VELA INCOME OPPORTUNITIES FUND
VELA Funds

Portfolio moves

Net position changes between two of this fund's N-PORT snapshots. These are differences between point-in-time reports — not a trade log — and share counts can be affected by splits and other corporate actions.

Dec 31, 2025 → Mar 31, 2026

Expand a category to see the positions behind it, ranked by weight.

Security Shares Dec 2025 Shares Mar 2026 Δ shares End % Δ value
LAMB WESTON HOLDINGS INC 0 14,462 14,462 1.54% $611.16K
INTERPARFUMS INC 0 5,398 5,398 1.24% $490.35K
First Citizens BancShares, Inc., Series D 0 450,000 450,000 1.14% $450.80K
OAKTREE STRATEG 0 450,000 450,000 1.11% $440.53K
Fair Isaac Corp 0 400,000 400,000 0.99% $393.80K
ENCOMPASS HEALTH CORP 0 3,981 3,981 0.97% $385.08K
KEYCORP PREFERRED STOCK VAR 0 15,000 15,000 0.90% $355.95K
UNDER ARMOUR INC REGD 144A P/P 7.25000000 0 350,000 350,000 0.90% $354.76K
AstraZeneca PLC ORD USD0.25 0 1,738 1,738 0.86% $342.77K
IRON MOUNTAIN INC REGD 144A P/P 5.62500000 0 350,000 350,000 0.86% $339.91K
FLOWERS FOODS INC 0 37,751 37,751 0.78% $307.67K
CENTENE CORP 0 250,000 250,000 0.60% $237.47K
FLOWERS FOODS 0 250,000 250,000 0.53% $211.52K
MICROSOFT CORP 0 553 553 0.52% $204.70K
Spirit Airlines Pass-Through Trust, Series 2017-1A, Class A 0 172,841 172,841 0.40% $158.23K
Security Shares Dec 2025 Shares Mar 2026 Δ shares End % Δ value
SYSCO CORP 8,564 0 -8,564 0.00% -$631.08K
GENUINE PARTS CO 3,907 0 -3,907 0.00% -$480.40K
American Airlines Inc 350,000 0 -350,000 0.00% -$366.33K
INSTALLED BUILDING PRODU REGD 144A P/P 5.75000000 350,000 0 -350,000 0.00% -$351.57K
FORD MOTOR CRED 350,000 0 -350,000 0.00% -$350.91K
VSCO 4.625 07/15/29 144A 350,000 0 -350,000 0.00% -$339.75K
ASTRAZENECA PLC SPONS ADR 3,477 0 -3,477 0.00% -$319.64K
OAKTREE STRATEG 300,000 0 -300,000 0.00% -$302.36K
USB V3.7 PERP 300,000 0 -300,000 0.00% -$293.24K
NORTHWESTERN ENERGY GROUP INC 4,233 0 -4,233 0.00% -$273.20K
CHURCHILL DOWNS INC REGD 144A P/P 6.75000000 250,000 0 -250,000 0.00% -$259.57K
Iron Mountain Inc. 250,000 0 -250,000 0.00% -$256.97K
KKR & CO INC 1,919 0 -1,919 0.00% -$244.63K
AR 7.625 02/01/29 144A 150,000 0 -150,000 0.00% -$152.83K
Security Shares Dec 2025 Shares Mar 2026 Δ shares End % Δ value
FIRST AM-TR OB-X 368,317 1,340,158 971,842 3.38% $971.84K
Copa Holdings SA NPV CLASS 'A' 6,053 7,643 1,590 2.19% $138.27K
PEPSICO INC 4,726 5,178 452 2.03% $125.82K
ACCENTURE PLC-A 2,073 3,511 1,438 1.76% $140.01K
PASON SYSTEMS INC COMMON STOCK 50,267 72,681 22,414 1.74% $252.51K
AMBEV SA COM NPV ABEV3 169,550 210,257 40,707 1.56% $190.07K
PPG INDUSTRIES INC 5,179 5,622 443 1.52% $70.24K
MEDTRONIC PLC 5,832 6,672 840 1.46% $17.91K
SIMON PROPERTY 1,988 2,705 717 1.27% $136.56K
FEDERAL AGRI MTG NON VTG CL C 2,218 3,368 1,150 1.26% $110.23K
NATL FUEL GAS CO 4,322 5,284 962 1.25% $150.47K
CARLISLE COS INC 1,067 1,467 400 1.23% $148.13K
FIRST INTST BANCSYST INC CL A 11,501 14,601 3,100 1.23% $89.74K
METLIFE INC 5,640 6,871 1,231 1.23% $40.70K
POOL CORP 1,906 2,372 466 1.21% $43.93K
VAIL RESORTS INC 3,283 3,725 442 1.21% $42.01K
BXP INC 4,728 9,147 4,419 1.20% $155.68K
FIDELITY NATL INFORM SVCS INC 6,034 9,978 3,944 1.18% $67.05K
GTX 7.75 05/31/32 144A 400,000 450,000 50,000 1.18% $40.50K
WILLIAM CARTER SR UNSECURED 144A 02/31 7.375 350,000 450,000 100,000 1.16% $97.14K
HIKMA PHARMACEUT 16,628 27,250 10,622 1.15% $111.01K
OHNAT 5.55 01/24/30 400,000 450,000 50,000 1.14% $47.57K
Cleveland-Cliffs Inc. 400,000 450,000 50,000 1.13% $34.81K
STANLEY BLACK 400,000 450,000 50,000 1.11% $38.69K
SALESFORCE INC 1,656 2,296 640 1.08% -$10.10K
STENOR 7 3/8 06/01/31 350,000 400,000 50,000 1.04% $43.54K
Macy's Retail Holdings, LLC 350,000 400,000 50,000 1.03% $38.74K
ARCH CAPITAL GRP 3,779 4,264 485 1.03% $46.82K
WNC 4.5 10/15/28 144A 400,000 450,000 50,000 1.00% $20.00K
BXC 6 11/15/29 144A 211,000 401,000 190,000 0.98% $180.81K
Nintendo Company Ltd. 2,464 6,662 4,198 0.96% $213.92K
FIRST BUSEY CORP PREFERRED STOCK 8.25 12,000 15,000 3,000 0.96% $70.35K
ABBOTT LABS 2,525 3,668 1,143 0.95% $60.24K
STONEX GROUP INC REGD 144A P/P 7.87500000 300,000 350,000 50,000 0.92% $43.55K
TYSON FOODS INC CL A 4,661 5,609 948 0.91% $86.14K
Trustmark Corp. 250,000 350,000 100,000 0.88% $95.63K
Walker & Dunlop, Inc. 250,000 350,000 100,000 0.86% $84.76K
Six Flags Operations Inc. 300,000 350,000 50,000 0.85% $49.22K
SIMMONS FOODS INC/SIMMONS PREP SECURED 144A 03/29 4.625 250,000 350,000 100,000 0.85% $95.38K
WSBC 7 3/8 PERP 10,000 13,000 3,000 0.82% $67.75K
SHIFT4 PMTS INC 6% MANDAT 3,000 6,000 3,000 0.81% $81.81K
THERMO FISHER SCIENTIFIC INC 591 621 30 0.77% -$37.21K
NIKE INC CL B 4,527 5,704 1,177 0.76% $12.87K
Merchants Bancorp Series E, 7.625% 7,437 12,437 5,000 0.75% $127.33K
CULLEN FROST CAPITAL TRUST II 300,000 310,000 10,000 0.71% $9.51K
BLOOMIN' BRANDS INC / OSI REST COMPANY GUAR 144A 04/29 5.125 250,000 300,000 50,000 0.67% $38.28K
Security Shares Dec 2025 Shares Mar 2026 Δ shares End % Δ value
GREENBRIER COS 17,450 17,306 -144 2.30% $95.55K
JOHNSON&JOHNSON 2,943 2,707 -236 1.67% $52.65K
MPLX LP PARTNERSHIP SHARES 9,916 7,876 -2,040 1.13% -$79.73K
STARBUCKS CORP 4,685 3,761 -924 0.85% -$57.58K
AXIS CAPITAL 3,452 2,646 -806 0.68% -$101.34K
ALPHABET INC CL A 1,409 926 -483 0.67% -$174.74K
TEXAS INSTRUMENTS INC 1,339 1,005 -334 0.49% -$37.19K
WINNEBAGO INDUSTRIES REGD 144A P/P 6.25000000 300,000 148,000 -152,000 0.37% -$152.72K
SUNCOR ENERGY INC 7,876 1,979 -5,897 0.33% -$218.55K
Zoetis, Inc. 03/20/2026 110 Put -355 -477 -122 -0.28% $9.92K
Security Shares Dec 2025 Shares Mar 2026 Δ shares End % Δ value
CSX CORP 14,236 14,236 0 1.47% $68.33K
MOVADO GROUP INC 22,354 22,354 0 1.38% $84.95K
First National of Nebraska Inc 400,000 400,000 0 1.05% -$3.42K
ANTARES HOLDINGS SR UNSECURED 144A 10/29 6.35 400,000 400,000 0 1.00% -$12.59K
UNION PACIFIC CORP 1,546 1,546 0 0.95% $17.47K
SOILCN 9.625 06/15/29 144A 349,000 349,000 0 0.92% $20.97K
AMER ELEC PWR 350,000 350,000 0 0.91% -$6.28K
COMCAST CORP CL A 12,393 12,393 0 0.90% -$14.62K
STATE STREET CORP 6.450000% MATURITY: PERPETUAL 350,000 350,000 0 0.90% -$7.36K
XEC 4.375 03/15/29 368,000 368,000 0 0.90% -$1.98K
Bath & Body Works, Inc. 350,000 350,000 0 0.89% -$4.84K
GARMIN LTD 1,510 1,510 0 0.88% $44.03K
C V7.125 PERP CC 319,000 319,000 0 0.81% -$7.00K
SM ENERGY CO 144A LIFE SR UNSEC 8.625% 11-01-30 300,000 300,000 0 0.80% $2.05K
ALLEGIANT TRAVEL CO REGD 144A P/P 7.25000000 308,000 308,000 0 0.78% -$3.95K
NXST 5.625 07/15/27 144A 300,000 300,000 0 0.76% -$1.69K
CMPR 7.375 09/15/32 144A 300,000 300,000 0 0.75% -$9.52K
The PNC Financial Services Group, Inc. 300,000 300,000 0 0.74% -$9
AXIS Capital Holdings Ltd., Series E, Pfd. 14,944 14,944 0 0.73% -$8.07K
Arch Capital Group Ltd., Series G, Pfd. 17,351 17,351 0 0.72% -$4.68K
XPO CNW INC SR UNSECURED 05/34 6.7 265,000 265,000 0 0.68% -$12.85K
MONDELEZ INTL INC 4,643 4,643 0 0.68% $17.69K
VENTURE GLOBAL CALCASIEU SR SECURED 144A 01/30 6.25 250,000 250,000 0 0.65% $2.40K
ALLY FINL. INC F2V 256,000 256,000 0 0.64% -$679
Bank OZK 250,000 250,000 0 0.61% $4.20K
ATKR 4.25 06/01/31 144A 250,000 250,000 0 0.59% -$5.52K
Huntington Bancshares Inc., Series J, Pfd. 9,318 9,318 0 0.58% -$7.27K
WORTHINGTON INDUSTRIES INC 210,000 210,000 0 0.49% $4.68K
NET LEASE OFFICE PROPERTIES REIT 14,664 14,664 0 0.43% -$209.26K
Bank OZK, Series A, Pfd. 8,700 8,700 0 0.35% -$6.61K
Stifel Financial Corp., Series B, Pfd. 2,644 2,644 0 0.16% -$899

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