VELA Investment Management, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 5, 2025), VELA Investment Management, LLC reported 137 stock positions worth $292.4 million. Its top holding was Kirby (KEX) at 4.5% of the portfolio, followed by Hub Class A (HUBG, 3.8%) and Alphabet Class A (GOOGL, 3.3%). Compared with Q3 2024, it opened 10 new positions, sold out of 10, added to 56 and reduced 38. The biggest buy was a new position in Cactus Class A (WHD) and the biggest sale an exit from Lantheus (LNTH).

Most Recent 13F
Q2 2026
Location
NEW ALBANY, OH
CIK
0001895612
Portfolio Value
$292.4M (Q4 2024)
SEC Filing
0001895612-25-000002 ↗ filed Feb 5, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $271.6M Q1 2024 Q2 2024: $282.5M Q2 2024 Q3 2024: $292.5M Q3 2024 Q4 2024: $292.4M $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 137 stocks · $292.4M
KEX Kirby Corp. 4.53% 125,199 $13.2M Add +6.8%
HUBG Hub Group Inc. Class A 3.82% 250,561 $11.2M Add +2.5%
GOOGL Alphabet Inc. Class A 3.34% 51,577 $9.8M Add +3.2%
BRK.B Berkshire Hathaway Inc. Class B 3.32% 21,395 $9.7M Add +0.3%
GHC Graham Holdings Co. Class B 2.89% 9,695 $8.5M Reduce -0.8%
AMZN Amazon.com Inc. 2.35% 31,331 $6.9M Reduce -2.4%
CRTO Criteo SA-Spon 2.12% 156,986 $6.2M Add +40.6%
GBX Greenbrier Companies Inc. 2.09% 100,217 $6.1M Reduce -33.3%
JNJ Johnson & Johnson 1.86% 37,561 $5.4M Add +19.3%
AIT Applied Industrial Tech Inc. 1.79% 21,894 $5.2M Reduce -11.3%
COKE Coca-Cola Consolidated Inc. 1.70% 3,956 $5.0M Add +8.9%
LECO Lincoln Electric Holdings 1.68% 26,246 $4.9M Add +4.8%
CIVI Civitas Resources Inc. 1.68% 107,103 $4.9M Reduce -4.5%
SYY Sysco Corp. 1.59% 60,670 $4.6M Add +4.2%
ACGL Arch Capital Group Ltd. 1.56% 49,298 $4.6M Add +14.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.48% 38,929 $4.3M Reduce -18.2%
AXS Axis Capital Holdings Ltd. 1.44% 47,387 $4.2M Reduce -3.9%
ABT Abbott Laboratories 1.38% 35,636 $4.0M Add +3.5%
SBUX Starbucks Corp. 1.31% 42,122 $3.8M Add +0.4%
RRC Range Resources Corp. 1.27% 103,141 $3.7M Reduce -16.3%
AGI Alamos Gold Inc. Class A 1.26% 199,797 $3.7M Add +6.1%
PFGC Performance Food Group Co. 1.24% 42,896 $3.6M No change
MSFT Microsoft Corp. 1.23% 8,508 $3.6M No change
MAMA Mama's Creations Inc. 1.11% 406,604 $3.2M Reduce -0.6%
AGO Assured Guaranty Ltd. 1.06% 34,428 $3.1M Add +13.8%
CPA Copa Holdings SA Class A 1.05% 35,042 $3.1M Add +8.3%
VVV Valvoline Inc. 1.04% 84,273 $3.0M Add +39.8%
MDT Medtronic PLC 1.03% 37,644 $3.0M Add +5.8%
NOC Northrop Grumman Corp. 1.03% 6,403 $3.0M Add +1.1%
BATRK Atlanta Braves Holdings in-C 1.00% 76,048 $2.9M Add +18.1%
FIS Fidelity National Info Serv 0.95% 34,441 $2.8M Add +0.3%
ASH Ashland Inc. 0.94% 38,580 $2.8M Reduce -20.6%
FROG Jfrog Ltd. 0.93% 92,444 $2.7M Reduce -0.0%
PEP Pepsico Inc. 0.91% 17,517 $2.7M Add +96.0%
EHC Encompass Health Corp. 0.91% 28,678 $2.6M Reduce -21.4%
MO Altria Group Inc. 0.90% 50,093 $2.6M No change
CSX CSX Corp. 0.89% 80,535 $2.6M Add +139.8%
AR Antero Resources Corp. 0.88% 73,816 $2.6M No change
CASY Casey's General Stores Inc. 0.87% 6,448 $2.6M No change
ADSK Autodesk Inc. 0.87% 8,614 $2.5M Reduce -25.2%
T AT&T Inc. 0.86% 110,603 $2.5M Add +0.0%
TTEK Tetra Tech Inc. 0.85% 62,538 $2.5M Add +6.9%
SEB Seaboard Corp. 0.79% 954 $2.3M Reduce -2.3%
ABBV Abbvie Inc. 0.79% 13,036 $2.3M Reduce -0.1%
WIX Wix.com Ltd. 0.79% 10,797 $2.3M No change
BOKF Bok Financial Corporation 0.79% 21,707 $2.3M Add +17.1%
SU Suncor Energy Inc. 0.79% 64,666 $2.3M Add +0.1%
META Meta Platforms Inc. Class A 0.78% 3,916 $2.3M Add +0.1%
CFR Cullen/Frost Bankers Inc. 0.78% 17,011 $2.3M Reduce -0.3%
INDV Indivior Ltd. 0.77% 179,659 $2.3M Add +45.5%
TDW Tidewater Inc. 0.77% 41,319 $2.3M Add +73.4%
MOV Movado Group Inc. 0.76% 113,574 $2.2M Add +121.1%
SRCE 1ST Source Corp. 0.76% 38,246 $2.2M Add +26.9%
NKE Nike Inc. Class B 0.71% 27,356 $2.1M Add +46.4%
BKR Baker Hughes Co. 0.69% 48,842 $2.0M Reduce -0.2%
TER Teradyne Inc. 0.66% 15,397 $1.9M Add +20.5%
WHD Cactus Inc. Class A 0.65% 32,718 $1.9M New
C Citigroup Inc. 0.64% 26,412 $1.9M Reduce -0.1%
BWXT BWX Technologies Inc. 0.63% 16,423 $1.8M Reduce -39.9%
NOW ServiceNow Inc. 0.61% 1,679 $1.8M Reduce -7.2%
SCHW Schwab (charles) Corp. 0.60% 23,632 $1.7M Reduce -0.1%
AGM Federal Agric MTG Corp. Class C 0.59% 8,754 $1.7M New
SIBN Si-Bone Inc. 0.59% 122,671 $1.7M Add +23.8%
BKNG Booking Holdings Inc. 0.56% 330 $1.6M Reduce -1.8%
CNM Core & Main Inc. Class A 0.56% 31,902 $1.6M Reduce -33.4%
MET Metlife Inc. 0.55% 19,528 $1.6M Reduce -0.1%
MMM 3M Co. 0.54% 12,248 $1.6M Reduce -6.9%
CRM Salesforce Inc. 0.54% 4,728 $1.6M Reduce -22.6%
V Visa Inc. Class A 0.54% 4,969 $1.6M Reduce -0.1%
MPLX MPLX LP 0.53% 32,276 $1.5M Add +18.0%
FDX FedEx Corp. 0.52% 5,453 $1.5M No change
SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 0.52% 103,584 $1.5M Add +175.6%
OLLI Ollie's Bargain Outlet Holdi 0.51% 13,642 $1.5M Add +36.6%
JBHT Hunt (jb) Transprt SVCS Inc. 0.51% 8,754 $1.5M Reduce -10.8%
EPD Enterprise Products Partners 0.50% 46,541 $1.5M No change
ZTS Zoetis Inc. 0.50% 8,954 $1.5M Add +0.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.50% 32,942 $1.4M No change
ZBRA Zebra Technologies Corp. Class A 0.47% 3,528 $1.4M Reduce -36.4%
ACN Accenture PLC Class A 0.45% 3,737 $1.3M Reduce -18.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.42% 10,283 $1.2M No change
MCHP Microchip Technology Inc. 0.42% 21,385 $1.2M Add +3.4%
WOR Worthington Enterprises Inc. 0.42% 30,512 $1.2M New
HD Home Depot Inc. 0.41% 3,085 $1.2M No change
BRKR Bruker Corp. 0.41% 20,241 $1.2M New
JBI Janus International Group Inc. 0.40% 158,031 $1.2M New
PYPL PayPal Holdings Inc. 0.40% 13,559 $1.2M Reduce -0.3%
DE Deere & Co. 0.38% 2,624 $1.1M Add +0.4%
EPAM Epam Systems Inc. 0.35% 4,320 $1.0M Add +27.2%
AZN Astrazeneca PLC-Spons ADR 0.33% 14,539 $953K No change
XRAY Dentsply Sirona Inc. 0.32% 49,101 $932K Reduce -38.7%
GTX Garrett Motion Inc. 0.30% 97,821 $883K New
SEMR Semrush Holdings Inc. Class A 0.30% 72,914 $866K Add +63.3%
ROIV Roivant Sciences Ltd. 0.28% 69,072 $817K No change
HLI Houlihan Lokey Inc. 0.28% 4,684 $813K No change
MRVI Maravai Lifesciences Hldgs-A 0.28% 148,112 $807K Add +54.5%
OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC 0.27% 62,584 $792K New
ONTO Onto Innovation Inc. 0.26% 4,645 $774K Add +48.5%
NOMD Nomad Foods Ltd. 0.26% 46,000 $772K Add +206.7%
ELV Elevance Health Inc. 0.26% 2,074 $765K Add +101.5%
UBER Uber Technologies Inc. 0.25% 12,155 $733K Add +39.7%

Show all 137 holdings

Options reported separately and not counted above: SPY puts ($14.1M), NVDA puts ($7.4M), TSLA puts ($4.8M), AMZN puts ($4.4M), GOOGL puts ($4.2M), NOW puts ($3.5M), MSFT puts ($3.0M), NVDA calls ($2.7M), QQQ puts ($2.6M), MMM puts ($1.9M), GS puts ($1.8M), CRM puts ($1.7M), and 16 more.

Portfolio Sells Q3 2024 → Q4 2024
LNTH Lantheus Holdings Inc. Sold out 0.00% −0.80
HII Huntington Ingalls Industrie Sold out 0.00% −0.72
PRCT Procept Biorobotics Corp. Sold out 0.00% −0.54
GBX Greenbrier Companies Inc. Reduce -33.3% 2.09% −0.52
ASH Ashland Inc. Reduce -20.6% 0.94% −0.50
TMUS T-Mobile US Inc. Sold out 0.00% −0.43
AMN Amn Healthcare Services Inc. Sold out 0.00% −0.43
GS Goldman Sachs Group Inc. Reduce -98.9% 0.01% −0.43
XRAY Dentsply Sirona Inc. Reduce -38.7% 0.32% −0.42
ULTA Ulta Beauty Inc. Sold out 0.00% −0.40
BWXT BWX Technologies Inc. Reduce -39.9% 0.63% −0.39
KHC The Kraft Heinz Co. Reduce -64.8% 0.16% −0.36
WNC Wabash National Corp. Sold out 0.00% −0.32
TRMK Trustmark Corp. Sold out 0.00% −0.31
ET Energy Transfer LP Reduce -68.7% 0.19% −0.31
EHC Encompass Health Corp. Reduce -21.4% 0.91% −0.30
CIVI Civitas Resources Inc. Reduce -4.5% 1.68% −0.26
SEB Seaboard Corp. Reduce -2.3% 0.79% −0.25
ZBRA Zebra Technologies Corp. Class A Reduce -36.4% 0.47% −0.24
SMAR Smartsheet Inc. Class A Sold out 0.00% −0.23
ADSK Autodesk Inc. Reduce -25.2% 0.87% −0.21
CNM Core & Main Inc. Class A Reduce -33.4% 0.56% −0.17
OMC Omnicom Group Sold out 0.00% −0.12
ACN Accenture PLC Class A Reduce -18.1% 0.45% −0.10
ABBV Abbvie Inc. Reduce -0.1% 0.79% −0.09
AIT Applied Industrial Tech Inc. Reduce -11.3% 1.79% −0.09
DIS The Walt Disney Co. Reduce -18.2% 1.48% −0.08
MMM 3M Co. Reduce -6.9% 0.54% −0.07
JBHT Hunt (jb) Transprt SVCS Inc. Reduce -10.8% 0.51% −0.07
GPC Genuine Parts Co. Reduce -0.2% 0.15% −0.03
CRM Salesforce Inc. Reduce -22.6% 0.54% −0.03
RRC Range Resources Corp. Reduce -16.3% 1.27% −0.03
MET Metlife Inc. Reduce -0.1% 0.55% −0.00
EA Electronic Arts Inc. Reduce -1.5% 0.12% +0.00
JPM JPMorgan Chase & Co. Reduce -8.2% 0.13% +0.01
FROG Jfrog Ltd. Reduce -0.0% 0.93% +0.01
PYPL PayPal Holdings Inc. Reduce -0.3% 0.40% +0.03
NOW ServiceNow Inc. Reduce -7.2% 0.61% +0.06
V Visa Inc. Class A Reduce -0.1% 0.54% +0.07
C Citigroup Inc. Reduce -0.1% 0.64% +0.07
SCHW Schwab (charles) Corp. Reduce -0.1% 0.60% +0.07
BKNG Booking Holdings Inc. Reduce -1.8% 0.56% +0.08
BKR Baker Hughes Co. Reduce -0.2% 0.69% +0.08
MAMA Mama's Creations Inc. Reduce -0.6% 1.11% +0.09
AXS Axis Capital Holdings Ltd. Reduce -3.9% 1.44% +0.10
CFR Cullen/Frost Bankers Inc. Reduce -0.3% 0.78% +0.13
GHC Graham Holdings Co. Class B Reduce -0.8% 2.89% +0.15
AMZN Amazon.com Inc. Reduce -2.4% 2.35% +0.31

Portfolio Buys Q3 2024 → Q4 2024
WHD Cactus Inc. Class A New 0.65% +0.65
AGM Federal Agric MTG Corp. Class C New 0.59% +0.59
CRTO Criteo SA-Spon Add +40.6% 2.12% +0.59
GOOGL Alphabet Inc. Class A Add +3.2% 3.34% +0.51
CSX CSX Corp. Add +139.8% 0.89% +0.49
MOV Movado Group Inc. Add +121.1% 0.76% +0.44
WOR Worthington Enterprises Inc. New 0.42% +0.42
BRKR Bruker Corp. New 0.41% +0.41
JBI Janus International Group Inc. New 0.40% +0.40
PEP Pepsico Inc. Add +96.0% 0.91% +0.39
SNCY Sun Country Airlines Holding Add +175.6% 0.52% +0.37
INDV Indivior Ltd. Add +45.5% 0.77% +0.36
GTX Garrett Motion Inc. New 0.30% +0.30
OSG Octave Specialty Group Inc. New 0.27% +0.27
AGO Assured Guaranty Ltd. Add +13.8% 1.06% +0.24
TDW Tidewater Inc. Add +73.4% 0.77% +0.19
VVV Valvoline Inc. Add +39.8% 1.04% +0.18
OLLI Ollie's Bargain Outlet Holdi Add +36.6% 0.51% +0.18
NOMD Nomad Foods Ltd. Add +206.7% 0.26% +0.17
SRCE 1ST Source Corp. Add +26.9% 0.76% +0.15
NKE Nike Inc. Class B Add +46.4% 0.71% +0.14
BOKF Bok Financial Corporation Add +17.1% 0.79% +0.13
BATRK Atlanta Braves Holdings in-C Add +18.1% 1.00% +0.12
SIBN Si-Bone Inc. Add +23.8% 0.59% +0.11
EPAM Epam Systems Inc. Add +27.2% 0.35% +0.11
JNJ Johnson & Johnson Add +19.3% 1.86% +0.11
MPLX MPLX LP Add +18.0% 0.53% +0.11
ALGN Align Technology Inc. New 0.10% +0.10
ELV Elevance Health Inc. Add +101.5% 0.26% +0.08
TER Teradyne Inc. Add +20.5% 0.66% +0.08
COKE Coca-Cola Consolidated Inc. Add +8.9% 1.70% +0.07
SEMR Semrush Holdings Inc. Class A Add +63.3% 0.30% +0.06
WDAY Workday Inc. Class A Add +21.6% 0.24% +0.05
TSN Tyson Foods Inc. Class A Add +29.9% 0.24% +0.05
ONTO Onto Innovation Inc. Add +48.5% 0.26% +0.04
LECO Lincoln Electric Holdings Add +4.8% 1.68% +0.04
ABT Abbott Laboratories Add +3.5% 1.38% +0.04
QQQ Invesco QQQ Trust Series 1 New 0.03% +0.03
SYY Sysco Corp. Add +4.2% 1.59% +0.03
T AT&T Inc. Add +0.0% 0.86% +0.03
UBER Uber Technologies Inc. Add +39.7% 0.25% +0.03
FLO Flowers Foods Inc. Add +23.8% 0.23% +0.02
HUBG Hub Group Inc. Class A Add +2.5% 3.82% +0.02
META Meta Platforms Inc. Class A Add +0.1% 0.78% +0.02
MTN Vail Resorts Inc. Add +7.3% 0.12% +0.02
CPA Copa Holdings SA Class A Add +8.3% 1.05% +0.01
LYB Lyondellbasell Indu Class A Add +38.4% 0.17% +0.01
DE Deere & Co. Add +0.4% 0.38% +0.01
NVDA Nvidia Corp. Add +12.3% 0.03% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +25.0% 0.03% +0.01

Options Activity Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US put Add +140.0% 24,000 $14.1M
NVDA Nvidia Corp. put Add +266.7% 55,000 $7.4M
TSLA Tesla Inc. put New 12,000 $4.8M
AMZN Amazon.com Inc. put Add +300.0% 20,000 $4.4M
GOOGL Alphabet Inc. Class A put Add +266.7% 22,000 $4.2M
NOW ServiceNow Inc. put Add +175.0% 3,300 $3.5M
NVDA Nvidia Corp. call Add +33.3% 20,000 $2.7M
QQQ Invesco QQQ Trust Series 1 put New 5,000 $2.6M
MMM 3M Co. put Add +25.0% 15,000 $1.9M
CRM Salesforce Inc. put Add +11.1% 5,000 $1.7M
META Meta Platforms Inc. Class A put Add +35.0% 2,700 $1.6M
ACN Accenture PLC Class A put Add +17.6% 4,000 $1.4M
ARKK ARK Innovation ETF put New 23,000 $1.3M
ADSK Autodesk Inc. put New 4,200 $1.2M
BAC Bank of America Corp. put Reduce -47.6% 27,500 $1.2M
SBUX Starbucks Corp. put Sold out 10,000 $975Kbefore exit
NKE Nike Inc. Class B put Sold out 8,000 $707Kbefore exit
FDX FedEx Corp. put New 2,500 $703K
EPAM Epam Systems Inc. put New 3,000 $701K
HUM Humana Inc. call New 2,700 $685K
SMAR Smartsheet Inc. Class A put Sold out 12,000 $664Kbefore exit
TSLA Tesla Inc. call New 1,500 $606K
PYPL PayPal Holdings Inc. put New 3,000 $256K
MCHP Microchip Technology Inc. put Reduce -38.5% 4,000 $229K

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