# EDGAR Filing Document

**Accession Number:** 0001895612
**File Stem:** 0001895612-25-000008
**Filing Date:** 2025-7
**Character Count:** 18949
**Document Hash:** 5135adc27488b60feb64efd4837e2165
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001895612-25-000008.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001895612-25-000008

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VELA Investment Management, LLC
- **CENTRAL INDEX KEY:** 0001895612

**ORGANIZATION NAME:**
- **EIN:** 843778213
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21675
- **FILM NUMBER:** 251158905

**BUSINESS ADDRESS:**
- **STREET 1:** 220 MARKET ST.
- **STREET 2:** SUITE 208
- **CITY:** NEW ALBANY
- **STATE:** OH
- **ZIP:** 43054
- **BUSINESS PHONE:** 6146538352

**MAIL ADDRESS:**
- **STREET 1:** 220 MARKET ST.
- **STREET 2:** SUITE 208
- **CITY:** NEW ALBANY
- **STATE:** OH
- **ZIP:** 43054

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** VELA Investment Management LLC<br>**Address:** 220 MARKET ST.<br>SUITE 208<br>NEW ALBANY, OH 43054

**Form 13F File Number:** 028-21675

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Stacey Madison<br>**Title:** Head of Operations<br>**Phone:** 6149294512

**Signature, Place, and Date of Signing:**

Stacey Madison  New Albany, OH  07-29-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 161

**Form 13F Information Table Value Total:** $368853343

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ARK Innovation ETF | COM | 00214Q104 |  | 1546380 | 22000 | SH | Put | SOLE |  | 22000 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 102563 | 166 | SH |  | SOLE |  | 166 | 0 | 0 |
| SPDR SP 500 ETF Trust | COM | 78462F103 |  | 4633875 | 7500 | SH | Put | SOLE |  | 7500 | 0 | 0 |
| Boston Properties Inc | COM | 101121101 |  | 318998 | 4728 | SH |  | SOLE |  | 4728 | 0 | 0 |
| Net Lease Office Properties | COM | 64110Y108 |  | 1471748 | 45215 | SH |  | SOLE |  | 45215 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 |  | 420227 | 2614 | SH |  | SOLE |  | 2614 | 0 | 0 |
| 1st Source Corp | COM | 336901103 |  | 2078538 | 33487 | SH |  | SOLE |  | 33487 | 0 | 0 |
| 3M Co | COM | 88579Y101 |  | 1486015 | 9761 | SH |  | SOLE |  | 9761 | 0 | 0 |
| 3M Co | COM | 88579Y101 |  | 608960 | 4000 | SH | Put | SOLE |  | 4000 | 0 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 3866084 | 28425 | SH |  | SOLE |  | 28425 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 1959776 | 10558 | SH |  | SOLE |  | 10558 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 928100 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| Accenture PLC | COM | G1151C101 |  | 1491760 | 4991 | SH |  | SOLE |  | 4991 | 0 | 0 |
| Accenture PLC | COM | G1151C101 |  | 896670 | 3000 | SH | Put | SOLE |  | 3000 | 0 | 0 |
| Adobe Inc | COM | 00724F101 |  | 854618 | 2209 | SH |  | SOLE |  | 2209 | 0 | 0 |
| Adobe Inc | COM | 00724F101 |  | 580320 | 1500 | SH | Call | SOLE |  | 1500 | 0 | 0 |
| Advanced Micro Devices Inc | COM | 007903107 |  | 292456 | 2061 | SH |  | SOLE |  | 2061 | 0 | 0 |
| Alamos Gold Inc | COM | 011532108 |  | 4048541 | 152430 | SH |  | SOLE |  | 152430 | 0 | 0 |
| Align Technology Inc | COM | 016255101 |  | 3510178 | 18540 | SH |  | SOLE |  | 18540 | 0 | 0 |
| Align Technology Inc | COM | 016255101 |  | 719454 | 3800 | SH | Put | SOLE |  | 3800 | 0 | 0 |
| Alphabet Inc | COM | 02079K305 |  | 8756235 | 49686 | SH |  | SOLE |  | 49686 | 0 | 0 |
| Alphabet Inc | COM | 02079K305 |  | 881150 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| Altria Group Inc | COM | 02209S103 |  | 2942816 | 50193 | SH |  | SOLE |  | 50193 | 0 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 8282631 | 37753 | SH |  | SOLE |  | 37753 | 0 | 0 |
| AMBAC Financial Group Inc. | COM | 023139884 |  | 871667 | 122770 | SH |  | SOLE |  | 122770 | 0 | 0 |
| American Intl Group Inc | COM | 026874784 |  | 307610 | 3594 | SH |  | SOLE |  | 3594 | 0 | 0 |
| Antero Resources Corp | COM | 03674X106 |  | 2860847 | 71024 | SH |  | SOLE |  | 71024 | 0 | 0 |
| Applied Industrial Technologie | COM | 03820C105 |  | 5714602 | 24584 | SH |  | SOLE |  | 24584 | 0 | 0 |
| Arch Capital Group Ltd | COM | G0450A105 |  | 5173461 | 56820 | SH |  | SOLE |  | 56820 | 0 | 0 |
| Arcos Dorados Holdings Inc. -A | COM | G0457F107 |  | 804780 | 102000 | SH |  | SOLE |  | 102000 | 0 | 0 |
| Ashland Inc | COM | 044186104 |  | 1487584 | 29586 | SH |  | SOLE |  | 29586 | 0 | 0 |
| Assured Guaranty Ltd | COM | G0585R106 |  | 2998679 | 34428 | SH |  | SOLE |  | 34428 | 0 | 0 |
| AT Inc | COM | 00206R102 |  | 3201021 | 110609 | SH |  | SOLE |  | 110609 | 0 | 0 |
| Atlanta Braves Holdings Inc | COM | 047726302 |  | 3705681 | 79232 | SH |  | SOLE |  | 79232 | 0 | 0 |
| Autodesk Inc | COM | 052769106 |  | 1526180 | 4930 | SH |  | SOLE |  | 4930 | 0 | 0 |
| Autodesk Inc | COM | 052769106 |  | 928710 | 3000 | SH | Put | SOLE |  | 3000 | 0 | 0 |
| Avery Dennison Corp | COM | 053611109 |  | 289701 | 1651 | SH |  | SOLE |  | 1651 | 0 | 0 |
| Axis Capital Holdings Ltd | COM | G0692U109 |  | 4615630 | 44458 | SH |  | SOLE |  | 44458 | 0 | 0 |
| Baker Hughes Co | COM | 05722G100 |  | 1316327 | 34333 | SH |  | SOLE |  | 34333 | 0 | 0 |
| Baker Hughes Co | COM | 05722G100 |  | 509922 | 13300 | SH | Put | SOLE |  | 13300 | 0 | 0 |
| Bank of America Corp | COM | 060505104 |  | 1428354 | 30185 | SH |  | SOLE |  | 30185 | 0 | 0 |
| Bank of America Corp | COM | 060505104 |  | 1301300 | 27500 | SH | Put | SOLE |  | 27500 | 0 | 0 |
| BBB Foods Inc | COM | G0896C103 |  | 952168 | 34300 | SH |  | SOLE |  | 34300 | 0 | 0 |
| Berkshire Hathaway Inc Cl B | COM | 084670702 |  | 14101903 | 29030 | SH |  | SOLE |  | 29030 | 0 | 0 |
| BOK Financial Corp | COM | 05561Q201 |  | 2202630 | 22561 | SH |  | SOLE |  | 22561 | 0 | 0 |
| Booking Holdings Inc | COM | 09857L108 |  | 1783086 | 308 | SH |  | SOLE |  | 308 | 0 | 0 |
| Booking Holdings Inc | COM | 09857L108 |  | 1157848 | 200 | SH | Put | SOLE |  | 200 | 0 | 0 |
| BRP INC/CA- Sub-Voting | COM | 05577W200 |  | 1086697 | 22420 | SH |  | SOLE |  | 22420 | 0 | 0 |
| Bruker Corp | COM | 116794108 |  | 5091938 | 123591 | SH |  | SOLE |  | 123591 | 0 | 0 |
| BWX Technologies Inc | COM | 05605H100 |  | 2452045 | 17021 | SH |  | SOLE |  | 17021 | 0 | 0 |
| Cactus Inc. A | COM | 127203107 |  | 5047036 | 115440 | SH |  | SOLE |  | 115440 | 0 | 0 |
| Charles Schwab Corp/The | COM | 808513105 |  | 2116396 | 23196 | SH |  | SOLE |  | 23196 | 0 | 0 |
| Citigroup Inc | COM | 172967424 |  | 1875364 | 22032 | SH |  | SOLE |  | 22032 | 0 | 0 |
| Citigroup Inc | COM | 172967424 |  | 1744960 | 20500 | SH | Put | SOLE |  | 20500 | 0 | 0 |
| Coca-Cola Consolidated Inc | COM | 191098102 |  | 4436413 | 39735 | SH |  | SOLE |  | 39735 | 0 | 0 |
| Comcast Corp | COM | 20030N101 |  | 406009 | 11376 | SH |  | SOLE |  | 11376 | 0 | 0 |
| Copa Holdings SA | COM | P31076105 |  | 3930438 | 35741 | SH |  | SOLE |  | 35741 | 0 | 0 |
| CSX Corp | COM | 126408103 |  | 5680978 | 174103 | SH |  | SOLE |  | 174103 | 0 | 0 |
| Cullen/Frost Bankers Inc | COM | 229899109 |  | 918804 | 7148 | SH |  | SOLE |  | 7148 | 0 | 0 |
| Deckers Outdoor Corp. | COM | 243537107 |  | 547508 | 5312 | SH |  | SOLE |  | 5312 | 0 | 0 |
| Deckers Outdoor Corp. | COM | 243537107 |  | 401973 | 3900 | SH | Put | SOLE |  | 3900 | 0 | 0 |
| Deere  Co | COM | 244199105 |  | 1315972 | 2588 | SH |  | SOLE |  | 2588 | 0 | 0 |
| Electronic Arts Inc | COM | 285512109 |  | 576038 | 3607 | SH |  | SOLE |  | 3607 | 0 | 0 |
| Elevance Health Inc | COM | 036752103 |  | 1040079 | 2674 | SH |  | SOLE |  | 2674 | 0 | 0 |
| Elevance Health Inc | COM | 036752103 |  | 311168 | 800 | SH | Put | SOLE |  | 800 | 0 | 0 |
| Encompass Health Corp | COM | 29261A100 |  | 2993521 | 24411 | SH |  | SOLE |  | 24411 | 0 | 0 |
| EPAM Systems Inc | COM | 29414B104 |  | 1028739 | 5818 | SH |  | SOLE |  | 5818 | 0 | 0 |
| EPAM Systems Inc | COM | 29414B104 |  | 530460 | 3000 | SH | Put | SOLE |  | 3000 | 0 | 0 |
| Federal Agric Mtg Corp Cl C | COM | 313148306 |  | 2982198 | 15350 | SH |  | SOLE |  | 15350 | 0 | 0 |
| FedEx Corp | COM | 31428X106 |  | 1030851 | 4535 | SH |  | SOLE |  | 4535 | 0 | 0 |
| Fidelity National Information | COM | 31620M106 |  | 3621043 | 44479 | SH |  | SOLE |  | 44479 | 0 | 0 |
| Garmin Ltd | COM | H2906T109 |  | 432050 | 2070 | SH |  | SOLE |  | 2070 | 0 | 0 |
| Genuine Parts Co | COM | 372460105 |  | 529033 | 4361 | SH |  | SOLE |  | 4361 | 0 | 0 |
| Graham Holdings Co | COM | 384637104 |  | 6601428 | 6977 | SH |  | SOLE |  | 6977 | 0 | 0 |
| Greenbrier Cos Inc/The | COM | 393657101 |  | 3746812 | 81364 | SH |  | SOLE |  | 81364 | 0 | 0 |
| Halozyme Therapeutics Inc. | COM | 40637H109 |  | 675688 | 12989 | SH |  | SOLE |  | 12989 | 0 | 0 |
| Home Depot Inc/The | COM | 437076102 |  | 1289106 | 3516 | SH |  | SOLE |  | 3516 | 0 | 0 |
| Hub Group Inc | COM | 443320106 |  | 10337234 | 309220 | SH |  | SOLE |  | 309220 | 0 | 0 |
| Indivior PLC | COM | G4766E116 |  | 1548098 | 105027 | SH |  | SOLE |  | 105027 | 0 | 0 |
| Ingles Markets Inc. - Class A | COM | 457030104 |  | 920024 | 14516 | SH |  | SOLE |  | 14516 | 0 | 0 |
| Installed Bldg Prods Inc | COM | 45780R101 |  | 2299080 | 12750 | SH |  | SOLE |  | 12750 | 0 | 0 |
| Janus International Group IN | COM | 47103N106 |  | 2339786 | 287443 | SH |  | SOLE |  | 287443 | 0 | 0 |
| JB Hunt Transport Services Inc | COM | 445658107 |  | 369770 | 2575 | SH |  | SOLE |  | 2575 | 0 | 0 |
| JFrog Ltd | COM | M6191J100 |  | 1387354 | 31617 | SH |  | SOLE |  | 31617 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 5846236 | 38273 | SH |  | SOLE |  | 38273 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 1527500 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 445592 | 1537 | SH |  | SOLE |  | 1537 | 0 | 0 |
| Kirby Corp | COM | 497266106 |  | 16315163 | 143860 | SH |  | SOLE |  | 143860 | 0 | 0 |
| KKR  Co Inc Cl A | COM | 48251W104 |  | 1112131 | 8360 | SH |  | SOLE |  | 8360 | 0 | 0 |
| Lincoln Electric Holdings Inc | COM | 533900106 |  | 8264397 | 39863 | SH |  | SOLE |  | 39863 | 0 | 0 |
| Linde PLC Shs | COM | G54950103 |  | 471057 | 1004 | SH |  | SOLE |  | 1004 | 0 | 0 |
| LyondellBasell Industries NV | COM | N53745100 |  | 1043100 | 18028 | SH |  | SOLE |  | 18028 | 0 | 0 |
| LyondellBasell Industries NV | COM | N53745100 |  | 983620 | 17000 | SH | Put | SOLE |  | 17000 | 0 | 0 |
| Mama's Creations Inc | COM | 56146T103 |  | 2819726 | 339726 | SH |  | SOLE |  | 339726 | 0 | 0 |
| Maravai LifeSciences Holdings | COM | 56600D107 |  | 585538 | 242962 | SH |  | SOLE |  | 242962 | 0 | 0 |
| Masco Corp | COM | 574599106 |  | 650844 | 10113 | SH |  | SOLE |  | 10113 | 0 | 0 |
| Medtronic PLC | COM | G5960L103 |  | 642094 | 7366 | SH |  | SOLE |  | 7366 | 0 | 0 |
| Meta Platforms Inc | COM | 30303M102 |  | 2597339 | 3519 | SH |  | SOLE |  | 3519 | 0 | 0 |
| Meta Platforms Inc | COM | 30303M102 |  | 1623798 | 2200 | SH | Put | SOLE |  | 2200 | 0 | 0 |
| MetLife Inc | COM | 59156R108 |  | 1748170 | 21738 | SH |  | SOLE |  | 21738 | 0 | 0 |
| Microchip Technology Inc | COM | 595017104 |  | 608067 | 8641 | SH |  | SOLE |  | 8641 | 0 | 0 |
| Microsoft Corp | COM | 594918104 |  | 3796120 | 7632 | SH |  | SOLE |  | 7632 | 0 | 0 |
| Microsoft Corp | COM | 594918104 |  | 2487050 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| Mondelez International Inc | COM | 609207105 |  | 332007 | 4923 | SH |  | SOLE |  | 4923 | 0 | 0 |
| Movado Group PLC | COM | 624580106 |  | 3046340 | 199760 | SH |  | SOLE |  | 199760 | 0 | 0 |
| MPLX LP | COM | 55336V100 |  | 1889644 | 36685 | SH |  | SOLE |  | 36685 | 0 | 0 |
| MPLX LP | COM | 55336V100 |  | 983841 | 19100 | SH | Put | SOLE |  | 19100 | 0 | 0 |
| Mr Cooper Group Inc | COM | 62482R107 |  | 584456 | 3917 | SH |  | SOLE |  | 3917 | 0 | 0 |
| Murphy USA Inc. | COM | 626755102 |  | 907978 | 2232 | SH |  | SOLE |  | 2232 | 0 | 0 |
| National Fuel Gas Co NJ | COM | 636180101 |  | 1724780 | 20361 | SH |  | SOLE |  | 20361 | 0 | 0 |
| NewMarket Corp | COM | 651587107 |  | 1459096 | 2112 | SH |  | SOLE |  | 2112 | 0 | 0 |
| NIKE Inc | COM | 654106103 |  | 2677142 | 37685 | SH |  | SOLE |  | 37685 | 0 | 0 |
| NIKE Inc | COM | 654106103 |  | 1420800 | 20000 | SH | Put | SOLE |  | 20000 | 0 | 0 |
| Nomad Foods LTD | COM | G6564A105 |  | 1257260 | 74000 | SH |  | SOLE |  | 74000 | 0 | 0 |
| Northrop Grumman Corp | COM | 666807102 |  | 3742496 | 7485 | SH |  | SOLE |  | 7485 | 0 | 0 |
| Ollie's Bargain Outlet Holding | COM | 681116109 |  | 1106425 | 8396 | SH |  | SOLE |  | 8396 | 0 | 0 |
| Onto Innovation Inc | COM | 683344105 |  | 736385 | 7296 | SH |  | SOLE |  | 7296 | 0 | 0 |
| PayPal Holdings Inc | COM | 70450Y103 |  | 784225 | 10552 | SH |  | SOLE |  | 10552 | 0 | 0 |
| PepsiCo Inc | COM | 713448108 |  | 3534000 | 26765 | SH |  | SOLE |  | 26765 | 0 | 0 |
| Performance Food Group Co | COM | 71377A103 |  | 4837528 | 55305 | SH |  | SOLE |  | 55305 | 0 | 0 |
| Pool Corp | COM | 73278L105 |  | 3174509 | 10891 | SH |  | SOLE |  | 10891 | 0 | 0 |
| PPG Industries Inc | COM | 693506107 |  | 518131 | 4555 | SH |  | SOLE |  | 4555 | 0 | 0 |
| Range Resources Corp | COM | 75281A109 |  | 3423438 | 84176 | SH |  | SOLE |  | 84176 | 0 | 0 |
| Salesforce Inc | COM | 79466L302 |  | 1279461 | 4692 | SH |  | SOLE |  | 4692 | 0 | 0 |
| Salesforce Inc | COM | 79466L302 |  | 899877 | 3300 | SH | Put | SOLE |  | 3300 | 0 | 0 |
| Seaboard Corp | COM | 811543107 |  | 2071509 | 724 | SH |  | SOLE |  | 724 | 0 | 0 |
| SEMrush Holdings Inc | COM | 81686C104 |  | 1466281 | 162020 | SH |  | SOLE |  | 162020 | 0 | 0 |
| ServiceNow Inc | COM | 81762P102 |  | 1561654 | 1519 | SH |  | SOLE |  | 1519 | 0 | 0 |
| ServiceNow Inc | COM | 81762P102 |  | 1747736 | 1700 | SH | Put | SOLE |  | 1700 | 0 | 0 |
| Shift 4 Payments Inc. Cl A | COM | 82452J109 |  | 1675455 | 16905 | SH |  | SOLE |  | 16905 | 0 | 0 |
| SI-BONE Inc | COM | 825704109 |  | 2374595 | 126174 | SH |  | SOLE |  | 126174 | 0 | 0 |
| Starbucks Corp | COM | 855244109 |  | 1475032 | 16098 | SH |  | SOLE |  | 16098 | 0 | 0 |
| Starbucks Corp | COM | 855244109 |  | 714714 | 7800 | SH | Put | SOLE |  | 7800 | 0 | 0 |
| Sun Country Airlines Holding | COM | 866683105 |  | 2479814 | 211048 | SH |  | SOLE |  | 211048 | 0 | 0 |
| Suncor Energy Inc | COM | 867224107 |  | 2477205 | 66147 | SH |  | SOLE |  | 66147 | 0 | 0 |
| Sysco Corp | COM | 871829107 |  | 6607406 | 87238 | SH |  | SOLE |  | 87238 | 0 | 0 |
| Teradyne Inc | COM | 880770102 |  | 4109376 | 45700 | SH |  | SOLE |  | 45700 | 0 | 0 |
| Tetra Tech Inc | COM | 88162G103 |  | 3465213 | 96363 | SH |  | SOLE |  | 96363 | 0 | 0 |
| Texas Instruments Inc | COM | 882508104 |  | 334683 | 1612 | SH |  | SOLE |  | 1612 | 0 | 0 |
| Thermo Fisher Scientific Inc | COM | 883556102 |  | 2279496 | 5622 | SH |  | SOLE |  | 5622 | 0 | 0 |
| TJX Cos Inc/The | COM | 872540109 |  | 1182046 | 9572 | SH |  | SOLE |  | 9572 | 0 | 0 |
| Tyson Foods Inc | COM | 902494103 |  | 988907 | 17678 | SH |  | SOLE |  | 17678 | 0 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 1143112 | 12252 | SH |  | SOLE |  | 12252 | 0 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 933000 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| United Parcel Service Inc Cl B | COM | 911312106 |  | 333203 | 3301 | SH |  | SOLE |  | 3301 | 0 | 0 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 1248 | 4 | SH |  | SOLE |  | 4 | 0 | 0 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 311970 | 1000 | SH | Call | SOLE |  | 1000 | 0 | 0 |
| Vail Resorts Inc | COM | 91879Q109 |  | 446878 | 2844 | SH |  | SOLE |  | 2844 | 0 | 0 |
| Valvoline Inc | COM | 92047W101 |  | 7913694 | 208970 | SH |  | SOLE |  | 208970 | 0 | 0 |
| Visa Inc | COM | 92826C839 |  | 1500086 | 4225 | SH |  | SOLE |  | 4225 | 0 | 0 |
| Wabash National Corp | COM | 929566107 |  | 2946700 | 277206 | SH |  | SOLE |  | 277206 | 0 | 0 |
| Walt Disney Co/The | COM | 254687106 |  | 6234150 | 50271 | SH |  | SOLE |  | 50271 | 0 | 0 |
| Wesco Intl Inc | COM | 95082P105 |  | 212239 | 1146 | SH |  | SOLE |  | 1146 | 0 | 0 |
| Wix.com Ltd | COM | M98068105 |  | 4822255 | 30432 | SH |  | SOLE |  | 30432 | 0 | 0 |
| Workday Inc | COM | 98138H101 |  | 706320 | 2943 | SH |  | SOLE |  | 2943 | 0 | 0 |
| Workday Inc | COM | 98138H101 |  | 168000 | 700 | SH | Put | SOLE |  | 700 | 0 | 0 |
| Worthington Inc | COM | 981811102 |  | 1995941 | 31363 | SH |  | SOLE |  | 31363 | 0 | 0 |
| Zoetis Inc | COM | 98978V103 |  | 2312322 | 14827 | SH |  | SOLE |  | 14827 | 0 | 0 |
| Zoetis Inc | COM | 98978V103 |  | 935700 | 6000 | SH | Put | SOLE |  | 6000 | 0 | 0 |
| AstraZeneca PLC | ADR | 046353108 |  | 1045685 | 14964 | SH |  | SOLE |  | 14964 | 0 | 0 |
| Criteo SA | ADR | 226718104 |  | 8432482 | 351940 | SH |  | SOLE |  | 351940 | 0 | 0 |

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