VIOAX — VELA Income Opportunities Fund
Data updated: 2026-08-27
VIOAX — VELA Income Opportunities Fund. United States Multi-Cap / All-Cap Blend / Core Equity · $41.80M AUM. Holdings, fees, performance and SEC filings.
VIOAX Fund Overview
VIOAX — VELA Income Opportunities Fund is a US mutual fund managed by VELA Funds, categorised as United States Multi-Cap / All-Cap Blend / Core 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 Multi-Cap / All-Cap Blend / Core Equity
- Assets under management: $41.80M
- 1-year return: -41.8%
- Ticker: VIOAX
- SEC CIK: 0001815493
- SEC series ID: S000075683
- Share class ID: C000234952
VIOAX Investment Objective and Strategy
VELA Income Opportunities Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by VELA Funds.
Investment objective
The primary investment objective of the VELA Income Opportunities Fund is to provide current income and the secondary investment objective 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 income producing securities. The fund may invest in common equities of large, mid and small capitalization companies (both domestic and foreign, including American Depository Receipts (ADRs)), real estate investment trusts (REITs), preferred equity securities, convertible securities, and master limited partnerships (MLPs). The fund will limit its investments in MLPs to less than 25% of net assets. The fund may also invest in corporate debt securities, including bonds and other debt securities of U.S. and non-U.S. issuers, including obligations of industrial, utility, banking and other corporate issuers. The funds investments in corporate debt securities may include investments in below investment grade securities, including those referred to as high yield securities or junk bonds (or the unrated equivalent) at the time of purchase.
The Adviser may use options, such as puts or calls on individual securities, as well as options on securities indices and exchange-traded funds, to enhance returns, generate income, to reduce portfolio volatility, or to reduce downside risk when the Adviser believes it to be prudent. To enhance income, the Adviser may sell call options on stocks held in the portfolio (covered call writing). In exchange for the option premium received, the fund will give up potential upside in the underlying stock. The Adviser may write put options on stocks that it has deemed to be attractive purchases at lower price levels. The Adviser may also utilize a combination of puts and/or calls regarding the same security (sometimes referred to as straddles, collars or spreads) or utilize puts and calls on related securities.
The Adviser focuses on estimating a companys value independent of its current stock price. 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.
VIOAX Holdings
Top 10 holdings of VELA Income Opportunities Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Copa Holdings SA | 2.84% |
| Greenbrier Companies, Inc. (the) | 2.33% |
| Pepsico, Inc. | 2.00% |
| Pason Systems, Inc. | 1.79% |
| Federal Agricultural Mortgage Corp. | 1.61% |
| Ambev SA | 1.58% |
| Movado Group, Inc. | 1.58% |
| First American Funds, Inc. | 1.52% |
| Lamb Weston Holdings, Inc. | 1.49% |
| Medtronic PLC | 1.44% |
VIOAX Portfolio Allocation
Asset-class allocation of VELA Income Opportunities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 59.7% |
| Fixed Income | 38.9% |
| Cash & Equivalents | 1.5% |
| Securitized | 0.4% |
VIOAX Performance
Total returns for VIOAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | -24.4% |
| 1 year | -41.8% |
| 3 years (annualised) | -42.2% |
VIOAX Risk Information
Risk metrics for VIOAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.3%
VIOAX Costs and Fees
VIOAX costs about $109 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.09%
- Gross expense ratio: 1.09%
- Portfolio turnover: 56%
- Brokerage commissions: 5.67 bps of average net assets (SEC N-CEN)
VIOAX Cashflows
Over the 12 months to 2026-06, VELA Income Opportunities Fund had net inflows of $6.29M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $642.89K |
| 2026-05 | $142.66K |
| 2026-04 | −$111.21K |
| 2026-03 | $5.22M |
| 2026-02 | $77.74K |
| 2026-01 | −$12.71K |
VIOAX Debt Constituents
Largest debt holdings of VELA Income Opportunities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Garrett Motion Holdings, Inc. / Garrett Lx I Sarl | 1.13% |
| William Carter Company (the) | 1.11% |
| First Citizens Bancshares, Inc. | 1.09% |
| Cleveland-Cliffs, Inc. | 1.09% |
| Constellation Insurance, Inc. | 1.08% |
| Stanley Black & Decker, Inc. | 1.07% |
| Oaktree Strategic Credit Fund | 1.07% |
| Bluelinx Holdings, Inc. | 1.07% |
| Macy's Retail Holdings LLC | 1.01% |
| Wabash National Corp. | 1.00% |
VIOAX Prospectus and SEC Filings
Official VELA Income Opportunities 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 Multi-Cap / All-Cap Blend / Core 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.