Mount Lucas Management LP

Newtown, PA · CIK 1185072 · 13F filing filed 2023-08-14

SEC-registered investment adviser since 1986 · limited partnership

Assets managed$1.3bn
Staff15 · 5 in investment roles
Main clients (by assets)State and local governments 71%, Private funds 25%, Mutual funds and ETFs 4%
Private funds1 (1 hedge) · $201.8m gross assets
Websitemtlucas.com
Form ADV · 2026-06-10SEC adviser record

Legal entityMOUNT LUCAS MANAGEMENT LP (US)

$278.2m reported value -5.2% vs Q1 2023

137positions

28.2%in top 10

59 new 25 added 52 reduced 31 sold out vs Q1 2023

Options: 2 call positions ($20.8m notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q2 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL RPV	RPV	324,323	$25.2m9.04%	9.04%	New
2	ISHARES TR 1 3 YR TREAS BD SHY	SHY	166,334	$13.5m4.85%	4.85%	Reduced -256.1k	-256,068 -60.6%
3	THE CIGNA GROUP COM CI	CI	24,446	$6.9m2.47%	2.47%	Added +5.8k	+5,816 31.2%
4	CARDINAL HEALTH INC COM CAH	CAH	61,866	$5.9m2.10%	2.10%	New
5	EQT CORP COM EQT	EQT	137,733	$5.7m2.04%	2.04%	Added +45.6k	+45,647 49.6%
6	MCKESSON CORP COM MCK	MCK	12,898	$5.5m1.98%	1.98%	Added +4.2k	+4,249 49.1%
7	ISHARES TR 3 7 YR TREAS BD IEI	IEI	42,958	$5.0m1.78%	1.78%	Added +17.2k	+17,200 66.8%
8	UNITED AIRLS HLDGS INC COM UAL	UAL	69,037	$3.8m1.36%	1.36%	Added +57.5k	+57,484 497.6%
9	DELTA AIR LINES INC DEL COM NEW DAL	DAL	75,353	$3.6m1.29%	1.29%	New
10	MARATHON PETE CORP COM MPC	MPC	30,296	$3.5m1.27%	1.27%	Reduced -33.1k	-33,136 -52.2%
11	AMERICAN AIRLS GROUP INC COM AAL	AAL	190,589	$3.4m1.23%	1.23%	New
12	EXXON MOBIL CORP COM XOM	XOM	31,354	$3.4m1.21%	1.21%	Reduced -32.8k	-32,842 -51.2%
13	J P MORGAN EXCHANGE TRADED F BETABULDRS JAPAN BBJP	BBJP	64,527	$3.3m1.20%	1.20%	Reduced -7.1k	-7,127 -9.9%
14	VALERO ENERGY CORP COM VLO	VLO	28,104	$3.3m1.18%	1.18%	Reduced -25.4k	-25,439 -47.5%
15	COTERRA ENERGY INC COM CTRA	CTRA	128,051	$3.2m1.16%	1.16%	Reduced -45.0k	-44,999 -26.0%
16	AGNC INVT CORP COM AGNC	AGNC	309,900	$3.1m1.13%	1.13%	Added +11.3k	+11,300 3.8%
17	PACCAR INC COM PCAR	PCAR	37,462	$3.1m1.13%	1.13%	New
18	PULTE GROUP INC COM PHM	PHM	40,149	$3.1m1.12%	1.12%	New
19	ANNALY CAPITAL MANAGEMENT IN COM NEW NLY	NLY	152,800	$3.1m1.10%	1.10%	Added +4.8k	+4,800 3.2%
20	ISHARES INC MSCI AUST ETF EWA	EWA	132,471	$3.0m1.07%	1.07%	New
21	CONOCOPHILLIPS COM COP	COP	28,388	$2.9m1.06%	1.06%	Reduced -11.8k	-11,800 -29.4%
22	MGM RESORTS INTERNATIONAL COM MGM	MGM	66,736	$2.9m1.05%	1.05%	New
23	PROGRESSIVE CORP COM PGR	PGR	21,807	$2.9m1.04%	1.04%	Reduced -3.1k	-3,137 -12.6%
24	AFLAC INC COM AFL	AFL	40,613	$2.8m1.02%	1.02%	Reduced -5.6k	-5,583 -12.1%
25	FORD MTR CO COM F	F	186,332	$2.8m1.01%	1.01%	New
26	UNITED RENTALS INC COM URI	URI	6,326	$2.8m1.01%	1.01%	New
27	PHILLIPS 66 COM PSX	PSX	28,971	$2.8m0.99%	0.99%	Reduced -31.6k	-31,616 -52.2%
28	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	27,090	$2.7m0.98%	0.98%	Reduced -3.0k	-3,010 -10.0%
29	CHEVRON CORP NEW COM CVX	CVX	17,318	$2.7m0.98%	0.98%	Reduced -2.5k	-2,527 -12.7%
30	JOHNSON & JOHNSON COM JNJ	JNJ	16,424	$2.7m0.98%	0.98%	Reduced -2.2k	-2,239 -12.0%
31	MARATHON OIL CORP COM MRO	MRO	117,733	$2.7m0.97%	0.97%	Reduced -15.7k	-15,666 -11.7%
32	OCCIDENTAL PETE CORP COM OXY	OXY	45,929	$2.7m0.97%	0.97%	Reduced -46.2k	-46,204 -50.1%
33	GENUINE PARTS CO COM GPC	GPC	15,795	$2.7m0.96%	0.96%	Reduced -2.2k	-2,170 -12.1%
34	LAMB WESTON HLDGS INC COM LW	LW	23,217	$2.7m0.96%	0.96%	New
35	MCDONALDS CORP COM MCD	MCD	8,919	$2.7m0.96%	0.96%	New
36	BOSTON SCIENTIFIC CORP COM BSX	BSX	48,868	$2.6m0.95%	0.95%	New
37	GLOBE LIFE INC COM GL	GL	24,021	$2.6m0.95%	0.95%	Reduced -3.5k	-3,465 -12.6%
38	HENRY JACK & ASSOC INC COM JKHY	JKHY	15,616	$2.6m0.94%	0.94%	Reduced -2.2k	-2,224 -12.5%
39	OREILLY AUTOMOTIVE INC COM ORLY	ORLY	2,732	$2.6m0.94%	0.94%	New
40	AUTOZONE INC COM AZO	AZO	1,045	$2.6m0.94%	0.94%	New
41	SPDR SER TR BBG CONV SEC ETF CWB	CWB	36,960	$2.6m0.93%	0.93%	New
42	INVESCO EXCH TRADED FD TR II SR LN ETF BKLN	BKLN	120,546	$2.5m0.91%	0.91%	Reduced -3.1k	-3,116 -2.5%
43	MONSTER BEVERAGE CORP NEW COM MNST	MNST	44,082	$2.5m0.91%	0.91%	New
44	GENERAL MTRS CO COM GM	GM	65,572	$2.5m0.91%	0.91%	New
45	SMUCKER J M CO COM NEW SJM	SJM	17,088	$2.5m0.91%	0.91%	New
46	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	148,509	$2.5m0.90%	0.90%	Reduced -191.3k	-191,343 -56.3%
47	MONDELEZ INTL INC CL A MDLZ	MDLZ	33,778	$2.5m0.89%	0.89%	New
48	LENNAR CORP CL A LEN	LEN	19,567	$2.5m0.88%	0.88%	New
49	ISHARES INC JP MRGN EM HI BD EMHY	EMHY	69,092	$2.4m0.87%	0.87%	Reduced -642	-642 -0.9%
50	HCA HEALTHCARE INC COM HCA	HCA	7,987	$2.4m0.87%	0.87%	New
51	HERSHEY CO COM HSY	HSY	9,665	$2.4m0.87%	0.87%	Reduced -3.4k	-3,360 -25.8%
52	ISHARES TR JPMORGAN USD EMG EMB	EMB	27,701	$2.4m0.86%	0.86%	Added +20.9k	+20,869 305.5%
53	SPDR INDEX SHS FDS S&P INTL ETF DWX	DWX	69,633	$2.4m0.86%	0.86%	Added +24.5k	+24,476 54.2%
54	INVESCO EXCHANGE TRADED FD T S&P500 BUY WRT PBP	PBP	108,252	$2.4m0.86%	0.86%	Added +35.8k	+35,811 49.4%
55	HUMANA INC COM HUM	HUM	5,305	$2.4m0.85%	0.85%	New
56	ISHARES TR RUS 1000 VAL ETF IWD	IWD	15,005	$2.4m0.85%	0.85%	New
57	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	36,270	$2.3m0.83%	0.83%	Reduced -4.9k	-4,903 -11.9%
58	DIAMONDBACK ENERGY INC COM FANG	FANG	17,539	$2.3m0.83%	0.83%	Reduced -27.2k	-27,181 -60.8%
59	APA CORPORATION COM APA	APA	67,124	$2.3m0.82%	0.82%	Reduced -84.7k	-84,675 -55.8%
60	AMGEN INC COM AMGN	AMGN	10,255	$2.3m0.82%	0.82%	Reduced -1.4k	-1,367 -11.8%
61	PIONEER NAT RES CO COM PXD	PXD	10,895	$2.3m0.81%	0.81%	Reduced -5.3k	-5,269 -32.6%
62	AMERICAN INTL GROUP INC COM NEW AIG	AIG	38,941	$2.2m0.81%	0.81%	Reduced -51.5k	-51,490 -56.9%
63	TAPESTRY INC COM TPR	TPR	51,952	$2.2m0.80%	0.80%	New
64	HARTFORD INSURANCE GROUP INC COM HIG	HIG	30,458	$2.2m0.79%	0.79%	Reduced -6.2k	-6,243 -17.0%
65	MOSAIC CO NEW COM MOS	MOS	62,209	$2.2m0.78%	0.78%	Reduced -50.0k	-50,042 -44.6%
66	PRINCIPAL FINANCIAL GROUP IN COM PFG	PFG	26,795	$2.0m0.73%	0.73%	Reduced -5.2k	-5,243 -16.4%
67	EVEREST GROUP LTD COM EG	EG	5,867	$2.0m0.72%	0.72%	New
68	ARCHER DANIELS MIDLAND CO COM ADM	ADM	26,303	$2.0m0.71%	0.71%	Reduced -35.0k	-35,049 -57.1%
69	BORGWARNER INC COM BWA	BWA	45,863	$2.0m0.71%	0.71%	New
70	CF INDS HLDGS INC COM CF	CF	23,515	$1.6m0.59%	0.59%	Reduced -9.9k	-9,900 -29.6%
71	PETROLEO BRASILEIRO SA PETRO SPONSORED ADR PBR	PBR	105,300	$1.5m0.52%	0.52%	New
72	ISHARES TR FALN ANGLS USD FALN	FALN	47,387	$1.2m0.43%	0.43%	Added +12.1k	+12,113 34.3%
73	FLEXSHARES TR HIG YLD VL ETF HYGV	HYGV	29,722	$1.2m0.43%	0.43%	New
74	SPDR SER TR BLOOMBERG HIGH Y JNK	JNK	13,009	$1.2m0.43%	0.43%	New
75	ISHARES INC US INTL HGH YLD GHYG	GHYG	28,175	$1.2m0.43%	0.43%	Reduced -1.2k	-1,242 -4.2%
76	ISHARES TR 0-5YR HI YL CP SHYG	SHYG	28,822	$1.2m0.43%	0.43%	Reduced -1.0k	-1,031 -3.5%
77	TELLURIAN INC NEW COM TELL	TELL	767,240	$1.1m0.39%	0.39%	Unchanged
78	VANGUARD WHITEHALL FDS HIGH DIV YLD VYM	VYM	9,888	$1.0m0.38%	0.38%	New
79	UBER TECHNOLOGIES INC COM UBER	UBER	21,931	$946.8k0.34%	0.34%	New
80	ISHARES INC MSCI BRAZIL ETF EWZ	EWZ	27,956	$906.6k0.33%	0.33%	New
81	ISHARES TR MSCI POLAND ETF EPOL	EPOL	46,504	$891.9k0.32%	0.32%	Added +4.1k	+4,066 9.6%
82	GLOBAL X FDS MSCI GREECE ETF GREK	GREK	23,339	$866.6k0.31%	0.31%	Reduced -2.1k	-2,051 -8.1%
83	ISHARES INC MSCI CHILE ETF ECH	ECH	28,870	$842.4k0.30%	0.30%	Reduced -540	-540 -1.8%
84	ISHARES TR MSCI PERU AND GL EPU	EPU	27,357	$838.5k0.30%	0.30%	Reduced -1.1k	-1,111 -3.9%
85	ISHARES TR MSCI INDIA ETF INDA	INDA	18,936	$827.5k0.30%	0.30%	New
86	ISHARES INC MSCI MEXICO ETF EWW	EWW	13,273	$825.3k0.30%	0.30%	Reduced -1.1k	-1,070 -7.5%
87	CARNIVAL CORP UNIT 99/99/9999 UNIT 99/99/9999		43,750	$823.8k0.30%	0.30%	New
88	ISHARES INC MSCI TAIWAN ETF EWT	EWT	17,092	$803.7k0.29%	0.29%	Added +1.8k	+1,774 11.6%
89	ISHARES INC MSCI STH KOR ETF EWY	EWY	12,578	$797.2k0.29%	0.29%	New
90	ISHARES TR MSCI INDONIA ETF EIDO	EIDO	34,347	$791.7k0.28%	0.28%	New
91	CENOVUS ENERGY INC COM CVE	CVE	46,394	$787.8k0.28%	0.28%	Reduced -37.6k	-37,643 -44.8%
92	EOG RES INC COM EOG	EOG	6,827	$781.3k0.28%	0.28%	Added +439	+439 6.9%
93	ISHARES INC MSCI ITALY ETF EWI	EWI	24,124	$767.9k0.28%	0.28%	Reduced -363	-363 -1.5%
94	ISHARES INC MSCI SPAIN ETF EWP	EWP	26,250	$758.6k0.27%	0.27%	Reduced -559	-559 -2.1%
95	ISHARES INC MSCI FRANCE ETF EWQ	EWQ	19,317	$744.3k0.27%	0.27%	Reduced -805	-805 -4.0%
96	ISHARES INC MSCI AUSTRIA ETF EWO	EWO	36,585	$742.7k0.27%	0.27%	Added +2.3k	+2,309 6.7%
97	ISHARES INC MSCI GERMANY ETF EWG	EWG	25,650	$732.8k0.26%	0.26%	Reduced -1.3k	-1,277 -4.7%
98	ISHARES INC MSCI NETHERL ETF EWN	EWN	16,917	$732.2k0.26%	0.26%	Reduced -1.1k	-1,094 -6.1%
99	NORWEGIAN CRUISE LINE HLDG L SHS NCLH	NCLH	33,494	$729.2k0.26%	0.26%	New
100	ISHARES INC MSCI SWEDEN ETF EWD	EWD	20,440	$724.0k0.26%	0.26%	Added +1.6k	+1,616 8.6%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
INVESCO QQQ TR QQQ	QQQ	81,482	$26.2m81.5k shares
NUCOR CORP NUE	NUE	24,890	$3.8m24.9k shares
GENERAL MLS INC GIS	GIS	40,331	$3.4m40.3k shares
PEPSICO INC PEP	PEP	17,056	$3.1m17.1k shares
ABBVIE INC ABBV	ABBV	19,370	$3.1m19.4k shares
CENCORA INC COR	COR	19,066	$3.1m19.1k shares
REPUBLIC SVCS INC RSG	RSG	22,380	$3.0m22.4k shares
UNITEDHEALTH GROUP INC UNH	UNH	6,022	$2.8m6.0k shares
INVESCO EXCH TRADED FD TR II QQQM	QQQM	21,262	$2.8m21.3k shares
COCA COLA CO KO	KO	45,215	$2.8m45.2k shares
KELLANOVA K	K	40,906	$2.7m40.9k shares
BERKLEY W R CORP WRB	WRB	43,781	$2.7m43.8k shares
TRAVELERS COMPANIES INC TRV	TRV	14,692	$2.5m14.7k shares
LYONDELLBASELL INDUSTRIES N LYB	LYB	25,705	$2.4m25.7k shares
METLIFE INC MET	MET	40,245	$2.3m40.2k shares
DOW INC DOW	DOW	38,216	$2.1m38.2k shares
HP INC HPQ	HPQ	70,180	$2.1m70.2k shares
CVS HEALTH CORP CVS	CVS	26,090	$1.9m26.1k shares
TYSON FOODS INC TSN	TSN	28,487	$1.7m28.5k shares
STEEL DYNAMICS INC STLD	STLD	7,297	$825.0k7.3k shares
TECK RESOURCES LTD TECK	TECK	21,983	$802.4k22.0k shares
BUILDERS FIRSTSOURCE INC BLDR	BLDR	7,958	$706.5k8.0k shares
AUTONATION INC AN	AN	4,302	$578.0k4.3k shares
AVIS BUDGET GROUP CAR	CAR	2,596	$505.7k2.6k shares
WESTLAKE CORPORATION WLK	WLK	4,123	$478.2k4.1k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
DISNEY WALT CO DIS · Call	DIS	Call	140,000	$12.5m140.0k shares	Unchanged
PAYPAL HLDGS INC PYPL · Call	PYPL	Call	125,000	$8.3m125.0k shares	Unchanged