. Reduce -2.1% 1.70% +0.03
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.5% 4.30% +0.26

Portfolio Buys Q4 2023 → Q1 2024
WNC Wabash National Corp. Add +200.9% 1.69% +1.16
AMZN Amazon.com Inc. Add +139.4% 0.97% +0.60
SBUX Starbucks Corp. Add +166.7% 1.05% +0.59
AGI Alamos Gold Inc. Class A Add +121.0% 1.06% +0.58
KEX Kirby Corp. Add +2.1% 5.01% +0.56
CNM Core & Main Inc. Class A Add +80.4% 0.84% +0.48
DIS The Walt Disney Co. Add +5.5% 1.99% +0.46
MMM 3M Co. New 0.42% +0.42
MAMA Mama's Creations Inc. New 0.38% +0.38
SEB Seaboard Corp. New 0.35% +0.35
WIX Wix.com Ltd. New 0.34% +0.34
BOKF Bok Financial Corporation Add +100.7% 0.63% +0.31
ESGR Enstar Group Ltd. New 0.27% +0.27
CRTO Criteo SA-Spon Add +0.3% 1.28% +0.27
AR Antero Resources Corp. New 0.24% +0.24
IWN iShares Russell 2000 Value E Add +112.6% 0.48% +0.24
MBUU Malibu Boats Inc. Class A Add +197.6% 0.37% +0.20
ACGL Arch Capital Group Ltd. Add +0.5% 1.55% +0.19
SMAR Smartsheet Inc. Class A New 0.17% +0.17
FIS Fidelity National Info Serv Add +3.6% 1.18% +0.16
META Meta Platforms Inc. Class A Add +1.3% 0.73% +0.15
TDW Tidewater Inc. Add +6.0% 0.76% +0.14
C Citigroup Inc. Add +23.1% 0.51% +0.14
RRC Range Resources Corp. Add +10.2% 1.13% +0.13
NKE Nike Inc. Class B New 0.12% +0.12
AMGN Amgen Inc. New 0.12% +0.12
AXS Axis Capital Holdings Ltd. Add +4.5% 1.19% +0.12
CIVI Civitas Resources Inc. Add +3.7% 2.48% +0.11
ASH Ashland Inc. Add +1.1% 1.79% +0.10
BHVN Biohaven Ltd. Add +36.6% 0.26% +0.09
PEP Pepsico Inc. Add +27.5% 0.53% +0.09
GOOGL Alphabet Inc. Class A Add +4.7% 3.01% +0.08
A Agilent Technologies Inc. New 0.08% +0.08
KKR KKR & Co. Inc. New 0.07% +0.07
FDX FedEx Corp. Add +9.1% 0.58% +0.07
BKR Baker Hughes Co. Add +26.4% 0.60% +0.07
SYY Sysco Corp. Add +2.6% 1.90% +0.06
BATRK Atlanta Braves Holdings in-C Add +19.5% 0.89% +0.06
MET Metlife Inc. Add +9.6% 0.48% +0.05
SU Suncor Energy Inc. Add +0.1% 1.05% +0.05
TTEK Tetra Tech Inc. Add +11.2% 0.45% +0.05
LECO Lincoln Electric Holdings Add +0.1% 0.52% +0.03
ADSK Autodesk Inc. Add +12.3% 0.37% +0.03
ZBRA Zebra Technologies Corp. Class A Add +3.6% 0.74% +0.03
CRM Salesforce Inc. Add +0.7% 0.58% +0.03
DE Deere & Co. Add +16.0% 0.33% +0.02
QQQ Invesco QQQ Trust Series 1 New 0.02% +0.02
GHC Graham Holdings Co. Class B Add +0.5% 2.45% +0.01
NVDA Nvidia Corp. Add +175.0% 0.02% +0.01
AZN Astrazeneca PLC-Spons ADR Add +11.1% 0.39% +0.01

Options Activity Q4 2023 → Q1 2024
NOW ServiceNow Inc. put New 5,000 $3.8M
MSFT Microsoft Corp. put New 6,000 $2.5M
AMZN Amazon.com Inc. call New 11,000 $2.0M
GM General Motors Co. call Sold out 54,000 $1.9Mbefore exit
QQQ Invesco QQQ Trust Series 1 call New 4,000 $1.8M
FDX FedEx Corp. put Add +100.0% 5,000 $1.4M
BABA Alibaba Group Holding-SP ADR call Sold out 16,000 $1.2Mbefore exit
EPD Enterprise Products Partners put Sold out 45,000 $1.2Mbefore exit
NVDA Nvidia Corp. call Reduce -56.7% 1,300 $1.2M
ADBE Adobe Inc. put Reduce -36.4% 2,100 $1.1M
CRM Salesforce Inc. put New 3,500 $1.1M
NTNX Nutanix Inc. Class A put Reduce -15.0% 17,000 $1.0M
GOOGL Alphabet Inc. Class A put New 6,000 $906K
MCHP Microchip Technology Inc. put New 10,000 $897K
BAC Bank of America Corp. put New 22,500 $853K
XLE SS Energy Select Sector put Sold out 10,000 $838Kbefore exit
KRE SS SPDR S&P Regional Bank put Sold out 13,000 $682Kbefore exit
SMAR Smartsheet Inc. Class A put New 10,000 $385K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 131$406.5MKEX, CRTO, WOR, GOOGL, BRK.B
Q1 2026Amended 133$386.6MKEX, CRTO, BRK.B, WIX, WOR
Q4 2025Amended 130$367.1MKEX, HUBG, BRK.B, GOOGL, CRTO
Q3 2025 131$347.1MKEX, BRK.B, HUBG, GOOGL, WIX
Q2 2025 132$336.4MKEX, BRK.B, HUBG, GOOGL, CRTO
Q1 2025 130$291.4MKEX, BRK.B, HUBG, GHC, GOOGL
Q4 2024 137$292.4MKEX, HUBG, GOOGL, BRK.B, GHC
Q3 2024 137$292.5MKEX, HUBG, BRK.B, GOOGL, GHC
Q2 2024 141$282.5MKEX, BRK.B, HUBG, GOOGL, GHC
Q1 2024 142$271.6MKEX, BRK.B, HUBG, GOOGL, GBX