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	596,485	14,609	SH		SOLE		14,609	0	0
Realty Income Corp	COM	756109104	378,530	6,331	SH		SOLE		6,331	0	0
Simon Property Group Inc	COM	828806109	583,867	5,056	SH		SOLE		5,056	0	0
1st Source Corp	COM	336901103	986,571	23,529	SH		SOLE		23,529	0	0
Abbott Laboratories Com	COM	002824100	2,280,262	20,916	SH		SOLE		20,916	0	0
AbbVie Inc	COM	00287Y109	2,146,384	15,931	SH		SOLE		15,931	0	0
Accenture PLC Ireland Class A	COM	G1151C101	1,088,670	3,528	SH		SOLE		3,528	0	0
Activision Blizzard Inc	COM	00507V109	518,614	6,152	SH		SOLE		6,152	0	0
Adobe Systems Incorporated	COM	00724F101	2,202,900	4,505	SH		SOLE		4,505	0	0
Alamos Gold Inc	COM	011532108	470,840	39,500	SH		SOLE		39,500	0	0
Alnylam Pharmaceuticals Inc	COM	02043Q107	649,025	3,417	SH		SOLE		3,417	0	0
Alphabet Inc Cl A	COM	02079K305	4,878,852	40,759	SH		SOLE		40,759	0	0
Apple Inc	COM	037833100	2,448,371	12,622	SH		SOLE		12,622	0	0
Applied Indl Technologies Inc	COM	03820C105	2,883,710	19,911	SH		SOLE		19,911	0	0
Aptiv PLC	COM	G6095L109	344,962	3,379	SH		SOLE		3,379	0	0
Arch Capital Group Ltd	COM	G0450A105	4,238,980	56,633	SH		SOLE		56,633	0	0
Ashland Inc	COM	044186104	4,693,140	54,000	SH		SOLE		54,000	0	0
Assured Guaranty Ltd	COM	G0585R106	1,402,366	25,132	SH		SOLE		25,132	0	0
Avery Dennison Corp	COM	053611109	1,260,497	7,337	SH		SOLE		7,337	0	0
Axis Cap Holdings Ltd	COM	G0692U109	2,407,870	44,731	SH		SOLE		44,731	0	0
Baker Hughes Company Cl A	COM	05722G100	1,352,624	42,791	SH		SOLE		42,791	0	0
Bank of America Corp	COM	060505104	382,639	13,337	SH		SOLE		13,337	0	0
Berkshire Hathaway Inc Cl B	COM	084670702	8,171,042	23,962	SH		SOLE		23,962	0	0
Biohaven LTD	COM	G1110E107	236,043	9,868	SH		SOLE		9,868	0	0
BioMarin Pharmaceutical Inc	COM	09061G101	484,021	5,584	SH		SOLE		5,584	0	0
BOK Financial Corp	COM	05561Q201	1,784,834	22,095	SH		SOLE		22,095	0	0
Booking Holdings Inc	COM	09857L108	515,763	191	SH		SOLE		191	0	0
Boston Scientific Corp	COM	101137107	987,683	18,260	SH		SOLE		18,260	0	0
Bwx Technologies Inc	COM	05605H100	4,867,977	68,017	SH		SOLE		68,017	0	0
Caseys General Stores Inc	COM	147528103	3,345,546	13,718	SH		SOLE		13,718	0	0
CenterPoint Energy Inc	COM	15189T107	778,451	26,705	SH		SOLE		26,705	0	0
ChargePoint Holdings Inc	COM	15961R105	346,071	39,371	SH		SOLE		39,371	0	0
Charles Schwab Corp	COM	808513105	1,972,577	34,802	SH		SOLE		34,802	0	0
Citigroup Inc New	COM	172967424	604,735	13,135	SH		SOLE		13,135	0	0
Civitas Resources Inc Com New	COM	17888H103	5,492,855	79,182	SH		SOLE		79,182	0	0
Coca-Cola Co	COM	191216100	288,755	4,795	SH		SOLE		4,795	0	0
Comcast Corp Cl A	COM	20030N101	464,363	11,176	SH		SOLE		11,176	0	0
Copa Holdings SA Cl A	COM	P31076105	1,522,023	13,764	SH		SOLE		13,764	0	0
CSX Corp	COM	126408103	1,108,727	32,514	SH		SOLE		32,514	0	0
Cullen Frost Bankers Inc	COM	229899109	2,750,402	25,578	SH		SOLE		25,578	0	0
Deere & Co	COM	244199105	1,577,810	3,894	SH		SOLE		3,894	0	0
Denali Therapeutics Inc.	COM	24823R105	610,031	20,672	SH		SOLE		20,672	0	0
Devon Energy Corp New Com	COM	25179M103	499,062	10,324	SH		SOLE		10,324	0	0
Dollar General Corp	COM	256677105	1,635,151	9,631	SH		SOLE		9,631	0	0
Encompass Health Corp	COM	29261A100	2,210,935	32,653	SH		SOLE		32,653	0	0
Envista Holdings Corporation	COM	29415F104	1,577,215	46,608	SH		SOLE		46,608	0	0
EQT Corp	COM	26884L109	1,017,145	24,730	SH		SOLE		24,730	0	0
Exelon Corp	COM	30161N101	1,256,422	30,840	SH		SOLE		30,840	0	0
Fastenal Co	COM	311900104	306,925	5,203	SH		SOLE		5,203	0	0
FedEx Corp	COM	31428X106	1,274,454	5,141	SH		SOLE		5,141	0	0
Fidelity Natl Information Serv	COM	31620M106	1,667,365	30,482	SH		SOLE		30,482	0	0
Flowers Foods Inc Com	COM	343498101	1,343,296	53,991	SH		SOLE		53,991	0	0
Fox Factory Hldg Corp Com	COM	35138V102	406,804	3,749	SH		SOLE		3,749	0	0
Genuine Parts Co	COM	372460105	416,475	2,461	SH		SOLE		2,461	0	0
Gildan Activewear Inc	COM	375916103	1,798,122	55,773	SH		SOLE		55,773	0	0
Goldman Sachs Group Inc	COM	38141G104	634,759	1,968	SH		SOLE		1,968	0	0
Graham Hldgs Co Com Cl B	COM	384637104	3,980,930	6,966	SH		SOLE		6,966	0	0
Greenbrier Cos Inc	COM	393657101	6,937,160	160,955	SH		SOLE		160,955	0	0
Hingham Institution for Saving	COM	433323102	502,678	2,358	SH		SOLE		2,358	0	0
Home Depot Inc	COM	437076102	1,477,714	4,757	SH		SOLE		4,757	0	0
Houlihan Lokey	COM	441593100	1,267,707	12,895	SH		SOLE		12,895	0	0
Hub Group Inc Cl A	COM	443320106	6,295,401	78,379	SH		SOLE		78,379	0	0
Humana Inc	COM	444859102	4,199,445	9,392	SH		SOLE		9,392	0	0
Hunt J B Trans Services Inc	COM	445658107	702,758	3,882	SH		SOLE		3,882	0	0
Huntington Ingalls Industries	COM	446413106	1,764,810	7,754	SH		SOLE		7,754	0	0
Jfrog Ltd	COM	M6191J100	1,398,434	50,485	SH		SOLE		50,485	0	0
Johnson & Johnson	COM	478160104	1,410,230	8,520	SH		SOLE		8,520	0	0
Johnson Controls Intl PLC	COM	G51502105	1,271,833	18,665	SH		SOLE		18,665	0	0
JP Morgan Chase & Co	COM	46625H100	609,830	4,193	SH		SOLE		4,193	0	0
Kirby Corp	COM	497266106	9,034,776	117,411	SH		SOLE		117,411	0	0
Kraft Heinz Co	COM	500754106	1,370,584	38,608	SH		SOLE		38,608	0	0
Lantheus Holdings Inc.	COM	516544103	1,329,796	15,846	SH		SOLE		15,846	0	0
Lazydays Holdings, Inc.	COM	52110H100	1,477,599	127,820	SH		SOLE		127,820	0	0
Liberty Media Corp C Braves G	COM	531229888	2,535,640	63,999	SH		SOLE		63,999	0	0
LINDE PLC SHS	COM	G54950103	1,395,515	3,662	SH		SOLE		3,662	0	0
LyondellBasell Industries NV	COM	N53745100	258,961	2,820	SH		SOLE		2,820	0	0
Maravai Lifesciences Holdings-	COM	56600D107	228,488	18,382	SH		SOLE		18,382	0	0
MBIA Inc.	COM	55262C100	614,390	71,110	SH		SOLE		71,110	0	0
Medtronic PLC	COM	G5960L103	2,882,456	32,718	SH		SOLE		32,718	0	0
Mercury General Corp	COM	589400100	273,187	9,025	SH		SOLE		9,025	0	0
Meta Platforms Inc Cl A	COM	30303M102	980,037	3,415	SH		SOLE		3,415	0	0
MetLife Inc	COM	59156R108	904,537	16,001	SH		SOLE		16,001	0	0
Mgp Ingredients Inc	COM	55303J106	1,069,071	10,059	SH		SOLE		10,059	0	0
Microchip Technology Inc	COM	595017104	1,075,976	12,010	SH		SOLE		12,010	0	0
Microsoft Corp	COM	594918104	2,406,472	7,067	SH		SOLE		7,067	0	0
Mondelez Intl Inc Cl A	COM	609207105	293,729	4,027	SH		SOLE		4,027	0	0
National Healthcare Corporatio	COM	635906100	2,091,247	33,828	SH		SOLE		33,828	0	0
Norfolk Southern Corp	COM	655844108	626,991	2,765	SH		SOLE		2,765	0	0
Northrop Grumman Corp	COM	666807102	3,525,157	7,734	SH		SOLE		7,734	0	0
NorthWestern Corporation	COM	668074305	512,883	9,036	SH		SOLE		9,036	0	0
Nutanix Inc Cl A	COM	67059N108	1,296,611	46,225	SH		SOLE		46,225	0	0
NVR Inc	COM	62944T105	1,047,852	165	SH		SOLE		165	0	0
O'Reilly Automotive Inc	COM	67103H107	2,356,725	2,467	SH		SOLE		2,467	0	0
Ollies Bargain Outlet Holdings	COM	681116109	922,130	15,918	SH		SOLE		15,918	0	0
Omnicom Group Inc	COM	681919106	327,982	3,447	SH		SOLE		3,447	0	0
Papa Johns International Inc.	COM	698813102	1,273,198	17,245	SH		SOLE		17,245	0	0
Paypal Holdings Inc	COM	70450Y103	617,052	9,247	SH		SOLE		9,247	0	0
PepsiCo Inc	COM	713448108	1,072,053	5,788	SH		SOLE		5,788	0	0
Performance Food Group Co.	COM	71377A103	2,042,497	33,906	SH		SOLE		33,906	0	0
Polaris Inc Com	COM	731068102	560,511	4,635	SH		SOLE		4,635	0	0
Range Resources Corporation	COM	75281A109	2,803,084	95,343	SH		SOLE		95,343	0	0
Roivant Sciences, Inc.	COM	G76279101	223,776	22,200	SH		SOLE		22,200	0	0
RPM Intl Inc	COM	749685103	1,096,770	12,223	SH		SOLE		12,223	0	0
Salesforce Inc	COM	79466L302	1,064,750	5,040	SH		SOLE		5,040	0	0
Sarepta Therapeutics Inc	COM	803607100	319,282	2,788	SH		SOLE		2,788	0	0
Scotts Miracle-Gro Co Cl A	COM	810186106	1,949,847	31,103	SH		SOLE		31,103	0	0
SentinalOne, Inc.	COM	81730H109	155,168	10,276	SH		SOLE		10,276	0	0
ServiceNow Inc	COM	81762P102	1,103,709	1,964	SH		SOLE		1,964	0	0
SI-BONE, Inc.	COM	825704109	783,580	29,043	SH		SOLE		29,043	0	0
Southwest Gas Holdings Inc	COM	844895102	655,022	10,291	SH		SOLE		10,291	0	0
Starbucks Corp	COM	855244109	1,160,785	11,718	SH		SOLE		11,718	0	0
Suncor Energy Inc	COM	867224107	2,204,366	75,183	SH		SOLE		75,183	0	0
Sysco Corp	COM	871829107	2,904,040	39,138	SH		SOLE		39,138	0	0
T-Mobile US Inc	COM	872590104	816,454	5,878	SH		SOLE		5,878	0	0
Teradyne Inc	COM	880770102	2,211,459	19,864	SH		SOLE		19,864	0	0
Tetra Tech Inc.	COM	88162G103	409,841	2,503	SH		SOLE		2,503	0	0
Texas Instruments Inc	COM	882508104	515,937	2,866	SH		SOLE		2,866	0	0
The Duckhorn Portfolio, Inc.	COM	26414D106	874,269	67,407	SH		SOLE		67,407	0	0
Tidewater Inc	COM	88642R109	212,224	3,828	SH		SOLE		3,828	0	0
TJX Cos Inc	COM	872540109	1,261,082	14,873	SH		SOLE		14,873	0	0
Vail Resorts Inc	COM	91879Q109	2,412,113	9,581	SH		SOLE		9,581	0	0
Valvoline Inc	COM	92047W101	1,686,787	44,969	SH		SOLE		44,969	0	0
Verint Systems Inc.	COM	92343X100	1,598,280	45,587	SH		SOLE		45,587	0	0
Verizon Communications Inc	COM	92343V104	243,780	6,555	SH		SOLE		6,555	0	0
Vertex Pharmaceuticals Inc	COM	92532F100	3,116,867	8,857	SH		SOLE		8,857	0	0
Visa Inc Cl A	COM	92826C839	1,019,027	4,291	SH		SOLE		4,291	0	0
VMware Inc Cl A	COM	928563402	390,406	2,717	SH		SOLE		2,717	0	0
Walt Disney Co	COM	254687106	2,673,936	29,950	SH		SOLE		29,950	0	0
Wells Fargo Co	COM	949746101	814,676	19,088	SH		SOLE		19,088	0	0
Wendys Co	COM	95058W100	2,099,788	96,542	SH		SOLE		96,542	0	0
XPO Inc	COM	983793100	1,458,244	24,716	SH		SOLE		24,716	0	0
Zebra Technologies Corp Cl A	COM	989207105	1,805,450	6,103	SH		SOLE		6,103	0	0
Astrazeneca Plc	ADR	046353108	808,455	11,296	SH		SOLE		11,296	0	0
Criteo SA-SPON ADR	ADR	226718104	1,499,777	44,451	SH		SOLE		44,451	0	0
Energy Transfer LP UT Ltd Ptn	COM	29273V100	1,039,203	81,827	SH		SOLE		81,827	0	0
Enterprise Products Partners L	COM	293792107	861,645	32,700	SH		SOLE		32,700	0	0