VESMX — VELA Small Cap Fund
Data updated: 2026-08-27
VESMX — VELA Small Cap Fund. United States Small Cap Value Equity · $181.64M AUM · 1.09% expense ratio. Holdings, fees, performance and SEC filings.
VESMX Fund Overview
VESMX — VELA Small Cap Fund is a US mutual fund managed by VELA Funds, categorised as United States Small Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: VELA Funds
- Category: United States Small Cap Value Equity
- Assets under management: $181.64M
- 1-year return: 16.1%
- Ticker: VESMX
- SEC CIK: 0001815493
- SEC series ID: S000069564
- Share class ID: C000221923
VESMX Investment Objective and Strategy
VELA Small Cap Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by VELA Funds.
Investment objective
The investment objective of the VELA Small Cap Fund is to provide long-term capital appreciation.
Principal investment strategy
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small market capitalizations. Equity securities consist of common and preferred stocks. Small cap companies are defined by the fund as companies with market capitalizations in the range of those market capitalizations of companies included in the Russell 2000 Index at the time of purchase. The capitalization range of the Russell 2000 Index is between $25.95 million and $25.18 billion as of September 30, 2025 and includes small, mid, and large capitalization companies. The size of the companies included in the Russell 2000 Index will change with market conditions. The Adviser focuses on estimating a companys value independent of its current stock price and invests in companies that it believes are undervalued.
To estimate a companys value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on bottom-up analysis, which takes into consideration earnings, revenue growth, operating margins, balance sheet strength, free cash flow generation, management stewardship, and other economic factors. The Adviser also typically considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Advisers estimate of a companys value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value.
The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction. Once a stock is owned by the fund, the Adviser continues to monitor the companys strategies, financial performance, and competitive environment. The Adviser may cause the fund to sell a security as it reaches or exceeds the Advisers estimate of the companys value, if the Adviser believes that the companys earnings, revenue growth, operating margin or other economic factors are deteriorating, if the original investment thesis leading to the purchase of the companys stock no longer applies, or if the Adviser identifies a stock that it believes offers a better investment opportunity. The fund may sell (write) covered call options to generate additional income or hedge exposure.
VESMX Holdings
Top 10 holdings of VELA Small Cap Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Kirby Corp. | 4.16% |
| Worthington Enterprises, Inc. | 4.00% |
| Criteo SA | 3.41% |
| Hub Group, Inc. | 2.88% |
| Axis Capital Holdings Ltd. | 2.72% |
| Atlanta Braves Holdings, Inc. | 2.69% |
| Jack Henry & Associates, Inc. | 2.66% |
| Gildan Activewear, Inc. | 2.58% |
| Murphy USA, Inc. | 2.52% |
| Zebra Technologies Corp. | 2.48% |
VESMX Portfolio Allocation
Asset-class allocation of VELA Small Cap Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.9% |
| Cash & Equivalents | 0.7% |
VESMX Performance
Total returns for VESMX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 6.5% |
| 1 year | 16.1% |
| 3 years (annualised) | 10.4% |
| 5 years (annualised) | 7.3% |
VESMX Risk Information
Risk metrics for VESMX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.4%
VESMX Costs and Fees
VESMX costs about $109 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.09%
- Gross expense ratio: 1.09%
- Portfolio turnover: 43%
- Brokerage commissions: 16.82 bps of average net assets (SEC N-CEN)
VESMX Cashflows
Over the 12 months to 2026-06, VELA Small Cap Fund had net inflows of $26.43M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $5.65M |
| 2026-05 | $336.83K |
| 2026-04 | −$1.27M |
| 2026-03 | $5.33M |
| 2026-02 | $2.39M |
| 2026-01 | $5.48M |
VESMX Debt Constituents
No individual debt constituents are reported in VELA Small Cap Fund's latest SEC N-PORT filing.
VESMX Prospectus and SEC Filings
Official VELA Small Cap Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-01-27
- Prospectus (485BPOS) — filed 2025-01-27
- Prospectus supplement (497) — filed 2025-09-02
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-29
- Portfolio holdings (N-PORT) — filed 2026-02-27
- Annual census (N-CEN) — filed 2025-12-12
- Annual census (N-CEN) — filed 2024-12-13
Related Funds
Other United States Small Cap Value Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.