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
Invesco QQQ Trust Series 1	COM	46090E103	67,046	151	SH		SOLE		151	0	0
Invesco QQQ Trust Series 1	COM	46090E103	1,776,040	4,000	SH	Call	SOLE		4,000	0	0
iShares Russell 2000 Value ETF	COM	464287630	1,314,788	8,279	SH		SOLE		8,279	0	0
Realty Income Corp	COM	756109104	380,702	7,037	SH		SOLE		7,037	0	0
Simon Property Group Inc	COM	828806109	662,579	4,234	SH		SOLE		4,234	0	0
1st Source Corp	COM	336901103	1,980,113	37,774	SH		SOLE		37,774	0	0
3M Co	COM	88579Y101	1,129,433	10,648	SH		SOLE		10,648	0	0
Abbott Laboratories Com	COM	002824100	2,587,356	22,764	SH		SOLE		22,764	0	0
AbbVie Inc	COM	00287Y109	2,381,322	13,077	SH		SOLE		13,077	0	0
Accenture PLC Ireland Class A	COM	G1151C101	1,275,871	3,681	SH		SOLE		3,681	0	0
Adobe Systems Incorporated	COM	00724F101	1,143,928	2,267	SH		SOLE		2,267	0	0
Adobe Systems Incorporated	COM	00724F101	1,059,660	2,100	SH	Put	SOLE		2,100	0	0
Agilent Technologies Inc	COM	00846U101	206,479	1,419	SH		SOLE		1,419	0	0
Alamos Gold Inc	COM	011532108	2,881,516	195,357	SH		SOLE		195,357	0	0
Alphabet Inc Cl A	COM	02079K305	8,180,255	54,199	SH		SOLE		54,199	0	0
Alphabet Inc Cl A	COM	02079K305	905,580	6,000	SH	Put	SOLE		6,000	0	0
Amazon.com Inc	COM	023135106	2,641,845	14,646	SH		SOLE		14,646	0	0
Amazon.com Inc	COM	023135106	1,984,180	11,000	SH	Call	SOLE		11,000	0	0
American Intl Group Inc	COM	026874784	280,943	3,594	SH		SOLE		3,594	0	0
Amgen Inc	COM	031162100	330,664	1,163	SH		SOLE		1,163	0	0
Antero Resources Corp	COM	03674X106	656,647	22,643	SH		SOLE		22,643	0	0
Apple Inc	COM	037833100	1,927,099	11,238	SH		SOLE		11,238	0	0
Applied Indl Technologies Inc	COM	03820C105	4,613,188	23,352	SH		SOLE		23,352	0	0
Arch Capital Group Ltd	COM	G0450A105	4,209,163	45,534	SH		SOLE		45,534	0	0
Ashland Inc	COM	044186104	4,870,447	50,020	SH		SOLE		50,020	0	0
Assured Guaranty Ltd	COM	G0585R106	1,776,410	20,360	SH		SOLE		20,360	0	0
Atlanta Braves Hldgs Inc. Com	COM	047726302	2,428,438	62,172	SH		SOLE		62,172	0	0
Autodesk Inc	COM	052769106	1,006,002	3,863	SH		SOLE		3,863	0	0
Avery Dennison Corp	COM	053611109	771,552	3,456	SH		SOLE		3,456	0	0
Axis Cap Holdings Ltd	COM	G0692U109	3,222,976	49,569	SH		SOLE		49,569	0	0
Baker Hughes Co	COM	05722G100	1,620,261	48,366	SH		SOLE		48,366	0	0
Bank of America Corp	COM	060505104	1,152,465	30,392	SH		SOLE		30,392	0	0
Bank of America Corp	COM	060505104	853,200	22,500	SH	Put	SOLE		22,500	0	0
Berkshire Hathaway Inc Cl B	COM	084670702	11,677,420	27,769	SH		SOLE		27,769	0	0
Biohaven LTD	COM	G1110E107	692,594	12,664	SH		SOLE		12,664	0	0
BOK Financial Corp	COM	05561Q201	1,705,864	18,542	SH		SOLE		18,542	0	0
Booking Holdings Inc	COM	09857L108	765,483	211	SH		SOLE		211	0	0
Boston Scientific Corp	COM	101137107	1,108,442	16,184	SH		SOLE		16,184	0	0
Bwx Technologies Inc	COM	05605H100	2,409,928	23,484	SH		SOLE		23,484	0	0
Caseys General Stores Inc	COM	147528103	4,911,136	15,422	SH		SOLE		15,422	0	0
CenterPoint Energy Inc	COM	15189T107	957,264	33,600	SH		SOLE		33,600	0	0
Charles Schwab Corp	COM	808513105	2,712,027	37,490	SH		SOLE		37,490	0	0
Charles Schwab Corp	COM	808513105	795,740	11,000	SH	Put	SOLE		11,000	0	0
Cimpress PLC Euro	COM	G2143T103	264,379	2,987	SH		SOLE		2,987	0	0
Citigroup Inc	COM	172967424	1,395,264	22,063	SH		SOLE		22,063	0	0
Citigroup Inc	COM	172967424	790,500	12,500	SH	Put	SOLE		12,500	0	0
Civitas Resources Inc Com New	COM	17888H103	6,722,514	88,559	SH		SOLE		88,559	0	0
Coca-Cola Co	COM	191216100	236,032	3,858	SH		SOLE		3,858	0	0
Comcast Corp Cl A	COM	20030N101	444,554	10,255	SH		SOLE		10,255	0	0
Copa Holdings SA Cl A	COM	P31076105	1,599,481	15,356	SH		SOLE		15,356	0	0
Core & Main Inc. -Class A	COM	21874C102	2,269,046	39,634	SH		SOLE		39,634	0	0
CSX Corp	COM	126408103	1,205,294	32,514	SH		SOLE		32,514	0	0
Cullen/Frost Bankers Inc	COM	229899109	440,599	3,914	SH		SOLE		3,914	0	0
Deere & Co	COM	244199105	889,663	2,166	SH		SOLE		2,166	0	0
Elevance Health Inc	COM	036752103	533,578	1,029	SH		SOLE		1,029	0	0
Encompass Health Corp	COM	29261A100	3,206,829	38,833	SH		SOLE		38,833	0	0
Enstar Group Ltd	COM	G3075P101	739,609	2,380	SH		SOLE		2,380	0	0
Envista Holdings Corporation	COM	29415F104	1,324,555	61,953	SH		SOLE		61,953	0	0
FedEx Corp	COM	31428X106	1,579,952	5,453	SH		SOLE		5,453	0	0
FedEx Corp	COM	31428X106	1,448,700	5,000	SH	Put	SOLE		5,000	0	0
Fidelity Natl Information Serv	COM	31620M106	3,216,445	43,360	SH		SOLE		43,360	0	0
Flowers Foods Inc Com	COM	343498101	2,012,337	84,730	SH		SOLE		84,730	0	0
Genuine Parts Co	COM	372460105	381,283	2,461	SH		SOLE		2,461	0	0
Goldman Sachs Group Inc/The	COM	38141G104	967,788	2,317	SH		SOLE		2,317	0	0
Graham Hldgs Co Com Cl B	COM	384637104	6,641,200	8,651	SH		SOLE		8,651	0	0
Greenbrier Cos Inc	COM	393657101	7,987,868	153,318	SH		SOLE		153,318	0	0
Home Depot Inc	COM	437076102	1,547,059	4,033	SH		SOLE		4,033	0	0
Houlihan Lokey	COM	441593100	1,381,632	10,778	SH		SOLE		10,778	0	0
Hub Group Inc Cl A	COM	443320106	9,431,123	218,212	SH		SOLE		218,212	0	0
Humana Inc	COM	444859102	4,440,096	12,806	SH		SOLE		12,806	0	0
Huntington Ingalls Industries	COM	446413106	1,655,550	5,680	SH		SOLE		5,680	0	0
JB Hunt Transport Services Inc	COM	445658107	773,488	3,882	SH		SOLE		3,882	0	0
Jfrog Ltd	COM	M6191J100	2,495,202	56,427	SH		SOLE		56,427	0	0
Johnson & Johnson	COM	478160104	1,591,870	10,063	SH		SOLE		10,063	0	0
Johnson Controls Intl PLC	COM	G51502105	315,104	4,824	SH		SOLE		4,824	0	0
JP Morgan Chase & Co	COM	46625H100	535,802	2,675	SH		SOLE		2,675	0	0
Kirby Corp	COM	497266106	13,605,977	142,740	SH		SOLE		142,740	0	0
KKR & Co Inc Cl A	COM	48251W104	202,065	2,009	SH		SOLE		2,009	0	0
Kraft Heinz Co	COM	500754106	1,449,616	39,285	SH		SOLE		39,285	0	0
Lantheus Holdings Inc.	COM	516544103	1,331,438	21,392	SH		SOLE		21,392	0	0
Light & Wonder Inc.	COM	80874P109	510,450	5,000	SH	Put	SOLE		5,000	0	0
Lincoln Electric Holdings Inc	COM	533900106	1,423,056	5,571	SH		SOLE		5,571	0	0
Linde PLC Shs	COM	G54950103	788,415	1,698	SH		SOLE		1,698	0	0
LyondellBasell Industries NV	COM	N53745100	371,890	3,636	SH		SOLE		3,636	0	0
Malibu Boats Inc Com Cl A	COM	56117J100	998,470	23,070	SH		SOLE		23,070	0	0
Mama's Creations Inc	COM	56146T103	1,030,320	206,064	SH		SOLE		206,064	0	0
Maravai Lifesciences Holdings-	COM	56600D107	644,328	74,317	SH		SOLE		74,317	0	0
Medtronic PLC	COM	G5960L103	3,572,017	40,987	SH		SOLE		40,987	0	0
Mercury General Corp	COM	589400100	226,885	4,397	SH		SOLE		4,397	0	0
Meta Platforms Inc Cl A	COM	30303M102	1,986,993	4,092	SH		SOLE		4,092	0	0
MetLife Inc	COM	59156R108	1,300,186	17,544	SH		SOLE		17,544	0	0
Microchip Technology Inc	COM	595017104	1,336,320	14,896	SH		SOLE		14,896	0	0
Microchip Technology Inc	COM	595017104	897,100	10,000	SH	Put	SOLE		10,000	0	0
Microsoft Corp	COM	594918104	3,588,077	8,528	SH		SOLE		8,528	0	0
Microsoft Corp	COM	594918104	2,524,320	6,000	SH	Put	SOLE		6,000	0	0
Mondelez Intl Inc Cl A	COM	609207105	301,770	4,311	SH		SOLE		4,311	0	0
MPLX LP	COM	55336V100	334,142	8,040	SH		SOLE		8,040	0	0
Mr Cooper Group Inc	COM	62482R107	479,081	6,146	SH		SOLE		6,146	0	0
National Healthcare Corporatio	COM	635906100	1,097,923	11,617	SH		SOLE		11,617	0	0
Nike Inc Cl B	COM	654106103	332,313	3,536	SH		SOLE		3,536	0	0
Norfolk Southern Corp	COM	655844108	459,785	1,804	SH		SOLE		1,804	0	0
Northrop Grumman Corp	COM	666807102	4,061,430	8,485	SH		SOLE		8,485	0	0
NorthWestern Energy Group, Inc	COM	668074305	419,510	8,237	SH		SOLE		8,237	0	0
Nutanix Inc Cl A	COM	67059N108	2,565,268	41,563	SH		SOLE		41,563	0	0
Nutanix Inc Cl A	COM	67059N108	1,049,240	17,000	SH	Put	SOLE		17,000	0	0
NVIDIA Corp	COM	67066G104	49,696	55	SH		SOLE		55	0	0
NVIDIA Corp	COM	67066G104	1,174,628	1,300	SH	Call	SOLE		1,300	0	0
NVR Inc	COM	62944T105	1,077,295	133	SH		SOLE		133	0	0
Ollie's Bargain Outlet Holding	COM	681116109	1,008,868	12,679	SH		SOLE		12,679	0	0
Omnicom Group Inc	COM	681919106	333,532	3,447	SH		SOLE		3,447	0	0
ONTO Innovation Inc.	COM	683344105	304,758	1,683	SH		SOLE		1,683	0	0
Papa Johns International Inc.	COM	698813102	1,788,943	26,861	SH		SOLE		26,861	0	0
Paypal Holdings Inc	COM	70450Y103	790,214	11,796	SH		SOLE		11,796	0	0
PepsiCo Inc	COM	713448108	1,451,883	8,296	SH		SOLE		8,296	0	0
Performance Food Group Co.	COM	71377A103	2,539,104	34,018	SH		SOLE		34,018	0	0
Polaris Inc Com	COM	731068102	464,056	4,635	SH		SOLE		4,635	0	0
Procept Biorobotics Corp	COM	74276L105	1,012,468	20,487	SH		SOLE		20,487	0	0
Range Resources Corporation	COM	75281A109	3,066,405	89,062	SH		SOLE		89,062	0	0
Rocket Pharmaceuticals, Inc.	COM	77313F106	559,625	20,773	SH		SOLE		20,773	0	0
Roivant Sciences, Inc.	COM	G76279101	341,348	32,386	SH		SOLE		32,386	0	0
RPM Intl Inc	COM	749685103	1,207,105	10,148	SH		SOLE		10,148	0	0
Salesforce Inc	COM	79466L302	1,571,858	5,219	SH		SOLE		5,219	0	0
Salesforce Inc	COM	79466L302	1,054,130	3,500	SH	Put	SOLE		3,500	0	0
Sanfilippo John B & Son Inc Co	COM	800422107	880,937	8,317	SH		SOLE		8,317	0	0
Seaboard Corp	COM	811543107	951,056	295	SH		SOLE		295	0	0
ServiceNow Inc	COM	81762P102	1,379,182	1,809	SH		SOLE		1,809	0	0
ServiceNow Inc	COM	81762P102	3,812,000	5,000	SH	Put	SOLE		5,000	0	0
Shockwave Medical Inc.	COM	82489T104	1,115,934	3,427	SH		SOLE		3,427	0	0
SI-BONE, Inc.	COM	825704109	1,250,897	76,414	SH		SOLE		76,414	0	0
Smartsheet Inc Cl A	COM	83200N103	473,203	12,291	SH		SOLE		12,291	0	0
Smartsheet Inc Cl A	COM	83200N103	385,000	10,000	SH	Put	SOLE		10,000	0	0
Starbucks Corp	COM	855244109	2,846,524	31,147	SH		SOLE		31,147	0	0
Suncor Energy Inc	COM	867224107	2,864,105	77,597	SH		SOLE		77,597	0	0
Sysco Corp	COM	871829107	5,149,653	63,435	SH		SOLE		63,435	0	0
T-Mobile US Inc	COM	872590104	959,407	5,878	SH		SOLE		5,878	0	0
Teradyne Inc	COM	880770102	1,920,367	17,020	SH		SOLE		17,020	0	0
Tetra Tech Inc.	COM	88162G103	1,215,022	6,578	SH		SOLE		6,578	0	0
Texas Instruments Inc	COM	882508104	613,742	3,523	SH		SOLE		3,523	0	0
Tidewater Inc	COM	88642R109	2,058,224	22,372	SH		SOLE		22,372	0	0
TJX Cos Inc	COM	872540109	1,163,693	11,474	SH		SOLE		11,474	0	0
Trustmark Corp	COM	898402102	984,890	35,037	SH		SOLE		35,037	0	0
U-Hual Holding Co-Non Voting p	COM	023586506	1,898,180	28,467	SH		SOLE		28,467	0	0
Uber Technologies Inc	COM	90353T100	580,659	7,542	SH		SOLE		7,542	0	0
Vail Resorts Inc	COM	91879Q109	2,797,185	12,553	SH		SOLE		12,553	0	0
Valvoline Inc	COM	92047W101	1,903,317	42,704	SH		SOLE		42,704	0	0
Visa Inc Cl A	COM	92826C839	1,216,789	4,360	SH		SOLE		4,360	0	0
Wabash National Corp	COM	929566107	4,583,545	153,091	SH		SOLE		153,091	0	0
Walt Disney Co	COM	254687106	5,417,131	44,272	SH		SOLE		44,272	0	0
Wells Fargo & Co	COM	949746101	1,140,943	19,685	SH		SOLE		19,685	0	0
Wells Fargo & Co	COM	949746101	579,600	10,000	SH	Put	SOLE		10,000	0	0
Wendy's Co/The	COM	95058W100	2,668,535	141,642	SH		SOLE		141,642	0	0
Wesco Intl Inc	COM	95082P105	253,494	1,480	SH		SOLE		1,480	0	0
Wix.com LTD	COM	M98068105	936,926	6,815	SH		SOLE		6,815	0	0
Workday Inc Cl A	COM	98138H101	443,764	1,627	SH		SOLE		1,627	0	0
Zebra Technologies Corp Cl A	COM	989207105	2,001,863	6,641	SH		SOLE		6,641	0	0
Astrazeneca Plc	ADR	046353108	1,052,361	15,533	SH		SOLE		15,533	0	0
Criteo SA-SPON ADR	ADR	226718104	3,484,029	99,345	SH		SOLE		99,345	0	0
Energy Transfer LP UT Ltd Ptn	COM	29273V100	1,422,102	90,407	SH		SOLE		90,407	0	0
Energy Transfer LP UT Ltd Ptn	COM	29273V100	1,738,165	110,500	SH	Put	SOLE		110,500	0	0
Enterprise Products Partners L	COM	293792107	1,648,728	56,502	SH		SOLE		56,502	0	0