Mount Lucas Management LP

Newtown, PA · CIK 1185072 · 13F filing filed 2025-08-11

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)

$210.1m reported value -1.2% vs Q1 2025

156positions

30.9%in top 10

43 new 31 added 80 reduced 31 sold out vs Q1 2025

Options: 3 call positions ($24.4m notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q2 2025

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	49,539	$27.3m13.00%	13.00%	Reduced -1.8k	-1,778 -3.5%
2	ANNALY CAPITAL MANAGEMENT IN COM NEW NLY	NLY	291,600	$5.5m2.61%	2.61%	Added +10.5k	+10,500 3.7%
3	AGNC INVT CORP COM AGNC	AGNC	570,800	$5.2m2.50%	2.50%	Added +22.2k	+22,200 4.0%
4	ISHARES TR 7-10 YR TRSY BD IEF	IEF	49,686	$4.8m2.26%	2.26%	Reduced -22.1k	-22,096 -30.8%
5	ISHARES TR 3 7 YR TREAS BD IEI	IEI	39,756	$4.7m2.25%	2.25%	Reduced -18.3k	-18,333 -31.6%
6	ISHARES TR 1 3 YR TREAS BD SHY	SHY	56,853	$4.7m2.24%	2.24%	Reduced -26.0k	-25,964 -31.4%
7	ISHARES INC MSCI AUST ETF EWA	EWA	136,206	$3.6m1.71%	1.71%	New
8	J P MORGAN EXCHANGE TRADED F BETABULDRS JAPAN BBJP	BBJP	57,160	$3.5m1.68%	1.68%	Reduced -5.7k	-5,738 -9.1%
9	SPDR SER TR BBG CONV SEC ETF CWB	CWB	33,775	$2.8m1.33%	1.33%	Reduced -754	-754 -2.2%
10	INVESCO EXCH TRADED FD TR II SR LN ETF BKLN	BKLN	129,518	$2.7m1.29%	1.29%	Reduced -1.2k	-1,185 -0.9%
11	VANGUARD WHITEHALL FDS HIGH DIV YLD VYM	VYM	19,969	$2.7m1.27%	1.27%	Added +471	+471 2.4%
12	PROGRESSIVE CORP COM PGR	PGR	9,887	$2.6m1.26%	1.26%	Added +1.6k	+1,625 19.7%
13	ISHARES TR JPMORGAN USD EMG EMB	EMB	28,405	$2.6m1.25%	1.25%	Added +41	+41 0.1%
14	ISHARES INC JP MRGN EM HI BD EMHY	EMHY	67,401	$2.6m1.25%	1.25%	Added +259	+259 0.4%
15	INVESCO EXCHANGE TRADED FD T S&P500 BUY WRT PBP	PBP	119,538	$2.6m1.24%	1.24%	Added +8.3k	+8,269 7.4%
16	SPDR INDEX SHS FDS S&P INTL ETF DWX	DWX	61,944	$2.6m1.24%	1.24%	Reduced -9.0k	-8,978 -12.7%
17	FOX CORP CL A COM FOXA	FOXA	43,002	$2.4m1.15%	1.15%	Reduced -8.6k	-8,604 -16.7%
18	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	9,628	$2.2m1.04%	1.04%	Reduced -543	-543 -5.3%
19	AT&T INC COM T	T	74,397	$2.2m1.02%	1.02%	New
20	METLIFE INC COM MET	MET	25,252	$2.0m0.97%	0.97%	Added +2.1k	+2,112 9.1%
21	CENCORA INC COM COR	COR	6,569	$2.0m0.94%	0.94%	New
22	ISHARES TR FALN ANGLS USD FALN	FALN	67,806	$1.8m0.88%	0.88%	Added +467	+467 0.7%
23	ISHARES INC US INTL HGH YLD GHYG	GHYG	39,688	$1.8m0.87%	0.87%	Reduced -1.0k	-1,007 -2.5%
24	FLEXSHARES TR HIG YLD VL ETF HYGV	HYGV	44,564	$1.8m0.87%	0.87%	Added +193	+193 0.4%
25	SPDR SER TR BLOOMBERG HIGH Y JNK	JNK	18,765	$1.8m0.87%	0.87%	Reduced -59	-59 -0.3%
26	ISHARES TR 0-5YR HI YL CP SHYG	SHYG	42,231	$1.8m0.87%	0.87%	Reduced -35	-35 -0.1%
27	UNITED AIRLS HLDGS INC COM UAL	UAL	21,467	$1.7m0.81%	0.81%	Added +1.1k	+1,129 5.5%
28	WELLTOWER INC COM WELL	WELL	11,014	$1.7m0.81%	0.81%	Reduced -1.7k	-1,699 -13.4%
29	CARNIVAL CORP UNIT 99/99/9999 UNIT 99/99/9999		59,962	$1.7m0.80%	0.80%	Reduced -5.8k	-5,792 -8.8%
30	BANK NEW YORK MELLON CORP COM BNY	BNY	18,064	$1.6m0.78%	0.78%	Reduced -2.8k	-2,750 -13.2%
31	NORTHERN TR CORP COM NTRS	NTRS	12,353	$1.6m0.75%	0.75%	Added +3.2k	+3,173 34.6%
32	NEWMONT CORP COM NEM	NEM	26,783	$1.6m0.74%	0.74%	New
33	WILLIAMS COS INC COM WMB	WMB	24,687	$1.6m0.74%	0.74%	Reduced -3.6k	-3,641 -12.8%
34	ISHARES INC MSCI BRAZIL ETF EWZ	EWZ	52,761	$1.5m0.72%	0.72%	Added +32.8k	+32,761 163.8%
35	WABTEC COM WAB	WAB	7,228	$1.5m0.72%	0.72%	Reduced -1.1k	-1,142 -13.6%
36	WALMART INC COM WMT	WMT	15,205	$1.5m0.71%	0.71%	Reduced -2.4k	-2,375 -13.5%
37	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	4,753	$1.5m0.70%	0.70%	Reduced -727	-727 -13.3%
38	KINDER MORGAN INC DEL COM KMI	KMI	49,637	$1.5m0.69%	0.69%	Reduced -7.3k	-7,288 -12.8%
39	SIMPLIFY EXCHANGE TRADED FUN BOND BULL ETF RFIX	RFIX	30,000	$1.5m0.69%	0.69%	Unchanged
40	GENERAL MTRS CO COM GM	GM	28,982	$1.4m0.68%	0.68%	Reduced -6.8k	-6,798 -19.0%
41	CISCO SYS INC COM CSCO	CSCO	20,494	$1.4m0.68%	0.68%	New
42	NASDAQ INC COM NDAQ	NDAQ	15,786	$1.4m0.67%	0.67%	New
43	VANGUARD INTL EQUITY INDEX F GLB EX US ETF VNQI	VNQI	30,437	$1.4m0.67%	0.67%	Added +15.9k	+15,942 110.0%
44	VERISIGN INC COM VRSN	VRSN	4,842	$1.4m0.67%	0.67%	New
45	CARDINAL HEALTH INC COM CAH	CAH	8,319	$1.4m0.67%	0.67%	New
46	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	7,616	$1.4m0.66%	0.66%	New
47	ABBOTT LABS COM ABT	ABT	10,221	$1.4m0.66%	0.66%	New
48	CAPITAL ONE FINL CORP COM COF	COF	6,435	$1.4m0.65%	0.65%	New
49	CME GROUP INC COM CME	CME	4,962	$1.4m0.65%	0.65%	New
50	DELTA AIR LINES INC DEL COM NEW DAL	DAL	27,531	$1.4m0.64%	0.64%	Reduced -13.4k	-13,442 -32.8%
51	REPUBLIC SVCS INC COM RSG	RSG	5,476	$1.4m0.64%	0.64%	Reduced -1.5k	-1,502 -21.5%
52	ALLSTATE CORP COM ALL	ALL	6,483	$1.3m0.62%	0.62%	Reduced -4.1k	-4,143 -39.0%
53	MOTOROLA SOLUTIONS INC COM NEW MSI	MSI	2,987	$1.3m0.60%	0.60%	Reduced -467	-467 -13.5%
54	AGNICO EAGLE MINES LTD COM AEM	AEM	10,515	$1.3m0.60%	0.60%	Added +3.8k	+3,840 57.5%
55	PACKAGING CORP AMER COM PKG	PKG	6,151	$1.2m0.55%	0.55%	Reduced -929	-929 -13.1%
56	SPROUTS FMRS MKT INC COM SFM	SFM	6,977	$1.1m0.55%	0.55%	Added +3.1k	+3,095 79.7%
57	ROBINHOOD MKTS INC COM CL A HOOD	HOOD	11,790	$1.1m0.53%	0.53%	Reduced -1.5k	-1,509 -11.3%
58	HOULIHAN LOKEY INC CL A HLI	HLI	6,106	$1.1m0.52%	0.52%	Added +2.9k	+2,937 92.7%
59	TECHNIPFMC PLC COM FTI	FTI	31,279	$1.1m0.51%	0.51%	Reduced -3.5k	-3,525 -10.1%
60	ISHARES INC MSCI STH KOR ETF EWY	EWY	14,308	$1.0m0.49%	0.49%	New
61	ISHARES INC MSCI TAIWAN ETF EWT	EWT	16,562	$950.7k0.45%	0.45%	New
62	BERKLEY W R CORP COM WRB	WRB	12,745	$936.4k0.45%	0.45%	Reduced -18.8k	-18,752 -59.5%
63	ISHARES TR MSCI POLAND ETF EPOL	EPOL	28,991	$935.2k0.45%	0.45%	Reduced -5.8k	-5,829 -16.7%
64	GLOBAL X FDS MSCI GREECE ETF GREK	GREK	15,976	$927.2k0.44%	0.44%	Reduced -4.7k	-4,697 -22.7%
65	ISHARES TR CHINA LG-CAP ETF FXI	FXI	25,084	$922.1k0.44%	0.44%	Added +98	+98 0.4%
66	ISHARES TR MSCI PERU AND GL EPU	EPU	18,901	$918.4k0.44%	0.44%	Reduced -2.6k	-2,599 -12.1%
67	ISHARES INC MSCI STH AFR ETF EZA	EZA	16,786	$902.2k0.43%	0.43%	Reduced -3.0k	-3,039 -15.3%
68	FEDERAL HOME LN MTG CORP COM FMCC	FMCC	108,677	$895.5k0.43%	0.43%	Reduced -13.9k	-13,913 -11.3%
69	UWM HOLDINGS CORPORATION COM CL A UWMC	UWMC	215,000	$890.1k0.42%	0.42%	Added +24.0k	+24,000 12.6%
70	ISHARES INC MSCI MEXICO ETF EWW	EWW	14,639	$886.5k0.42%	0.42%	New
71	ISHARES INC MSCI CHILE ETF ECH	ECH	28,046	$882.0k0.42%	0.42%	Reduced -2.7k	-2,710 -8.8%
72	ISHARES TR MSCI PHILIPS ETF EPHE	EPHE	32,171	$872.5k0.42%	0.42%	New
73	HARTFORD INSURANCE GROUP INC COM HIG	HIG	6,786	$860.9k0.41%	0.41%	Reduced -27.3k	-27,342 -80.1%
74	KINROSS GOLD CORP COM KGC	KGC	54,662	$854.4k0.41%	0.41%	Reduced -34.5k	-34,474 -38.7%
75	TRAVELERS COMPANIES INC COM TRV	TRV	3,064	$819.7k0.39%	0.39%	Reduced -842	-842 -21.6%
76	ISHARES INC MSCI MLY ETF NEW EWM	EWM	33,418	$813.4k0.39%	0.39%	New
77	ISHARES INC MSCI NETHERL ETF EWN	EWN	14,756	$804.2k0.38%	0.38%	Added +12.4k	+12,386 522.6%
78	LOEWS CORP COM L	L	8,751	$802.1k0.38%	0.38%	Reduced -13.0k	-13,039 -59.8%
79	ISHARES INC MSCI AUSTRIA ETF EWO	EWO	27,249	$801.1k0.38%	0.38%	Reduced -5.5k	-5,476 -16.7%
80	ISHARES INC MSCI SPAIN ETF EWP	EWP	17,985	$791.9k0.38%	0.38%	Reduced -3.7k	-3,701 -17.1%
81	ISHARES INC MSCI FRANCE ETF EWQ	EWQ	18,501	$791.8k0.38%	0.38%	Reduced -1.3k	-1,287 -6.5%
82	ISHARES INC MSCI SWEDEN ETF EWD	EWD	17,295	$791.1k0.38%	0.38%	Reduced -843	-843 -4.7%
83	CHUBB LIMITED COM CB	CB	2,727	$790.1k0.38%	0.38%	Reduced -3.8k	-3,760 -58.0%
84	ISHARES INC MSCI ITALY ETF EWI	EWI	16,384	$788.7k0.38%	0.38%	Reduced -2.8k	-2,793 -14.6%
85	ISHARES INC MSCI GERMANY ETF EWG	EWG	18,633	$788.4k0.38%	0.38%	Reduced -3.1k	-3,060 -14.1%
86	ISHARES TR MSCI UK ETF NEW EWU	EWU	19,653	$780.6k0.37%	0.37%	Reduced -1.5k	-1,470 -7.0%
87	ISHARES INC MSCI SWITZERLAND EWL	EWL	14,199	$778.2k0.37%	0.37%	Reduced -926	-926 -6.1%
88	SPDR SER TR FTSE INT GVT ETF WIP	WIP	19,501	$777.7k0.37%	0.37%	Added +8.8k	+8,808 82.4%
89	CINCINNATI FINL CORP COM CINF	CINF	5,217	$776.9k0.37%	0.37%	Reduced -1.4k	-1,447 -21.7%
90	ISHARES TR IBOXX INV CP ETF LQD	LQD	6,945	$761.2k0.36%	0.36%	Added +9	+9 0.1%
91	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	14,291	$754.0k0.36%	0.36%	Reduced -232	-232 -1.6%
92	INVESCO LTD SHS IVZ	IVZ	47,704	$752.3k0.36%	0.36%	New
93	SPDR SER TR BLOOMBERG INVT FLRN	FLRN	24,358	$751.0k0.36%	0.36%	Reduced -289	-289 -1.2%
94	SCHWAB STRATEGIC TR US TIPS ETF SCHP	SCHP	28,086	$749.3k0.36%	0.36%	Reduced -293	-293 -1.0%
95	REGIONS FINANCIAL CORP NEW COM RF	RF	31,822	$748.5k0.36%	0.36%	New
96	UNIVERSAL HLTH SVCS INC CL B UHS	UHS	4,127	$747.6k0.36%	0.36%	Reduced -5.4k	-5,399 -56.7%
97	HUNTINGTON BANCSHARES INC COM HBAN	HBAN	44,600	$747.5k0.36%	0.36%	New
98	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	1,827	$746.9k0.36%	0.36%	New
99	US BANCORP DEL COM NEW USB	USB	16,457	$744.7k0.35%	0.35%	New
100	SYNCHRONY FINANCIAL COM SYF	SYF	11,139	$743.4k0.35%	0.35%	Reduced -32.1k	-32,051 -74.2%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
ISHARES TR REM	REM	115,606	$2.6m115.6k shares
T-MOBILE US INC TMUS	TMUS	7,270	$1.9m7.3k shares
BROWN & BROWN INC BRO	BRO	14,398	$1.8m14.4k shares
JPMORGAN CHASE & CO JPM	JPM	6,560	$1.6m6.6k shares
CINTAS CORP CTAS	CTAS	7,632	$1.6m7.6k shares
MCKESSON CORP MCK	MCK	2,209	$1.5m2.2k shares
TJX COS INC NEW TJX	TJX	12,169	$1.5m12.2k shares
COSTCO WHSL CORP NEW COST	COST	1,535	$1.5m1.5k shares
TARGA RES CORP TRGP	TRGP	6,833	$1.4m6.8k shares
AMPHENOL CORP APH	APH	19,990	$1.3m20.0k shares
ISHARES TR PFF	PFF	37,173	$1.1m37.2k shares
ASSURANT INC AIZ	AIZ	4,651	$975.5k4.7k shares
AMERICAN INTL GROUP INC AIG	AIG	10,666	$927.3k10.7k shares
EVEREST GROUP LTD EG	EG	2,103	$764.1k2.1k shares
PACCAR INC PCAR	PCAR	7,661	$746.0k7.7k shares
PULTE GROUP INC PHM	PHM	7,173	$737.4k7.2k shares
DIAMONDBACK ENERGY INC FANG	FANG	4,267	$682.2k4.3k shares
PERMIAN RESOURCES CORP PR	PR	43,606	$603.9k43.6k shares
LENNAR CORP LEN	LEN	5,209	$597.9k5.2k shares
WARRIOR MET COAL INC HCC	HCC	12,020	$573.6k12.0k shares
KKR & CO INC KKR	KKR	4,023	$465.1k4.0k shares
ISHARES TR MUB	MUB	4,373	$461.1k4.4k shares
BURLINGTON STORES INC BURL	BURL	1,929	$459.7k1.9k shares
REINSURANCE GRP OF AMERICA I RGA	RGA	2,223	$437.7k2.2k shares
DRAFTKINGS INC NEW DKNG	DKNG	11,556	$383.8k11.6k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES INC EWZ · Call	EWZ	Call	400,000	$11.5m400.0k shares	Unchanged
TESLA INC TSLA · Call	TSLA	Call	30,000	$9.5m30.0k shares	New
INTEL CORP INTC · Call	INTC	Call	150,000	$3.4m150.0k shares	Unchanged