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
Energy Select Sector SPDR Fund	COM	81369Y506	30,350	362	SH		SOLE		362	0	0
Energy Select Sector SPDR Fund	COM	81369Y506	838,400	10,000	SH	Put	SOLE		10,000	0	0
iShares Russell 2000 Value ETF	COM	464287630	604,855	3,894	SH		SOLE		3,894	0	0
SPDR S&P Regional Banking ETF	COM	78464A698	797,670	15,214	SH		SOLE		15,214	0	0
SPDR S&P Regional Banking ETF	COM	78464A698	681,590	13,000	SH	Put	SOLE		13,000	0	0
Realty Income Corp	COM	756109104	404,065	7,037	SH		SOLE		7,037	0	0
Simon Property Group Inc	COM	828806109	596,663	4,183	SH		SOLE		4,183	0	0
1st Source Corp	COM	336901103	1,998,257	36,365	SH		SOLE		36,365	0	0
Abbott Laboratories Com	COM	002824100	2,954,939	26,846	SH		SOLE		26,846	0	0
AbbVie Inc	COM	00287Y109	2,737,855	17,667	SH		SOLE		17,667	0	0
Accenture PLC Ireland Class A	COM	G1151C101	1,291,700	3,681	SH		SOLE		3,681	0	0
Adobe Systems Incorporated	COM	00724F101	1,352,492	2,267	SH		SOLE		2,267	0	0
Adobe Systems Incorporated	COM	00724F101	894,900	1,500	SH	Put	SOLE		1,500	0	0
Adobe Systems Incorporated	COM	00724F101	1,073,880	1,800	SH	Put	SOLE		1,800	0	0
Alamos Gold Inc	COM	011532108	1,190,506	88,382	SH		SOLE		88,382	0	0
Align Technology Inc	COM	016255101	315,374	1,151	SH		SOLE		1,151	0	0
Alnylam Pharmaceuticals Inc	COM	02043Q107	347,983	1,818	SH		SOLE		1,818	0	0
Alphabet Inc Cl A	COM	02079K305	7,231,193	51,766	SH		SOLE		51,766	0	0
Amazon.com Inc	COM	023135106	929,569	6,118	SH		SOLE		6,118	0	0
American Intl Group Inc	COM	026874784	281,433	4,154	SH		SOLE		4,154	0	0
Apple Inc	COM	037833100	2,123,317	11,028	SH		SOLE		11,028	0	0
Applied Indl Technologies Inc	COM	03820C105	4,118,138	23,847	SH		SOLE		23,847	0	0
Arch Capital Group Ltd	COM	G0450A105	3,365,322	45,312	SH		SOLE		45,312	0	0
Ashland Inc	COM	044186104	4,173,008	49,496	SH		SOLE		49,496	0	0
Assured Guaranty Ltd	COM	G0585R106	1,761,049	23,534	SH		SOLE		23,534	0	0
Atlanta Braves Hldgs Inc. Com	COM	047726302	2,059,981	52,046	SH		SOLE		52,046	0	0
Autodesk Inc	COM	052769106	837,328	3,439	SH		SOLE		3,439	0	0
Avery Dennison Corp	COM	053611109	716,051	3,542	SH		SOLE		3,542	0	0
Axis Cap Holdings Ltd	COM	G0692U109	2,627,306	47,450	SH		SOLE		47,450	0	0
Baker Hughes Company Cl A	COM	05722G100	1,308,000	38,268	SH		SOLE		38,268	0	0
Bank of America Corp	COM	060505104	1,033,871	30,706	SH		SOLE		30,706	0	0
Berkshire Hathaway Inc Cl B	COM	084670702	9,951,884	27,903	SH		SOLE		27,903	0	0
Biohaven LTD	COM	G1110E107	396,713	9,269	SH		SOLE		9,269	0	0
BOK Financial Corp	COM	05561Q201	791,235	9,238	SH		SOLE		9,238	0	0
Booking Holdings Inc	COM	09857L108	808,766	228	SH		SOLE		228	0	0
Boston Scientific Corp	COM	101137107	935,597	16,184	SH		SOLE		16,184	0	0
Bwx Technologies Inc	COM	05605H100	3,861,514	50,326	SH		SOLE		50,326	0	0
Caseys General Stores Inc	COM	147528103	4,441,447	16,166	SH		SOLE		16,166	0	0
CenterPoint Energy Inc	COM	15189T107	959,952	33,600	SH		SOLE		33,600	0	0
Charles Schwab Corp	COM	808513105	2,523,102	36,673	SH		SOLE		36,673	0	0
Charles Schwab Corp	COM	808513105	756,800	11,000	SH	Put	SOLE		11,000	0	0
Cimpress PLC Euro	COM	G2143T103	239,109	2,987	SH		SOLE		2,987	0	0
Citigroup Inc New	COM	172967424	922,011	17,924	SH		SOLE		17,924	0	0
Citigroup Inc New	COM	172967424	643,000	12,500	SH	Put	SOLE		12,500	0	0
Civitas Resources Inc Com New	COM	17888H103	5,839,789	85,402	SH		SOLE		85,402	0	0
Coca-Cola Co	COM	191216100	227,352	3,858	SH		SOLE		3,858	0	0
Comcast Corp Cl A	COM	20030N101	432,975	9,874	SH		SOLE		9,874	0	0
Copa Holdings SA Cl A	COM	P31076105	1,483,981	13,959	SH		SOLE		13,959	0	0
Core & Main Inc. -Class A	COM	21874C102	887,606	21,965	SH		SOLE		21,965	0	0
CSX Corp	COM	126408103	1,127,260	32,514	SH		SOLE		32,514	0	0
Cullen Frost Bankers Inc	COM	229899109	467,266	4,307	SH		SOLE		4,307	0	0
Deere & Co	COM	244199105	746,557	1,867	SH		SOLE		1,867	0	0
Denali Therapeutics Inc.	COM	24823R105	561,072	26,145	SH		SOLE		26,145	0	0
Elevance Health Inc	COM	036752103	480,048	1,018	SH		SOLE		1,018	0	0
Encompass Health Corp	COM	29261A100	2,899,851	43,463	SH		SOLE		43,463	0	0
Envista Holdings Corporation	COM	29415F104	1,487,702	61,833	SH		SOLE		61,833	0	0
FedEx Corp	COM	31428X106	1,264,344	4,998	SH		SOLE		4,998	0	0
FedEx Corp	COM	31428X106	632,425	2,500	SH	Put	SOLE		2,500	0	0
Fidelity Natl Information Serv	COM	31620M106	2,514,770	41,864	SH		SOLE		41,864	0	0
Flowers Foods Inc Com	COM	343498101	1,905,944	84,671	SH		SOLE		84,671	0	0
Fox Factory Hldg Corp Com	COM	35138V102	1,235,019	18,302	SH		SOLE		18,302	0	0
General Motors Co	COM	37045V100	11,638	324	SH		SOLE		324	0	0
General Motors Co	COM	37045V100	1,939,680	54,000	SH	Call	SOLE		54,000	0	0
Genuine Parts Co	COM	372460105	340,848	2,461	SH		SOLE		2,461	0	0
Gildan Activewear Inc	COM	375916103	898,670	27,183	SH		SOLE		27,183	0	0
Goldman Sachs Group Inc	COM	38141G104	893,829	2,317	SH		SOLE		2,317	0	0
Graham Hldgs Co Com Cl B	COM	384637104	5,994,948	8,607	SH		SOLE		8,607	0	0
Greenbrier Cos Inc	COM	393657101	7,200,235	162,975	SH		SOLE		162,975	0	0
Home Depot Inc	COM	437076102	1,432,638	4,134	SH		SOLE		4,134	0	0
Houlihan Lokey	COM	441593100	1,449,952	12,092	SH		SOLE		12,092	0	0
Hub Group Inc Cl A	COM	443320106	8,648,244	94,064	SH		SOLE		94,064	0	0
Humana Inc	COM	444859102	5,147,616	11,244	SH		SOLE		11,244	0	0
Hunt J B Trans Services Inc	COM	445658107	775,391	3,882	SH		SOLE		3,882	0	0
Huntington Ingalls Industries	COM	446413106	1,835,136	7,068	SH		SOLE		7,068	0	0
Jfrog Ltd	COM	M6191J100	1,952,938	56,427	SH		SOLE		56,427	0	0
Johnson & Johnson	COM	478160104	1,553,766	9,913	SH		SOLE		9,913	0	0
Johnson Controls Intl PLC	COM	G51502105	1,388,144	24,083	SH		SOLE		24,083	0	0
JP Morgan Chase & Co	COM	46625H100	625,117	3,675	SH		SOLE		3,675	0	0
Kirby Corp	COM	497266106	10,975,271	139,848	SH		SOLE		139,848	0	0
Kraft Heinz Co	COM	500754106	2,457,802	66,463	SH		SOLE		66,463	0	0
Lantheus Holdings Inc.	COM	516544103	1,326,304	21,392	SH		SOLE		21,392	0	0
Lazydays Holdings, Inc.	COM	52110H100	1,365,409	193,675	SH		SOLE		193,675	0	0
LIGHT & WONDER INC COM	COM	80874P109	410,550	5,000	SH	Put	SOLE		5,000	0	0
Lincoln Electric Holdings Inc	COM	533900106	1,210,165	5,565	SH		SOLE		5,565	0	0
Linde PLC Shs	COM	G54950103	1,157,791	2,819	SH		SOLE		2,819	0	0
LyondellBasell Industries NV	COM	N53745100	345,711	3,636	SH		SOLE		3,636	0	0
Malibu Boats Inc Com Cl A	COM	56117J100	424,910	7,751	SH		SOLE		7,751	0	0
Maravai Lifesciences Holdings-	COM	56600D107	486,776	74,317	SH		SOLE		74,317	0	0
Medtronic PLC	COM	G5960L103	3,328,234	40,401	SH		SOLE		40,401	0	0
Mercury General Corp	COM	589400100	275,982	7,397	SH		SOLE		7,397	0	0
Meta Platforms Inc Cl A	COM	30303M102	1,429,998	4,040	SH		SOLE		4,040	0	0
MetLife Inc	COM	59156R108	1,058,146	16,001	SH		SOLE		16,001	0	0
Microchip Technology Inc	COM	595017104	1,343,321	14,896	SH		SOLE		14,896	0	0
Microsoft Corp	COM	594918104	3,225,739	8,578	SH		SOLE		8,578	0	0
Mondelez Intl Inc Cl A	COM	609207105	312,246	4,311	SH		SOLE		4,311	0	0
MPLX LP	COM	55336V100	295,229	8,040	SH		SOLE		8,040	0	0
Mr Cooper Group Inc	COM	62482R107	400,228	6,146	SH		SOLE		6,146	0	0
National Healthcare Corporatio	COM	635906100	1,115,694	12,072	SH		SOLE		12,072	0	0
Norfolk Southern Corp	COM	655844108	653,591	2,765	SH		SOLE		2,765	0	0
Northrop Grumman Corp	COM	666807102	3,891,180	8,312	SH		SOLE		8,312	0	0
NorthWestern Energy Group, Inc	COM	668074305	419,181	8,237	SH		SOLE		8,237	0	0
Nutanix Inc Cl A	COM	67059N108	2,674,408	56,079	SH		SOLE		56,079	0	0
Nutanix Inc Cl A	COM	67059N108	953,800	20,000	SH	Put	SOLE		20,000	0	0
NVIDIA Corp	COM	67066G104	9,904	20	SH		SOLE		20	0	0
NVIDIA Corp	COM	67066G104	1,485,660	3,000	SH	Call	SOLE		3,000	0	0
NVR Inc	COM	62944T105	1,155,074	165	SH		SOLE		165	0	0
O'Reilly Automotive Inc	COM	67103H107	2,469,258	2,599	SH		SOLE		2,599	0	0
Ollies Bargain Outlet Holdings	COM	681116109	962,209	12,679	SH		SOLE		12,679	0	0
Omnicom Group Inc	COM	681919106	298,200	3,447	SH		SOLE		3,447	0	0
ONTO Innovation Inc.	COM	683344105	257,331	1,683	SH		SOLE		1,683	0	0
Papa Johns International Inc.	COM	698813102	1,784,087	23,404	SH		SOLE		23,404	0	0
Paypal Holdings Inc	COM	70450Y103	721,875	11,755	SH		SOLE		11,755	0	0
PepsiCo Inc	COM	713448108	1,104,979	6,506	SH		SOLE		6,506	0	0
Performance Food Group Co.	COM	71377A103	2,448,394	35,407	SH		SOLE		35,407	0	0
Polaris Inc Com	COM	731068102	439,259	4,635	SH		SOLE		4,635	0	0
Procept Biorobotics Corp	COM	74276L105	858,610	20,487	SH		SOLE		20,487	0	0
Range Resources Corporation	COM	75281A109	2,459,674	80,804	SH		SOLE		80,804	0	0
Red Rock Resorts Inc Cl A	COM	75700L108	256,411	4,808	SH		SOLE		4,808	0	0
Rocket Pharmaceuticals, Inc.	COM	77313F106	622,567	20,773	SH		SOLE		20,773	0	0
Roivant Sciences, Inc.	COM	G76279101	363,695	32,386	SH		SOLE		32,386	0	0
RPM Intl Inc	COM	749685103	1,132,821	10,148	SH		SOLE		10,148	0	0
Salesforce Inc	COM	79466L302	1,363,855	5,183	SH		SOLE		5,183	0	0
Sanfilippo John B & Son Inc Co	COM	800422107	856,984	8,317	SH		SOLE		8,317	0	0
Sarepta Therapeutics Inc	COM	803607100	268,847	2,788	SH		SOLE		2,788	0	0
ServiceNow Inc	COM	81762P102	1,396,024	1,976	SH		SOLE		1,976	0	0
Shockwave Medical Inc.	COM	82489T104	653,049	3,427	SH		SOLE		3,427	0	0
SI-BONE, Inc.	COM	825704109	1,292,501	61,577	SH		SOLE		61,577	0	0
Starbucks Corp	COM	855244109	1,121,397	11,680	SH		SOLE		11,680	0	0
Suncor Energy Inc	COM	867224107	2,484,446	77,542	SH		SOLE		77,542	0	0
Sysco Corp	COM	871829107	4,521,189	61,824	SH		SOLE		61,824	0	0
T-Mobile US Inc	COM	872590104	942,420	5,878	SH		SOLE		5,878	0	0
Teradyne Inc	COM	880770102	1,750,753	16,133	SH		SOLE		16,133	0	0
Tetra Tech Inc.	COM	88162G103	987,391	5,915	SH		SOLE		5,915	0	0
Texas Instruments Inc	COM	882508104	565,075	3,315	SH		SOLE		3,315	0	0
Tidewater Inc	COM	88642R109	1,521,521	21,100	SH		SOLE		21,100	0	0
TJX Cos Inc	COM	872540109	1,286,886	13,718	SH		SOLE		13,718	0	0
Trustmark Corp	COM	898402102	976,832	35,037	SH		SOLE		35,037	0	0
U-Hual Holding Co-Non Voting p	COM	023586506	2,011,132	28,551	SH		SOLE		28,551	0	0
Uber Technologies Inc	COM	90353T100	464,361	7,542	SH		SOLE		7,542	0	0
Ulta Beauty Inc	COM	90384S303	791,334	1,615	SH		SOLE		1,615	0	0
Vail Resorts Inc	COM	91879Q109	2,677,981	12,545	SH		SOLE		12,545	0	0
Valvoline Inc	COM	92047W101	2,313,688	61,567	SH		SOLE		61,567	0	0
Vertex Pharmaceuticals Inc	COM	92532F100	3,461,413	8,507	SH		SOLE		8,507	0	0
Visa Inc Cl A	COM	92826C839	1,119,505	4,300	SH		SOLE		4,300	0	0
Wabash National Corp	COM	929566107	1,303,494	50,878	SH		SOLE		50,878	0	0
Walt Disney Co	COM	254687106	3,790,464	41,981	SH		SOLE		41,981	0	0
Wells Fargo Co	COM	949746101	1,037,656	21,082	SH		SOLE		21,082	0	0
Wells Fargo Co	COM	949746101	492,200	10,000	SH	Put	SOLE		10,000	0	0
Wendys Co	COM	95058W100	2,581,782	132,535	SH		SOLE		132,535	0	0
Wesco Intl Inc	COM	95082P105	257,342	1,480	SH		SOLE		1,480	0	0
Workday Inc Cl A	COM	98138H101	445,561	1,614	SH		SOLE		1,614	0	0
Zebra Technologies Corp Cl A	COM	989207105	1,751,225	6,407	SH		SOLE		6,407	0	0
Alibaba Group Holding Ltd Sp A	ADR	01609W102	3,100	40	SH		SOLE		40	0	0
Alibaba Group Holding Ltd Sp A	ADR	01609W102	1,240,160	16,000	SH	Call	SOLE		16,000	0	0
Astrazeneca Plc	ADR	046353108	942,092	13,988	SH		SOLE		13,988	0	0
Criteo SA-SPON ADR	ADR	226718104	2,508,858	99,086	SH		SOLE		99,086	0	0
Energy Transfer LP UT Ltd Ptn	COM	29273V100	1,340,228	97,118	SH		SOLE		97,118	0	0
Energy Transfer LP UT Ltd Ptn	COM	29273V100	1,524,900	110,500	SH	Put	SOLE		110,500	0	0
Enterprise Products Partners L	COM	293792107	1,636,783	62,117	SH		SOLE		62,117	0	0
Enterprise Products Partners L	COM	293792107	1,185,750	45,000	SH	Put	SOLE		45,000	0	0