INVESTMENT MANAGEMENT ASSOCIATES INC /ADV Long-Term Concentrated

CIK: 0000052024 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 6, 2025

Total Value ($000): $339,390 (100.0% shares, 0.0% debt)

Holdings (30)

UBER UBER TECHNOLOGIES INC 12.8%

Value ($000) $43,592 Shares 444,952 Est. Cost $39.72 Unrealized +135.4%

HII HUNTINGTON INGALLS INDS INC 9.8%

Value ($000) $33,378 Shares 115,932 Est. Cost $191.70 Unrealized +37.9%

BTI BRITISH AMERN TOB PLC 9.0%

Value ($000) $30,446 Shares 573,592 Est. Cost $34.91 Unrealized —

BSM BLACK STONE MINERALS L P 7.5%

Value ($000) $25,422 Shares 1,934,739 Est. Cost $13.76 Unrealized —

MOH MOLINA HEALTHCARE INC 6.0%

Value ($000) $20,243 Shares 105,787 Est. Cost $184.06 Unrealized 0.0%

PM PHILIP MORRIS INTL INC 5.8%

Value ($000) $19,713 Shares 121,535 Est. Cost $82.83 Unrealized +99.4%

SOLV SOLVENTUM CORP 5.6%

Value ($000) $18,903 Shares 258,949 Est. Cost $66.68 Unrealized +9.9%

LBRDK LIBERTY BROADBAND CORP 5.0%

Value ($000) $16,897 Shares 265,920 Est. Cost $67.28 Unrealized +2.6%

EPD ENTERPRISE PRODS PARTNERS L 4.9%

Value ($000) $16,743 Shares 535,444 Est. Cost $23.01 Unrealized —

MCK MCKESSON CORP 4.1%

Value ($000) $13,967 Shares 18,080 Est. Cost $174.69 Unrealized +302.4%

PHG KONINKLIJKE PHILIPS N V 4.1%

Value ($000) $13,749 Shares 504,362 Est. Cost $23.98 Unrealized —

TFIN TRIUMPH FINANCIAL INC 3.7%

Value ($000) $12,680 Shares 253,400 Est. Cost $64.63 Unrealized -8.9%

INVX INNOVEX INTERNATIONAL INC 3.5%

Value ($000) $11,755 Shares 634,056 Est. Cost $16.35 Unrealized +1.8%

CNQ CANADIAN NAT RES LTD 3.2%

Value ($000) $10,715 Shares 335,252 Est. Cost $32.99 Unrealized -5.1%

CMCSA COMCAST CORP NEW 3.1%

Value ($000) $10,611 Shares 337,699 Est. Cost $32.38 Unrealized +2.4%

NU NU HLDGS LTD 2.4%

Value ($000) $7,978 Shares 498,340 Est. Cost $13.95 Unrealized 0.0%

CACI CACI INTL INC 1.8%

Value ($000) $6,202 Shares 12,435 Est. Cost $443.01 Unrealized +9.1%

HUM HUMANA INC 1.5%

Value ($000) $5,195 Shares 19,966 Est. Cost $261.21 Unrealized 0.0%

BRK/B BERKSHIRE HATHAWAY INC DEL 1.4%

Value ($000) $4,710 Shares 9,369 Est. Cost $281.10 Unrealized +72.3%

ELV ELEVANCE HEALTH INC FORMERLY 1.2%

Value ($000) $4,235 Shares 13,108 Est. Cost $308.14 Unrealized 0.0%

MUB ISHARES TR 1.0%

Value ($000) $3,535 Shares 33,191 Est. Cost $107.17 Unrealized —

SHV ISHARES TR 0.8%

Value ($000) $2,828 Shares 25,593 Est. Cost $110.50 Unrealized —

GLD SPDR GOLD TR 0.8%

Value ($000) $2,549 Shares 65,100 Est. Cost — Unrealized —

SII SPROTT INC 0.3%

Value ($000) $869 Shares 10,445 Est. Cost $55.52 Unrealized +25.6%

QVCGA QVC GROUP INC 0.2%

Value ($000) $656 Shares 48,599 Est. Cost $5.74 Unrealized +13.5%

SPY SPDR S&P 500 ETF TR 0.2%

Value ($000) $551 Shares 296,900 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $373 Shares 2,000 Est. Cost $118.07 Unrealized +47.6%

TLT ISHARES TR 0.1%

Value ($000) $354 Shares 459,700 Est. Cost — Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.1%

Value ($000) $273 Shares 563 Est. Cost $539.78 Unrealized -13.9%

GDX VANECK ETF TRUST 0.1%

Value ($000) $267 Shares 3,500 Est. Cost $76.40 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UBER	UBER TECHNOLOGIES INC	444,952	$43,592	12.8%	$39.72	+135.4%	COM	90353T100
HII	HUNTINGTON INGALLS INDS INC	115,932	$33,378	9.8%	$191.70	+37.9%	COM	446413106
BTI	BRITISH AMERN TOB PLC	573,592	$30,446	9.0%	$34.91	—	SPONSORED ADR	110448107
BSM	BLACK STONE MINERALS L P	1,934,739	$25,422	7.5%	$13.76	—	COM UNIT	09225M101
MOH	MOLINA HEALTHCARE INC	105,787	$20,243	6.0%	$184.06	0.0%	COM	60855R100
PM	PHILIP MORRIS INTL INC	121,535	$19,713	5.8%	$82.83	+99.4%	COM	718172109
SOLV	SOLVENTUM CORP	258,949	$18,903	5.6%	$66.68	+9.9%	COM SHS	83444M101
LBRDK	LIBERTY BROADBAND CORP	265,920	$16,897	5.0%	$67.28	+2.6%	COM SER C	530307305
EPD	ENTERPRISE PRODS PARTNERS L	535,444	$16,743	4.9%	$23.01	—	COM	293792107
MCK	MCKESSON CORP	18,080	$13,967	4.1%	$174.69	+302.4%	COM	58155Q103
PHG	KONINKLIJKE PHILIPS N V	504,362	$13,749	4.1%	$23.98	—	NY REGIS SHS NEW	500472303
TFIN	TRIUMPH FINANCIAL INC	253,400	$12,680	3.7%	$64.63	-8.9%	COM	89679E300
INVX	INNOVEX INTERNATIONAL INC	634,056	$11,755	3.5%	$16.35	+1.8%	COM	457651107
CNQ	CANADIAN NAT RES LTD	335,252	$10,715	3.2%	$32.99	-5.1%	COM	136385101
CMCSA	COMCAST CORP NEW	337,699	$10,611	3.1%	$32.38	+2.4%	CL A	20030N101
NU	NU HLDGS LTD	498,340	$7,978	2.4%	$13.95	0.0%	ORD SHS CL A	G6683N103
CACI	CACI INTL INC	12,435	$6,202	1.8%	$443.01	+9.1%	CL A	127190304
HUM	HUMANA INC	19,966	$5,195	1.5%	$261.21	0.0%	COM	444859102
BRK/B	BERKSHIRE HATHAWAY INC DEL	9,369	$4,710	1.4%	$281.10	+72.3%	CL B NEW	084670702
ELV	ELEVANCE HEALTH INC FORMERLY	13,108	$4,235	1.2%	$308.14	0.0%	COM	036752103
MUB	ISHARES TR	33,191	$3,535	1.0%	$107.17	—	NATIONAL MUN ETF	464288414
SHV	ISHARES TR	25,593	$2,828	0.8%	$110.50	—	SHORT TREAS BD	464288679
GLD	SPDR GOLD TR	65,100	$2,549	0.8%	—	—	Call	78463V107
SII	SPROTT INC	10,445	$869	0.3%	$55.52	+25.6%	COM NEW	852066208
QVCGA	QVC GROUP INC	48,599	$656	0.2%	$5.74	+13.5%	COM SER A NEW	74915M605
SPY	SPDR S&P 500 ETF TR	296,900	$551	0.2%	—	—	Put	78462F103
NVDA	NVIDIA CORPORATION	2,000	$373	0.1%	$118.07	+47.6%	COM	67066G104
TLT	ISHARES TR	459,700	$354	0.1%	—	—	Put	464287432
TMO	THERMO FISHER SCIENTIFIC INC	563	$273	0.1%	$539.78	-13.9%	COM	883556102
GDX	VANECK ETF TRUST	3,500	$267	0.1%	$76.40	—	GOLD MINERS ETF	92189F106