VELA Investment Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed August 27, 2026), VELA Investment Management, LLC reported 130 stock positions worth $367.1 million. Its top holding was Kirby (KEX) at 4.6% of the portfolio, followed by Hub Class A (HUBG, 3.7%) and Berkshire Hathaway Class B (BRK.B, 3.2%). Compared with Q3 2025, it opened 14 new positions, sold out of 15, added to 48 and reduced 47. The biggest buy was a new position in Carlisle Cos (CSL) and the biggest sale Valvoline (VVV, shares −40%).
- Most Recent 13F
- Q2 2026
- Location
- NEW ALBANY, OH
- CIK
- 0001895612
- Portfolio Value
- $367.1M (Q4 2025)
- SEC Filing
- 0001895612-26-000012 ↗ filed Aug 27, 2026
Holdings Value
Holdings 130 stocks · $367.1M
| KEX Kirby Corp. | 4.56% | 151,946 | $16.7M | Reduce -5.3% |
| HUBG Hub Group Inc. Class A | 3.67% | 316,637 | $13.5M | Add +0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.21% | 23,410 | $11.8M | Reduce -0.7% |
| GOOGL Alphabet Inc. Class A | 3.19% | 37,476 | $11.7M | Reduce -10.9% |
| CRTO Criteo SA-Spon | 3.04% | 541,979 | $11.2M | Add +26.0% |
| WIX Wix.com Ltd. | 2.73% | 96,528 | $10.0M | Add +68.3% |
| AMZN Amazon.com Inc. | 2.46% | 39,184 | $9.0M | Add +2.8% |
| LECO Lincoln Electric Holdings | 2.43% | 37,204 | $8.9M | Add +6.1% |
| CSX CSX Corp. | 1.90% | 191,927 | $7.0M | Reduce -5.3% |
| JNJ Johnson & Johnson | 1.87% | 33,116 | $6.9M | Reduce -12.7% |
| WHD Cactus Inc. Class A | 1.79% | 143,782 | $6.6M | Add +22.3% |
| SYY Sysco Corp. | 1.69% | 84,008 | $6.2M | Reduce -0.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.61% | 52,087 | $5.9M | Add +4.8% |
| ACGL Arch Capital Group Ltd. | 1.58% | 60,457 | $5.8M | Add +0.2% |
| GHC Graham Holdings Co. Class B | 1.47% | 4,919 | $5.4M | Reduce -28.9% |
| AIT Applied Industrial Tech Inc. | 1.42% | 20,338 | $5.2M | Reduce -20.4% |
| AXS Axis Capital Holdings Ltd. | 1.40% | 48,136 | $5.2M | Reduce -3.7% |
| TMO Thermo Fisher Scientific Inc. | 1.34% | 8,508 | $4.9M | Reduce -8.6% |
| CSL Carlisle Cos Inc. | 1.33% | 15,318 | $4.9M | New |
| BRKR Bruker Corp. | 1.30% | 101,018 | $4.8M | Add +48.6% |
| PEP Pepsico Inc. | 1.29% | 32,979 | $4.7M | Reduce -5.5% |
| POOL Pool Corp. | 1.25% | 20,028 | $4.6M | Add +82.6% |
| CPA Copa Holdings SA Class A | 1.21% | 36,743 | $4.4M | Add +4.2% |
| AGI Alamos Gold Inc. Class A | 1.21% | 114,781 | $4.4M | Reduce -25.0% |
| AR Antero Resources Corp. | 1.19% | 126,914 | $4.4M | Add +4.3% |
| TER Teradyne Inc. | 1.16% | 22,060 | $4.3M | Reduce -50.5% |
| GBX Greenbrier Companies Inc. | 1.15% | 90,511 | $4.2M | Add +12.5% |
| COKE Coca-Cola Consolidated Inc. | 1.14% | 27,355 | $4.2M | Reduce -9.7% |
| WOR Worthington Enterprises Inc. | 1.07% | 76,415 | $3.9M | Add +98.1% |
| ACN Accenture PLC Class A | 1.06% | 14,503 | $3.9M | Add +22.2% |
| MOV Movado Group Inc. | 1.04% | 185,006 | $3.8M | Reduce -6.7% |
| MUSA Murphy USA Inc. | 1.04% | 9,446 | $3.8M | Add +40.7% |
| VVV Valvoline Inc. | 1.03% | 130,449 | $3.8M | Reduce -40.1% |
| MSFT Microsoft Corp. | 0.96% | 7,268 | $3.5M | No change |
| NOC Northrop Grumman Corp. | 0.95% | 6,087 | $3.5M | Reduce -13.8% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.94% | 239,179 | $3.4M | Add +14.2% |
| ABT Abbott Laboratories | 0.93% | 27,229 | $3.4M | Reduce -2.4% |
| BATRK Atlanta Braves Holdings in-C | 0.92% | 85,602 | $3.4M | Add +9.8% |
| FIS Fidelity National Info Serv | 0.90% | 49,551 | $3.3M | Add +5.4% |
| FOUR SHIFT4 Payments Inc. Class A | 0.88% | 51,197 | $3.2M | Add +80.2% |
| EPAM Epam Systems Inc. | 0.88% | 15,699 | $3.2M | Add +6.9% |
| AGO Assured Guaranty Ltd. | 0.85% | 34,551 | $3.1M | Add +0.8% |
| MAMA Mama's Creations Inc. | 0.83% | 226,551 | $3.1M | Reduce -26.9% |
| GIL Gildan Activewear Inc. | 0.82% | 48,412 | $3.0M | New |
| ALGN Align Technology Inc. | 0.81% | 19,103 | $3.0M | Add +119.8% |
| PFGC Performance Food Group Co. | 0.76% | 31,194 | $2.8M | Reduce -27.9% |
| SIBN Si-Bone Inc. | 0.75% | 140,412 | $2.8M | Reduce -0.6% |
| IBP Installed Building Products | 0.75% | 10,568 | $2.7M | Reduce -9.8% |
| SEB Seaboard Corp. | 0.73% | 599 | $2.7M | Reduce -15.8% |
| PPG PPG Industries Inc. | 0.70% | 24,998 | $2.6M | Add +102.2% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.68% | 13,645 | $2.5M | New |
| JBI Janus International Group Inc. | 0.67% | 375,487 | $2.5M | Add +34.7% |
| NLOP Net Lease Office Property | 0.66% | 94,327 | $2.4M | Add +30.4% |
| SSD Simpson Manufacturing Co. Inc. | 0.66% | 15,047 | $2.4M | New |
| SU Suncor Energy Inc. | 0.66% | 54,368 | $2.4M | Reduce -12.3% |
| SUPN Supernus Pharmaceuticals Inc. | 0.65% | 48,294 | $2.4M | Add +20.0% |
| PAL Proficient Auto Logistics Inc. | 0.63% | 239,980 | $2.3M | Add +19.4% |
| RRC Range Resources Corp. | 0.62% | 65,052 | $2.3M | Reduce -30.4% |
| GMED Globus Medical Inc. Class A | 0.62% | 26,004 | $2.3M | Add +2.0% |
| TTC Toro Co. | 0.58% | 27,198 | $2.1M | New |
| BOKF Bok Financial Corporation | 0.58% | 17,849 | $2.1M | Reduce -20.0% |
| NFG National Fuel Gas Co. | 0.55% | 25,029 | $2.0M | Add +8.3% |
| META Meta Platforms Inc. Class A | 0.54% | 3,000 | $2.0M | Reduce -6.8% |
| C Citigroup Inc. | 0.52% | 16,504 | $1.9M | Reduce -25.1% |
| MPLX MPLX LP | 0.51% | 35,346 | $1.9M | Reduce -1.6% |
| ZTS Zoetis Inc. | 0.51% | 14,873 | $1.9M | Reduce -0.1% |
| MET Metlife Inc. | 0.50% | 23,444 | $1.9M | Reduce -7.2% |
| CRM Salesforce Inc. | 0.49% | 6,843 | $1.8M | Add +3.7% |
| SPSC SPS Commerce Inc. | 0.48% | 19,577 | $1.7M | New |
| EHC Encompass Health Corp. | 0.46% | 16,060 | $1.7M | Add +15.9% |
| IMKTA Ingles Markets Inc. Class A | 0.46% | 24,833 | $1.7M | Reduce -0.9% |
| ABBV Abbvie Inc. | 0.46% | 7,445 | $1.7M | Reduce -28.6% |
| TDW Tidewater Inc. | 0.44% | 31,980 | $1.6M | Add +10.3% |
| DOO BRP Inc./Ca- Sub Voting | 0.44% | 22,670 | $1.6M | Add +2.1% |
| NOMD Nomad Foods Ltd. | 0.42% | 122,400 | $1.5M | Add +119.0% |
| V Visa Inc. Class A | 0.40% | 4,239 | $1.5M | No change |
| TTE Totalenergies SE | 0.40% | 22,600 | $1.5M | New |
| NEU Newmarket Corp. | 0.40% | 2,142 | $1.5M | Add +2.6% |
| BKR Baker Hughes Co. | 0.40% | 32,122 | $1.5M | Reduce -0.1% |
| TBBB BBB Foods Inc. Class A | 0.39% | 43,100 | $1.4M | Add +6.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.39% | 9,358 | $1.4M | Reduce -2.5% |
| NKE Nike Inc. Class B | 0.39% | 22,495 | $1.4M | No change |
| SCHW Schwab (charles) Corp. | 0.39% | 14,273 | $1.4M | Reduce -3.5% |
| OSG Octave Specialty Group Inc. | 0.38% | 178,752 | $1.4M | Reduce -0.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.38% | 25,065 | $1.4M | Reduce -17.1% |
| BKNG Booking Holdings Inc. | 0.37% | 255 | $1.4M | Reduce -13.3% |
| FDX FedEx Corp. | 0.37% | 4,722 | $1.4M | Reduce -7.4% |
| HD Home Depot Inc. | 0.37% | 3,927 | $1.4M | Add +11.7% |
| ADSK Autodesk Inc. | 0.36% | 4,470 | $1.3M | No change |
| TSN Tyson Foods Inc. Class A | 0.36% | 22,339 | $1.3M | Add +26.4% |
| CPAY Corpay Inc. | 0.36% | 4,345 | $1.3M | New |
| AZN Astrazeneca PLC-Spons ADR | 0.35% | 13,987 | $1.3M | No change |
| NOW ServiceNow Inc. | 0.32% | 7,595 | $1.2M | No change |
| PRCT Procept Biorobotics Corp. | 0.32% | 36,822 | $1.2M | New |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.30% | 151,000 | $1.1M | No change |
| GLOB Globant SA | 0.30% | 16,800 | $1.1M | Add +43.6% |
| ETSY Etsy Inc. | 0.29% | 19,120 | $1.1M | New |
| MMM 3M Co. | 0.28% | 6,474 | $1.0M | Reduce -29.7% |
| ADBE Adobe Inc. | 0.28% | 2,920 | $1.0M | Add +16.7% |
| KKR KKR & Co. Inc. | 0.27% | 7,880 | $1.0M | No change |
| NI Nisource Inc. | 0.27% | 23,757 | $992K | New |
| UBER Uber Technologies Inc. | 0.27% | 12,096 | $988K | No change |
| BWXT BWX Technologies Inc. | 0.27% | 5,695 | $984K | Reduce -58.4% |
| DECK Deckers Outdoor Corp. | 0.26% | 9,286 | $963K | Add +45.7% |
| SBUX Starbucks Corp. | 0.25% | 10,948 | $922K | Reduce -18.2% |
| DE Deere & Co. | 0.25% | 1,959 | $912K | Reduce -24.4% |
| RKT Rocket Cos Inc. Class A | 0.23% | 43,087 | $834K | New |
| WDAY Workday Inc. Class A | 0.22% | 3,835 | $824K | No change |
| GOOG Alphabet Inc. Class C | 0.18% | 2,056 | $645K | New |
| MDT Medtronic PLC | 0.15% | 5,846 | $562K | Reduce -21.6% |
| GPC Genuine Parts Co. | 0.15% | 4,411 | $542K | Add +9.9% |
| MTN Vail Resorts Inc. | 0.14% | 3,850 | $511K | Add +35.4% |
| AGM Federal Agric MTG Corp. Class C | 0.14% | 2,858 | $502K | Reduce -81.6% |
| AMD Advanced Micro Devices | 0.12% | 2,099 | $450K | No change |
| FIBK First Interstate Bancsys-A | 0.11% | 11,501 | $398K | No change |
| AVY Avery Dennison Corp. | 0.11% | 2,176 | $396K | Add +25.2% |
| UNP Union Pacific Corp. | 0.11% | 1,675 | $387K | New |
| CMCSA Comcast Corp. Class A | 0.10% | 12,393 | $370K | Add +8.9% |
| SPG Simon Property Group Inc. | 0.10% | 1,988 | $368K | No change |
| LIN Linde PLC | 0.10% | 859 | $366K | Reduce -11.3% |
| BXP BXP Inc. | 0.09% | 4,728 | $319K | No change |
| AIG American International Group | 0.08% | 3,594 | $307K | No change |
| GRMN Garmin Ltd. | 0.08% | 1,510 | $306K | No change |
| WCC Wesco International Inc. | 0.08% | 1,146 | $280K | No change |
| NWE Northwestern Energy Group Inc. | 0.07% | 4,233 | $273K | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.07% | 797 | $267K | No change |
| MDLZ Mondelez International Inc. Class A | 0.07% | 4,923 | $265K | Add +0.5% |
| TXN Texas Instruments Inc. | 0.06% | 1,353 | $235K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.06% | 327 | $223K | Add +97.0% |
| UNH Unitedhealth Group Inc. | 0.00% | 4 | $1K | No change |
Options reported separately and not counted above: SPY puts ($6.8M), ARKK puts ($5.4M), GLD puts ($3.6M), UNH calls ($2.6M), AMZN puts ($2.3M), GOOGL puts ($2.2M), C puts ($2.2M), MSFT puts ($1.9M), FDX puts ($1.7M), META puts ($1.5M), BAC puts ($1.4M), MMM puts ($1.3M), and 25 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $240K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | 3,000 | $240K | New |
Total filed on the 13F, all lines: $367.4M.
Portfolio Sells Q3 2025 → Q4 2025
| VVV Valvoline Inc. | Reduce -40.1% | 1.03% | −1.22 |
| INDV Indivior Ltd. | Sold out | 0.00% | −0.99 |
| GHC Graham Holdings Co. Class B | Reduce -28.9% | 1.47% | −0.87 |
| TTEK Tetra Tech Inc. | Sold out | 0.00% | −0.78 |
| AGM Federal Agric MTG Corp. Class C | Reduce -81.6% | 0.14% | −0.62 |
| TER Teradyne Inc. | Reduce -50.5% | 1.16% | −0.60 |
| SRCE 1ST Source Corp. | Sold out | 0.00% | −0.59 |
| PFGC Performance Food Group Co. | Reduce -27.9% | 0.76% | −0.53 |
| AIT Applied Industrial Tech Inc. | Reduce -20.4% | 1.42% | −0.50 |
| BWXT BWX Technologies Inc. | Reduce -58.4% | 0.27% | −0.46 |
| FROG Jfrog Ltd. | Sold out | 0.00% | −0.42 |
| RRC Range Resources Corp. | Reduce -30.4% | 0.62% | −0.39 |
| AGI Alamos Gold Inc. Class A | Reduce -25.0% | 1.21% | −0.33 |
| SYY Sysco Corp. | Reduce -0.4% | 1.69% | −0.31 |
| OLLI Ollie's Bargain Outlet Holdi | Sold out | 0.00% | −0.29 |
| NOC Northrop Grumman Corp. | Reduce -13.8% | 0.95% | −0.29 |
| MAS Masco Corp. | Sold out | 0.00% | −0.25 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.24 |
| ABBV Abbvie Inc. | Reduce -28.6% | 0.46% | −0.23 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.7% | 3.21% | −0.21 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.20 |
| WNC Wabash National Corp. | Sold out | 0.00% | −0.19 |
| CSX CSX Corp. | Reduce -5.3% | 1.90% | −0.18 |
| JNJ Johnson & Johnson | Reduce -12.7% | 1.87% | −0.16 |
| ABT Abbott Laboratories | Reduce -2.4% | 0.93% | −0.15 |
| META Meta Platforms Inc. Class A | Reduce -6.8% | 0.54% | −0.14 |
| BOKF Bok Financial Corporation | Reduce -20.0% | 0.58% | −0.14 |
| MMM 3M Co. | Reduce -29.7% | 0.28% | −0.13 |
| PEP Pepsico Inc. | Reduce -5.5% | 1.29% | −0.12 |
| C Citigroup Inc. | Reduce -25.1% | 0.52% | −0.12 |
| UHG United Homes Group Inc. | Sold out | 0.00% | −0.12 |
| ZTS Zoetis Inc. | Reduce -0.1% | 0.51% | −0.12 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.11 |
| MAMA Mama's Creations Inc. | Reduce -26.9% | 0.83% | −0.11 |
| MET Metlife Inc. | Reduce -7.2% | 0.50% | −0.10 |
| DE Deere & Co. | Reduce -24.4% | 0.25% | −0.09 |
| SU Suncor Energy Inc. | Reduce -12.3% | 0.66% | −0.09 |
| IBP Installed Building Products | Reduce -9.8% | 0.75% | −0.09 |
| BKNG Booking Holdings Inc. | Reduce -13.3% | 0.37% | −0.09 |
| SBUX Starbucks Corp. | Reduce -18.2% | 0.25% | −0.08 |
| BAC Bank of America Corp. | Reduce -17.1% | 0.38% | −0.07 |
| OSG Octave Specialty Group Inc. | Reduce -0.7% | 0.38% | −0.05 |
| BKR Baker Hughes Co. | Reduce -0.1% | 0.40% | −0.05 |
| MDT Medtronic PLC | Reduce -21.6% | 0.15% | −0.05 |
| MOV Movado Group Inc. | Reduce -6.7% | 1.04% | −0.04 |
| IMKTA Ingles Markets Inc. Class A | Reduce -0.9% | 0.46% | −0.04 |
| LIN Linde PLC | Reduce -11.3% | 0.10% | −0.03 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.03 |
| SEMR Semrush Holdings Inc. Class A | Sold out | 0.00% | −0.03 |
| SEB Seaboard Corp. | Reduce -15.8% | 0.73% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| CSL Carlisle Cos Inc. | New | 1.33% | +1.33 |
| GIL Gildan Activewear Inc. | New | 0.82% | +0.82 |
| JKHY Jack Henry & Associates Inc. | New | 0.68% | +0.68 |
| SSD Simpson Manufacturing Co. Inc. | New | 0.66% | +0.66 |
| BRKR Bruker Corp. | Add +48.6% | 1.30% | +0.66 |
| TTC Toro Co. | New | 0.58% | +0.58 |
| HUBG Hub Group Inc. Class A | Add +0.5% | 3.67% | +0.55 |
| ALGN Align Technology Inc. | Add +119.8% | 0.81% | +0.50 |
| SPSC SPS Commerce Inc. | New | 0.48% | +0.48 |
| WOR Worthington Enterprises Inc. | Add +98.1% | 1.07% | +0.46 |
| WHD Cactus Inc. Class A | Add +22.3% | 1.79% | +0.45 |
| TTE Totalenergies SE | New | 0.40% | +0.40 |
| CPAY Corpay Inc. | New | 0.36% | +0.36 |
| PPG PPG Industries Inc. | Add +102.2% | 0.70% | +0.32 |
| PRCT Procept Biorobotics Corp. | New | 0.32% | +0.32 |
| ETSY Etsy Inc. | New | 0.29% | +0.29 |
| MUSA Murphy USA Inc. | Add +40.7% | 1.04% | +0.29 |
| NI Nisource Inc. | New | 0.27% | +0.27 |
| POOL Pool Corp. | Add +82.6% | 1.25% | +0.27 |
| FOUR SHIFT4 Payments Inc. Class A | Add +80.2% | 0.88% | +0.24 |
| CRTO Criteo SA-Spon | Add +26.0% | 3.04% | +0.24 |
| EPAM Epam Systems Inc. | Add +6.9% | 0.88% | +0.24 |
| PAL Proficient Auto Logistics Inc. | Add +19.4% | 0.63% | +0.23 |
| RKT Rocket Cos Inc. Class A | New | 0.23% | +0.23 |
| SNCY Sun Country Airlines Holding | Add +14.2% | 0.94% | +0.22 |
| ACN Accenture PLC Class A | Add +22.2% | 1.06% | +0.22 |
| NOMD Nomad Foods Ltd. | Add +119.0% | 0.42% | +0.21 |
| GMED Globus Medical Inc. Class A | Add +2.0% | 0.62% | +0.20 |
| GOOG Alphabet Inc. Class C | New | 0.18% | +0.18 |
| GLOB Globant SA | Add +43.6% | 0.30% | +0.11 |
| UNP Union Pacific Corp. | New | 0.11% | +0.11 |
| SUPN Supernus Pharmaceuticals Inc. | Add +20.0% | 0.65% | +0.10 |
| GBX Greenbrier Companies Inc. | Add +12.5% | 1.15% | +0.08 |
| TSN Tyson Foods Inc. Class A | Add +26.4% | 0.36% | +0.08 |
| TBBB BBB Foods Inc. Class A | Add +6.4% | 0.39% | +0.08 |
| DECK Deckers Outdoor Corp. | Add +45.7% | 0.26% | +0.08 |
| AMZN Amazon.com Inc. | Add +2.8% | 2.46% | +0.05 |
| DOO BRP Inc./Ca- Sub Voting | Add +2.1% | 0.44% | +0.05 |
| LECO Lincoln Electric Holdings | Add +6.1% | 2.43% | +0.05 |
| NLOP Net Lease Office Property | Add +30.4% | 0.66% | +0.04 |
| CRM Salesforce Inc. | Add +3.7% | 0.49% | +0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +97.0% | 0.06% | +0.03 |
| AVY Avery Dennison Corp. | Add +25.2% | 0.11% | +0.03 |
| ADBE Adobe Inc. | Add +16.7% | 0.28% | +0.02 |
| MTN Vail Resorts Inc. | Add +35.4% | 0.14% | +0.02 |
| AR Antero Resources Corp. | Add +4.3% | 1.19% | +0.02 |
| AGO Assured Guaranty Ltd. | Add +0.8% | 0.85% | +0.01 |
| FIS Fidelity National Info Serv | Add +5.4% | 0.90% | +0.00 |
| ACGL Arch Capital Group Ltd. | Add +0.2% | 1.58% | +0.00 |
| CPA Copa Holdings SA Class A | Add +4.2% | 1.21% | −0.00 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -58.3% | 10,000 | $6.8M |
| ARKK ARK Innovation ETF | put | New | 70,000 | $5.4M |
| GLD SPDR Gold Shares | put | New | 9,000 | $3.6M |
| NVDA Nvidia Corp. | put | Sold out | 15,500 | $2.9Mbefore exit |
| UNH Unitedhealth Group Inc. | call | Add +300.0% | 8,000 | $2.6M |
| AMZN Amazon.com Inc. | put | Add +11.1% | 10,000 | $2.3M |
| GOOGL Alphabet Inc. Class A | put | Reduce -56.3% | 7,000 | $2.2M |
| C Citigroup Inc. | put | Reduce -5.1% | 18,500 | $2.2M |
| MSFT Microsoft Corp. | put | Reduce -42.9% | 4,000 | $1.9M |
| JNJ Johnson & Johnson | put | Sold out | 10,000 | $1.9Mbefore exit |
| FDX FedEx Corp. | put | New | 6,000 | $1.7M |
| META Meta Platforms Inc. Class A | put | Reduce -31.3% | 2,200 | $1.5M |
| BAC Bank of America Corp. | put | Reduce -9.1% | 25,000 | $1.4M |
| V Visa Inc. Class A | put | Sold out | 4,000 | $1.4Mbefore exit |
| NVDA Nvidia Corp. | call | Sold out | 7,000 | $1.3Mbefore exit |
| MMM 3M Co. | put | Reduce -11.1% | 8,000 | $1.3M |
| TSM Taiwan Semiconductor-SP ADR | call | New | 4,000 | $1.2M |
| ABBV Abbvie Inc. | put | Sold out | 5,000 | $1.2Mbefore exit |
| INTC Intel Corp. | put | New | 30,000 | $1.1M |
| TJX TJX Companies Inc. | put | New | 7,000 | $1.1M |
| NKE Nike Inc. Class B | put | Reduce -16.7% | 15,000 | $956K |
| NOW ServiceNow Inc. | put | Reduce -20.0% | 6,000 | $919K |
| BKR Baker Hughes Co. | put | Reduce -23.9% | 20,000 | $911K |
| AIG American International Group | call | New | 10,000 | $856K |
| ACN Accenture PLC Class A | put | Reduce -66.7% | 3,000 | $805K |
| CRM Salesforce Inc. | put | Reduce -43.4% | 3,000 | $795K |
| MET Metlife Inc. | put | New | 10,000 | $789K |
| AXSM Axsome Therapeutics Inc. | call | Add +33.3% | 4,000 | $731K |
| ADBE Adobe Inc. | put | Sold out | 2,000 | $706Kbefore exit |
| AVGO Broadcom Inc. | put | Sold out | 2,000 | $660Kbefore exit |
| WDAY Workday Inc. Class A | put | New | 3,000 | $644K |
| ZTS Zoetis Inc. | put | Reduce -43.8% | 4,500 | $566K |
| DECK Deckers Outdoor Corp. | put | Reduce -16.7% | 5,000 | $518K |
| CNC Centene Corp. | call | New | 12,500 | $514K |
| KDP Keurig Dr Pepper Inc. | call | Sold out | 20,000 | $510Kbefore exit |
| ACGL Arch Capital Group Ltd. | put | New | 5,000 | $480K |
| TER Teradyne Inc. | put | Sold out | 3,100 | $427Kbefore exit |
| WIX Wix.com Ltd. | put | Add +33.3% | 4,000 | $416K |
| IONS Ionis Pharmaceuticals Inc. | call | Reduce -33.3% | 5,000 | $396K |
| GMED Globus Medical Inc. Class A | call | Sold out | 6,500 | $372Kbefore exit |
| TSLA Tesla Inc. | call | Sold out | 700 | $311Kbefore exit |
| AMD Advanced Micro Devices | put | Sold out | 1,900 | $307Kbefore exit |
| CVS CVS Health Corp. | call | Sold out | 4,000 | $302Kbefore exit |
| LYB Lyondellbasell Indu Class A | put | Sold out | 6,000 | $294Kbefore exit |
| ETOR Etoro Group Ltd. Class A | put | Sold out | 6,000 | $248Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | New | 3,000 | $240K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 131 | $406.5M | KEX, CRTO, WOR, GOOGL, BRK.B |
| Q1 2026Amended | 133 | $386.6M | KEX, CRTO, BRK.B, WIX, WOR |
| Q4 2025Amended | 130 | $367.1M | KEX, HUBG, BRK.B, GOOGL, CRTO |
| Q3 2025 | 131 | $347.1M | KEX, BRK.B, HUBG, GOOGL, WIX |
| Q2 2025 | 132 | $336.4M | KEX, BRK.B, HUBG, GOOGL, CRTO |
| Q1 2025 | 130 | $291.4M | KEX, BRK.B, HUBG, GHC, GOOGL |
| Q4 2024 | 137 | $292.4M | KEX, HUBG, GOOGL, BRK.B, GHC |
| Q3 2024 | 137 | $292.5M | KEX, HUBG, BRK.B, GOOGL, GHC |
| Q2 2024 | 141 | $282.5M | KEX, BRK.B, HUBG, GOOGL, GHC |
| Q1 2024 | 142 | $271.6M | KEX, BRK.B, HUBG, GOOGL, GBX |