INVESTMENT MANAGEMENT ASSOCIATES INC /ADV Long-Term Concentrated

Location: Greenwood Village, CO

CIK: 0000052024 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 4, 2025

Total Value: $299M (100.0% shares, 0.0% debt)

Holdings (29)

UBER UBER TECHNOLOGIES INC 14.0%

Value $41.78M Shares 447,827 Share Price $93.30 Est. Cost/Share $39.72 Unrealized @ Report Date +134.9%

HII HUNTINGTON INGALLS INDS INC 9.4%

Value $28.17M Shares 116,685 Share Price $241.46 Est. Cost/Share $191.70 Unrealized @ Report Date +24.8%

BTI BRITISH AMERN TOB PLC 9.3%

Value $27.72M Shares 585,777 Share Price $47.33 Est. Cost/Share $34.85 Unrealized @ Report Date +35.8%

LBRDK LIBERTY BROADBAND CORP 7.7%

Value $22.91M Shares 232,827 Share Price $98.38 * Est. Cost/Share $67.03 Unrealized @ Report Date +37.4%

PM PHILIP MORRIS INTL INC 7.6%

Value $22.58M Shares 123,982 Share Price $182.13 Est. Cost/Share $82.83 Unrealized @ Report Date +115.9%

BSM BLACK STONE MINERALS L P 6.9%

Value $20.64M Shares 1,577,887 Share Price $13.08 Est. Cost/Share $13.90 Unrealized @ Report Date —

SOLV SOLVENTUM CORP 6.0%

Value $17.81M Shares 234,833 Share Price $75.84 Est. Cost/Share $66.00 Unrealized @ Report Date +14.9%

EPD ENTERPRISE PRODS PARTNERS L 5.5%

Value $16.57M Shares 534,405 Share Price $31.01 Est. Cost/Share $23.01 Unrealized @ Report Date —

TFIN TRIUMPH FINANCIAL INC 4.6%

Value $13.64M Shares 247,580 Share Price $55.11 Est. Cost/Share $64.77 Unrealized @ Report Date -14.9%

MCK MCKESSON CORP 4.6%

Value $13.6M Shares 18,560 Share Price $732.76 Est. Cost/Share $174.69 Unrealized @ Report Date +318.6%

PHG KONINKLIJKE PHILIPS N V 4.1%

Value $12.12M Shares 505,507 Share Price $23.98 Est. Cost/Share $23.70 Unrealized @ Report Date +1.2%

CMCSA COMCAST CORP NEW 3.7%

Value $11.11M Shares 311,414 Share Price $35.69 Est. Cost/Share $32.32 Unrealized @ Report Date +8.3%

CNQ CANADIAN NAT RES LTD 3.5%

Value $10.4M Shares 331,125 Share Price $31.40 Est. Cost/Share $33.01 Unrealized @ Report Date -4.9%

INVX INNOVEX INTERNATIONAL INC 3.3%

Value $10.01M Shares 640,625 Share Price $15.62 Est. Cost/Share $16.35 Unrealized @ Report Date -4.4%

IMXI INTERNATIONAL MNY EXPRESS IN 2.6%

Value $7.891M Shares 782,032 Share Price $10.09 Est. Cost/Share $18.95 Unrealized @ Report Date -46.7%

CACI CACI INTL INC 2.0%

Value $6.031M Shares 12,651 Share Price $476.70 Est. Cost/Share $443.01 Unrealized @ Report Date +7.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 1.7%

Value $4.949M Shares 10,187 Share Price $485.78 Est. Cost/Share $281.10 Unrealized @ Report Date +72.8%

MUB ISHARES TR 1.2%

Value $3.468M Shares 33,191 Share Price $104.48 Est. Cost/Share $106.67 Unrealized @ Report Date -2.1%

SHV ISHARES TR 0.8%

Value $2.415M Shares 21,872 Share Price $110.42 Est. Cost/Share $110.31 Unrealized @ Report Date +0.1%

GLD SPDR GOLD TR 0.3%

Value $841K Shares 65,100 Share Price $12.93 Est. Cost/Share — Unrealized @ Report Date —

SII SPROTT INC 0.3%

Value $769K Shares 11,129 Share Price $69.09 Est. Cost/Share $55.52 Unrealized @ Report Date +24.4%

CAH CARDINAL HEALTH INC 0.2%

Value $732K Shares 4,357 Share Price $168.00 Est. Cost/Share $51.57 Unrealized @ Report Date +222.9%

TLT ISHARES TR 0.2%

Value $723K Shares 459,700 Share Price $1.57 Est. Cost/Share — Unrealized @ Report Date —

SPY SPDR S&P 500 ETF TR 0.2%

Value $534K Shares 65,100 Share Price $8.20 Est. Cost/Share — Unrealized @ Report Date —

VOO VANGUARD INDEX FDS 0.2%

Value $462K Shares 813 Share Price $568.13 Est. Cost/Share $525.55 Unrealized @ Report Date +8.1%

NVDA NVIDIA CORPORATION 0.1%

Value $321K Shares 2,030 Share Price $157.99 Est. Cost/Share $118.07 Unrealized @ Report Date +33.8%

AAPL APPLE INC 0.1%

Value $229K Shares 1,116 Share Price $205.17 Est. Cost/Share $221.95 Unrealized @ Report Date -7.8%

TMO THERMO FISHER SCIENTIFIC INC 0.1%

Value $228K Shares 563 Share Price $405.46 Est. Cost/Share $539.78 Unrealized @ Report Date -25.0%

QVCGA QVC GROUP INC 0.0%

Value $135K Shares 49,241 Share Price $2.75 * Est. Cost/Share $5.74 Unrealized @ Report Date 0.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
UBER	UBER TECHNOLOGIES INC	447,827	$41.78M	14.0%	$93.30	$39.72	+134.9%	COM	90353T100
HII	HUNTINGTON INGALLS INDS INC	116,685	$28.17M	9.4%	$241.46	$191.70	+24.8%	COM	446413106
BTI	BRITISH AMERN TOB PLC	585,777	$27.72M	9.3%	$47.33	$34.85	+35.8%	SPONSORED ADR	110448107
LBRDK	LIBERTY BROADBAND CORP	232,827	$22.91M	7.7%	$98.38 *	$67.03	+37.4%	COM SER C	530307305
PM	PHILIP MORRIS INTL INC	123,982	$22.58M	7.6%	$182.13	$82.83	+115.9%	COM	718172109
BSM	BLACK STONE MINERALS L P	1,577,887	$20.64M	6.9%	$13.08	$13.90	—	COM UNIT	09225M101
SOLV	SOLVENTUM CORP	234,833	$17.81M	6.0%	$75.84	$66.00	+14.9%	COM SHS	83444M101
EPD	ENTERPRISE PRODS PARTNERS L	534,405	$16.57M	5.5%	$31.01	$23.01	—	COM	293792107
TFIN	TRIUMPH FINANCIAL INC	247,580	$13.64M	4.6%	$55.11	$64.77	-14.9%	COM	89679E300
MCK	MCKESSON CORP	18,560	$13.6M	4.6%	$732.76	$174.69	+318.6%	COM	58155Q103
PHG	KONINKLIJKE PHILIPS N V	505,507	$12.12M	4.1%	$23.98	$23.70	+1.2%	NY REGIS SHS NEW	500472303
CMCSA	COMCAST CORP NEW	311,414	$11.11M	3.7%	$35.69	$32.32	+8.3%	CL A	20030N101
CNQ	CANADIAN NAT RES LTD	331,125	$10.4M	3.5%	$31.40	$33.01	-4.9%	COM	136385101
INVX	INNOVEX INTERNATIONAL INC	640,625	$10.01M	3.3%	$15.62	$16.35	-4.4%	COM	457651107
IMXI	INTERNATIONAL MNY EXPRESS IN	782,032	$7.891M	2.6%	$10.09	$18.95	-46.7%	COM	46005L101
CACI	CACI INTL INC	12,651	$6.031M	2.0%	$476.70	$443.01	+7.6%	CL A	127190304
BRK/B	BERKSHIRE HATHAWAY INC DEL	10,187	$4.949M	1.7%	$485.78	$281.10	+72.8%	CL B NEW	084670702
MUB	ISHARES TR	33,191	$3.468M	1.2%	$104.48	$106.67	-2.1%	NATIONAL MUN ETF	464288414
SHV	ISHARES TR	21,872	$2.415M	0.8%	$110.42	$110.31	+0.1%	SHORT TREAS BD	464288679
GLD	SPDR GOLD TR	65,100	$841K	0.3%	$12.93	—	—	Call	78463V107
SII	SPROTT INC	11,129	$769K	0.3%	$69.09	$55.52	+24.4%	COM NEW	852066208
CAH	CARDINAL HEALTH INC	4,357	$732K	0.2%	$168.00	$51.57	+222.9%	COM	14149Y108
TLT	ISHARES TR	459,700	$723K	0.2%	$1.57	—	—	Put	464287432
SPY	SPDR S&P 500 ETF TR	65,100	$534K	0.2%	$8.20	—	—	Put	78462F103
VOO	VANGUARD INDEX FDS	813	$462K	0.2%	$568.13	$525.55	+8.1%	S&P 500 ETF SHS	922908363
NVDA	NVIDIA CORPORATION	2,030	$321K	0.1%	$157.99	$118.07	+33.8%	COM	67066G104
AAPL	APPLE INC	1,116	$229K	0.1%	$205.17	$221.95	-7.8%	COM	037833100
TMO	THERMO FISHER SCIENTIFIC INC	563	$228K	0.1%	$405.46	$539.78	-25.0%	COM	883556102
QVCGA	QVC GROUP INC	49,241	$135K	0.0%	$2.75 *	$5.74	0.0%	COM SER A NEW	74915M605