<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001815493</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>

      <seriesClassInfo>
        <seriesId>S000069562</seriesId>
        <classId>C000221919</classId>
        <classId>C000221920</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>VELA Funds</regName>
      <regFileNumber>811-23585</regFileNumber>
      <regCik>0001815493</regCik>
      <regLei>549300F0PMHX6GFZ7Q56</regLei>
      <regStreet1>220 Market Street</regStreet1>
      <regStreet2>Suite 208</regStreet2>
      <regCity>New Albany</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>43054</regZipOrPostalCode>
      <regPhone>614-653-8352</regPhone>
      <seriesName>VELA INTERNATIONAL FUND</seriesName>
      <seriesId>S000069562</seriesId>
      <seriesLei>549300Y1RS134O2CPA39</seriesLei>
      <repPdEnd>2025-09-30</repPdEnd>
      <repPdDate>2025-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>56305290.72</totAssets>
      <totLiabs>713399.79</totLiabs>
      <netAssets>55591890.93</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>71113.16</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000221919" rtn1="2.40312700" rtn2="3.17937200" rtn3="2.20106600"/>
          <monthlyTotReturn classId="C000221920" rtn1="-2.73270100" rtn2="-2.02016400" rtn3="-2.93912700"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="38527.46000000" netUnrealizedAppr="1148123.21000000"/>
        <othMon2 netRealizedGain="402892.45000000" netUnrealizedAppr="1217784.23000000"/>
        <othMon3 netRealizedGain="378495.94000000" netUnrealizedAppr="508586.17000000"/>
      </returnInfo>
      <mon1Flow redemption="79631.70000000" reinvestment="0.00000000" sales="363740.31000000"/>
      <mon2Flow redemption="10646.79000000" reinvestment="0.00000000" sales="681366.00000000"/>
      <mon3Flow redemption="5455.60000000" reinvestment="0.00000000" sales="1432999.45000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Alamos Gold Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc. </title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
        </identifiers>
        <balance>50900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1361066.00000000</valUSD>
        <pctVal>2.448317510397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Associated British Foods PLC</name>
        <lei>GBQKSY6W7G0OHCQ8OQ72</lei>
        <title>Associated British Foods PLC </title>
        <cusip>G05600138</cusip>
        <identifiers>
          <isin value="GB0006731235"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77407000"/>
        <valUSD>1239687.24000000</valUSD>
        <pctVal>2.229978544102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Serco Group PLC</name>
        <lei>549300PT2CIHYN5GWJ21</lei>
        <title>Serco Group PLC </title>
        <cusip>G80400107</cusip>
        <identifiers>
          <isin value="GB0007973794"/>
        </identifiers>
        <balance>717000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77407000"/>
        <valUSD>1466469.57000000</valUSD>
        <pctVal>2.637919929448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Criteo S.A</name>
        <lei>969500EELFB4RDMFHA76</lei>
        <title>Criteo S.A. </title>
        <cusip>226718104</cusip>
        <identifiers>
          <isin value="US2267181046"/>
        </identifiers>
        <balance>42200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1494302.00000000</valUSD>
        <pctVal>2.687985558688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Finning International Inc.</name>
        <lei>549300QLDCP11KB6XW55</lei>
        <title>Finning International, Inc. </title>
        <cusip>318071404</cusip>
        <identifiers>
          <isin value="CA3180714048"/>
        </identifiers>
        <balance>9000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43886000"/>
        <valUSD>253263.00000000</valUSD>
        <pctVal>0.455575436926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gruma S.A.B.de C.V.</name>
        <lei>5493000XJLJ6C4T0PG82</lei>
        <title>Gruma SAB de CV </title>
        <cusip>P4948K121</cusip>
        <identifiers>
          <isin value="MXP4948K1056"/>
        </identifiers>
        <balance>12000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.46730000"/>
        <valUSD>215700.17000000</valUSD>
        <pctVal>0.388006535470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kimberly-Clark de Mexico S.A.B. de C.V.</name>
        <lei>549300JGHL56QT00KT54</lei>
        <title>Kimberly-Clark de Mexico SAB de CV </title>
        <cusip>P60694117</cusip>
        <identifiers>
          <isin value="MXP606941179"/>
        </identifiers>
        <balance>772000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.46730000"/>
        <valUSD>1264708.10000000</valUSD>
        <pctVal>2.274986655144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Major Drilling Group Intl Inc</name>
        <lei>549300O1MNHCX2FUBC21</lei>
        <title>Major Drilling Group International, Inc. </title>
        <cusip>560909103</cusip>
        <identifiers>
          <isin value="CA5609091031"/>
        </identifiers>
        <balance>137000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43886000"/>
        <valUSD>763618.42000000</valUSD>
        <pctVal>1.373614761479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pason System Incor</name>
        <lei>984500DC6T2FLR969F65</lei>
        <title>Pason Systems, Inc. </title>
        <cusip>702925108</cusip>
        <identifiers>
          <isin value="CA7029251088"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43886000"/>
        <valUSD>685438.47000000</valUSD>
        <pctVal>1.232982829929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fielmann Group AG</name>
        <lei>529900BU5B7N9GE4XU15</lei>
        <title>Fielmann AG </title>
        <cusip>D2617N114</cusip>
        <identifiers>
          <isin value="DE0005772206"/>
        </identifiers>
        <balance>18000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>818369.13000000</valUSD>
        <pctVal>1.472101625451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KBC Group NV</name>
        <lei>213800X3Q9LSAKRUWY91</lei>
        <title>KBC Group NV </title>
        <cusip>B5337G162</cusip>
        <identifiers>
          <isin value="BE0003565737"/>
        </identifiers>
        <balance>11700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1066971.29000000</valUSD>
        <pctVal>1.919293033841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telekom Austria AG</name>
        <lei>529900KCNFQU5OJH7L33</lei>
        <title>Telekom Austria AG </title>
        <cusip>A8502A102</cusip>
        <identifiers>
          <isin value="AT0000720008"/>
        </identifiers>
        <balance>116400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1089838.60000000</valUSD>
        <pctVal>1.960427288527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Duerr AG</name>
        <lei>5299003APZ54EDTSRO20</lei>
        <title>Duerr AG </title>
        <cusip>D23279108</cusip>
        <identifiers>
          <isin value="DE0005565204"/>
        </identifiers>
        <balance>45600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1152565.28000000</valUSD>
        <pctVal>2.073261514797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Krka d.d.</name>
        <lei>549300H9RLRTRTLRUZ73</lei>
        <title>Krka dd Novo mesto </title>
        <cusip>X4571Y100</cusip>
        <identifiers>
          <isin value="SI0031102120"/>
        </identifiers>
        <balance>5100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>948958.81000000</valUSD>
        <pctVal>1.707009411129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FLSmidth &amp; Co. A/S</name>
        <lei>213800MXXDGQ3ITPXI41</lei>
        <title>FLSmidth &amp; Co A/S </title>
        <cusip>K90242130</cusip>
        <identifiers>
          <isin value="DK0010234467"/>
        </identifiers>
        <balance>20100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.89886000"/>
        <valUSD>965351.39000000</valUSD>
        <pctVal>1.736496769313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wienerberger AG</name>
        <lei>529900VXIFBHO0SW2I31</lei>
        <title>Wienerberger AG </title>
        <cusip>A95384110</cusip>
        <identifiers>
          <isin value="AT0000831706"/>
        </identifiers>
        <balance>27200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>907217.05000000</valUSD>
        <pctVal>1.631923352170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Infineon Technologies AG</name>
        <lei>TSI2PJM6EPETEQ4X1U25</lei>
        <title>Infineon Technologies AG </title>
        <cusip>D35415104</cusip>
        <identifiers>
          <isin value="DE0006231004"/>
        </identifiers>
        <balance>42200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1407513.22000000</valUSD>
        <pctVal>2.531867861397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Hermes Treasury Oligations Fund </title>
        <cusip>60934N500</cusip>
        <identifiers>
          <isin value="US60934N5005"/>
        </identifiers>
        <balance>5730818.41000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5730818.41000000</valUSD>
        <pctVal>10.30873084928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UTD Tractors</name>
        <lei>529900N9ELYOWQV4FW14</lei>
        <title>United Tractors Tbk PT </title>
        <cusip>Y7146Y140</cusip>
        <identifiers>
          <isin value="ID1000058407"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16559.00000000"/>
        <valUSD>992379.68000000</valUSD>
        <pctVal>1.785115892621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ansell Ltd.</name>
        <lei>549300NEGJ5G23VCJM45</lei>
        <title>Ansell Ltd. </title>
        <cusip>Q04020105</cusip>
        <identifiers>
          <isin value="AU000000ANN9"/>
        </identifiers>
        <balance>33100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60020000"/>
        <valUSD>705022.30000000</valUSD>
        <pctVal>1.268210683618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Honda Motor Co Ltd.</name>
        <lei>549300P7ZYCQJ36CCS16</lei>
        <title>Honda Motor Co. Ltd. </title>
        <cusip>J22302111</cusip>
        <identifiers>
          <isin value="JP3854600008"/>
        </identifiers>
        <balance>73500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.95600000"/>
        <valUSD>665294.58000000</valUSD>
        <pctVal>1.196747527148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ginebra San Miguel Inc.</name>
        <lei>549300FYQJAVLTUPRN13</lei>
        <title>Ginebra San Miguel, Inc. </title>
        <cusip>Y2709M104</cusip>
        <identifiers>
          <isin value="PHY2709M1046"/>
        </identifiers>
        <balance>50700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="57.27000000"/>
        <valUSD>263489.66000000</valUSD>
        <pctVal>0.473971393295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nintendo Co Ltd.</name>
        <lei>353800FEEXU6I9M0ZF27</lei>
        <title>Nintendo Co. Ltd. </title>
        <cusip>J51699106</cusip>
        <identifiers>
          <isin value="JP3756600007"/>
        </identifiers>
        <balance>12300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.95600000"/>
        <valUSD>836315.31000000</valUSD>
        <pctVal>1.504383635831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toray Industries Inc.</name>
        <lei>35380099TCYR5FHT0A11</lei>
        <title>Toray Industries, Inc. </title>
        <cusip>J89494116</cusip>
        <identifiers>
          <isin value="JP3621000003"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.95600000"/>
        <valUSD>786078.82000000</valUSD>
        <pctVal>1.414017056893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VTech Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>VTech Holdings Ltd. </title>
        <cusip>G9400S132</cusip>
        <identifiers>
          <isin value="BMG9400S1329"/>
        </identifiers>
        <balance>174200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>1277618.78000000</valUSD>
        <pctVal>2.298210689772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holding AG </title>
        <cusip>H69293217</cusip>
        <identifiers>
          <isin value="CH0012032048"/>
        </identifiers>
        <balance>3700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.88451000"/>
        <valUSD>1218033.84000000</valUSD>
        <pctVal>2.191027899255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Swatch Group AG</name>
        <lei>529900NTES2LEON1JZ55</lei>
        <title>Swatch Group AG/The </title>
        <cusip>H83949141</cusip>
        <identifiers>
          <isin value="CH0012255151"/>
        </identifiers>
        <balance>5600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.88451000"/>
        <valUSD>965908.21000000</valUSD>
        <pctVal>1.737498390217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suncor Energy Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy, Inc. </title>
        <cusip>867224107</cusip>
        <identifiers>
          <isin value="CA8672241079"/>
        </identifiers>
        <balance>27000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1045440.00000000</valUSD>
        <pctVal>1.880562043331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TotalEnergies SE</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TotalEnergies SE </title>
        <cusip>F92124100</cusip>
        <identifiers>
          <isin value="FR0000120271"/>
        </identifiers>
        <balance>21600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1392524.49000000</valUSD>
        <pctVal>2.504905781588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rexel, S.A.</name>
        <lei>969500N6AVPA51648T62</lei>
        <title>Rexel SA </title>
        <cusip>F7782J366</cusip>
        <identifiers>
          <isin value="FR0010451203"/>
        </identifiers>
        <balance>22400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>604035.98000000</valUSD>
        <pctVal>1.086554117687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OceanaGold Corp.</name>
        <lei>549300CBMSE8I9N3E232</lei>
        <title>OceanaGold Corp. </title>
        <cusip>675222103</cusip>
        <identifiers>
          <isin value="CA6752221037"/>
        </identifiers>
        <balance>368000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43886000"/>
        <valUSD>1227638.55000000</valUSD>
        <pctVal>2.208305077346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Foraco International SA</name>
        <lei>9695007X7FEAWKE0E728</lei>
        <title>Foraco International SA </title>
        <cusip>F4269M103</cusip>
        <identifiers>
          <isin value="FR0010492199"/>
        </identifiers>
        <balance>647000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43886000"/>
        <valUSD>912812.92000000</valUSD>
        <pctVal>1.641989334648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WPP PLC</name>
        <lei>549300LSGBXPYHXGDT93</lei>
        <title>WPP PLC </title>
        <cusip>G9788D103</cusip>
        <identifiers>
          <isin value="JE00B8KF9B49"/>
        </identifiers>
        <balance>103400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77407000"/>
        <valUSD>785814.22000000</valUSD>
        <pctVal>1.413541088194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compagnie Financiere Richemont Sa</name>
        <lei>549300YIPGJ6UX2QPS51</lei>
        <title>Cie Financiere Richemont SA </title>
        <cusip>H25662182</cusip>
        <identifiers>
          <isin value="CH0210483332"/>
        </identifiers>
        <balance>3200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.88451000"/>
        <valUSD>558730.97000000</valUSD>
        <pctVal>1.005058400879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cake Box Holdings PLC</name>
        <lei>213800HZ61RLHNSM2698</lei>
        <title>Cake Box Holdings PLC </title>
        <cusip>G1R596108</cusip>
        <identifiers>
          <isin value="GB00BDZWB751"/>
        </identifiers>
        <balance>102000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77407000"/>
        <valUSD>236908.63000000</valUSD>
        <pctVal>0.426156811788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ambev S.A.</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>Ambev SA </title>
        <cusip>P0273U106</cusip>
        <identifiers>
          <isin value="BRABEVACNOR1"/>
        </identifiers>
        <balance>435000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.70650000"/>
        <valUSD>1033663.37000000</valUSD>
        <pctVal>1.859377964497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bapcor Ltd.</name>
        <lei>N/A</lei>
        <title>Bapcor, Ltd. </title>
        <cusip>Q1921R106</cusip>
        <identifiers>
          <isin value="AU000000BAP9"/>
        </identifiers>
        <balance>248000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60020000"/>
        <valUSD>705708.16000000</valUSD>
        <pctVal>1.269444424706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Parkland Corporation</name>
        <lei>549300UY5C6HUV0XLS53</lei>
        <title>Parkland Corp </title>
        <cusip>70137W108</cusip>
        <identifiers>
          <isin value="CA70137W1086"/>
        </identifiers>
        <balance>38500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43886000"/>
        <valUSD>963797.73000000</valUSD>
        <pctVal>1.733702009189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WH Group Ltd.</name>
        <lei>254900A4AYEDRWYSE928</lei>
        <title>WH Group Ltd. </title>
        <cusip>G96007102</cusip>
        <identifiers>
          <isin value="KYG960071028"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>1469194.68000000</valUSD>
        <pctVal>2.642821921366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JDE Peets N.V</name>
        <lei>724500EHG519SE5ZRT89</lei>
        <title>JDE Peet's NV </title>
        <cusip>N44664105</cusip>
        <identifiers>
          <isin value="NL0014332678"/>
        </identifiers>
        <balance>54500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1192222.97000000</valUSD>
        <pctVal>2.144598699657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Informa PLC</name>
        <lei>5493006VM2LKUPSEDU20</lei>
        <title>Informa PLC </title>
        <cusip>G4770L106</cusip>
        <identifiers>
          <isin value="GB00BMJ6DW54"/>
        </identifiers>
        <balance>54900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77407000"/>
        <valUSD>550529.33000000</valUSD>
        <pctVal>0.990305098082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B&amp;M European Value Retail SA</name>
        <lei>213800UK7ZRLY2K1X530</lei>
        <title>B&amp;M European Value Retail SA </title>
        <cusip>L1175H106</cusip>
        <identifiers>
          <isin value="LU1072616219"/>
        </identifiers>
        <balance>258000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77407000"/>
        <valUSD>871580.50000000</valUSD>
        <pctVal>1.567819488452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loomis AB</name>
        <lei>213800NS2XXVRYS7WP40</lei>
        <title>Loomis AB </title>
        <cusip>W5S50Y116</cusip>
        <identifiers>
          <isin value="SE0014504817"/>
        </identifiers>
        <balance>21000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.05017000"/>
        <valUSD>850704.03000000</valUSD>
        <pctVal>1.530266403550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Indivior PLC</name>
        <lei>213800V3NCQTY7IED471</lei>
        <title>Indivior PLC </title>
        <cusip>G4766E116</cusip>
        <identifiers>
          <isin value="GB00BN4HT335"/>
        </identifiers>
        <balance>77200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77407000"/>
        <valUSD>729639.98000000</valUSD>
        <pctVal>1.312493545000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Argenx SE</name>
        <lei>7245009C5FZE6G9ODQ71</lei>
        <title>Argenx SE </title>
        <cusip>N0610Q109</cusip>
        <identifiers>
          <isin value="NL0010832176"/>
        </identifiers>
        <balance>500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>295211.76000000</valUSD>
        <pctVal>0.531033852350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuchs SE</name>
        <lei>529900SNF9E1P5ZO4P98</lei>
        <title>Fuchs Petrolub SE </title>
        <cusip>D27462387</cusip>
        <identifiers>
          <isin value="DE000A3E5D56"/>
        </identifiers>
        <balance>24100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>878863.69000000</valUSD>
        <pctVal>1.580920661804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Johnson Electric Holdings Ltd.</name>
        <lei>529900EDYRQ6K25JEC80</lei>
        <title>Johnson Electric Holdings Ltd. </title>
        <cusip>G5150J157</cusip>
        <identifiers>
          <isin value="BMG5150J1577"/>
        </identifiers>
        <balance>555000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>1120031.75000000</valUSD>
        <pctVal>2.014739436387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compagnie Generale des Etablissements Michelin</name>
        <lei>549300SOSI58J6VIW052</lei>
        <title>Cia Generale de Establissements Michelin SCA </title>
        <cusip>F61824870</cusip>
        <identifiers>
          <isin value="FR001400AJ45"/>
        </identifiers>
        <balance>29100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1023332.52000000</valUSD>
        <pctVal>1.840794588708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Keeper Technical Laboratory Co Ltd</name>
        <lei>N/A</lei>
        <title>KeePer Technical Laboratory Co, Ltd. </title>
        <cusip>J31847106</cusip>
        <identifiers>
          <isin value="JP3236320002"/>
        </identifiers>
        <balance>44000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.95600000"/>
        <valUSD>1112558.75000000</valUSD>
        <pctVal>2.001296828346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>Svenska Handelsbanken AB </title>
        <cusip>W9112U104</cusip>
        <identifiers>
          <isin value="SE0007100599"/>
        </identifiers>
        <balance>93200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.05017000"/>
        <valUSD>1053471.98000000</valUSD>
        <pctVal>1.895010157734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV </title>
        <cusip>N4578E595</cusip>
        <identifiers>
          <isin value="NL0011821202"/>
        </identifiers>
        <balance>61600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1207493.82000000</valUSD>
        <pctVal>2.172068263553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBB Foods Inc</name>
        <lei>N/A</lei>
        <title>BBB Foods Inc </title>
        <cusip>G0896C103</cusip>
        <identifiers>
          <isin value="VGG0896C1032"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>667000.00000000</valUSD>
        <pctVal>1.199815276727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomad Foods Ltd.</name>
        <lei>5493000ZZ1837DS2SI43</lei>
        <title>Nomad Foods Ltd. </title>
        <cusip>G6564A105</cusip>
        <identifiers>
          <isin value="VGG6564A1057"/>
        </identifiers>
        <balance>57900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1137735.00000000</valUSD>
        <pctVal>2.046584458572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wix.com Limited</name>
        <lei>5493008P6N29Q1AG9464</lei>
        <title>Wix.com Ltd. </title>
        <cusip>M98068105</cusip>
        <identifiers>
          <isin value="IL0011301780"/>
        </identifiers>
        <balance>5100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>833238.00000000</valUSD>
        <pctVal>1.498848098276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Copa Holdings SA</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>Copa Holdings SA </title>
        <cusip>P31076105</cusip>
        <identifiers>
          <isin value="PAP310761054"/>
        </identifiers>
        <balance>8300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>767418.00000000</valUSD>
        <pctVal>1.380449535286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>VELA Funds</ncom:nameOfApplicant>
      <ncom:signature>Gregory Knoth</ncom:signature>
      <ncom:signerName>Gregory Knoth</ncom:signerName>
      <ncom:title>SVP, Mutual Fund Controller</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
