Mount Lucas Management LP

Newtown, PA · CIK 1185072 · 13F filing filed 2026-08-10

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)

$280.7m reported value +3.7% vs Q1 2026

166positions

30.7%in top 10

23 new 95 added 39 reduced 22 sold out vs Q1 2026

Holdings, Q2 2026

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	ISHARES INC MSCI BRAZIL ETF EWZ	EWZ	550,366	$19.0m6.76%	6.76%	Added +2.8k	+2,802 0.5%
2	INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL RPV	RPV	139,712	$15.9m5.67%	5.67%	Reduced -139.0k	-139,000 -49.9%
3	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	21,204	$15.6m5.56%	5.56%	New
4	NEBIUS GROUP N.V. SHS CLASS A NBIS	NBIS	30,000	$8.3m2.95%	2.95%	Reduced -10.0k	-10,000 -25.0%
5	ISHARES TR 1 3 YR TREAS BD SHY	SHY	84,507	$6.9m2.47%	2.47%	Added +21.8k	+21,788 34.7%
6	IREN LIMITED ORDINARY SHARES IREN	IREN	100,000	$4.6m1.63%	1.63%	Unchanged
7	J P MORGAN EXCHANGE TRADED F BETABULDRS JAPAN BBJP	BBJP	56,363	$4.2m1.51%	1.51%	Added +346	+346 0.6%
8	ISHARES INC MSCI AUST ETF EWA	EWA	147,259	$4.1m1.48%	1.48%	Added +6.9k	+6,889 4.9%
9	ISHARES TR 3 7 YR TREAS BD IEI	IEI	34,011	$4.0m1.42%	1.42%	Reduced -9.2k	-9,206 -21.3%
10	ADOBE INC COM ADBE	ADBE	17,500	$3.6m1.28%	1.28%	Reduced -17.5k	-17,500 -50.0%
11	INVESCO EXCH TRADED FD TR II SR LN ETF BKLN	BKLN	162,045	$3.3m1.18%	1.18%	Reduced -851	-851 -0.5%
12	SPDR SER TR BBG CONV SEC ETF CWB	CWB	30,600	$3.3m1.18%	1.18%	Reduced -4.2k	-4,164 -12.0%
13	INVESCO EXCHANGE TRADED FD T S&P500 BUY WRT PBP	PBP	138,716	$3.2m1.13%	1.13%	Added +769	+769 0.6%
14	ISHARES INC JP MRGN EM HI BD EMHY	EMHY	77,798	$3.2m1.13%	1.13%	Added +1.0k	+1,048 1.4%
15	ISHARES TR JPMORGAN USD EMG EMB	EMB	32,745	$3.2m1.13%	1.13%	Added +700	+700 2.2%
16	VANGUARD WHITEHALL FDS HIGH DIV YLD VYM	VYM	19,855	$3.1m1.12%	1.12%	Reduced -364	-364 -1.8%
17	SPDR INDEX SHS FDS S&P INTL ETF DWX	DWX	67,917	$3.1m1.11%	1.11%	Added +3.6k	+3,572 5.5%
18	ISHARES TR MORTGE REL ETF REM	REM	137,838	$3.0m1.08%	1.08%	Added +74.8k	+74,824 118.7%
19	CARDINAL HEALTH INC COM CAH	CAH	12,322	$2.9m1.04%	1.04%	Added +309	+309 2.6%
20	LOEWS CORP COM L	L	25,699	$2.9m1.04%	1.04%	Added +740	+740 3.0%
21	INVESCO LTD SHS IVZ	IVZ	105,719	$2.8m0.99%	0.99%	Added +26.0k	+26,026 32.7%
22	CISCO SYS INC COM CSCO	CSCO	22,985	$2.7m0.96%	0.96%	Added +837	+837 3.8%
23	DELTA AIR LINES INC DEL COM NEW DAL	DAL	27,897	$2.6m0.93%	0.93%	Added +690	+690 2.5%
24	ISHARES TR PFD AND INCM SEC PFF	PFF	85,186	$2.6m0.93%	0.93%	Added +646	+646 0.8%
25	MICRON TECHNOLOGY INC COM MU	MU	2,244	$2.6m0.92%	0.92%	Added +325	+325 16.9%
26	AT&T INC COM T	T	120,449	$2.5m0.89%	0.89%	Added +4.4k	+4,361 3.8%
27	ISHARES TR 7-10 YR TRSY BD IEF	IEF	24,494	$2.3m0.83%	0.83%	Reduced -28.7k	-28,745 -54.0%
28	JOHNSON & JOHNSON COM JNJ	JNJ	8,815	$2.2m0.80%	0.80%	Added +321	+321 3.8%
29	ISHARES TR FALN ANGLS USD FALN	FALN	81,403	$2.2m0.79%	0.79%	Added +1.8k	+1,767 2.2%
30	MONSTER BEVERAGE CORP NEW COM MNST	MNST	23,056	$2.2m0.79%	0.79%	Added +722	+722 3.2%
31	GLOBE LIFE INC COM GL	GL	12,356	$2.2m0.79%	0.79%	Added +302	+302 2.5%
32	FLEXSHARES TR HIG YLD VL ETF HYGV	HYGV	54,798	$2.2m0.79%	0.79%	Added +889	+889 1.6%
33	ISHARES TR 0-5YR HI YL CP SHYG	SHYG	52,003	$2.2m0.79%	0.79%	Added +647	+647 1.3%
34	SPDR SER TR BLOOMBERG HIGH Y JNK	JNK	22,878	$2.2m0.79%	0.79%	Added +304	+304 1.4%
35	ISHARES INC US INTL HGH YLD GHYG	GHYG	48,581	$2.2m0.78%	0.78%	Added +948	+948 2.0%
36	BANK NEW YORK MELLON CORP COM BNY	BNY	15,100	$2.2m0.78%	0.78%	Added +527	+527 3.6%
37	MOLINA HEALTHCARE INC COM MOH	MOH	9,500	$2.2m0.77%	0.77%	Unchanged
38	VENTAS INC COM VTR	VTR	24,065	$2.1m0.76%	0.76%	Added +886	+886 3.8%
39	UNITED AIRLS HLDGS INC COM UAL	UAL	15,527	$2.1m0.75%	0.75%	Reduced -812	-812 -5.0%
40	HCA HEALTHCARE INC COM HCA	HCA	5,132	$2.0m0.71%	0.71%	Added +92	+92 1.8%
41	CENCORA INC COM COR	COR	6,977	$2.0m0.70%	0.70%	Reduced -1.7k	-1,688 -19.5%
42	ENTRAVISION COMMUNICATIONS C CL A EVC	EVC	150,000	$2.0m0.70%	0.70%	Reduced -25.6k	-25,600 -14.6%
43	GENERAL DYNAMICS CORP COM GD	GD	5,078	$1.8m0.64%	0.64%	Added +176	+176 3.6%
44	NEWMONT CORP COM NEM	NEM	18,865	$1.8m0.63%	0.63%	Reduced -7.3k	-7,345 -28.0%
45	VERIZON COMMUNICATIONS INC COM VZ	VZ	40,699	$1.7m0.61%	0.61%	Added +1.5k	+1,469 3.7%
46	TJX COS INC NEW COM TJX	TJX	11,365	$1.7m0.61%	0.61%	Added +388	+388 3.5%
47	CARNIVAL CORP LTD COMMON SHARES CCL	CCL	58,808	$1.7m0.60%	0.60%	New
48	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	17,385	$1.7m0.60%	0.60%	Added +9.9k	+9,908 132.5%
49	CBOE GLOBAL MKTS INC COM CBOE	CBOE	6,864	$1.7m0.59%	0.59%	Added +230	+230 3.5%
50	FTAI AVIATION LTD SHS FTAI	FTAI	6,000	$1.6m0.58%	0.58%	Unchanged
51	L3HARRIS TECHNOLOGIES INC COM LHX	LHX	5,342	$1.6m0.55%	0.55%	Added +185	+185 3.6%
52	FORD MTR CO COM F	F	109,539	$1.5m0.54%	0.54%	Added +2.7k	+2,699 2.5%
53	TORONTO DOMINION BK ONT COM NEW TD	TD	12,438	$1.5m0.54%	0.54%	Added +5.8k	+5,798 87.3%
54	ISHARES TR RUS 1000 VAL ETF IWD	IWD	5,771	$1.4m0.50%	0.50%	Reduced -6.1k	-6,054 -51.2%
55	NASDAQ INC COM NDAQ	NDAQ	17,514	$1.4m0.49%	0.49%	Added +606	+606 3.6%
56	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	4,518	$1.4m0.49%	0.49%	New
57	THE ONCOLOGY INSTITUTE INC COM STLN	STLN	250,000	$1.4m0.48%	0.48%	Unchanged
58	VERISIGN INC COM VRSN	VRSN	5,374	$1.4m0.48%	0.48%	Added +181	+181 3.5%
59	MARATHON PETE CORP COM MPC	MPC	5,164	$1.3m0.47%	0.47%	Added +132	+132 2.6%
60	REPUBLIC SVCS INC COM RSG	RSG	6,059	$1.3m0.46%	0.46%	Added +205	+205 3.5%
61	ADVANCED MICRO DEVICES INC COM AMD	AMD	2,194	$1.3m0.45%	0.45%	Added +660	+660 43.0%
62	CME GROUP INC COM CME	CME	5,639	$1.2m0.44%	0.44%	Added +216	+216 4.0%
63	DOLLAR GEN CORP NEW COM DG	DG	10,722	$1.2m0.44%	0.44%	Added +184	+184 1.8%
64	ROLLINS INC COM ROL	ROL	29,563	$1.2m0.44%	0.44%	Added +1.0k	+1,016 3.6%
65	CAPITAL ONE FINL CORP COM COF	COF	6,135	$1.2m0.44%	0.44%	Reduced -2.7k	-2,664 -30.3%
66	GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B ASR	ASR	4,000	$1.2m0.44%	0.44%	New
67	EVERCORE INC CLASS A EVR	EVR	3,573	$1.2m0.43%	0.43%	Added +1.9k	+1,850 107.4%
68	NU HLDGS LTD ORD SHS CL A NU	NU	90,000	$1.2m0.43%	0.43%	Added +42.9k	+42,900 91.1%
69	PAN AMERN SILVER CORP COM PAAS	PAAS	26,143	$1.2m0.42%	0.42%	Added +20.2k	+20,212 340.8%
70	GENERAL MTRS CO COM GM	GM	14,991	$1.2m0.41%	0.41%	Added +366	+366 2.5%
71	COEUR MNG INC COM NEW CDE	CDE	70,760	$1.2m0.41%	0.41%	Added +38.7k	+38,748 121.0%
72	CVS HEALTH CORP COM CVS	CVS	11,146	$1.2m0.41%	0.41%	Added +339	+339 3.1%
73	DOUBLEDOWN INTERACTIVE CO LT ADS DDI	DDI	100,000	$1.1m0.41%	0.41%	New
74	ARCHER DANIELS MIDLAND CO COM ADM	ADM	14,753	$1.1m0.40%	0.40%	Added +417	+417 2.9%
75	ISHARES INC MSCI TAIWAN ETF EWT	EWT	10,354	$1.1m0.40%	0.40%	Reduced -3.6k	-3,601 -25.8%
76	BARRICK MNG CORP COM SHS B	B	29,840	$1.1m0.39%	0.39%	Reduced -9.3k	-9,267 -23.7%
77	ISHARES INC MSCI TURKEY ETF TUR	TUR	28,147	$1.1m0.39%	0.39%	Added +2.2k	+2,159 8.3%
78	PRINCIPAL FINANCIAL GROUP IN COM PFG	PFG	10,153	$1.1m0.39%	0.39%	Added +317	+317 3.2%
79	GLOBAL X FDS MSCI GREECE ETF GREK	GREK	14,401	$1.1m0.39%	0.39%	Added +884	+884 6.5%
80	KINROSS GOLD CORP COM KGC	KGC	45,257	$1.1m0.38%	0.38%	Reduced -27.4k	-27,431 -37.7%
81	ISHARES INC MSCI THAILND ETF THD	THD	14,773	$1.1m0.38%	0.38%	Added +703	+703 5.0%
82	SEAGATE TECHNOLOGY HLDNGS PL ORD SHS STX	STX	1,104	$1.1m0.38%	0.38%	Reduced -1	-1 -0.1%
83	TRAVELERS COMPANIES INC COM TRV	TRV	3,218	$1.1m0.38%	0.38%	Added +83	+83 2.6%
84	ISHARES TR MSCI PERU AND GL EPU	EPU	12,581	$1.1m0.37%	0.37%	Added +1.3k	+1,329 11.8%
85	ISHARES INC MSCI STH KOR ETF EWY	EWY	5,171	$1.0m0.37%	0.37%	Reduced -1.8k	-1,805 -25.9%
86	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	8,451	$1.0m0.37%	0.37%	Added +294	+294 3.6%
87	US BANCORP DEL COM NEW USB	USB	17,190	$1.0m0.37%	0.37%	Added +524	+524 3.1%
88	ABBOTT LABS COM ABT	ABT	11,429	$1.0m0.37%	0.37%	Added +423	+423 3.8%
89	ISHARES INC MSCI MEXICO ETF EWW	EWW	13,736	$1.0m0.37%	0.37%	Added +690	+690 5.3%
90	ISHARES INC MSCI MLY ETF NEW EWM	EWM	37,899	$1.0m0.36%	0.36%	Added +1.8k	+1,762 4.9%
91	ISHARES TR MSCI POLAND ETF EPOL	EPOL	26,436	$1.0m0.36%	0.36%	Reduced -1.3k	-1,257 -4.5%
92	ISHARES INC MSCI CHILE ETF ECH	ECH	25,687	$1.0m0.36%	0.36%	Added +1.4k	+1,413 5.8%
93	ALLSTATE CORP COM ALL	ALL	4,283	$1.0m0.36%	0.36%	Added +109	+109 2.6%
94	REGIONS FINANCIAL CORP NEW COM RF	RF	33,568	$1.0m0.36%	0.36%	Added +1.0k	+1,047 3.2%
95	ISHARES INC MSCI NETHERL ETF EWN	EWN	14,226	$1.0m0.36%	0.36%	Reduced -720	-720 -4.8%
96	ISHARES INC MSCI AUSTRIA ETF EWO	EWO	23,360	$988.7k0.35%	0.35%	Reduced -1.4k	-1,412 -5.7%
97	ISHARES INC MSCI SPAIN ETF EWP	EWP	16,554	$983.1k0.35%	0.35%	Added +156	+156 0.9%
98	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	3,576	$972.5k0.35%	0.35%	Added +1.4k	+1,358 61.2%
99	ISHARES INC MSCI ITALY ETF EWI	EWI	16,198	$959.6k0.34%	0.34%	Reduced -174	-174 -1.1%
100	WW INTL INC COM NEW WW	WW	60,000	$958.8k0.34%	0.34%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
INTEL CORP INTC	INTC	125,000	$5.5m125.0k shares
CARNIVAL CORP		57,162	$1.5m57.2k shares
TECHNIPFMC PLC FTI	FTI	15,663	$1.1m15.7k shares
VANGUARD INTL EQUITY INDEX F VNQI	VNQI	16,921	$752.1k16.9k shares
INTERACTIVE BROKERS GROUP IN IBKR	IBKR	10,369	$695.4k10.4k shares
NORTHERN TR CORP NTRS	NTRS	4,961	$692.4k5.0k shares
US FOODS HLDG CORP USFD	USFD	7,064	$651.4k7.1k shares
CARVANA CO CVNA	CVNA	9,325	$586.3k9.3k shares
EXELIXIS INC EXEL	EXEL	12,969	$556.2k13.0k shares
PERFORMANCE FOOD GROUP CO PFGC	PFGC	6,188	$530.1k6.2k shares
HOULIHAN LOKEY INC HLI	HLI	3,162	$454.1k3.2k shares
LITHIA MTRS INC LAD	LAD	1,636	$408.5k1.6k shares
EQUITABLE HLDGS INC EQH	EQH	10,388	$385.5k10.4k shares
BROADCOM INC AVGO	AVGO	1,078	$333.7k1.1k shares
CLOUDFLARE INC NET	NET	1,512	$312.0k1.5k shares
APPLOVIN CORP APP	APP	728	$289.7k728 shares
SPROUTS FMRS MKT INC SFM	SFM	3,371	$260.0k3.4k shares
SAMSARA INC IOT	IOT	6,923	$219.4k6.9k shares
ALPHA TEKNOVA INC TKNO	TKNO	70,000	$202.3k70.0k shares
ROBLOX CORP RBLX	RBLX	2,698	$152.6k2.7k shares
ZSCALER INC ZS	ZS	888	$124.6k888 shares
DUOLINGO INC DUOL	DUOL	570	$56.2k570 shares