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
SPDR S&P Regional Banking ETF	COM	78464A698	439,170	10,013	SH		SOLE		10,013	0	0
Realty Income Corp	COM	756109104	400,879	6,331	SH		SOLE		6,331	0	0
Simon Property Group Inc	COM	828806109	566,120	5,056	SH		SOLE		5,056	0	0
1st Source Corp	COM	336901103	1,015,276	23,529	SH		SOLE		23,529	0	0
Abbott Laboratories Com	COM	002824100	2,437,632	24,073	SH		SOLE		24,073	0	0
AbbVie Inc	COM	00287Y109	2,934,480	18,413	SH		SOLE		18,413	0	0
AbbVie Inc	COM	00287Y109	19,921	125	SH		DFND		0	0	125
Accenture PLC Ireland Class A	COM	G1151C101	869,148	3,041	SH		SOLE		3,041	0	0
Activision Blizzard Inc	COM	00507V109	526,550	6,152	SH		SOLE		6,152	0	0
Adobe Systems Incorporated	COM	00724F101	2,077,530	5,391	SH		SOLE		5,391	0	0
Alamos Gold Inc	COM	011532108	483,085	39,500	SH		SOLE		39,500	0	0
Alnylam Pharmaceuticals Inc	COM	02043Q107	684,493	3,417	SH		SOLE		3,417	0	0
Alphabet Inc Cl A	COM	02079K305	5,160,049	49,745	SH		SOLE		49,745	0	0
Apple Inc	COM	037833100	1,890,721	11,466	SH		SOLE		11,466	0	0
Applied Indl Technologies Inc	COM	03820C105	2,829,950	19,911	SH		SOLE		19,911	0	0
Aptiv PLC	COM	G6095L109	379,090	3,379	SH		SOLE		3,379	0	0
Arch Capital Group Ltd	COM	G0450A105	4,529,915	66,744	SH		SOLE		66,744	0	0
Ashland Inc	COM	044186104	5,445,684	53,020	SH		SOLE		53,020	0	0
Assured Guaranty Ltd	COM	G0585R106	1,263,386	25,132	SH		SOLE		25,132	0	0
Avery Dennison Corp	COM	053611109	1,272,013	7,109	SH		SOLE		7,109	0	0
Axis Cap Holdings Ltd	COM	G0692U109	2,438,734	44,731	SH		SOLE		44,731	0	0
Baker Hughes Company Cl A	COM	05722G100	1,234,948	42,791	SH		SOLE		42,791	0	0
Bank of America Corp	COM	060505104	381,438	13,337	SH		SOLE		13,337	0	0
Berkshire Hathaway Inc Cl B	COM	084670702	8,836,997	28,620	SH		SOLE		28,620	0	0
BioMarin Pharmaceutical Inc	COM	09061G101	441,664	4,542	SH		SOLE		4,542	0	0
BOK Financial Corp	COM	05561Q201	1,865,039	22,095	SH		SOLE		22,095	0	0
Booking Holdings Inc	COM	09857L108	334,204	126	SH		SOLE		126	0	0
Boston Scientific Corp	COM	101137107	995,547	19,899	SH		SOLE		19,899	0	0
Bwx Technologies Inc	COM	05605H100	4,680,405	74,245	SH		SOLE		74,245	0	0
Caseys General Stores Inc	COM	147528103	2,868,095	13,250	SH		SOLE		13,250	0	0
CenterPoint Energy Inc	COM	15189T107	717,263	24,347	SH		SOLE		24,347	0	0
ChargePoint Holdings Inc	COM	15961R105	259,750	24,809	SH		SOLE		24,809	0	0
Charles Schwab Corp	COM	808513105	1,798,572	34,337	SH		SOLE		34,337	0	0
Citigroup Inc New	COM	172967424	643,471	13,723	SH		SOLE		13,723	0	0
Civitas Resources Inc Com New	COM	17888H103	6,482,391	94,855	SH		SOLE		94,855	0	0
Coca-Cola Co	COM	191216100	297,434	4,795	SH		SOLE		4,795	0	0
Comcast Corp Cl A	COM	20030N101	423,682	11,176	SH		SOLE		11,176	0	0
Copa Holdings SA Cl A	COM	P31076105	1,104,598	11,961	SH		SOLE		11,961	0	0
CSX Corp	COM	126408103	907,152	30,299	SH		SOLE		30,299	0	0
Cullen Frost Bankers Inc	COM	229899109	2,268,181	21,532	SH		SOLE		21,532	0	0
Deere & Co	COM	244199105	1,627,160	3,941	SH		SOLE		3,941	0	0
Denali Therapeutics Inc.	COM	24823R105	476,283	20,672	SH		SOLE		20,672	0	0
Devon Energy Corp New Com	COM	25179M103	529,229	10,457	SH		SOLE		10,457	0	0
Dollar General Corp	COM	256677105	2,040,410	9,695	SH		SOLE		9,695	0	0
Encompass Health Corp	COM	29261A100	1,766,527	32,653	SH		SOLE		32,653	0	0
Envista Holdings Corporation	COM	29415F104	1,905,335	46,608	SH		SOLE		46,608	0	0
EQT Corp	COM	26884L109	789,134	24,730	SH		SOLE		24,730	0	0
Exelon Corp	COM	30161N101	1,291,888	30,840	SH		SOLE		30,840	0	0
Fastenal Co	COM	311900104	280,650	5,203	SH		SOLE		5,203	0	0
FedEx Corp	COM	31428X106	1,174,667	5,141	SH		SOLE		5,141	0	0
Fidelity Natl Information Serv	COM	31620M106	1,907,255	35,105	SH		SOLE		35,105	0	0
Flowers Foods Inc Com	COM	343498101	1,479,893	53,991	SH		SOLE		53,991	0	0
Genuine Parts Co	COM	372460105	411,750	2,461	SH		SOLE		2,461	0	0
Gildan Activewear Inc	COM	375916103	1,851,106	55,773	SH		SOLE		55,773	0	0
Goldman Sachs Group Inc	COM	38141G104	643,752	1,968	SH		SOLE		1,968	0	0
Graham Hldgs Co Com Cl B	COM	384637104	4,728,586	7,936	SH		SOLE		7,936	0	0
Greenbrier Cos Inc	COM	393657101	5,243,163	162,983	SH		SOLE		162,983	0	0
Hingham Institution for Saving	COM	433323102	596,206	2,554	SH		SOLE		2,554	0	0
Home Depot Inc	COM	437076102	1,296,167	4,392	SH		SOLE		4,392	0	0
Houlihan Lokey	COM	441593100	1,128,184	12,895	SH		SOLE		12,895	0	0
Hub Group Inc Cl A	COM	443320106	6,796,958	80,974	SH		SOLE		80,974	0	0
Humana Inc	COM	444859102	4,880,329	10,053	SH		SOLE		10,053	0	0
Hunt J B Trans Services Inc	COM	445658107	681,136	3,882	SH		SOLE		3,882	0	0
Huntington Ingalls Industries	COM	446413106	1,575,215	7,609	SH		SOLE		7,609	0	0
Jazz Pharmaceuticals PLC USD	COM	G50871105	346,656	2,369	SH		SOLE		2,369	0	0
Jfrog Ltd	COM	M6191J100	994,554	50,485	SH		SOLE		50,485	0	0
Johnson & Johnson	COM	478160104	1,299,830	8,386	SH		SOLE		8,386	0	0
Johnson Controls Intl PLC	COM	G51502105	1,097,871	18,231	SH		SOLE		18,231	0	0
JP Morgan Chase & Co	COM	46625H100	546,390	4,193	SH		SOLE		4,193	0	0
Kirby Corp	COM	497266106	9,158,371	131,397	SH		SOLE		131,397	0	0
Kraft Heinz Co	COM	500754106	1,447,031	37,420	SH		SOLE		37,420	0	0
Lantheus Holdings Inc.	COM	516544103	1,308,246	15,846	SH		SOLE		15,846	0	0
Lazydays Holdings, Inc.	COM	52110H100	1,344,862	115,241	SH		SOLE		115,241	0	0
Liberty Media Corp C Braves G	COM	531229888	1,887,718	56,032	SH		SOLE		56,032	0	0
LINDE PLC SHS	COM	G54950103	1,884,187	5,301	SH		SOLE		5,301	0	0
Livanova PLC	COM	G5509L101	531,109	12,187	SH		SOLE		12,187	0	0
MBIA INC COM	COM	55262C100	658,479	71,110	SH		SOLE		71,110	0	0
Medtronic PLC	COM	G5960L103	2,889,663	35,843	SH		SOLE		35,843	0	0
Mercury General Corp	COM	589400100	262,331	8,265	SH		SOLE		8,265	0	0
Meta Platforms Inc Cl A	COM	30303M102	723,775	3,415	SH		SOLE		3,415	0	0
MetLife Inc	COM	59156R108	927,098	16,001	SH		SOLE		16,001	0	0
Mgp Ingredients Inc	COM	55303J106	972,906	10,059	SH		SOLE		10,059	0	0
Microchip Technology Inc	COM	595017104	891,754	10,644	SH		SOLE		10,644	0	0
Microsoft Corp	COM	594918104	2,037,230	7,066	SH		SOLE		7,066	0	0
Mondelez Intl Inc Cl A	COM	609207105	280,762	4,027	SH		SOLE		4,027	0	0
National Healthcare Corporatio	COM	635906100	1,964,392	33,828	SH		SOLE		33,828	0	0
Norfolk Southern Corp	COM	655844108	550,352	2,596	SH		SOLE		2,596	0	0
Northrop Grumman Corp	COM	666807102	3,995,725	8,654	SH		SOLE		8,654	0	0
NorthWestern Corporation	COM	668074305	522,823	9,036	SH		SOLE		9,036	0	0
Nutanix Inc Cl A	COM	67059N108	1,201,388	46,225	SH		SOLE		46,225	0	0
NVR Inc	COM	62944T105	1,025,283	184	SH		SOLE		184	0	0
O'Reilly Automotive Inc	COM	67103H107	3,261,781	3,842	SH		SOLE		3,842	0	0
Ollies Bargain Outlet Holdings	COM	681116109	1,501,747	25,919	SH		SOLE		25,919	0	0
Omnicom Group Inc	COM	681919106	485,568	5,147	SH		SOLE		5,147	0	0
Papa Johns International Inc.	COM	698813102	1,292,168	17,245	SH		SOLE		17,245	0	0
Paypal Holdings Inc	COM	70450Y103	648,072	8,534	SH		SOLE		8,534	0	0
Pdc Energy Inc	COM	69327R101	2,196,175	34,219	SH		SOLE		34,219	0	0
PepsiCo Inc	COM	713448108	1,200,992	6,588	SH		SOLE		6,588	0	0
Performance Food Group Co.	COM	71377A103	1,811,950	30,029	SH		SOLE		30,029	0	0
Pioneer Natural Resources Co	COM	723787107	678,281	3,321	SH		SOLE		3,321	0	0
Polaris Inc Com	COM	731068102	512,770	4,635	SH		SOLE		4,635	0	0
Range Resources Corporation	COM	75281A109	2,523,729	95,343	SH		SOLE		95,343	0	0
RPM Intl Inc	COM	749685103	1,066,335	12,223	SH		SOLE		12,223	0	0
Salesforce Inc	COM	79466L302	1,006,891	5,040	SH		SOLE		5,040	0	0
Sarepta Therapeutics Inc	COM	803607100	288,616	2,094	SH		SOLE		2,094	0	0
Scotts Miracle-Gro Co Cl A	COM	810186106	2,482,953	35,603	SH		SOLE		35,603	0	0
ServiceNow Inc	COM	81762P102	737,046	1,586	SH		SOLE		1,586	0	0
SI-BONE, Inc.	COM	825704109	783,594	39,837	SH		SOLE		39,837	0	0
Southwest Gas Holdings Inc	COM	844895102	1,323,378	21,191	SH		SOLE		21,191	0	0
Starbucks Corp	COM	855244109	1,141,369	10,961	SH		SOLE		10,961	0	0
Suncor Energy Inc	COM	867224107	2,334,432	75,183	SH		SOLE		75,183	0	0
Sysco Corp	COM	871829107	3,658,153	47,367	SH		SOLE		47,367	0	0
T-Mobile US Inc	COM	872590104	681,617	4,706	SH		SOLE		4,706	0	0
Teradyne Inc	COM	880770102	2,589,163	24,083	SH		SOLE		24,083	0	0
Texas Instruments Inc	COM	882508104	533,105	2,866	SH		SOLE		2,866	0	0
Texas Pacific Land Corporation	COM	88262P102	627,676	369	SH		SOLE		369	0	0
The Duckhorn Portfolio, Inc.	COM	26414D106	1,071,771	67,407	SH		SOLE		67,407	0	0
TJX Cos Inc	COM	872540109	1,165,448	14,873	SH		SOLE		14,873	0	0
Vail Resorts Inc	COM	91879Q109	2,022,500	8,655	SH		SOLE		8,655	0	0
Valvoline Inc	COM	92047W101	1,361,612	38,970	SH		SOLE		38,970	0	0
Verint Systems Inc.	COM	92343X100	1,697,660	45,587	SH		SOLE		45,587	0	0
Verizon Communications Inc	COM	92343V104	250,374	6,438	SH		SOLE		6,438	0	0
Vertex Pharmaceuticals Inc	COM	92532F100	3,050,823	9,683	SH		SOLE		9,683	0	0
VF Corp	COM	918204108	392,082	17,114	SH		SOLE		17,114	0	0
Visa Inc Cl A	COM	92826C839	967,449	4,291	SH		SOLE		4,291	0	0
VMware Inc Cl A	COM	928563402	616,260	4,936	SH		SOLE		4,936	0	0
Walt Disney Co	COM	254687106	3,580,849	35,762	SH		SOLE		35,762	0	0
Wells Fargo Co	COM	949746101	713,509	19,088	SH		SOLE		19,088	0	0
Wendys Co	COM	95058W100	2,084,390	95,702	SH		SOLE		95,702	0	0
XPO Inc	COM	983793100	788,440	24,716	SH		SOLE		24,716	0	0
Zebra Technologies Corp Cl A	COM	989207105	1,650,738	5,191	SH		SOLE		5,191	0	0
Astrazeneca Plc	ADR	046353108	784,056	11,296	SH		SOLE		11,296	0	0
Criteo SA-SPON ADR	ADR	226718104	1,280,710	40,651	SH		SOLE		40,651	0	0
Energy Transfer LP UT Ltd Ptn	COM	29273V100	907,629	72,785	SH		SOLE		72,785	0	0