# EDGAR Filing Document

**Accession Number:** 0001815493
**File Stem:** 0000910472-25-004811
**Filing Date:** 2025-11
**Character Count:** 23409
**Document Hash:** f7e2aa40bb97003246cdf6eb5af8e687
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004811.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004811

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VELA Funds
- **CENTRAL INDEX KEY:** 0001815493

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23585
- **FILM NUMBER:** 251532913

**BUSINESS ADDRESS:**
- **STREET 1:** 220 MARKET STREET
- **STREET 2:** SUITE 208
- **CITY:** NEW ALBANY
- **STATE:** OH
- **ZIP:** 43054
- **BUSINESS PHONE:** 614-653-2178

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

## Series and Classes Contracts Data

### VELA International Fund (Series ID: S000069562)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221919 | Class I      |  |
| C000221920 | Class A      |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VELA Funds

- **b. Investment Company Act file number:** 811-23585

- **c. CIK number of Registrant:** 0001815493

- **d. LEI of Registrant:** 549300F0PMHX6GFZ7Q56

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 220 Market Street

  - **City:** New Albany

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 43054

  - **Telephone number:** 614-653-8352

**Item A.2. Information about the Series.**

- **a. Name of Series:** VELA INTERNATIONAL FUND

- **b. EDGAR series identifier (if any):** S000069562

- **c. LEI of Series:** 549300Y1RS134O2CPA39

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $68727095.21

**Total Liabilities:** $219234.94

**Net Assets:** $68507860.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221919 | -2.41%               | 7.14%                | 2.74%                |
| Class ID C000221920 | -7.28%               | 1.78%                | -2.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $476777.30               | $-2126159.00                               |
| Month 2  | $912940.34               | $3400389.64                                |
| Month 3  | $1120290.57              | $710853.28                                 |

### Schedule of Portfolio Investments

| Name                                           | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| OceanaGold Corp.                               | OceanaGold Corp.                             | CUSIP: 675222400<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |     79100 | NS      | $1688929.53   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecan Group AG                                 | Tecan Group AG                               | CUSIP: H84774167<br>LEI: 529900CSN9R3BLETSL26 | Long             | EC               | CORP              | CH        |      4300 | NS      | $778920.30    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| B&M European Value Retail SA                   | B&M European Value Retail SA                 | CUSIP: L1175H106<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | LU        |    460000 | NS      | $1622731.89   | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                               | TotalEnergies SE                             | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     22600 | NS      | $1376458.36   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UTD Tractors                                   | United Tractors Tbk PT                       | CUSIP: Y7146Y140<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    700000 | NS      | $1124529.78   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Associated British Foods PLC                   | Associated British Foods PLC                 | CUSIP: G05600138<br>LEI: GBQKSY6W7G0OHCQ8OQ72 | Long             | EC               | CORP              | GB        |     57100 | NS      | $1577748.14   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Ansell Ltd.                                    | Ansell Ltd.                                  | CUSIP: Q04020105<br>LEI: 549300NEGJ5G23VCJM45 | Long             | EC               | CORP              | AU        |     33100 | NS      | $698186.74    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wienerberger AG                                | Wienerberger AG                              | CUSIP: A95384110<br>LEI: 529900VXIFBHO0SW2I31 | Long             | EC               | CORP              | AT        |     27200 | NS      | $880532.88    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                       | Infineon Technologies AG                     | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     44500 | NS      | $1745645.25   | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Serco Group PLC                                | Serco Group PLC                              | CUSIP: G80400107<br>LEI: 549300PT2CIHYN5GWJ21 | Long             | EC               | CORP              | GB        |    600000 | NS      | $1911560.22   | 2.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                               | Roche Holding AG                             | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      3700 | NS      | $1232132.06   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Foraco International SA                        | Foraco International SA                      | CUSIP: F4269M103<br>LEI: 9695007X7FEAWKE0E728 | Long             | EC               | CORP              | FR        |    747000 | NS      | $1143490.60   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Loomis AB                                      | Loomis AB                                    | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |     21000 | NS      | $897433.02    | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Cake Box Holdings PLC                          | Cake Box Holdings PLC                        | CUSIP: G1R596108<br>LEI: 213800HZ61RLHNSM2698 | Long             | EC               | CORP              | GB        |    170166 | NS      | $452230.30    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Telekom Austria AG                             | Telekom Austria AG                           | CUSIP: A8502A102<br>LEI: 529900KCNFQU5OJH7L33 | Long             | EC               | CORP              | AT        |    110000 | NS      | $1175964.57   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Remy Cointreau SA                              | Remy Cointreau                               | CUSIP: F7725A100<br>LEI: 5493004V6A3Z027YT216 | Long             | EC               | CORP              | FR        |      8500 | NS      | $460905.25    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd.                            | Honda Motor Co. Ltd.                         | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |     73500 | NS      | $758568.08    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd.                                  | WH Group Ltd.                                | CUSIP: G96007102<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |   1350000 | NS      | $1462000.84   | 2.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| KBC Group NV                                   | KBC Group NV                                 | CUSIP: B5337G162<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |     10500 | NS      | $1258238.69   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Ginebra San Miguel Inc.                        | Ginebra San Miguel, Inc.                     | CUSIP: Y2709M104<br>LEI: 549300FYQJAVLTUPRN13 | Long             | EC               | CORP              | PH        |     38560 | NS      | $185060.40    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                      | Argenx SE                                    | CUSIP: N0610Q109<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      1400 | NS      | $1034331.76   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Pason System Incor                             | Pason Systems, Inc.                          | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |    110000 | NS      | $954975.03    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fielmann Group AG                              | Fielmann AG                                  | CUSIP: D2617N114<br>LEI: 529900BU5B7N9GE4XU15 | Long             | EC               | CORP              | DE        |     14000 | NS      | $845814.28    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Generale des Etablissements Michelin | Cia Generale de Establissements Michelin SCA | CUSIP: F61824870<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |     29100 | NS      | $1047941.11   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd.                               | Nintendo Co. Ltd.                            | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |      4900 | NS      | $423998.80    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Major Drilling Group Intl Inc                  | Major Drilling Group International, Inc.     | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |    137000 | NS      | $1146056.27   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Financiere Richemont Sa              | Cie Financiere Richemont SA                  | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |      3200 | NS      | $614338.82    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev S.A.                                     | Ambev SA                                     | CUSIP: P0273U106<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    620000 | NS      | $1406046.26   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Toray Industries Inc.                          | Toray Industries, Inc.                       | CUSIP: J89494116<br>LEI: 35380099TCYR5FHT0A11 | Long             | EC               | CORP              | JP        |    115000 | NS      | $733767.44    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC                      | Hikma Pharmaceuticals plc                    | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     39000 | NS      | $895284.90    | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| FLSmidth & Co. A/S                             | FLSmidth & Co A/S                            | CUSIP: K90242130<br>LEI: 213800MXXDGQ3ITPXI41 | Long             | EC               | CORP              | DK        |     23000 | NS      | $1619028.80   | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomad Foods Ltd.                               | Nomad Foods Ltd.                             | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | VG        |     55900 | NS      | $735085.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Limited                                | Wix.com Ltd.                                 | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     10900 | NS      | $1936167.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexel, S.A.                                    | Rexel SA                                     | CUSIP: F7782J366<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |     22400 | NS      | $737439.40    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Coats Group PLC                                | Coats Group plc                              | CUSIP: G22429115<br>LEI: 2138003SPYWGAITNFY17 | Long             | EC               | CORP              | GB        |    770000 | NS      | $863804.24    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Keeper Technical Laboratory Co Ltd             | KeePer Technical Laboratory Co, Ltd.         | CUSIP: J31847106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     57300 | NS      | $1448079.69   | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Fevertree Drinks PLC                           | Fevertree Drinks PLC                         | CUSIP: G33929103<br>LEI: 2138007AJRLHRVQZLD07 | Long             | EC               | CORP              | GB        |     58000 | NS      | $683803.74    | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                                 | Bakkafrost P/F                               | CUSIP: K0840B107<br>LEI: 2138007LH7OP4V112978 | Long             | EC               | CORP              | FO        |     23500 | NS      | $1079248.76   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                       | Svenska Handelsbanken AB                     | CUSIP: W9112U104<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |    105200 | NS      | $1372573.47   | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Indivior PLC                                   | Indivior PLC                                 | CUSIP: G4766E116<br>LEI: 213800V3NCQTY7IED471 | Long             | EC               | CORP              | GB        |     40200 | NS      | $969222.00    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Criteo S.A                                     | Criteo S.A.                                  | CUSIP: 226718104<br>LEI: 969500EELFB4RDMFHA76 | Long             | EC               | CORP              | FR        |     71500 | NS      | $1615900.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico S.A.B. de C.V.        | Kimberly-Clark de Mexico SAB de CV           | CUSIP: P60694117<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |    698300 | NS      | $1470041.06   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                             | Suncor Energy, Inc.                          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     33400 | NS      | $1396454.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant S.A                                    | Globant SA                                   | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     11700 | NS      | $671346.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                 | ING Groep NV                                 | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     67300 | NS      | $1764221.94   | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| JDE Peets N.V                                  | JDE Peet's NV                                | CUSIP: N44664105<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |     42900 | NS      | $1573811.13   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Alamos Gold Inc.                               | Alamos Gold, Inc.                            | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |     45700 | NS      | $1593102.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA                               | Copa Holdings SA                             | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |      9100 | NS      | $1081262.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Electric Holdings Ltd.                 | Johnson Electric Holdings Ltd.               | CUSIP: G5150J157<br>LEI: 529900EDYRQ6K25JEC80 | Long             | EC               | CORP              | HK        |    250000 | NS      | $1308028.93   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuchs SE                                       | Fuchs Petrolub SE                            | CUSIP: D27462387<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EC               | CORP              | DE        |     24100 | NS      | $863593.68    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| BBB Foods Inc                                  | BBB Foods Inc                                | CUSIP: G0896C103<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     40500 | NS      | $1091880.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Allfunds Group Plc                             | Allfunds Group plc                           | CUSIP: G0236L102<br>LEI: 9598005U8TZQ8Q64SC71 | Long             | EC               | CORP              | GB        |    123500 | NS      | $921774.25    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| VTech Holdings Ltd.                            | VTech Holdings Ltd.                          | CUSIP: G9400S132<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    174200 | NS      | $1403771.92   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                                    | Informa PLC                                  | CUSIP: G4770L106<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |     54900 | NS      | $680007.48    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Funds Inc.                      | First American Treasury Obligations Fund     | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   5022393 | PA      | $5022393.25   | 7.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bapcor Ltd.                                    | Bapcor, Ltd.                                 | CUSIP: Q1921R106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    463000 | NS      | $968902.63    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Duerr AG                                       | Duerr AG                                     | CUSIP: D23279108<br>LEI: 5299003APZ54EDTSRO20 | Long             | EC               | CORP              | DE        |     48000 | NS      | $1130434.77   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcos Dorados Holdings Inc                     | Arcos Dorados Holdings Inc.                  | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |    151000 | NS      | $1019250.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** VELA Funds

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller