Mount Lucas Management LP

Newtown, PA · CIK 1185072 · 13F filing filed 2024-08-06

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)

$281.8m reported value -5.6% vs Q1 2024

154positions

26.3%in top 10

46 new 24 added 84 reduced 34 sold out vs Q1 2024

Options: 2 call positions ($67.5m notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q2 2024

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 QQQ TR UNIT SER 1 QQQ	QQQ	39,268	$18.8m6.68%	6.68%	Added +25.2k	+25,222 179.6%
2	HARTFORD INSURANCE GROUP INC COM HIG	HIG	78,481	$7.9m2.80%	2.80%	Added +24.7k	+24,691 45.9%
3	LOEWS CORP COM L	L	94,603	$7.1m2.51%	2.51%	Added +28.5k	+28,516 43.1%
4	COSTCO WHSL CORP NEW COM COST	COST	7,192	$6.1m2.17%	2.17%	Added +3.0k	+3,009 71.9%
5	ARCH CAP GROUP LTD ORD ACGL	ACGL	58,403	$5.9m2.09%	2.09%	Added +20.0k	+19,995 52.1%
6	INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL RPV	RPV	69,108	$5.8m2.05%	2.05%	Reduced -153.0k	-153,040 -68.9%
7	JPMORGAN CHASE & CO COM JPM	JPM	28,406	$5.7m2.04%	2.04%	Added +12.7k	+12,700 80.9%
8	SYNCHRONY FINANCIAL COM SYF	SYF	120,197	$5.7m2.01%	2.01%	Added +61.8k	+61,814 105.9%
9	REPUBLIC SVCS INC COM RSG	RSG	29,143	$5.7m2.01%	2.01%	Added +13.7k	+13,652 88.1%
10	DELTA AIR LINES INC DEL COM NEW DAL	DAL	114,580	$5.4m1.93%	1.93%	Reduced -13.1k	-13,054 -10.2%
11	PACCAR INC COM PCAR	PCAR	49,293	$5.1m1.80%	1.80%	Reduced -14.0k	-13,982 -22.1%
12	UNITED AIRLS HLDGS INC COM UAL	UAL	100,832	$4.9m1.74%	1.74%	Reduced -8.9k	-8,937 -8.1%
13	ANNALY CAPITAL MANAGEMENT IN COM NEW NLY	NLY	254,000	$4.8m1.72%	1.72%	Added +1.0k	+1,035 0.4%
14	DAVITA INC COM DVA	DVA	34,133	$4.7m1.68%	1.68%	Added +15.1k	+15,104 79.4%
15	AGNC INVT CORP COM AGNC	AGNC	492,000	$4.7m1.67%	1.67%	Added +5.1k	+5,080 1.0%
16	EVEREST GROUP LTD COM EG	EG	12,286	$4.7m1.66%	1.66%	Added +404	+404 3.4%
17	PULTE GROUP INC COM PHM	PHM	40,830	$4.5m1.59%	1.59%	Reduced -15.7k	-15,748 -27.8%
18	ASSURANT INC COM AIZ	AIZ	24,786	$4.1m1.46%	1.46%	Added +12.5k	+12,529 102.2%
19	ISHARES TR 1 3 YR TREAS BD SHY	SHY	47,767	$3.9m1.38%	1.38%	Added +7.8k	+7,812 19.6%
20	ISHARES TR 3 7 YR TREAS BD IEI	IEI	28,503	$3.3m1.17%	1.17%	Added +4.8k	+4,769 20.1%
21	ISHARES INC MSCI AUST ETF EWA	EWA	131,533	$3.2m1.14%	1.14%	Reduced -7.7k	-7,704 -5.5%
22	J P MORGAN EXCHANGE TRADED F BETABULDRS JAPAN BBJP	BBJP	56,215	$3.2m1.13%	1.13%	Reduced -2.6k	-2,639 -4.5%
23	SIMPLIFY EXCHANGE TRADED FUN MBS ETF MTBA	MTBA	61,500	$3.1m1.10%	1.10%	Reduced -860	-860 -1.4%
24	T-MOBILE US INC COM TMUS	TMUS	16,481	$2.9m1.03%	1.03%	New
25	COPART INC COM CPRT	CPRT	52,173	$2.8m1.00%	1.00%	Reduced -539	-539 -1.0%
26	ISHARES TR 7-10 YR TRSY BD IEF	IEF	28,515	$2.7m0.95%	0.95%	Added +4.9k	+4,944 21.0%
27	GALLAGHER ARTHUR J & CO COM AJG	AJG	10,293	$2.7m0.95%	0.95%	Reduced -97	-97 -0.9%
28	AMPHENOL CORP CL A APH	APH	39,454	$2.7m0.94%	0.94%	New
29	UNITED RENTALS INC COM URI	URI	4,088	$2.6m0.94%	0.94%	Reduced -5.7k	-5,728 -58.4%
30	CINTAS CORP COM CTAS	CTAS	3,772	$2.6m0.94%	0.94%	New
31	TJX COS INC NEW COM TJX	TJX	23,955	$2.6m0.94%	0.94%	New
32	WELLS FARGO CO NEW COM WFC	WFC	44,271	$2.6m0.93%	0.93%	Reduced -458	-458 -1.0%
33	ROPER TECHNOLOGIES INC COM ROP	ROP	4,621	$2.6m0.92%	0.92%	Reduced -42	-42 -0.9%
34	BROADRIDGE FINL SOLUTIONS IN COM BR	BR	13,074	$2.6m0.91%	0.91%	Reduced -75	-75 -0.6%
35	MCKESSON CORP COM MCK	MCK	4,383	$2.6m0.91%	0.91%	Reduced -368	-368 -7.8%
36	BROWN & BROWN INC COM BRO	BRO	28,494	$2.5m0.90%	0.90%	New
37	VISA INC COM CL A V	V	9,705	$2.5m0.90%	0.90%	Reduced -84	-84 -0.9%
38	HCA HEALTHCARE INC COM HCA	HCA	7,861	$2.5m0.90%	0.90%	Reduced -7.3k	-7,251 -48.0%
39	SPDR SER TR BBG CONV SEC ETF CWB	CWB	34,900	$2.5m0.89%	0.89%	Reduced -1.5k	-1,459 -4.0%
40	INVESCO EXCH TRADED FD TR II SR LN ETF BKLN	BKLN	118,908	$2.5m0.89%	0.89%	Reduced -5.1k	-5,051 -4.1%
41	BANK NEW YORK MELLON CORP COM BNY	BNY	41,680	$2.5m0.89%	0.89%	Reduced -368	-368 -0.9%
42	ISHARES TR PFD AND INCM SEC PFF	PFF	79,058	$2.5m0.88%	0.88%	Reduced -2.2k	-2,185 -2.7%
43	TARGA RES CORP COM TRGP	TRGP	18,687	$2.4m0.85%	0.85%	New
44	INVESCO EXCHANGE TRADED FD T S&P500 BUY WRT PBP	PBP	108,158	$2.4m0.85%	0.85%	Reduced -4.2k	-4,187 -3.7%
45	FORD MTR CO COM F	F	190,086	$2.4m0.85%	0.85%	Reduced -174.9k	-174,914 -47.9%
46	CME GROUP INC COM CME	CME	12,061	$2.4m0.84%	0.84%	Reduced -91	-91 -0.8%
47	CBOE GLOBAL MKTS INC COM CBOE	CBOE	13,893	$2.4m0.84%	0.84%	Reduced -131	-131 -0.9%
48	ISHARES TR JPMORGAN USD EMG EMB	EMB	26,654	$2.4m0.84%	0.84%	Reduced -1.4k	-1,380 -4.9%
49	VANGUARD WHITEHALL FDS HIGH DIV YLD VYM	VYM	19,839	$2.4m0.83%	0.83%	Reduced -1.6k	-1,630 -7.6%
50	ISHARES INC JP MRGN EM HI BD EMHY	EMHY	63,365	$2.3m0.83%	0.83%	Reduced -3.9k	-3,853 -5.7%
51	SPDR INDEX SHS FDS S&P INTL ETF DWX	DWX	67,803	$2.3m0.83%	0.83%	Reduced -3.9k	-3,864 -5.4%
52	DIAMONDBACK ENERGY INC COM FANG	FANG	11,587	$2.3m0.82%	0.82%	New
53	KRANESHARES TRUST CSI CHI INTERNET KWEB	KWEB	85,000	$2.3m0.81%	0.81%	Reduced -90.0k	-90,000 -51.4%
54	GENERAL MTRS CO COM GM	GM	48,256	$2.2m0.80%	0.80%	Reduced -10.4k	-10,442 -17.8%
55	ISHARES TR MORTGE REL ETF REM	REM	100,483	$2.2m0.79%	0.79%	Reduced -16.5k	-16,530 -14.1%
56	METLIFE INC COM MET	MET	31,481	$2.2m0.78%	0.78%	New
57	UNIVERSAL HLTH SVCS INC CL B UHS	UHS	11,757	$2.2m0.77%	0.77%	New
58	AMERICAN INTL GROUP INC COM NEW AIG	AIG	29,170	$2.2m0.77%	0.77%	New
59	LENNAR CORP CL A LEN	LEN	14,317	$2.1m0.76%	0.76%	Reduced -3.2k	-3,227 -18.4%
60	CHUBB LIMITED COM CB	CB	8,277	$2.1m0.75%	0.75%	New
61	CELANESE CORP DEL COM CE	CE	14,379	$1.9m0.69%	0.69%	Reduced -171	-171 -1.2%
62	COMCAST CORP NEW CL A CMCSA	CMCSA	48,523	$1.9m0.67%	0.67%	Reduced -429	-429 -0.9%
63	ISHARES TR 0-5YR HI YL CP SHYG	SHYG	39,677	$1.7m0.59%	0.59%	Reduced -1.4k	-1,444 -3.5%
64	SPDR SER TR BLOOMBERG HIGH Y JNK	JNK	17,743	$1.7m0.59%	0.59%	Reduced -681	-681 -3.7%
65	FLEXSHARES TR HIG YLD VL ETF HYGV	HYGV	41,399	$1.7m0.59%	0.59%	Reduced -1.2k	-1,221 -2.9%
66	ISHARES INC US INTL HGH YLD GHYG	GHYG	38,054	$1.7m0.59%	0.59%	Reduced -1.6k	-1,646 -4.2%
67	ISHARES TR FALN ANGLS USD FALN	FALN	63,322	$1.7m0.59%	0.59%	Reduced -2.3k	-2,333 -3.5%
68	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	5,480	$1.6m0.58%	0.58%	Reduced -85	-85 -1.5%
69	PERMIAN RESOURCES CORP CLASS A COM PR	PR	98,880	$1.6m0.57%	0.57%	Added +48.1k	+48,116 94.8%
70	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	7,899	$1.6m0.55%	0.55%	Added +5.2k	+5,159 188.3%
71	KINROSS GOLD CORP COM KGC	KGC	174,893	$1.5m0.52%	0.52%	Added +100.4k	+100,380 134.7%
72	BERKLEY W R CORP COM WRB	WRB	27,503	$1.4m0.51%	0.51%	New
73	TENET HEALTHCARE CORP COM NEW THC	THC	9,557	$1.3m0.45%	0.45%	Added +3.6k	+3,622 61.0%
74	VANGUARD INTL EQUITY INDEX F GLB EX US ETF VNQI	VNQI	29,936	$1.2m0.43%	0.43%	Reduced -2.4k	-2,408 -7.4%
75	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	13,711	$1.1m0.41%	0.41%	Reduced -1.6k	-1,610 -10.5%
76	TECHNIPFMC PLC COM FTI	FTI	42,518	$1.1m0.39%	0.39%	Added +20.2k	+20,200 90.5%
77	ROYAL CARIBBEAN GROUP COM RCL	RCL	6,891	$1.1m0.39%	0.39%	Reduced -1.8k	-1,846 -21.1%
78	CARNIVAL CORP UNIT 99/99/9999 UNIT 99/99/9999		54,619	$1.0m0.36%	0.36%	Reduced -5.0k	-4,966 -8.3%
79	DRAFTKINGS INC NEW COM CL A DKNG	DKNG	25,673	$979.9k0.35%	0.35%	Added +3.8k	+3,777 17.2%
80	ISHARES INC MSCI STH AFR ETF EZA	EZA	19,912	$862.6k0.31%	0.31%	New
81	ISHARES INC MSCI TAIWAN ETF EWT	EWT	15,849	$858.9k0.30%	0.30%	Reduced -2.1k	-2,123 -11.8%
82	ISHARES TR MSCI INDIA ETF INDA	INDA	15,045	$839.2k0.30%	0.30%	Reduced -1.2k	-1,230 -7.6%
83	NVIDIA CORPORATION COM NVDA	NVDA	6,578	$812.6k0.29%	0.29%	Added +2.0k	+1,998 43.6%
84	ISHARES INC MSCI TURKEY ETF TUR	TUR	19,062	$801.0k0.28%	0.28%	Reduced -3.1k	-3,148 -14.2%
85	VERTIV HOLDINGS CO COM CL A VRT	VRT	9,188	$795.4k0.28%	0.28%	Reduced -183	-183 -1.9%
86	ISHARES INC MSCI MLY ETF NEW EWM	EWM	35,190	$790.4k0.28%	0.28%	Reduced -3.1k	-3,127 -8.2%
87	ISHARES TR MSCI POLAND ETF EPOL	EPOL	32,169	$789.1k0.28%	0.28%	Reduced -3.6k	-3,551 -9.9%
88	ISHARES TR CHINA LG-CAP ETF FXI	FXI	30,028	$780.4k0.28%	0.28%	New
89	GLOBAL X FDS MSCI GREECE ETF GREK	GREK	19,422	$772.4k0.27%	0.27%	Reduced -1.3k	-1,332 -6.4%
90	ISHARES INC MSCI STH KOR ETF EWY	EWY	11,605	$767.0k0.27%	0.27%	Reduced -1.4k	-1,382 -10.6%
91	ISHARES TR MSCI PERU AND GL EPU	EPU	18,559	$746.6k0.26%	0.26%	Reduced -5.1k	-5,129 -21.6%
92	THALES UNSPONSORD ADR ADR THLLY	THLLY	22,800	$725.7k0.26%	0.26%	New
93	Rheinmetall AG ADR RNMBY	RNMBY	7,100	$721.6k0.26%	0.26%	New
94	ISHARES INC MSCI SWITZERLAND EWL	EWL	14,674	$707.4k0.25%	0.25%	Reduced -1.1k	-1,135 -7.2%
95	ISHARES INC MSCI NETHERL ETF EWN	EWN	13,979	$702.2k0.25%	0.25%	Reduced -1.5k	-1,524 -9.8%
96	ISHARES TR NATIONAL MUN ETF MUB	MUB	6,575	$700.6k0.25%	0.25%	Reduced -135	-135 -2.0%
97	SCHWAB STRATEGIC TR US TIPS ETF SCHP	SCHP	13,435	$698.8k0.25%	0.25%	Reduced -524	-524 -3.8%
98	ISHARES TR IBOXX INV CP ETF LQD	LQD	6,512	$697.6k0.25%	0.25%	Reduced -223	-223 -3.3%
99	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	13,607	$697.2k0.25%	0.25%	Reduced -585	-585 -4.1%
100	SPDR SER TR BLOOMBERG INVT FLRN	FLRN	22,572	$696.3k0.25%	0.25%	Reduced -985	-985 -4.2%

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
BOSTON SCIENTIFIC CORP BSX	BSX	44,409	$3.0m44.4k shares
AUTOZONE INC AZO	AZO	952	$3.0m952 shares
OREILLY AUTOMOTIVE INC ORLY	ORLY	2,482	$2.8m2.5k shares
THE CIGNA GROUP CI	CI	7,633	$2.8m7.6k shares
AMERICAN AIRLS GROUP INC AAL	AAL	166,345	$2.6m166.3k shares
MONSTER BEVERAGE CORP NEW MNST	MNST	40,059	$2.4m40.1k shares
MCDONALDS CORP MCD	MCD	8,246	$2.3m8.2k shares
LAMB WESTON HLDGS INC LW	LW	21,288	$2.3m21.3k shares
TAPESTRY INC TPR	TPR	47,488	$2.3m47.5k shares
SMUCKER J M CO SJM	SJM	15,913	$2.0m15.9k shares
EQT CORP EQT	EQT	51,918	$1.9m51.9k shares
HERSHEY CO HSY	HSY	8,949	$1.7m8.9k shares
HUMANA INC HUM	HUM	4,646	$1.6m4.6k shares
BAIDU INC BIDU	BIDU	15,000	$1.6m15.0k shares
BORGWARNER INC BWA	BWA	40,140	$1.4m40.1k shares
UBER TECHNOLOGIES INC UBER	UBER	17,826	$1.4m17.8k shares
ISHARES INC EWW	EWW	12,763	$884.6k12.8k shares
ISHARES TR EPHE	EPHE	30,322	$837.8k30.3k shares
ISHARES INC EWZ	EWZ	25,224	$817.8k25.2k shares
APOLLO GLOBAL MGMT INC APO	APO	6,562	$737.9k6.6k shares
SPDR SER TR WIP	WIP	18,113	$724.2k18.1k shares
JABIL INC JBL	JBL	4,951	$663.2k5.0k shares
HYATT HOTELS CORP H	H	3,985	$636.1k4.0k shares
ISHARES TR EIDO	EIDO	26,586	$599.0k26.6k shares
COUPANG INC CPNG	CPNG	29,178	$519.1k29.2k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ALIBABA GROUP HLDG LTD BABA · Call	BABA	Call	750,000	$54.0m750.0k shares	Unchanged
KRANESHARES TRUST KWEB · Call	KWEB	Call	500,000	$13.5m500.0k shares	Unchanged