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

OMB APPROVAL

OMB Number:		3235-0006
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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	369,924	5,832	SH		SOLE		5,832	0	0
Simon Property Group Inc	COM	828806109	593,979	5,056	SH		SOLE		5,056	0	0
1st Source Corp	COM	336901103	1,174,563	22,124	SH		SOLE		22,124	0	0
Abbott Laboratories Com	COM	002824100	2,506,286	22,828	SH		SOLE		22,828	0	0
AbbVie Inc	COM	00287Y109	2,914,960	18,037	SH		SOLE		18,037	0	0
AbbVie Inc	COM	00287Y109	20,201	125	SH		DFND		0	0	125
Accenture PLC Ireland Class A	COM	G1151C101	810,126	3,036	SH		SOLE		3,036	0	0
Activision Blizzard Inc	COM	00507V109	265,552	3,469	SH		SOLE		3,469	0	0
Adobe Systems Incorporated	COM	00724F101	1,504,962	4,472	SH		SOLE		4,472	0	0
Alamos Gold Inc	COM	011532108	202,200	20,000	SH		SOLE		20,000	0	0
Alnylam Pharmaceuticals Inc	COM	02043Q107	790,186	3,325	SH		SOLE		3,325	0	0
Alphabet Inc Cl A	COM	02079K305	4,072,609	46,159	SH		SOLE		46,159	0	0
Apple Inc	COM	037833100	1,176,029	9,051	SH		SOLE		9,051	0	0
Applied Indl Technologies Inc	COM	03820C105	2,456,325	19,490	SH		SOLE		19,490	0	0
Aptiv PLC	COM	G6095L109	245,863	2,640	SH		SOLE		2,640	0	0
Arch Capital Group Ltd	COM	G0450A105	4,101,229	65,327	SH		SOLE		65,327	0	0
Ashland Inc	COM	044186104	5,389,081	50,117	SH		SOLE		50,117	0	0
Assured Guaranty Ltd	COM	G0585R106	1,433,225	23,020	SH		SOLE		23,020	0	0
Avery Dennison Corp	COM	053611109	1,138,128	6,288	SH		SOLE		6,288	0	0
Axis Cap Holdings Ltd	COM	G0692U109	2,210,515	40,807	SH		SOLE		40,807	0	0
Baker Hughes Company Cl A	COM	05722G100	1,280,303	43,356	SH		SOLE		43,356	0	0
Bank of America Corp	COM	060505104	792,727	23,935	SH		SOLE		23,935	0	0
Bank Ozk Com	COM	06417N103	2,869,858	71,639	SH		SOLE		71,639	0	0
Berkshire Hathaway Inc Cl B	COM	084670702	8,278,829	26,801	SH		SOLE		26,801	0	0
BioMarin Pharmaceutical Inc	COM	09061G101	361,387	3,492	SH		SOLE		3,492	0	0
BOK Financial Corp	COM	05561Q201	1,773,875	17,091	SH		SOLE		17,091	0	0
Boston Scientific Corp	COM	101137107	721,997	15,604	SH		SOLE		15,604	0	0
Bwx Technologies Inc	COM	05605H100	4,195,583	72,238	SH		SOLE		72,238	0	0
CenterPoint Energy Inc	COM	15189T107	534,422	17,820	SH		SOLE		17,820	0	0
ChargePoint Holdings Inc	COM	15961R105	236,430	24,809	SH		SOLE		24,809	0	0
Charles Schwab Corp	COM	808513105	4,629,006	55,597	SH		SOLE		55,597	0	0
Cisco Systems Inc	COM	17275R102	271,739	5,704	SH		SOLE		5,704	0	0
Citigroup Inc New	COM	172967424	261,113	5,773	SH		SOLE		5,773	0	0
Civitas Resources Inc Com New	COM	17888H103	5,430,126	93,736	SH		SOLE		93,736	0	0
Coca-Cola Co	COM	191216100	305,010	4,795	SH		SOLE		4,795	0	0
Comcast Corp Cl A	COM	20030N101	1,146,002	32,771	SH		SOLE		32,771	0	0
Community Trust Bancorp	COM	204149108	1,029,751	22,420	SH		SOLE		22,420	0	0
Copa Holdings SA Cl A	COM	P31076105	994,796	11,961	SH		SOLE		11,961	0	0
Coterra Energy Inc Com	COM	127097103	569,066	23,161	SH		SOLE		23,161	0	0
CSX Corp	COM	126408103	512,285	16,536	SH		SOLE		16,536	0	0
Deere & Co	COM	244199105	1,462,500	3,411	SH		SOLE		3,411	0	0
Denali Therapeutics Inc.	COM	24823R105	382,276	13,746	SH		SOLE		13,746	0	0
Devon Energy Corp New Com	COM	25179M103	643,210	10,457	SH		SOLE		10,457	0	0
Dollar General Corp	COM	256677105	1,858,449	7,547	SH		SOLE		7,547	0	0
Encompass Health Corp	COM	29261A100	1,492,259	24,950	SH		SOLE		24,950	0	0
Envista Holdings Corporation	COM	29415F104	1,569,291	46,608	SH		SOLE		46,608	0	0
EQT Corp	COM	26884L109	544,832	16,105	SH		SOLE		16,105	0	0
Exelon Corp	COM	30161N101	1,007,345	23,302	SH		SOLE		23,302	0	0
Fastenal Co	COM	311900104	246,206	5,203	SH		SOLE		5,203	0	0
FedEx Corp	COM	31428X106	721,032	4,163	SH		SOLE		4,163	0	0
Fidelity Natl Information Serv	COM	31620M106	1,078,883	15,901	SH		SOLE		15,901	0	0
First Republic Bank San Franci	COM	33616C100	1,455,610	11,942	SH		SOLE		11,942	0	0
Flowers Foods Inc Com	COM	343498101	1,489,106	51,813	SH		SOLE		51,813	0	0
Genuine Parts Co	COM	372460105	305,204	1,759	SH		SOLE		1,759	0	0
Gildan Activewear Inc	COM	375916103	796,491	29,069	SH		SOLE		29,069	0	0
Goldman Sachs Group Inc	COM	38141G104	590,614	1,720	SH		SOLE		1,720	0	0
Graham Hldgs Co Com Cl B	COM	384637104	4,263,910	7,057	SH		SOLE		7,057	0	0
Green Brick Partners Inc	COM	392709101	790,286	32,616	SH		SOLE		32,616	0	0
Greenbrier Cos Inc	COM	393657101	4,464,654	133,154	SH		SOLE		133,154	0	0
Hingham Institution for Saving	COM	433323102	325,081	1,178	SH		SOLE		1,178	0	0
Home Depot Inc	COM	437076102	1,124,462	3,560	SH		SOLE		3,560	0	0
Horizon Therapeutics Pub L	COM	G46188101	386,010	3,392	SH		SOLE		3,392	0	0
Houlihan Lokey	COM	441593100	520,345	5,970	SH		SOLE		5,970	0	0
Hub Group Inc Cl A	COM	443320106	6,779,464	85,287	SH		SOLE		85,287	0	0
Humana Inc	COM	444859102	5,026,120	9,813	SH		SOLE		9,813	0	0
Hunt J B Trans Services Inc	COM	445658107	466,587	2,676	SH		SOLE		2,676	0	0
Huntington Ingalls Industries	COM	446413106	1,445,210	6,265	SH		SOLE		6,265	0	0
Jazz Pharmaceuticals PLC USD	COM	G50871105	275,288	1,728	SH		SOLE		1,728	0	0
Jfrog Ltd	COM	M6191J100	940,120	44,075	SH		SOLE		44,075	0	0
Johnson & Johnson	COM	478160104	1,065,376	6,031	SH		SOLE		6,031	0	0
Johnson Controls Intl PLC	COM	G51502105	1,236,672	19,323	SH		SOLE		19,323	0	0
JP Morgan Chase & Co	COM	46625H100	444,139	3,312	SH		SOLE		3,312	0	0
Kirby Corp	COM	497266106	8,241,047	128,066	SH		SOLE		128,066	0	0
Kraft Heinz Co	COM	500754106	1,336,754	32,836	SH		SOLE		32,836	0	0
LANTHEUS HOLDINGS INC	COM	516544103	249,092	4,888	SH		SOLE		4,888	0	0
Lazydays Holdings, Inc.	COM	52110H100	805,234	67,440	SH		SOLE		67,440	0	0
Liberty Media Corp C Braves G	COM	531229888	1,793,084	55,634	SH		SOLE		55,634	0	0
Linde PLC	COM	G5494J103	1,740,170	5,335	SH		SOLE		5,335	0	0
Livanova PLC	COM	G5509L101	676,866	12,187	SH		SOLE		12,187	0	0
Live Nation Entertainment Inc	COM	538034109	375,271	5,381	SH		SOLE		5,381	0	0
Live Oak Bancshares Inc	COM	53803X105	3,182,718	105,388	SH		SOLE		105,388	0	0
MBIA INC COM	COM	55262C100	683,414	53,184	SH		SOLE		53,184	0	0
Medtronic PLC	COM	G5960L103	1,943,622	25,008	SH		SOLE		25,008	0	0
Mercury General Corp	COM	589400100	263,408	7,702	SH		SOLE		7,702	0	0
MetLife Inc	COM	59156R108	779,063	10,765	SH		SOLE		10,765	0	0
Mgp Ingredients Inc	COM	55303J106	708,278	6,658	SH		SOLE		6,658	0	0
Microchip Technology Inc	COM	595017104	573,591	8,165	SH		SOLE		8,165	0	0
Microsoft Corp	COM	594918104	1,404,799	5,858	SH		SOLE		5,858	0	0
Mondelez Intl Inc Cl A	COM	609207105	535,000	8,027	SH		SOLE		8,027	0	0
National Healthcare Corporatio	COM	635906100	1,681,946	28,268	SH		SOLE		28,268	0	0
Norfolk Southern Corp	COM	655844108	539,413	2,189	SH		SOLE		2,189	0	0
Northrop Grumman Corp	COM	666807102	4,278,674	7,842	SH		SOLE		7,842	0	0
NorthWestern Corporation	COM	668074305	536,196	9,036	SH		SOLE		9,036	0	0
Nutanix Inc Cl A	COM	67059N108	1,004,566	38,563	SH		SOLE		38,563	0	0
NVR Inc	COM	62944T105	747,238	162	SH		SOLE		162	0	0
O'Reilly Automotive Inc	COM	67103H107	3,025,004	3,584	SH		SOLE		3,584	0	0
Ollies Bargain Outlet Holdings	COM	681116109	1,365,339	29,149	SH		SOLE		29,149	0	0
Omnicom Group Inc	COM	681919106	419,841	5,147	SH		SOLE		5,147	0	0
Papa Johns International Inc.	COM	698813102	990,601	12,035	SH		SOLE		12,035	0	0
Paypal Holdings Inc	COM	70450Y103	421,124	5,913	SH		SOLE		5,913	0	0
Pdc Energy Inc	COM	69327R101	2,171,397	34,206	SH		SOLE		34,206	0	0
PepsiCo Inc	COM	713448108	917,753	5,080	SH		SOLE		5,080	0	0
Performance Food Group Co.	COM	71377A103	1,424,074	24,389	SH		SOLE		24,389	0	0
Pioneer Natural Resources Co	COM	723787107	651,825	2,854	SH		SOLE		2,854	0	0
Polaris Inc Com	COM	731068102	1,021,110	10,110	SH		SOLE		10,110	0	0
Prudential Financial Inc	COM	744320102	386,800	3,889	SH		SOLE		3,889	0	0
Prudential Financial Inc	COM	744320102	15,914	160	SH		DFND		0	0	160
Range Resources Corporation	COM	75281A109	2,392,062	95,606	SH		SOLE		95,606	0	0
RPM Intl Inc	COM	749685103	1,135,975	11,657	SH		SOLE		11,657	0	0
Salesforce Inc	COM	79466L302	630,731	4,757	SH		SOLE		4,757	0	0
Scotts Miracle-Gro Co Cl A	COM	810186106	2,077,368	42,753	SH		SOLE		42,753	0	0
SI-BONE, Inc.	COM	825704109	646,272	47,520	SH		SOLE		47,520	0	0
Southwest Gas Holdings Inc	COM	844895102	915,205	14,790	SH		SOLE		14,790	0	0
Starbucks Corp	COM	855244109	984,659	9,926	SH		SOLE		9,926	0	0
Suncor Energy Inc	COM	867224107	2,012,697	63,432	SH		SOLE		63,432	0	0
SVB Financial Group	COM	78486Q101	359,249	1,561	SH		SOLE		1,561	0	0
Sysco Corp	COM	871829107	2,759,616	36,097	SH		SOLE		36,097	0	0
T-Mobile US Inc	COM	872590104	597,380	4,267	SH		SOLE		4,267	0	0
Teradyne Inc	COM	880770102	2,010,273	23,014	SH		SOLE		23,014	0	0
Texas Instruments Inc	COM	882508104	473,521	2,866	SH		SOLE		2,866	0	0
Texas Pacific Land Corporation	COM	88262P102	2,215,297	945	SH		SOLE		945	0	0
TJX Cos Inc	COM	872540109	1,281,003	16,093	SH		SOLE		16,093	0	0
Umb Finl Corp Com	COM	902788108	1,331,309	15,940	SH		SOLE		15,940	0	0
Vail Resorts Inc	COM	91879Q109	1,823,139	7,649	SH		SOLE		7,649	0	0
Valvoline Inc	COM	92047W101	785,885	24,070	SH		SOLE		24,070	0	0
Verint Systems Inc.	COM	92343X100	1,212,732	33,427	SH		SOLE		33,427	0	0
Verizon Communications Inc	COM	92343V104	253,657	6,438	SH		SOLE		6,438	0	0
Vertex Pharmaceuticals Inc	COM	92532F100	2,551,949	8,837	SH		SOLE		8,837	0	0
VF Corp	COM	918204108	566,695	20,525	SH		SOLE		20,525	0	0
Visa Inc Cl A	COM	92826C839	751,052	3,615	SH		SOLE		3,615	0	0
VMware Inc Cl A	COM	928563402	465,383	3,791	SH		SOLE		3,791	0	0
Walt Disney Co	COM	254687106	3,034,545	34,928	SH		SOLE		34,928	0	0
Washington Tr Bancorp Com	COM	940610108	1,561,469	33,096	SH		SOLE		33,096	0	0
Wells Fargo Co	COM	949746101	603,701	14,621	SH		SOLE		14,621	0	0
Wendys Co	COM	95058W100	1,843,734	81,473	SH		SOLE		81,473	0	0
XPO Inc	COM	983793100	1,071,272	32,180	SH		SOLE		32,180	0	0
Zebra Technologies Corp Cl A	COM	989207105	1,285,896	5,015	SH		SOLE		5,015	0	0
Astrazeneca Plc	ADR	046353108	540,366	7,970	SH		SOLE		7,970	0	0
Energy Transfer LP UT Ltd Ptn	COM	29273V100	627,377	52,854	SH		SOLE		52,854	0	0