VELA Investment Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Realty Income Corp	COM	756109104	339	5,832	SH		SOLE		5,832	0	0
Simon Property Group Inc	COM	828806109	454	5,056	SH		SOLE		5,056	0	0
1st Source Corp	COM	336901103	1,031	22,270	SH		SOLE		22,270	0	0
Abbott Laboratories Com	COM	002824100	2,196	22,694	SH		SOLE		22,694	0	0
AbbVie Inc	COM	00287Y109	2,421	18,037	SH		SOLE		18,037	0	0
AbbVie Inc	COM	00287Y109	17	125	SH		DFND		0	0	125
Accenture PLC Ireland Class A	COM	G1151C101	654	2,541	SH		SOLE		2,541	0	0
Adobe Systems Incorporated	COM	00724F101	1,078	3,917	SH		SOLE		3,917	0	0
Ally Financial Inc	COM	02005N100	221	7,945	SH		SOLE		7,945	0	0
Alnylam Pharmaceuticals Inc	COM	02043Q107	666	3,325	SH		SOLE		3,325	0	0
Alphabet Inc Cl A	COM	02079K305	3,450	36,071	SH		SOLE		36,071	0	0
Apple Inc	COM	037833100	1,153	8,346	SH		SOLE		8,346	0	0
Applied Indl Technologies Inc	COM	03820C105	1,972	19,182	SH		SOLE		19,182	0	0
Aptiv PLC	COM	G6095L109	375	4,797	SH		SOLE		4,797	0	0
Arch Capital Group Ltd	COM	G0450A105	3,210	70,494	SH		SOLE		70,494	0	0
Ashland Inc	COM	044186104	4,698	49,472	SH		SOLE		49,472	0	0
Assured Guaranty Ltd	COM	G0585R106	1,075	22,183	SH		SOLE		22,183	0	0
Avery Dennison Corp	COM	053611109	1,023	6,288	SH		SOLE		6,288	0	0
Axis Cap Holdings Ltd	COM	G0692U109	1,932	39,310	SH		SOLE		39,310	0	0
Baker Hughes Company Cl A	COM	05722G100	956	45,596	SH		SOLE		45,596	0	0
Bank of America Corp	COM	060505104	592	19,596	SH		SOLE		19,596	0	0
Bank Ozk Com	COM	06417N103	2,727	68,942	SH		SOLE		68,942	0	0
Berkshire Hathaway Inc Cl B	COM	084670702	7,106	26,611	SH		SOLE		26,611	0	0
BioMarin Pharmaceutical Inc	COM	09061G101	296	3,492	SH		SOLE		3,492	0	0
BOK Financial Corp	COM	05561Q201	1,474	16,591	SH		SOLE		16,591	0	0
Boston Scientific Corp	COM	101137107	619	15,970	SH		SOLE		15,970	0	0
Bwx Technologies Inc	COM	05605H100	3,539	70,256	SH		SOLE		70,256	0	0
CenterPoint Energy Inc	COM	15189T107	502	17,820	SH		SOLE		17,820	0	0
Charles Schwab Corp	COM	808513105	3,765	52,390	SH		SOLE		52,390	0	0
Cisco Systems Inc	COM	17275R102	228	5,704	SH		SOLE		5,704	0	0
Civitas Resources Inc Com New	COM	17888H103	5,032	87,683	SH		SOLE		87,683	0	0
Coca-Cola Co	COM	191216100	269	4,795	SH		SOLE		4,795	0	0
Cognizant Technology Solutions	COM	192446102	463	8,061	SH		SOLE		8,061	0	0
Comcast Corp Cl A	COM	20030N101	948	32,325	SH		SOLE		32,325	0	0
Community Trust Bancorp	COM	204149108	875	21,580	SH		SOLE		21,580	0	0
Copa Holdings SA Cl A	COM	P31076105	756	11,287	SH		SOLE		11,287	0	0
Coterra Energy Inc Com	COM	127097103	605	23,161	SH		SOLE		23,161	0	0
Crown Holdings Inc	COM	228368106	565	6,975	SH		SOLE		6,975	0	0
CSX Corp	COM	126408103	279	10,455	SH		SOLE		10,455	0	0
Deere & Co	COM	244199105	1,542	4,617	SH		SOLE		4,617	0	0
Denali Therapeutics Inc.	COM	24823R105	271	8,841	SH		SOLE		8,841	0	0
Devon Energy Corp New Com	COM	25179M103	629	10,457	SH		SOLE		10,457	0	0
Dollar General Corp	COM	256677105	1,564	6,520	SH		SOLE		6,520	0	0
Encompass Health Corp	COM	29261A100	1,092	24,136	SH		SOLE		24,136	0	0
Envista Holdings Corporation	COM	29415F104	1,453	44,294	SH		SOLE		44,294	0	0
EQT Corp	COM	26884L109	656	16,105	SH		SOLE		16,105	0	0
Exelon Corp	COM	30161N101	873	23,302	SH		SOLE		23,302	0	0
FedEx Corp	COM	31428X106	618	4,163	SH		SOLE		4,163	0	0
Fidelity Natl Information Serv	COM	31620M106	2,271	30,049	SH		SOLE		30,049	0	0
First Republic Bank San Franci	COM	33616C100	1,287	9,858	SH		SOLE		9,858	0	0
Flowers Foods Inc Com	COM	343498101	1,279	51,813	SH		SOLE		51,813	0	0
Genuine Parts Co	COM	372460105	457	3,059	SH		SOLE		3,059	0	0
Gildan Activewear Inc	COM	375916103	604	21,351	SH		SOLE		21,351	0	0
Goldman Sachs Group Inc	COM	38141G104	504	1,720	SH		SOLE		1,720	0	0
Graham Hldgs Co Com Cl B	COM	384637104	3,071	5,708	SH		SOLE		5,708	0	0
Green Brick Partners Inc	COM	392709101	301	14,092	SH		SOLE		14,092	0	0
Greenbrier Cos Inc	COM	393657101	3,868	159,382	SH		SOLE		159,382	0	0
Hanesbrands Inc	COM	410345102	174	25,066	SH		SOLE		25,066	0	0
Hingham Institution for Saving	COM	433323102	276	1,100	SH		SOLE		1,100	0	0
Home Depot Inc	COM	437076102	982	3,560	SH		SOLE		3,560	0	0
Houlihan Lokey	COM	441593100	628	8,337	SH		SOLE		8,337	0	0
Hub Group Inc Cl A	COM	443320106	6,020	87,274	SH		SOLE		87,274	0	0
Humana Inc	COM	444859102	4,741	9,771	SH		SOLE		9,771	0	0
Hunt J B Trans Services Inc	COM	445658107	419	2,676	SH		SOLE		2,676	0	0
Huntington Ingalls Industries	COM	446413106	840	3,792	SH		SOLE		3,792	0	0
Jazz Pharmaceuticals PLC USD	COM	G50871105	209	1,567	SH		SOLE		1,567	0	0
Jfrog Ltd	COM	M6191J100	913	41,272	SH		SOLE		41,272	0	0
Johnson & Johnson	COM	478160104	985	6,031	SH		SOLE		6,031	0	0
Johnson Controls Intl PLC	COM	G51502105	876	17,794	SH		SOLE		17,794	0	0
JP Morgan Chase & Co	COM	46625H100	346	3,312	SH		SOLE		3,312	0	0
Kirby Corp	COM	497266106	7,572	124,604	SH		SOLE		124,604	0	0
Kraft Heinz Co	COM	500754106	1,013	30,383	SH		SOLE		30,383	0	0
Liberty Media Corp C Braves G	COM	531229888	1,293	47,034	SH		SOLE		47,034	0	0
Linde PLC	COM	G5494J103	1,438	5,335	SH		SOLE		5,335	0	0
Livanova PLC	COM	G5509L101	593	11,673	SH		SOLE		11,673	0	0
Live Nation Entertainment Inc	COM	538034109	290	3,813	SH		SOLE		3,813	0	0
Live Oak Bancshares Inc	COM	53803X105	2,555	83,498	SH		SOLE		83,498	0	0
MBIA INC COM	COM	55262C100	459	49,908	SH		SOLE		49,908	0	0
Medtronic PLC	COM	G5960L103	1,744	21,595	SH		SOLE		21,595	0	0
Mercury General Corp	COM	589400100	305	10,724	SH		SOLE		10,724	0	0
Meta Platforms Inc Cl A	COM	30303M102	431	3,180	SH		SOLE		3,180	0	0
MetLife Inc	COM	59156R108	563	9,260	SH		SOLE		9,260	0	0
Mgp Ingredients Inc	COM	55303J106	1,067	10,047	SH		SOLE		10,047	0	0
Microchip Technology Inc	COM	595017104	408	6,683	SH		SOLE		6,683	0	0
Microsoft Corp	COM	594918104	1,202	5,162	SH		SOLE		5,162	0	0
Mondelez Intl Inc Cl A	COM	609207105	455	8,305	SH		SOLE		8,305	0	0
National Healthcare Corporatio	COM	635906100	1,534	24,218	SH		SOLE		24,218	0	0
Norfolk Southern Corp	COM	655844108	459	2,189	SH		SOLE		2,189	0	0
Northrop Grumman Corp	COM	666807102	3,785	8,047	SH		SOLE		8,047	0	0
NorthWestern Corporation	COM	668074305	1,189	24,121	SH		SOLE		24,121	0	0
Nutanix Inc Cl A	COM	67059N108	803	38,563	SH		SOLE		38,563	0	0
NVR Inc	COM	62944T105	522	131	SH		SOLE		131	0	0
O'Reilly Automotive Inc	COM	67103H107	2,782	3,955	SH		SOLE		3,955	0	0
Ollies Bargain Outlet Holdings	COM	681116109	1,124	21,785	SH		SOLE		21,785	0	0
Omnicom Group Inc	COM	681919106	409	6,477	SH		SOLE		6,477	0	0
Papa Johns International Inc.	COM	698813102	707	10,093	SH		SOLE		10,093	0	0
Pdc Energy Inc	COM	69327R101	1,888	32,663	SH		SOLE		32,663	0	0
PepsiCo Inc	COM	713448108	829	5,080	SH		SOLE		5,080	0	0
Performance Food Group Co.	COM	71377A103	1,002	23,326	SH		SOLE		23,326	0	0
Pioneer Natural Resources Co	COM	723787107	520	2,403	SH		SOLE		2,403	0	0
Polaris Inc Com	COM	731068102	1,438	15,036	SH		SOLE		15,036	0	0
Prudential Financial Inc	COM	744320102	334	3,889	SH		SOLE		3,889	0	0
Prudential Financial Inc	COM	744320102	14	160	SH		DFND		0	0	160
Range Resources Corporation	COM	75281A109	1,974	78,163	SH		SOLE		78,163	0	0
RPM Intl Inc	COM	749685103	1,159	13,915	SH		SOLE		13,915	0	0
S&P Global Inc	COM	78409V104	295	967	SH		SOLE		967	0	0
Salesforce Inc	COM	79466L302	611	4,251	SH		SOLE		4,251	0	0
Scotts Miracle-Gro Co Cl A	COM	810186106	1,829	42,773	SH		SOLE		42,773	0	0
SI-BONE, Inc.	COM	825704109	671	38,405	SH		SOLE		38,405	0	0
Southwest Gas Holdings Inc	COM	844895102	808	11,583	SH		SOLE		11,583	0	0
Starbucks Corp	COM	855244109	836	9,926	SH		SOLE		9,926	0	0
Suncor Energy Inc	COM	867224107	1,786	63,432	SH		SOLE		63,432	0	0
SVB Financial Group	COM	78486Q101	367	1,092	SH		SOLE		1,092	0	0
Syneos Health Inc Cl A	COM	87166B102	504	10,699	SH		SOLE		10,699	0	0
Sysco Corp	COM	871829107	2,404	34,000	SH		SOLE		34,000	0	0
T-Mobile US Inc	COM	872590104	573	4,267	SH		SOLE		4,267	0	0
Teradyne Inc	COM	880770102	1,201	15,987	SH		SOLE		15,987	0	0
Texas Instruments Inc	COM	882508104	444	2,866	SH		SOLE		2,866	0	0
Texas Pacific Land Corporation	COM	88262P102	3,053	1,718	SH		SOLE		1,718	0	0
TJX Cos Inc	COM	872540109	946	15,221	SH		SOLE		15,221	0	0
Tyson Foods Inc Cl A	COM	902494103	224	3,402	SH		SOLE		3,402	0	0
Umb Finl Corp Com	COM	902788108	1,272	15,091	SH		SOLE		15,091	0	0
United Parcel Service Inc Cl B	COM	911312106	331	2,048	SH		SOLE		2,048	0	0
Vail Resorts Inc	COM	91879Q109	1,585	7,349	SH		SOLE		7,349	0	0
Verint Systems Inc.	COM	92343X100	1,065	31,721	SH		SOLE		31,721	0	0
Verizon Communications Inc	COM	92343V104	339	8,922	SH		SOLE		8,922	0	0
Vertex Pharmaceuticals Inc	COM	92532F100	2,549	8,803	SH		SOLE		8,803	0	0
VF Corp	COM	918204108	345	11,544	SH		SOLE		11,544	0	0
Visa Inc Cl A	COM	92826C839	650	3,659	SH		SOLE		3,659	0	0
VMware Inc Cl A	COM	928563402	404	3,791	SH		SOLE		3,791	0	0
Walt Disney Co	COM	254687106	2,715	28,777	SH		SOLE		28,777	0	0
Washington Tr Bancorp Com	COM	940610108	1,435	30,870	SH		SOLE		30,870	0	0
Wells Fargo Co	COM	949746101	569	14,136	SH		SOLE		14,136	0	0
Wendys Co	COM	95058W100	1,094	58,512	SH		SOLE		58,512	0	0
XPO Logistics Inc	COM	983793100	837	18,806	SH		SOLE		18,806	0	0
Zebra Technologies Corp Cl A	COM	989207105	1,051	4,011	SH		SOLE		4,011	0	0
Astrazeneca Plc	ADR	046353108	437	7,970	SH		SOLE		7,970	0	0