INVESTMENT MANAGEMENT ASSOCIATES INC /ADV Long-Term Concentrated

Location: Greenwood Village, CO

CIK: 0000052024 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 6, 2025

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

Holdings (30)

UBER UBER TECHNOLOGIES INC 12.8%

Value $43.59M Shares 444,952 Share Price $97.97 Est. Cost/Share $39.72 Unrealized @ Report Date +146.6%

HII HUNTINGTON INGALLS INDS INC 9.8%

Value $33.38M Shares 115,932 Share Price $287.91 Est. Cost/Share $191.70 Unrealized @ Report Date +49.5%

BTI BRITISH AMERN TOB PLC 9.0%

Value $30.45M Shares 573,592 Share Price $53.08 Est. Cost/Share $34.85 Unrealized @ Report Date +52.3%

BSM BLACK STONE MINERALS L P 7.5%

Value $25.42M Shares 1,934,739 Share Price $13.14 Est. Cost/Share $13.76 Unrealized @ Report Date —

MOH MOLINA HEALTHCARE INC 6.0%

Value $20.24M Shares 105,787 Share Price $191.36 Est. Cost/Share $184.06 Unrealized @ Report Date +4.0%

PM PHILIP MORRIS INTL INC 5.8%

Value $19.71M Shares 121,535 Share Price $162.20 Est. Cost/Share $82.83 Unrealized @ Report Date +92.2%

SOLV SOLVENTUM CORP 5.6%

Value $18.9M Shares 258,949 Share Price $73.00 Est. Cost/Share $66.68 Unrealized @ Report Date +9.5%

LBRDK LIBERTY BROADBAND CORP 5.0%

Value $16.9M Shares 265,920 Share Price $63.54 Est. Cost/Share $67.28 Unrealized @ Report Date -5.6%

EPD ENTERPRISE PRODS PARTNERS L 4.9%

Value $16.74M Shares 535,444 Share Price $31.27 Est. Cost/Share $23.01 Unrealized @ Report Date —

MCK MCKESSON CORP 4.1%

Value $13.97M Shares 18,080 Share Price $772.53 Est. Cost/Share $174.69 Unrealized @ Report Date +341.8%

PHG KONINKLIJKE PHILIPS N V 4.1%

Value $13.75M Shares 504,362 Share Price $27.26 Est. Cost/Share $23.70 Unrealized @ Report Date +15.0%

TFIN TRIUMPH FINANCIAL INC 3.7%

Value $12.68M Shares 253,400 Share Price $50.04 Est. Cost/Share $64.63 Unrealized @ Report Date -22.6%

INVX INNOVEX INTERNATIONAL INC 3.5%

Value $11.76M Shares 634,056 Share Price $18.54 Est. Cost/Share $16.35 Unrealized @ Report Date +13.4%

CNQ CANADIAN NAT RES LTD 3.2%

Value $10.71M Shares 335,252 Share Price $31.96 Est. Cost/Share $32.99 Unrealized @ Report Date -3.1%

CMCSA COMCAST CORP NEW 3.1%

Value $10.61M Shares 337,699 Share Price $31.42 Est. Cost/Share $32.38 Unrealized @ Report Date -4.0%

NU NU HLDGS LTD 2.4%

Value $7.978M Shares 498,340 Share Price $16.01 Est. Cost/Share $13.95 Unrealized @ Report Date +14.8%

CACI CACI INTL INC 1.8%

Value $6.202M Shares 12,435 Share Price $498.78 Est. Cost/Share $443.01 Unrealized @ Report Date +12.6%

HUM HUMANA INC 1.5%

Value $5.195M Shares 19,966 Share Price $260.17 Est. Cost/Share $261.21 Unrealized @ Report Date -0.7%

BRK/B BERKSHIRE HATHAWAY INC DEL 1.4%

Value $4.71M Shares 9,369 Share Price $502.75 Est. Cost/Share $281.10 Unrealized @ Report Date +78.8%

ELV ELEVANCE HEALTH INC FORMERLY 1.2%

Value $4.235M Shares 13,108 Share Price $323.11 Est. Cost/Share $308.14 Unrealized @ Report Date +4.3%

MUB ISHARES TR 1.0%

Value $3.535M Shares 33,191 Share Price $106.49 Est. Cost/Share $106.67 Unrealized @ Report Date -0.2%

SHV ISHARES TR 0.8%

Value $2.828M Shares 25,593 Share Price $110.49 Est. Cost/Share $110.31 Unrealized @ Report Date +0.2%

GLD SPDR GOLD TR 0.8%

Value $2.549M Shares 65,100 Share Price $39.16 Est. Cost/Share — Unrealized @ Report Date —

SII SPROTT INC 0.3%

Value $869K Shares 10,445 Share Price $83.19 Est. Cost/Share $55.52 Unrealized @ Report Date +49.8%

QVCGA QVC GROUP INC 0.2%

Value $656K Shares 48,599 Share Price $13.49 * Est. Cost/Share $5.74 Unrealized @ Report Date +13.5%

SPY SPDR S&P 500 ETF TR 0.2%

Value $551K Shares 296,900 Share Price $1.86 Est. Cost/Share — Unrealized @ Report Date —

NVDA NVIDIA CORPORATION 0.1%

Value $373K Shares 2,000 Share Price $186.58 Est. Cost/Share $118.07 Unrealized @ Report Date +58.0%

TLT ISHARES TR 0.1%

Value $354K Shares 459,700 Share Price $0.77 Est. Cost/Share — Unrealized @ Report Date —

TMO THERMO FISHER SCIENTIFIC INC 0.1%

Value $273K Shares 563 Share Price $485.02 Est. Cost/Share $539.78 Unrealized @ Report Date -10.2%

GDX VANECK ETF TRUST 0.1%

Value $267K Shares 3,500 Share Price $76.40 Est. Cost/Share $60.22 Unrealized @ Report Date +26.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
UBER	UBER TECHNOLOGIES INC	444,952	$43.59M	12.8%	$97.97	$39.72	+146.6%	COM	90353T100
HII	HUNTINGTON INGALLS INDS INC	115,932	$33.38M	9.8%	$287.91	$191.70	+49.5%	COM	446413106
BTI	BRITISH AMERN TOB PLC	573,592	$30.45M	9.0%	$53.08	$34.85	+52.3%	SPONSORED ADR	110448107
BSM	BLACK STONE MINERALS L P	1,934,739	$25.42M	7.5%	$13.14	$13.76	—	COM UNIT	09225M101
MOH	MOLINA HEALTHCARE INC	105,787	$20.24M	6.0%	$191.36	$184.06	+4.0%	COM	60855R100
PM	PHILIP MORRIS INTL INC	121,535	$19.71M	5.8%	$162.20	$82.83	+92.2%	COM	718172109
SOLV	SOLVENTUM CORP	258,949	$18.9M	5.6%	$73.00	$66.68	+9.5%	COM SHS	83444M101
LBRDK	LIBERTY BROADBAND CORP	265,920	$16.9M	5.0%	$63.54	$67.28	-5.6%	COM SER C	530307305
EPD	ENTERPRISE PRODS PARTNERS L	535,444	$16.74M	4.9%	$31.27	$23.01	—	COM	293792107
MCK	MCKESSON CORP	18,080	$13.97M	4.1%	$772.53	$174.69	+341.8%	COM	58155Q103
PHG	KONINKLIJKE PHILIPS N V	504,362	$13.75M	4.1%	$27.26	$23.70	+15.0%	NY REGIS SHS NEW	500472303
TFIN	TRIUMPH FINANCIAL INC	253,400	$12.68M	3.7%	$50.04	$64.63	-22.6%	COM	89679E300
INVX	INNOVEX INTERNATIONAL INC	634,056	$11.76M	3.5%	$18.54	$16.35	+13.4%	COM	457651107
CNQ	CANADIAN NAT RES LTD	335,252	$10.71M	3.2%	$31.96	$32.99	-3.1%	COM	136385101
CMCSA	COMCAST CORP NEW	337,699	$10.61M	3.1%	$31.42	$32.38	-4.0%	CL A	20030N101
NU	NU HLDGS LTD	498,340	$7.978M	2.4%	$16.01	$13.95	+14.8%	ORD SHS CL A	G6683N103
CACI	CACI INTL INC	12,435	$6.202M	1.8%	$498.78	$443.01	+12.6%	CL A	127190304
HUM	HUMANA INC	19,966	$5.195M	1.5%	$260.17	$261.21	-0.7%	COM	444859102
BRK/B	BERKSHIRE HATHAWAY INC DEL	9,369	$4.71M	1.4%	$502.75	$281.10	+78.8%	CL B NEW	084670702
ELV	ELEVANCE HEALTH INC FORMERLY	13,108	$4.235M	1.2%	$323.11	$308.14	+4.3%	COM	036752103
MUB	ISHARES TR	33,191	$3.535M	1.0%	$106.49	$106.67	-0.2%	NATIONAL MUN ETF	464288414
SHV	ISHARES TR	25,593	$2.828M	0.8%	$110.49	$110.31	+0.2%	SHORT TREAS BD	464288679
GLD	SPDR GOLD TR	65,100	$2.549M	0.8%	$39.16	—	—	Call	78463V107
SII	SPROTT INC	10,445	$869K	0.3%	$83.19	$55.52	+49.8%	COM NEW	852066208
QVCGA	QVC GROUP INC	48,599	$656K	0.2%	$13.49 *	$5.74	+13.5%	COM SER A NEW	74915M605
SPY	SPDR S&P 500 ETF TR	296,900	$551K	0.2%	$1.86	—	—	Put	78462F103
NVDA	NVIDIA CORPORATION	2,000	$373K	0.1%	$186.58	$118.07	+58.0%	COM	67066G104
TLT	ISHARES TR	459,700	$354K	0.1%	$0.77	—	—	Put	464287432
TMO	THERMO FISHER SCIENTIFIC INC	563	$273K	0.1%	$485.02	$539.78	-10.2%	COM	883556102
GDX	VANECK ETF TRUST	3,500	$267K	0.1%	$76.40	$60.22	+26.9%	GOLD MINERS ETF	92189F106