Mount Lucas Management LP's Q3 2025 13F: 8 new positions, 5 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 10, 2025 · 159 reported positions · accession 0001140361-25-041412
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | ISHARES PREFERRED & INCOME S (PFF) | — | 1.3% | +1.3 pts | +91,038 sh | new |
| New | ISHARES MORTGAGE REAL ESTATE (REM) | — | 1.3% | +1.3 pts | +127K sh | new |
| Reduced | ISHARES 7-10 YEAR TREASURY B (IEF) | 2.3% | 1.2% | −1.0 pts | −21,114 sh | −42% |
| Reduced | ISHARES 3-7 YEAR TREASURY BO (IEI) | 2.3% | 1.2% | −1.0 pts | −16,803 sh | −42% |
| Reduced | ISHARES 1-3 YEAR TREASURY BO (SHY) | 2.2% | 1.2% | −1.0 pts | −23,745 sh | −42% |
| Exited | AUTOMATIC DATA PROCESSING (ADP) | 0.7% | — | −0.7 pts | −4,753 sh | −100% |
| Reduced | ANNALY CAPITAL MANAGEMENT IN (NLY) | 2.6% | 2.0% | −0.6 pts | −74,600 sh | −26% |
| New | FTAI AVIATION LTD (FTAI) | — | 0.6% | +0.6 pts | +8,000 sh | new |
| Reduced | AGNC INVESTMENT CORP (AGNC) | 2.5% | 2.0% | −0.5 pts | −114K sh | −20% |
| New | WW INTERNATIONAL INC-NEW (WW) | — | 0.5% | +0.5 pts | +40,000 sh | new |
| Reduced | INVESCO QQQ TRUST SERIES 1 (QQQ) | 13.0% | 13.0% | 0.0 pts | −1,692 sh | −3% |
| New | ISHARES MSCI THAILAND ETF (THD) | — | 0.4% | +0.4 pts | +16,066 sh | new |
| Exited | ISHARES MSCI PHILIPPINES ETF (EPHE) | 0.4% | — | −0.4 pts | −32,171 sh | −100% |
| Increased | ARCH CAPITAL GROUP LTD (ACGL) | 0.3% | 1.0% | +0.6 pts | +4,685 sh | +58% |
| Reduced | SIMPLIFY BOND BULL ETF (RFIX) | 0.7% | 0.2% | −0.5 pts | −18,350 sh | −61% |
| Exited | ISHARES MSCI INDIA ETF (INDA) | 0.3% | — | −0.3 pts | −13,033 sh | −100% |
| New | ISHARES NATIONAL MUNI BOND E (MUB) | — | 0.3% | +0.3 pts | +6,856 sh | new |
| Increased | VANGUARD REAL ESTATE ETF (VNQ) | 0.3% | 0.6% | +0.3 pts | +7,626 sh | +96% |
| New | ROCKET COS INC-CLASS A (RKT) | — | 0.3% | +0.3 pts | +34,000 sh | new |
| Reduced | UWM HOLDINGS CORP (UWMC) | 0.4% | 0.4% | 0.0 pts | −53,000 sh | −25% |
| Increased | ONCOLOGY INSTITUTE INC/THE (DFPH) | 0.1% | 0.3% | +0.2 pts | +83,500 sh | +108% |
| New | ISHARES MSCI TURKEY ETF (TUR) | — | 0.1% | +0.1 pts | +6,205 sh | new |
| Exited | SOHO HOUSE & CO INC (SHCO) | 0.1% | — | −0.1 pts | −25,000 sh | −100% |
| Increased | INVESCO SENIOR LOAN ETF (BKLN) | 1.3% | 1.3% | 0.0 pts | +7,416 sh | +6% |
| Reduced | ISHARES MSCI SOUTH KOREA ETF (EWY) | 0.5% | 0.5% | 0.0 pts | −1,576 sh | −11% |
| Reduced | INVESCO NASDAQ 100 ETF (QQQM) | 1.0% | 1.0% | 0.0 pts | −507 sh | −5% |
| Reduced | AGNICO EAGLE MINES LTD (AEM) | 0.6% | 0.7% | +0.1 pts | −731 sh | −7% |
| Reduced | ROBINHOOD MARKETS INC - A (HOOD) | 0.5% | 0.7% | +0.2 pts | −850 sh | −7% |
| Reduced | PROGRESSIVE CORP (PGR) | 1.3% | 1.1% | −0.2 pts | −458 sh | −5% |
| Reduced | NEWMONT CORP (NEM) | 0.7% | 1.0% | +0.2 pts | −1,323 sh | −5% |
| Reduced | ISHARES MSCI PERU AND GLOBAL (EPU) | 0.4% | 0.5% | 0.0 pts | −1,805 sh | −10% |
| Reduced | UNITED AIRLINES HOLDINGS INC (UAL) | 0.8% | 0.9% | +0.1 pts | −1,125 sh | −5% |
| Increased | INVESCO S&P 500 BUYWRITE ETF (PBP) | 1.2% | 1.2% | 0.0 pts | +4,809 sh | +4% |
| Reduced | KINROSS GOLD CORP (KGC) | 0.4% | 0.6% | +0.2 pts | −3,860 sh | −7% |
| Increased | ISHARES MSCI MALAYSIA ETF (EWM) | 0.4% | 0.4% | 0.0 pts | +3,566 sh | +11% |
| Reduced | FREDDIE MAC (FMCC) | 0.4% | 0.5% | +0.1 pts | −7,830 sh | −7% |
| Reduced | GLOBAL X MSCI GREECE ETF (GREK) | 0.4% | 0.4% | 0.0 pts | −1,397 sh | −9% |
| Reduced | TECHNIPFMC PLC (FTI) | 0.5% | 0.5% | 0.0 pts | −2,213 sh | −7% |
| Reduced | HOULIHAN LOKEY INC (HLI) | 0.5% | 0.5% | 0.0 pts | −425 sh | −7% |
| Increased | ISHARES 0-5 YR HY CORP BOND (SHYG) | 0.9% | 0.9% | 0.0 pts | +1,983 sh | +5% |
| Increased | FLEXSHARES HIGH YIELD VALUE (HYGV) | 0.9% | 0.9% | 0.0 pts | +2,042 sh | +5% |
| Increased | SS SPDR BB HIGH YIELD BOND (JNK) | 0.9% | 0.9% | 0.0 pts | +822 sh | +4% |
| Reduced | APPLOVIN CORP-CLASS A (APP) | 0.2% | 0.4% | +0.2 pts | −107 sh | −7% |
| Reduced | PALANTIR TECHNOLOGIES INC-A (PLTR) | 0.4% | 0.4% | +0.1 pts | −392 sh | −7% |
| Increased | SPDR S&P INTER DVD ETF (DWX) | 1.2% | 1.2% | 0.0 pts | +1,655 sh | +3% |
| Reduced | METLIFE INC (MET) | 1.0% | 0.9% | −0.1 pts | −854 sh | −3% |
| Reduced | NORTHERN TRUST CORP (NTRS) | 0.7% | 0.7% | 0.0 pts | −514 sh | −4% |
| Increased | BANK OF NEW YORK MELLON CORP (BK) | 0.8% | 0.9% | +0.1 pts | +628 sh | +3% |
| Reduced | ROBLOX CORP -CLASS A (RBLX) | 0.3% | 0.4% | +0.1 pts | −487 sh | −7% |
| Increased | ISHARES US&INTL HIGH YIELD C (GHYG) | 0.9% | 0.9% | 0.0 pts | +1,448 sh | +4% |
The 50 largest of 156 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 — 26.8% of the equity book
Changes in the top 10 this quarter: PFF entered · REM entered · VYM entered · IEF left · IEI left · SHY left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | INVESCO QQQ TRUST SERIES 1 (QQQ) | 13.0% | 13.0% | |
| 2 | AGNC INVESTMENT CORP (AGNC) | 2.5% | 2.0% | |
| 3 | ANNALY CAPITAL MANAGEMENT IN (NLY) | 2.6% | 2.0% | |
| 4 | JPMORGAN BETABUILDERS JAPAN (BBJP) | 1.7% | 1.7% | |
| 5 | ISHARES MSCI AUSTRALIA ETF (EWA) | 1.7% | 1.7% | |
| 6 | SS SPDR BB CONV SEC ETF (CWB) | 1.3% | 1.4% | |
| 7 | ISHARES PREFERRED & INCOME S (PFF) | 0.0% | 1.3% | Entered the top 10 |
| 8 | INVESCO SENIOR LOAN ETF (BKLN) | 1.3% | 1.3% | |
| 9 | ISHARES MORTGAGE REAL ESTATE (REM) | 0.0% | 1.3% | Entered the top 10 |
| 10 | VANGUARD HIGH DVD YIELD ETF (VYM) | 1.3% | 1.2% | Entered the top 10 |
| — | ISHARES 7-10 YEAR TREASURY B (IEF) | 2.3% | 1.2% | Left the top 10 |
| — | ISHARES 3-7 YEAR TREASURY BO (IEI) | 2.3% | 1.2% | Left the top 10 |
| — | ISHARES 1-3 YEAR TREASURY BO (SHY) | 2.2% | 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 | TESLA INC (TSLA) | Call | 30,000 | 0 | $0 |
| New | ROCKET COS INC-CLASS A (RKT) | Call | 0 | 300K | $5.81M |
| Increased | INTEL CORP (INTC) | Call | 150K | 183K | $6.12M |
| Reduced | ISHARES MSCI BRAZIL ETF (EWZ) | Call | 400K | 320K | $9.92M |