Mount Lucas Management LP's Q2 2025 13F: 42 new positions, 31 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 11, 2025 · 156 reported positions · accession 0001140361-25-030098
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | ISHARES MSCI AUSTRALIA ETF (EWA) | — | 1.7% | +1.7 pts | +136K sh | new |
| Reduced | HARTFORD INSURANCE GROUP INC (HIG) | 2.0% | 0.4% | −1.6 pts | −27,342 sh | −80% |
| Exited | ISHARES MORTGAGE REAL ESTATE (REM) | 1.2% | — | −1.2 pts | −116K sh | −100% |
| Reduced | ISHARES 3-7 YEAR TREASURY BO (IEI) | 3.2% | 2.3% | −1.0 pts | −18,333 sh | −32% |
| New | AT&T INC (T) | — | 1.0% | +1.0 pts | +74,397 sh | new |
| Reduced | ISHARES 1-3 YEAR TREASURY BO (SHY) | 3.2% | 2.2% | −1.0 pts | −25,964 sh | −31% |
| Reduced | SYNCHRONY FINANCIAL (SYF) | 1.1% | 0.4% | −0.7 pts | −32,051 sh | −74% |
| Reduced | ISHARES 7-10 YEAR TREASURY B (IEF) | 3.2% | 2.3% | −1.0 pts | −22,096 sh | −31% |
| New | CENCORA INC (COR) | — | 0.9% | +0.9 pts | +6,569 sh | new |
| Exited | T-MOBILE US INC (TMUS) | 0.9% | — | −0.9 pts | −7,270 sh | −100% |
| Exited | BROWN & BROWN INC (BRO) | 0.8% | — | −0.8 pts | −14,398 sh | −100% |
| Reduced | APPLOVIN CORP-CLASS A (APP) | 0.8% | 0.2% | −0.6 pts | −5,040 sh | −77% |
| Exited | JPMORGAN CHASE & CO (JPM) | 0.8% | — | −0.8 pts | −6,560 sh | −100% |
| New | NEWMONT CORP (NEM) | — | 0.7% | +0.7 pts | +26,783 sh | new |
| Exited | CINTAS CORP (CTAS) | 0.7% | — | −0.7 pts | −7,632 sh | −100% |
| Exited | MCKESSON CORP (MCK) | 0.7% | — | −0.7 pts | −2,209 sh | −100% |
| Exited | TJX COMPANIES INC (TJX) | 0.7% | — | −0.7 pts | −12,169 sh | −100% |
| Exited | COSTCO WHOLESALE CORP (COST) | 0.7% | — | −0.7 pts | −1,535 sh | −100% |
| New | CISCO SYSTEMS INC (CSCO) | — | 0.7% | +0.7 pts | +20,494 sh | new |
| New | NASDAQ INC (NDAQ) | — | 0.7% | +0.7 pts | +15,786 sh | new |
| New | VERISIGN INC (VRSN) | — | 0.7% | +0.7 pts | +4,842 sh | new |
| New | CARDINAL HEALTH INC (CAH) | — | 0.7% | +0.7 pts | +8,319 sh | new |
| New | INTERCONTINENTAL EXCHANGE IN (ICE) | — | 0.7% | +0.7 pts | +7,616 sh | new |
| New | ABBOTT LABORATORIES (ABT) | — | 0.7% | +0.7 pts | +10,221 sh | new |
| Reduced | ARCH CAPITAL GROUP LTD (ACGL) | 1.1% | 0.3% | −0.7 pts | −15,245 sh | −65% |
| Reduced | WR BERKLEY CORP (WRB) | 1.1% | 0.4% | −0.6 pts | −18,752 sh | −60% |
| New | CAPITAL ONE FINANCIAL CORP (COF) | — | 0.7% | +0.7 pts | +6,435 sh | new |
| New | CME GROUP INC (CME) | — | 0.7% | +0.7 pts | +4,962 sh | new |
| Exited | TARGA RESOURCES CORP (TRGP) | 0.6% | — | −0.6 pts | −6,833 sh | −100% |
| Exited | AMPHENOL CORP-CL A (APH) | 0.6% | — | −0.6 pts | −19,990 sh | −100% |
| Reduced | LOEWS CORP (L) | 0.9% | 0.4% | −0.6 pts | −13,039 sh | −60% |
| Exited | ISHARES PREFERRED & INCOME S (PFF) | 0.5% | — | −0.5 pts | −37,173 sh | −100% |
| Reduced | CHUBB LTD (CB) | 0.9% | 0.4% | −0.5 pts | −3,760 sh | −58% |
| New | ISHARES MSCI SOUTH KOREA ETF (EWY) | — | 0.5% | +0.5 pts | +14,308 sh | new |
| Reduced | ROYAL CARIBBEAN CRUISES LTD (RCL) | 0.5% | 0.3% | −0.2 pts | −3,172 sh | −60% |
| Reduced | INVESCO QQQ TRUST SERIES 1 (QQQ) | 11.3% | 13.0% | +1.7 pts | −1,778 sh | −3% |
| Reduced | UNIVERSAL HEALTH SERVICES-B (UHS) | 0.8% | 0.4% | −0.5 pts | −5,399 sh | −57% |
| Exited | ASSURANT INC (AIZ) | 0.5% | — | −0.5 pts | −4,651 sh | −100% |
| New | ISHARES MSCI TAIWAN ETF (EWT) | — | 0.5% | +0.5 pts | +16,562 sh | new |
| Increased | ISHARES MSCI BRAZIL ETF (EWZ) | 0.2% | 0.7% | +0.5 pts | +32,761 sh | +164% |
| Exited | AMERICAN INTERNATIONAL GROUP (AIG) | 0.4% | — | −0.4 pts | −10,666 sh | −100% |
| New | ISHARES MSCI MEXICO ETF (EWW) | — | 0.4% | +0.4 pts | +14,639 sh | new |
| New | ISHARES MSCI PHILIPPINES ETF (EPHE) | — | 0.4% | +0.4 pts | +32,171 sh | new |
| Reduced | COMFORT SYSTEMS USA INC (FIX) | 0.4% | 0.3% | −0.1 pts | −1,603 sh | −60% |
| Reduced | DAVITA INC (DVA) | 0.7% | 0.2% | −0.4 pts | −5,961 sh | −66% |
| Reduced | ALLSTATE CORP (ALL) | 1.0% | 0.6% | −0.4 pts | −4,143 sh | −39% |
| New | ISHARES MSCI MALAYSIA ETF (EWM) | — | 0.4% | +0.4 pts | +33,418 sh | new |
| Exited | EVEREST GROUP LTD (EG) | 0.4% | — | −0.4 pts | −2,103 sh | −100% |
| New | INVESCO LTD (IVZ) | — | 0.4% | +0.4 pts | +47,704 sh | new |
| New | REGIONS FINANCIAL CORP (RF) | — | 0.4% | +0.4 pts | +31,822 sh | new |
The 50 largest of 185 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 30.9% of the equity book
Changes in the top 10 this quarter: EWA entered · CWB entered · BKLN entered · HIG left · FOXA left · DWX left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | INVESCO QQQ TRUST SERIES 1 (QQQ) | 11.3% | 13.0% | |
| 2 | ANNALY CAPITAL MANAGEMENT IN (NLY) | 2.7% | 2.6% | |
| 3 | AGNC INVESTMENT CORP (AGNC) | 2.5% | 2.5% | |
| 4 | ISHARES 7-10 YEAR TREASURY B (IEF) | 3.2% | 2.3% | |
| 5 | ISHARES 3-7 YEAR TREASURY BO (IEI) | 3.2% | 2.3% | |
| 6 | ISHARES 1-3 YEAR TREASURY BO (SHY) | 3.2% | 2.2% | |
| 7 | ISHARES MSCI AUSTRALIA ETF (EWA) | 0.0% | 1.7% | Entered the top 10 |
| 8 | JPMORGAN BETABUILDERS JAPAN (BBJP) | 1.7% | 1.7% | |
| 9 | SPDR BLOOMBERG CONVERTIBLE S (CWB) | 1.2% | 1.3% | Entered the top 10 |
| 10 | INVESCO SENIOR LOAN ETF (BKLN) | 1.3% | 1.3% | Entered the top 10 |
| — | HARTFORD INSURANCE GROUP INC (HIG) | 2.0% | 0.4% | Left the top 10 |
| — | FOX CORP - CLASS A (FOXA) | 1.4% | 1.1% | Left the top 10 |
| — | SPDR S&P INTER DVD ETF (DWX) | 1.3% | 1.2% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| Exited | KRANESHARES CSI CHINA INTERN (KWEB) | Call | 1.42M | 0 | $0 |
| Exited | XTRACKERS HARVEST CSI 300 CH (ASHR) | Call | 700K | 0 | $0 |
| Exited | JD.COM INC-ADR (JD) | Call | 400K | 0 | $0 |
| New | TESLA INC (TSLA) | Call | 0 | 30,000 | $9.53M |