Mount Lucas Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, and portfolio management for institutions. The firm advises 1 private fund.
Mount Lucas Management reports 10 clients. They include 5 state or municipal government entities, 4 pooled investment vehicles and 1 investment company. Of its assets, 100.0% ($1.3B across 12 accounts) are managed with discretion. It advised 3 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | Fewer than 5 | 0% |
| High-net-worth individuals | Fewer than 5 | <1% |
| Banking or thrift institutions | Fewer than 5 | 0% |
| Investment companies | 10% | 4% |
| Pooled investment vehicles | 40% | 25% |
| Other client typesPension and profit-sharing plans; Charitable organizations; State or municipal government entities; Other investment advisers; Insurance companies; Sovereign wealth funds and foreign official institutions; Corporations and other businesses | 50% | 71% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | Fewer than 5 | $0 | 0.0% | — |
| High-net-worth individuals | Fewer than 5 | $2.6M | 0.2% | — |
| Banking or thrift institutions | Fewer than 5 | $0 | 0.0% | — |
| Investment companies | 1 | $48.9M | 3.8% | $48.9M |
| Pooled investment vehicles | 4 | $321M | 24.6% | $80.2M |
| Pension and profit-sharing plans | Fewer than 5 | $0 | 0.0% | — |
| Charitable organizations | Fewer than 5 | $0 | 0.0% | — |
| State or municipal government entities | 5 | $931M | 71.5% | $186M |
| Other investment advisers | Fewer than 5 | $0 | 0.0% | — |
| Insurance companies | Fewer than 5 | $0 | 0.0% | — |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $0 | 0.0% | — |
| Corporations and other businesses | Fewer than 5 | $0 | 0.0% | — |
| Total | 10 | $1.3B | 100% | — |
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $2.6M
- AUM share
- 0.2%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- 1
- Regulatory AUM
- $48.9M
- AUM share
- 3.8%
- Avg. per client
- $48.9M
- Clients
- 4
- Regulatory AUM
- $321M
- AUM share
- 24.6%
- Avg. per client
- $80.2M
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- 5
- Regulatory AUM
- $931M
- AUM share
- 71.5%
- Avg. per client
- $186M
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
Total
- Clients
- 10
- Regulatory AUM
- $1.3B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 3
- Private funds advised
- 1
Mount Lucas Management is paid through a percentage of assets under management and performance-based fees; its fees and minimums are set out in its brochures on the SEC website.
The leadership team of Mount Lucas Management includes Chief Investment Officer Gerald Prior III and Chief Financial Officer Gregory Cox. It has 15 employees, 5 of them in advisory roles.
Staff
- 15 employees
- 5 in advisory functions
- 2 broker-dealer reps
- Owns 10% to 25% of Mount Lucas Management LP
Roger Alcaly
Control person · since January 2011
- Owns 10% to 25% of Mount Lucas Management LP
Timothy Rudderow
Control person · since February 2015
- Owns 10% to 25% of Mount Lucas Management LP
Raymond IX
Control person · since January 2011
- Owns 10% to 25% of Mount Lucas Management LP
Gerald Prior III
Control person · since February 2015
- Owns 10% to 25% of Mount Lucas Management LP
David Aspell
since January 2015
- Owns 5% to 10% of Mount Lucas Management LP
Kent Huang
since January 2015
- Owns 5% to 10% of Mount Lucas Management LP
Gregory Cox
Control person · since December 2017
- Owns 5% to 10% of Mount Lucas Management LP
Matthew Ennis
since December 2018
Mount Lucas Management’s regulatory assets went from $1.33B (March 2021) to $1.3B (June 2026); clients fell from 12 to 10 and employees from 16 to 15.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Jun 2026June 2026 | $1.3B | 10 | 15 | 1 |
| Mar 2025March 2025 | $1.12B | 7 | 15 | 1 |
| Mar 2024March 2024 | $1.14B | 8 | 14 | 1 |
| Mar 2023March 2023 | $1.22B | 8 | 14 | 1 |
| Mar 2022March 2022 | $1.29B | 11 | 15 | 1 |
| Mar 2021March 2021 | $1.33B | 12 | 16 | 1 |
Besides its headquarters, Mount Lucas Management has 0 offices, with 1 listed address in 1 state.
Pennsylvania · 1 listed address
- 405 South State Street, NewtownHQ
Contact and registration details
- Legal name
- Mount Lucas Management LP
- Headquarters
- 405 South State Street, Newtown, PA 18940
- Website
- mtlucas.com
- Phone
- 267-759-3500
- @mount-lucas-management
- SEC file
- 801-28254
- Structure
- Delaware limited partnership
- Fiscal year end
- December
Mount Lucas Management’s named custodians for separately managed accounts are The Northern Trust ($600M, 66%) and The Bank of New York Mellon ($311M, 34%). Mount Lucas Management has custody of $248M for 3 clients.
- The Northern TrustThe Northern Trust Company · Chicago, IL · $600M66%
- The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $311M34%
At year end, Mount Lucas Management’s separately managed accounts were mostly in bonds (85%). Its reported 13F holdings for the quarter ended 30 June 2026 total $281M across 166 positions; the largest are iShares MSCI Brazil ETF (6.8%), Invesco S&P 500 Pure Value E (5.7%) and Invesco Qqq Trust Series 1 (5.6%).
What the accounts hold
- Bonds85%
- Other15%
- Derivatives15%
How many clients does Mount Lucas Management have?
Mount Lucas Management has 10 clients and manages $1.3 billion for them, as of June 2026. They include 5 state or municipal government entities, 4 pooled investment vehicles and 1 investment company.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 10 June 2026
What services does Mount Lucas Management offer?
Mount Lucas Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Mount Lucas Management use?
Mount Lucas Management’s separately managed account assets are held at The Northern Trust Company (Chicago, IL), with $600M and The Bank of New York Mellon (New York, NY), with $311M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 10 June 2026
How many financial advisors does Mount Lucas Management have?
Mount Lucas Management has 0 investment adviser representatives registered with state securities authorities, out of 15 employees, and 5 perform investment advisory functions. 2 employees are registered representatives of a broker-dealer and 0 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Mount Lucas Management invest in?
At the end of its last fiscal year, Mount Lucas Management’s separately managed accounts held 85% U.S. government and agency bonds and 15% derivatives. It advises 1 private fund.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Mount Lucas Management?
Mount Lucas Management’s direct owners are Roger Alcaly, Timothy Rudderow, Raymond IX, Gerald Prior III, David Aspell, Kent Huang, Gregory Cox and Matthew Ennis, each holding 25% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 10 June 2026
How does Mount Lucas Management get paid?
Mount Lucas Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Mount Lucas Management?
Mount Lucas Management’s main office is at 405 South State Street, Newtown, PA 18940. Its phone number is 267-759-3500. Its website is mtlucas.com.