VELA Investment Management, LLC
Net buyer this quarter
$459M
130
+$7.44M
24.9%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 KEX | $17.5M | 3.80% | 0.24% | -9.4% | Q4 2021 |
 CRTO | $13.9M | 3.03% | 1.57% | -5.6% | Q1 2023 |
 WOR | $12M | 2.61% | 0.46% | +5.1% | Q4 2024 |
 GOOGL | $11.8M | 2.58% | 0.00% | -9.9% | Q4 2021 |
 BRK.B | $11.8M | 2.57% | Not reported | +1.5% | Q4 2021 |
 HUBG | $11.4M | 2.48% | 0.35% | -12.9% | Q4 2021 |
 AMZN | $9.74M | 2.12% | 0.00% | -6.4% | Q3 2023 |
 LECO | $9.05M | 1.97% | 0.06% | +0.3% | Q3 2023 |
 JKHY | $8.99M | 1.96% | 0.09% | +77.4% | Q4 2025 |
 CSL | $8.05M | 1.75% | 0.06% | +8.7% | Q4 2025 |
 CSX | $7.88M | 1.72% | 0.01% | -9.3% | Q4 2021 |
 WHD | $7.45M | 1.62% | 0.19% | +2.8% | Q4 2024 |
 POOL | $7.12M | 1.55% | 0.09% | -9.0% | Q2 2025 |
 JNJ | $6.64M | 1.45% | 0.00% | -12.5% | Q2 2022 |
 DIS | $6.6M | 1.44% | 0.00% | +12.4% | Q4 2021 |
 CPA | $6.09M | 1.33% | 0.10% | +0.2% | Q4 2021 |
 ACGL | $6.02M | 1.31% | 0.02% | -0.9% | Q4 2021 |
 ZBRA | $5.6M | 1.22% | 0.04% | Not reported | Q1 2022 |
 TMO | $5.6M | 1.22% | 0.00% | +15.7% | Q1 2025 |
 AXS | $5.53M | 1.21% | 0.07% | +7.2% | Q4 2021 |
 BATRK | $5.43M | 1.18% | Not reported | Not reported | Q3 2023 |
 GIL | $5.4M | 1.18% | 0.06% | +44.0% | Q3 2022 |
 MUSA | $5.06M | 1.10% | 0.05% | -18.8% | Q2 2025 |
 ABT | $4.98M | 1.09% | 0.00% | +164.1% | Q4 2021 |
 EHC | $4.95M | 1.08% | 0.05% | +53.6% | Q4 2021 |
 GHC | $4.89M | 1.07% | Not reported | -0.8% | Q4 2021 |
 IPAR | $4.73M | 1.03% | 0.13% | +10.1% | Q1 2026 |
 PEP | $4.68M | 1.02% | 0.00% | +3.6% | Q4 2021 |
 GBX | $4.65M | 1.01% | 0.31% | +2.8% | Q4 2021 |
 AR | $4.53M | 0.99% | 0.04% | +27.3% | Q1 2024 |
 BRKR | $4.51M | 0.98% | 0.05% | -23.0% | Q4 2024 |
 ALGT | $4.46M | 0.97% | 0.21% | Not reported | Q4 2021 |
 MOV | $4.38M | 0.95% | Not reported | -38.0% | Q3 2024 |
 PFGC | $4.35M | 0.95% | 0.02% | -0.7% | Q4 2021 |
 BKNG | $4.27M | 0.93% | 0.00% | +10.8% | Q1 2023 |
 VVV | $4.14M | 0.90% | 0.08% | Not reported | Q4 2022 |
 SSD | $3.97M | 0.87% | 0.05% | +20.4% | Q4 2025 |
 EFX | $3.91M | 0.85% | 0.02% | +25.9% | Q1 2026 |
 MSM | $3.79M | 0.83% | 0.06% | New | Q2 2026 |
 ALGN | $3.71M | 0.81% | 0.03% | +15.0% | Q4 2023 |
 AIT | $3.64M | 0.79% | 0.03% | -17.4% | Q4 2021 |
 ETSY | $3.6M | 0.79% | 0.05% | Not reported | Q4 2025 |
 MSFT | $3.59M | 0.78% | 0.00% | +4.6% | Q4 2021 |
 NFG | $3.5M | 0.76% | 0.05% | +33.5% | Q1 2025 |
 PAL | $3.48M | 0.76% | 1.82% | +23.8% | Q3 2025 |
 LMB | $3.48M | 0.76% | 0.38% | +8.6% | Q1 2026 |
 HLI | $3.4M | 0.74% | 4.31% | +62.3% | Q4 2021 |
 LW | $3.4M | 0.74% | 0.06% | +0.7% | Q1 2026 |
 AGM | $3.32M | 0.72% | Not reported | +6.1% | Q4 2024 |
 SIBN | $3.28M | 0.72% | 0.45% | +7.4% | Q4 2021 |
| Q1 2026 | |||||
| KEX | $18.8M | 4.39% | 0.26% | -6.7% | Q4 2021 |
| CRTO | $14.5M | 3.37% | 1.61% | +48.7% | Q1 2023 |
| BRK.B | $11.1M | 2.60% | Not reported | -0.6% | Q4 2021 |
 WIX | $11.1M | 2.60% | 0.22% | +28.1% | Q1 2024 |
| WOR | $11M | 2.58% | 0.43% | +177.2% | Q4 2024 |
| HUBG | $10.7M | 2.50% | 0.40% | -6.0% | Q4 2021 |
| GOOGL | $10.6M | 2.47% | 0.00% | -1.9% | Q4 2021 |
| AMZN | $9.09M | 2.12% | 0.00% | +11.5% | Q3 2023 |
| LECO | $8.46M | 1.97% | 0.06% | -8.7% | Q3 2023 |
| CSX | $7.49M | 1.75% | 0.01% | -4.9% | Q4 2021 |
| POOL | $7.36M | 1.72% | 0.10% | +81.7% | Q2 2025 |
| JNJ | $7.3M | 1.70% | 0.00% | -9.8% | Q2 2022 |
| CSL | $6.81M | 1.59% | 0.05% | +33.2% | Q4 2025 |
| WHD | $6.7M | 1.56% | 0.19% | -1.6% | Q4 2024 |
| ACGL | $6.01M | 1.40% | 0.02% | +3.6% | Q4 2021 |
| DIS | $5.88M | 1.37% | 0.00% | +17.1% | Q4 2021 |
| JKHY | $5.81M | 1.36% | 0.05% | +169.6% | Q4 2025 |
| MUSA | $5.71M | 1.33% | 0.06% | +22.4% | Q2 2025 |
 ACN | $5.36M | 1.25% | 0.00% | +86.4% | Q3 2022 |
| PEP | $5.18M | 1.21% | 0.00% | +1.1% | Q4 2021 |
| AXS | $4.87M | 1.14% | 0.07% | -0.2% | Q4 2021 |
| GBX | $4.86M | 1.13% | 0.30% | +2.0% | Q4 2021 |
| TMO | $4.75M | 1.11% | 0.00% | +13.5% | Q1 2025 |
| GHC | $4.57M | 1.07% | Not reported | -12.1% | Q4 2021 |
| BATRK | $4.47M | 1.04% | Not reported | +22.2% | Q3 2023 |
| CPA | $4.43M | 1.03% | 0.09% | +6.2% | Q4 2021 |
| MOV | $4.38M | 1.02% | Not reported | -3.0% | Q3 2024 |
| AR | $4.3M | 1.00% | 0.03% | -20.2% | Q1 2024 |
| GIL | $4.05M | 0.94% | 0.04% | +50.2% | Q3 2022 |
| SNCY | $4.03M | 0.94% | 0.45% | +1.9% | Q3 2024 |
 AGI | $3.83M | 0.89% | 0.02% | -24.8% | Q4 2022 |
 SYY | $3.69M | 0.86% | 0.01% | -38.5% | Q4 2021 |
| BKNG | $3.64M | 0.85% | 0.00% | +239.2% | Q1 2023 |
| VVV | $3.53M | 0.82% | 0.08% | -19.7% | Q4 2022 |
| EFX | $3.52M | 0.82% | 0.02% | New | Q1 2026 |
| BRKR | $3.51M | 0.82% | 0.06% | -3.7% | Q4 2024 |
| IPAR | $3.49M | 0.81% | 0.12% | New | Q1 2026 |
| AIT | $3.46M | 0.81% | 0.04% | -35.9% | Q4 2021 |
 EPAM | $3.46M | 0.81% | 0.05% | +62.7% | Q2 2024 |
| MSFT | $3.41M | 0.79% | 0.00% | +26.6% | Q4 2021 |
| PFGC | $3.36M | 0.78% | 0.03% | +25.6% | Q4 2021 |
| LW | $3.3M | 0.77% | 0.06% | New | Q1 2026 |
| ALGN | $3.28M | 0.77% | 0.03% | +0.2% | Q4 2023 |
| LMB | $3.25M | 0.76% | 0.35% | New | Q1 2026 |
| NFG | $3.19M | 0.74% | 0.04% | +35.5% | Q1 2025 |
| EHC | $3.08M | 0.72% | 0.03% | +98.5% | Q4 2021 |
 AGO | $2.84M | 0.66% | 0.08% | +1.0% | Q4 2021 |
| PAL | $2.8M | 0.65% | 1.49% | +71.9% | Q3 2025 |
 TDW | $2.73M | 0.64% | 0.07% | +2.3% | Q2 2023 |
| SSD | $2.7M | 0.63% | 0.04% | +4.8% | Q4 2025 |
| Q4 2025 | |||||
| KEX | $16.7M | 3.98% | 0.28% | -5.3% | Q4 2021 |
| HUBG | $13.5M | 3.21% | 0.42% | +0.5% | Q4 2021 |
| BRK.B | $11.8M | 2.80% | Not reported | -0.7% | Q4 2021 |
| GOOGL | $11.7M | 2.79% | 0.00% | -10.9% | Q4 2021 |
| CRTO | $11.2M | 2.66% | 1.06% | +26.0% | Q1 2023 |
| WIX | $10M | 2.38% | 0.18% | +68.3% | Q1 2024 |
| AMZN | $9.04M | 2.15% | 0.00% | +2.8% | Q3 2023 |
| LECO | $8.92M | 2.12% | 0.07% | +6.1% | Q3 2023 |
| CSX | $6.96M | 1.65% | 0.01% | -5.3% | Q4 2021 |
| JNJ | $6.85M | 1.63% | 0.00% | -12.7% | Q2 2022 |
| WHD | $6.57M | 1.56% | 0.19% | +22.3% | Q4 2024 |
| SYY | $6.19M | 1.47% | 0.02% | -0.4% | Q4 2021 |
| DIS | $5.93M | 1.41% | 0.00% | +4.8% | Q4 2021 |
| ACGL | $5.8M | 1.38% | 0.02% | +0.2% | Q4 2021 |
| GHC | $5.4M | 1.28% | Not reported | -28.9% | Q4 2021 |
| AIT | $5.22M | 1.24% | 0.05% | -20.4% | Q4 2021 |
| AXS | $5.15M | 1.23% | 0.06% | -3.7% | Q4 2021 |
| TMO | $4.93M | 1.17% | 0.00% | -8.6% | Q1 2025 |
| CSL | $4.9M | 1.17% | 0.04% | New | Q4 2025 |
| BRKR | $4.76M | 1.13% | 0.07% | +48.6% | Q4 2024 |
| PEP | $4.73M | 1.13% | 0.00% | -5.5% | Q4 2021 |
| POOL | $4.58M | 1.09% | 0.05% | +82.6% | Q2 2025 |
| CPA | $4.43M | 1.05% | 0.09% | +4.2% | Q4 2021 |
| AGI | $4.43M | 1.05% | 0.03% | -25.0% | Q4 2022 |
| AR | $4.37M | 1.04% | 0.04% | +4.3% | Q1 2024 |
 TER | $4.27M | 1.02% | 0.01% | -50.5% | Q4 2021 |
| GBX | $4.23M | 1.01% | 0.29% | +12.5% | Q4 2021 |
 COKE | $4.19M | 1.00% | 0.04% | -9.7% | Q2 2024 |
| WOR | $3.94M | 0.94% | 0.15% | +98.1% | Q4 2024 |
| ACN | $3.89M | 0.93% | 0.00% | +22.2% | Q3 2022 |
| MOV | $3.81M | 0.91% | Not reported | -6.7% | Q3 2024 |
| MUSA | $3.81M | 0.91% | 0.05% | +40.7% | Q2 2025 |
| VVV | $3.79M | 0.90% | 0.10% | -40.1% | Q4 2022 |
| MSFT | $3.52M | 0.84% | 0.00% | Not reported | Q4 2021 |
 NOC | $3.47M | 0.83% | 0.00% | -13.8% | Q4 2021 |
| SNCY | $3.44M | 0.82% | 0.45% | +14.2% | Q3 2024 |
| ABT | $3.41M | 0.81% | 0.00% | -2.4% | Q4 2021 |
| BATRK | $3.38M | 0.80% | Not reported | +9.8% | Q3 2023 |
 FIS | $3.29M | 0.78% | 0.01% | +5.4% | Q4 2021 |
 FOUR | $3.22M | 0.77% | 0.06% | +80.2% | Q2 2025 |
| EPAM | $3.22M | 0.76% | 0.03% | +6.9% | Q2 2024 |
| AGO | $3.11M | 0.74% | 0.08% | +0.8% | Q4 2021 |
 MAMA | $3.06M | 0.73% | 0.56% | -26.9% | Q1 2024 |
| GIL | $3.02M | 0.72% | 0.03% | Not reported | Q3 2022 |
| ALGN | $2.98M | 0.71% | 0.03% | +119.8% | Q4 2023 |
| PFGC | $2.8M | 0.67% | 0.02% | -27.9% | Q4 2021 |
| SIBN | $2.77M | 0.66% | 0.32% | -0.6% | Q4 2021 |
 IBP | $2.74M | 0.65% | 0.04% | -9.8% | Q1 2025 |
 SEB | $2.66M | 0.63% | 0.06% | -15.8% | Q1 2024 |
 PPG | $2.56M | 0.61% | 0.01% | +102.2% | Q2 2025 |
| Q3 2025 | |||||
| KEX | $13.4M | 3.27% | 0.29% | +11.6% | Q4 2021 |
| BRK.B | $11.8M | 2.89% | Not reported | -18.8% | Q4 2021 |
| HUBG | $10.9M | 2.65% | 0.42% | +1.9% | Q4 2021 |
| GOOGL | $10.2M | 2.49% | 0.00% | -15.3% | Q4 2021 |
| WIX | $10.2M | 2.48% | 0.10% | +88.4% | Q1 2024 |
| CRTO | $9.72M | 2.37% | 0.82% | +22.2% | Q1 2023 |
| AMZN | $8.37M | 2.04% | 0.00% | +1.0% | Q3 2023 |
| LECO | $8.27M | 2.02% | 0.06% | -12.0% | Q3 2023 |
| GHC | $8.14M | 1.99% | Not reported | -0.9% | Q4 2021 |
| VVV | $7.82M | 1.91% | 0.17% | +4.2% | Q4 2022 |
| CSX | $7.19M | 1.75% | 0.01% | +16.4% | Q4 2021 |
| JNJ | $7.03M | 1.72% | 0.00% | -0.9% | Q2 2022 |
| SYY | $6.94M | 1.69% | 0.02% | -3.3% | Q4 2021 |
| AIT | $6.67M | 1.63% | 0.07% | +3.9% | Q4 2021 |
| TER | $6.13M | 1.49% | 0.03% | -2.6% | Q4 2021 |
| DIS | $5.69M | 1.39% | 0.00% | -1.1% | Q4 2021 |
| ACGL | $5.48M | 1.34% | 0.02% | +6.2% | Q4 2021 |
| AGI | $5.33M | 1.30% | 0.04% | +0.4% | Q4 2022 |
| PEP | $4.9M | 1.20% | 0.00% | +30.4% | Q4 2021 |
| AXS | $4.79M | 1.17% | 0.06% | +12.4% | Q4 2021 |
| WHD | $4.64M | 1.13% | 0.16% | +1.8% | Q4 2024 |
| TMO | $4.51M | 1.10% | 0.00% | +65.5% | Q1 2025 |
| PFGC | $4.5M | 1.10% | 0.03% | -21.7% | Q4 2021 |
| NOC | $4.3M | 1.05% | 0.00% | -5.7% | Q4 2021 |
| CPA | $4.19M | 1.02% | 0.09% | -1.3% | Q4 2021 |
| AR | $4.08M | 1.00% | 0.04% | +71.3% | Q1 2024 |
| MSFT | $3.76M | 0.92% | 0.00% | -4.8% | Q4 2021 |
| MOV | $3.76M | 0.92% | Not reported | -0.7% | Q3 2024 |
| ABT | $3.73M | 0.91% | 0.00% | -1.9% | Q4 2021 |
| GBX | $3.71M | 0.91% | 0.26% | -1.2% | Q4 2021 |
| COKE | $3.55M | 0.87% | 0.04% | -23.7% | Q2 2024 |
 RRC | $3.52M | 0.86% | 0.04% | +11.0% | Q1 2022 |
 INDV | $3.44M | 0.84% | 0.11% | +35.7% | Q2 2024 |
| POOL | $3.4M | 0.83% | 0.03% | +0.7% | Q2 2025 |
| MAMA | $3.26M | 0.79% | 0.76% | -8.8% | Q1 2024 |
| BATRK | $3.24M | 0.79% | Not reported | -1.6% | Q3 2023 |
| FIS | $3.1M | 0.76% | 0.01% | +5.7% | Q4 2021 |
| ACN | $2.93M | 0.71% | 0.00% | +137.8% | Q3 2022 |
| AGO | $2.9M | 0.71% | 0.07% | -0.4% | Q4 2021 |
| IBP | $2.89M | 0.71% | 0.04% | -8.1% | Q1 2025 |
 JBI | $2.75M | 0.67% | 0.20% | -3.0% | Q4 2024 |
 TTEK | $2.7M | 0.66% | 0.03% | -16.2% | Q2 2023 |
| AGM | $2.61M | 0.64% | Not reported | +1.2% | Q4 2024 |
| MUSA | $2.61M | 0.64% | 0.04% | +200.8% | Q2 2025 |
| SEB | $2.59M | 0.63% | 0.07% | -1.8% | Q1 2024 |
 SU | $2.59M | 0.63% | 0.01% | -6.3% | Q4 2021 |
 BWXT | $2.53M | 0.62% | 0.02% | -19.5% | Q4 2021 |
 BOKF | $2.49M | 0.61% | 0.04% | -1.2% | Q4 2021 |
| SNCY | $2.47M | 0.60% | 0.40% | -0.8% | Q3 2024 |
 ABBV | $2.41M | 0.59% | 0.00% | -1.3% | Q4 2021 |