VELA Investment Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 30, 2025), VELA Investment Management, LLC reported 131 stock positions worth $347.1 million. Its top holding was Kirby (KEX) at 3.9% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 3.4%) and Hub Class A (HUBG, 3.1%). Compared with Q2 2025, it opened 12 new positions, sold out of 13, added to 49 and reduced 58. The biggest buy was Wix.com (WIX, shares +88%) and the biggest sale an exit from AT&T (T).

Most Recent 13F
Q2 2026
Location
NEW ALBANY, OH
CIK
0001895612
Portfolio Value
$347.1M (Q3 2025)
SEC Filing
0001895612-25-000012 ↗ filed Oct 30, 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 Q4 2024 Q1 2025: $291.4M Q1 2025 Q2 2025: $336.4M Q2 2025 Q3 2025: $347.1M $347.1M Q3 2025 Q4 2025: $367.1M Q4 2025 Q1 2026: $386.6M Q1 2026 Q2 2026: $406.5M Q2 2026

Holdings 131 stocks · $347.1M
KEX Kirby Corp. 3.86% 160,475 $13.4M Add +11.6%
BRK.B Berkshire Hathaway Inc. Class B 3.41% 23,570 $11.8M Reduce -18.8%
HUBG Hub Group Inc. Class A 3.13% 315,183 $10.9M Add +1.9%
GOOGL Alphabet Inc. Class A 2.95% 42,069 $10.2M Reduce -15.3%
WIX Wix.com Ltd. 2.93% 57,343 $10.2M Add +88.4%
CRTO Criteo SA-Spon 2.80% 430,165 $9.7M Add +22.2%
AMZN Amazon.com Inc. 2.41% 38,132 $8.4M Add +1.0%
LECO Lincoln Electric Holdings 2.38% 35,075 $8.3M Reduce -12.0%
GHC Graham Holdings Co. Class B 2.35% 6,916 $8.1M Reduce -0.9%
VVV Valvoline Inc. 2.25% 217,728 $7.8M Add +4.2%
CSX CSX Corp. 2.07% 202,576 $7.2M Add +16.4%
JNJ Johnson & Johnson 2.03% 37,933 $7.0M Reduce -0.9%
SYY Sysco Corp. 2.00% 84,327 $6.9M Reduce -3.3%
AIT Applied Industrial Tech Inc. 1.92% 25,542 $6.7M Add +3.9%
TER Teradyne Inc. 1.77% 44,520 $6.1M Reduce -2.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.64% 49,718 $5.7M Reduce -1.1%
ACGL Arch Capital Group Ltd. 1.58% 60,360 $5.5M Add +6.2%
AGI Alamos Gold Inc. Class A 1.54% 152,985 $5.3M Add +0.4%
PEP Pepsico Inc. 1.41% 34,895 $4.9M Add +30.4%
AXS Axis Capital Holdings Ltd. 1.38% 49,970 $4.8M Add +12.4%
WHD Cactus Inc. Class A 1.34% 117,549 $4.6M Add +1.8%
TMO Thermo Fisher Scientific Inc. 1.30% 9,305 $4.5M Add +65.5%
PFGC Performance Food Group Co. 1.30% 43,283 $4.5M Reduce -21.7%
NOC Northrop Grumman Corp. 1.24% 7,060 $4.3M Reduce -5.7%
CPA Copa Holdings SA Class A 1.21% 35,276 $4.2M Reduce -1.3%
AR Antero Resources Corp. 1.18% 121,635 $4.1M Add +71.3%
MSFT Microsoft Corp. 1.08% 7,268 $3.8M Reduce -4.8%
MOV Movado Group Inc. 1.08% 198,351 $3.8M Reduce -0.7%
ABT Abbott Laboratories 1.08% 27,883 $3.7M Reduce -1.9%
GBX Greenbrier Companies Inc. 1.07% 80,426 $3.7M Reduce -1.1%
COKE Coca-Cola Consolidated Inc. 1.02% 30,307 $3.6M Reduce -23.7%
RRC Range Resources Corp. 1.01% 93,472 $3.5M Add +11.0%
INDV Indivior Ltd. 0.99% 142,511 $3.4M Add +35.7%
POOL Pool Corp. 0.98% 10,967 $3.4M Add +0.7%
MAMA Mama's Creations Inc. 0.94% 309,725 $3.3M Reduce -8.8%
BATRK Atlanta Braves Holdings in-C 0.93% 77,960 $3.2M Reduce -1.6%
FIS Fidelity National Info Serv 0.89% 47,031 $3.1M Add +5.7%
ACN Accenture PLC Class A 0.84% 11,867 $2.9M Add +137.8%
AGO Assured Guaranty Ltd. 0.84% 34,282 $2.9M Reduce -0.4%
IBP Installed Building Products 0.83% 11,720 $2.9M Reduce -8.1%
JBI Janus International Group Inc. 0.79% 278,725 $2.8M Reduce -3.0%
TTEK Tetra Tech Inc. 0.78% 80,787 $2.7M Reduce -16.2%
AGM Federal Agric MTG Corp. Class C 0.75% 15,539 $2.6M Add +1.2%
MUSA Murphy USA Inc. 0.75% 6,714 $2.6M Add +200.8%
SEB Seaboard Corp. 0.75% 711 $2.6M Reduce -1.8%
SU Suncor Energy Inc. 0.75% 61,999 $2.6M Reduce -6.3%
BWXT BWX Technologies Inc. 0.73% 13,701 $2.5M Reduce -19.5%
BOKF Bok Financial Corporation 0.72% 22,300 $2.5M Reduce -1.2%
SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 0.71% 209,432 $2.5M Reduce -0.8%
ABBV Abbvie Inc. 0.70% 10,423 $2.4M Reduce -1.3%
META Meta Platforms Inc. Class A 0.68% 3,218 $2.4M Reduce -8.6%
C Citigroup Inc. 0.64% 22,032 $2.2M No change
EPAM Epam Systems Inc. 0.64% 14,686 $2.2M Add +152.4%
BRKR Bruker Corp. 0.64% 68,000 $2.2M Reduce -45.0%
FOUR SHIFT4 Payments Inc. Class A 0.63% 28,406 $2.2M Add +68.0%
ZTS Zoetis Inc. 0.63% 14,883 $2.2M Add +0.4%
NLOP Net Lease Office Property 0.62% 72,336 $2.1M Add +60.0%
WOR Worthington Enterprises Inc. 0.62% 38,581 $2.1M Add +23.0%
NFG National Fuel Gas Co. 0.62% 23,114 $2.1M Add +13.5%
MET Metlife Inc. 0.60% 25,273 $2.1M Add +16.3%
SIBN Si-Bone Inc. 0.60% 141,222 $2.1M Add +11.9%
SRCE 1ST Source Corp. 0.59% 33,308 $2.1M Reduce -0.5%
SUPN Supernus Pharmaceuticals Inc. 0.55% 40,251 $1.9M New
MPLX MPLX LP 0.52% 35,906 $1.8M Reduce -2.1%
EHC Encompass Health Corp. 0.51% 13,859 $1.8M Reduce -43.2%
IMKTA Ingles Markets Inc. Class A 0.50% 25,065 $1.7M Add +72.7%
NEU Newmarket Corp. 0.50% 2,088 $1.7M Reduce -1.1%
BKNG Booking Holdings Inc. 0.46% 294 $1.6M Reduce -4.5%
NKE Nike Inc. Class B 0.45% 22,495 $1.6M Reduce -40.3%
BKR Baker Hughes Co. 0.45% 32,155 $1.6M Reduce -6.3%
CRM Salesforce Inc. 0.45% 6,597 $1.6M Add +40.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.45% 30,255 $1.6M Add +0.2%
TDW Tidewater Inc. 0.45% 28,980 $1.5M New
OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC 0.43% 180,089 $1.5M Add +46.7%
GMED Globus Medical Inc. Class A 0.42% 25,483 $1.5M New
V Visa Inc. Class A 0.42% 4,239 $1.4M Add +0.3%
FROG Jfrog Ltd. 0.42% 30,503 $1.4M Reduce -3.5%
MMM 3M Co. 0.41% 9,209 $1.4M Reduce -5.7%
HD Home Depot Inc. 0.41% 3,516 $1.4M No change
ADSK Autodesk Inc. 0.41% 4,470 $1.4M Reduce -9.3%
SCHW Schwab (charles) Corp. 0.41% 14,785 $1.4M Reduce -36.3%
NOW ServiceNow Inc. 0.40% 1,519 $1.4M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.40% 9,595 $1.4M Add +0.2%
PAL Proficient Auto Logistics Inc. 0.40% 201,058 $1.4M New
DOO BRP Inc./Ca- Sub Voting 0.39% 22,193 $1.3M Reduce -1.0%
PPG PPG Industries Inc. 0.37% 12,361 $1.3M Add +171.4%
FDX FedEx Corp. 0.35% 5,101 $1.2M Add +12.5%
DE Deere & Co. 0.34% 2,592 $1.2M Add +0.1%
UBER Uber Technologies Inc. 0.34% 12,096 $1.2M Reduce -1.3%
SBUX Starbucks Corp. 0.33% 13,386 $1.1M Reduce -16.9%
TBBB BBB Foods Inc. Class A 0.31% 40,500 $1.1M Add +18.1%
ALGN Align Technology Inc. 0.31% 8,692 $1.1M Reduce -53.1%
AZN Astrazeneca PLC-Spons ADR 0.31% 13,987 $1.1M Reduce -6.5%
KKR KKR & Co. Inc. 0.29% 7,880 $1.0M Reduce -5.7%
OLLI Ollie's Bargain Outlet Holdi 0.29% 7,970 $1.0M Reduce -5.1%
ARCO Arcos Dorados Holdings Inc. Class A 0.29% 151,000 $1.0M Add +48.0%
TSN Tyson Foods Inc. Class A 0.28% 17,678 $960K No change
WDAY Workday Inc. Class A 0.27% 3,835 $923K Add +30.3%
ADBE Adobe Inc. 0.25% 2,502 $883K Add +13.3%
MAS Masco Corp. 0.25% 12,465 $877K Add +23.3%

Show all 131 holdings

Options reported separately and not counted above: SPY puts ($16.0M), GOOGL puts ($3.9M), MSFT puts ($3.6M), NVDA puts ($2.9M), META puts ($2.4M), ACN puts ($2.2M), C puts ($2.0M), AMZN puts ($2.0M), JNJ puts ($1.9M), BAC puts ($1.4M), MMM puts ($1.4M), NOW puts ($1.4M), and 29 more.

Portfolio Sells Q2 2025 → Q3 2025
T AT&T Inc. Sold out 0.00% −0.95
BRKR Bruker Corp. Reduce -45.0% 0.64% −0.88
MO Altria Group Inc. Sold out 0.00% −0.87
BRK.B Berkshire Hathaway Inc. Class B Reduce -18.8% 3.41% −0.78
ALGN Align Technology Inc. Reduce -53.1% 0.31% −0.73
WNC Wabash National Corp. Reduce -76.1% 0.19% −0.69
ASH Ashland Inc. Sold out 0.00% −0.44
SEMR Semrush Holdings Inc. Class A Reduce -92.4% 0.03% −0.41
EHC Encompass Health Corp. Reduce -43.2% 0.51% −0.38
NKE Nike Inc. Class B Reduce -40.3% 0.45% −0.34
LYB Lyondellbasell Indu Class A Sold out 0.00% −0.31
ELV Elevance Health Inc. Sold out 0.00% −0.31
COKE Coca-Cola Consolidated Inc. Reduce -23.7% 1.02% −0.30
CFR Cullen/Frost Bankers Inc. Sold out 0.00% −0.27
TTEK Tetra Tech Inc. Reduce -16.2% 0.78% −0.25
SCHW Schwab (charles) Corp. Reduce -36.3% 0.41% −0.22
ONTO Onto Innovation Inc. Sold out 0.00% −0.22
DIS The Walt Disney Co. Reduce -1.1% 1.64% −0.21
HALO Halozyme Therapeutics Inc. Sold out 0.00% −0.20
MCHP Microchip Technology Inc. Sold out 0.00% −0.18
MRVI Maravai Lifesciences Hldgs-A Sold out 0.00% −0.17
EA Electronic Arts Inc. Sold out 0.00% −0.17
BATRK Atlanta Braves Holdings in-C Reduce -1.6% 0.93% −0.17
NOMD Nomad Foods Ltd. Reduce -24.5% 0.21% −0.16
PFGC Performance Food Group Co. Reduce -21.7% 1.30% −0.14
SBUX Starbucks Corp. Reduce -16.9% 0.33% −0.11
JBHT Hunt (jb) Transprt SVCS Inc. Sold out 0.00% −0.11
UPS United Parcel Service Class B Sold out 0.00% −0.10
META Meta Platforms Inc. Class A Reduce -8.6% 0.68% −0.09
LECO Lincoln Electric Holdings Reduce -12.0% 2.38% −0.07
ABT Abbott Laboratories Reduce -1.9% 1.08% −0.07
BKNG Booking Holdings Inc. Reduce -4.5% 0.46% −0.07
AGO Assured Guaranty Ltd. Reduce -0.4% 0.84% −0.06
MPLX MPLX LP Reduce -2.1% 0.52% −0.04
ADSK Autodesk Inc. Reduce -9.3% 0.41% −0.04
GBX Greenbrier Companies Inc. Reduce -1.1% 1.07% −0.04
MSFT Microsoft Corp. Reduce -4.8% 1.08% −0.04
KKR KKR & Co. Inc. Reduce -5.7% 0.29% −0.04
OLLI Ollie's Bargain Outlet Holdi Reduce -5.1% 0.29% −0.03
MMM 3M Co. Reduce -5.7% 0.41% −0.03
TXN Texas Instruments Inc. Reduce -16.1% 0.07% −0.03
SRCE 1ST Source Corp. Reduce -0.5% 0.59% −0.03
SNCY Sun Country Airlines Holding Reduce -0.8% 0.71% −0.02
JPM JPMorgan Chase & Co. Reduce -20.9% 0.11% −0.02
GRMN Garmin Ltd. Reduce -27.1% 0.11% −0.02
SPG Simon Property Group Inc. Reduce -23.9% 0.11% −0.02
MDLZ Mondelez International Inc. Class A Reduce -0.5% 0.09% −0.01
LIN Linde PLC Reduce -3.6% 0.13% −0.01
AZN Astrazeneca PLC-Spons ADR Reduce -6.5% 0.31% −0.00
BWXT BWX Technologies Inc. Reduce -19.5% 0.73% −0.00

Portfolio Buys Q2 2025 → Q3 2025
WIX Wix.com Ltd. Add +88.4% 2.93% +1.50
TMO Thermo Fisher Scientific Inc. Add +65.5% 1.30% +0.62
SUPN Supernus Pharmaceuticals Inc. New 0.55% +0.55
INDV Indivior Ltd. Add +35.7% 0.99% +0.53
MUSA Murphy USA Inc. Add +200.8% 0.75% +0.48
TDW Tidewater Inc. New 0.45% +0.45
GMED Globus Medical Inc. Class A New 0.42% +0.42
ACN Accenture PLC Class A Add +137.8% 0.84% +0.40
PAL Proficient Auto Logistics Inc. New 0.40% +0.40
CSX CSX Corp. Add +16.4% 2.07% +0.38
PEP Pepsico Inc. Add +30.4% 1.41% +0.36
AGI Alamos Gold Inc. Class A Add +0.4% 1.54% +0.33
EPAM Epam Systems Inc. Add +152.4% 0.64% +0.33
AR Antero Resources Corp. Add +71.3% 1.18% +0.33
CRTO Criteo SA-Spon Add +22.2% 2.80% +0.29
IMKTA Ingles Markets Inc. Class A Add +72.7% 0.50% +0.23
AIT Applied Industrial Tech Inc. Add +3.9% 1.92% +0.22
PPG PPG Industries Inc. Add +171.4% 0.37% +0.22
GLOB Globant SA New 0.19% +0.19
NLOP Net Lease Office Property Add +60.0% 0.62% +0.18
OSG Octave Specialty Group Inc. Add +46.7% 0.43% +0.17
FOUR SHIFT4 Payments Inc. Class A Add +68.0% 0.63% +0.14
UHG United Homes Group Inc. New 0.12% +0.12
FIBK First Interstate Bancsys-A New 0.11% +0.11
NFG National Fuel Gas Co. Add +13.5% 0.62% +0.10
MET Metlife Inc. Add +16.3% 0.60% +0.08
VTI VG Morningstar TS MKT ETF-US New 0.08% +0.08
NWE Northwestern Energy Group Inc. New 0.07% +0.07
CRM Salesforce Inc. Add +40.6% 0.45% +0.07
MAS Masco Corp. Add +23.3% 0.25% +0.06
WDAY Workday Inc. Class A Add +30.3% 0.27% +0.06
HUBG Hub Group Inc. Class A Add +1.9% 3.13% +0.05
ARCO Arcos Dorados Holdings Inc. Class A Add +48.0% 0.29% +0.05
TJX TJX Companies Inc. Add +0.2% 0.40% +0.05
FDX FedEx Corp. Add +12.5% 0.35% +0.04
ACGL Arch Capital Group Ltd. Add +6.2% 1.58% +0.04
POOL Pool Corp. Add +0.7% 0.98% +0.04
TBBB BBB Foods Inc. Class A Add +18.1% 0.31% +0.03
NVDA Nvidia Corp. New 0.03% +0.03
BAC Bank of America Corp. Add +0.2% 0.45% +0.03
WOR Worthington Enterprises Inc. Add +23.0% 0.62% +0.02
DECK Deckers Outdoor Corp. Add +20.0% 0.19% +0.02
MDT Medtronic PLC Add +1.3% 0.20% +0.01
AMD Advanced Micro Devices Add +1.8% 0.10% +0.01
AXS Axis Capital Holdings Ltd. Add +12.4% 1.38% +0.01
TSLA Tesla Inc. New 0.00% +0.00
AVGO Broadcom Inc. New 0.00% +0.00
ADBE Adobe Inc. Add +13.3% 0.25% +0.00
RRC Range Resources Corp. Add +11.0% 1.01% −0.00
AVY Avery Dennison Corp. Add +5.3% 0.08% −0.00

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +220.0% 24,000 $16.0M
GOOGL Alphabet Inc. Class A put Add +220.0% 16,000 $3.9M
MSFT Microsoft Corp. put Add +40.0% 7,000 $3.6M
NVDA Nvidia Corp. put New 15,500 $2.9M
META Meta Platforms Inc. Class A put Add +45.5% 3,200 $2.4M
ACN Accenture PLC Class A put Add +200.0% 9,000 $2.2M
C Citigroup Inc. put Reduce -4.9% 19,500 $2.0M
AMZN Amazon.com Inc. put New 9,000 $2.0M
ARKK ARK Innovation ETF put Sold out 22,000 $1.5Mbefore exit
MMM 3M Co. put Add +125.0% 9,000 $1.4M
NOW ServiceNow Inc. put Reduce -11.8% 1,500 $1.4M
V Visa Inc. Class A put New 4,000 $1.4M
NVDA Nvidia Corp. call New 7,000 $1.3M
BKR Baker Hughes Co. put Add +97.7% 26,300 $1.3M
CRM Salesforce Inc. put Add +60.6% 5,300 $1.3M
NKE Nike Inc. Class B put Reduce -10.0% 18,000 $1.3M
ZTS Zoetis Inc. put Add +33.3% 8,000 $1.2M
ALGN Align Technology Inc. put Add +97.4% 7,500 $939K
ADSK Autodesk Inc. put Sold out 3,000 $929Kbefore exit
DE Deere & Co. put New 1,900 $869K
EPAM Epam Systems Inc. put Add +66.7% 5,000 $754K
ADBE Adobe Inc. put New 2,000 $706K
UNH Unitedhealth Group Inc. call Add +100.0% 2,000 $691K
AVGO Broadcom Inc. put New 2,000 $660K
DECK Deckers Outdoor Corp. put Add +53.9% 6,000 $608K
ADBE Adobe Inc. call Sold out 1,500 $580Kbefore exit
WIX Wix.com Ltd. put New 3,000 $533K
KDP Keurig Dr Pepper Inc. call New 20,000 $510K
IONS Ionis Pharmaceuticals Inc. call New 7,500 $491K
TER Teradyne Inc. put New 3,100 $427K
GMED Globus Medical Inc. Class A call New 6,500 $372K
AXSM Axsome Therapeutics Inc. call New 3,000 $364K
TSLA Tesla Inc. call New 700 $311K
ELV Elevance Health Inc. put Sold out 800 $311Kbefore exit
AMD Advanced Micro Devices put New 1,900 $307K
CVS CVS Health Corp. call New 4,000 $302K
LYB Lyondellbasell Indu Class A put Reduce -64.7% 6,000 $294K
ETOR Etoro Group Ltd. Class A put New 6,000 $248K
WDAY Workday Inc. Class A put Sold out 700 $168Kbefore exit

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