INVESTMENT MANAGEMENT ASSOCIATES INC /ADV Long-Term Concentrated

Location: Greenwood Village, CO

CIK: 0000052024 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 3, 2026

Total Value: $363M (100.0% shares, 0.0% debt)

Holdings (28)

HII HUNTINGTON INGALLS INDS INC 10.8%

Value $39.24M Shares 115,377 Share Price $340.07 Est. Cost/Share $191.70 Unrealized @ Report Date +77.4%

MOH MOLINA HEALTHCARE INC 10.8%

Value $39.14M Shares 225,536 Share Price $173.54 Est. Cost/Share $173.61 Unrealized @ Report Date -0.0%

UBER UBER TECHNOLOGIES INC 10.0%

Value $36.44M Shares 445,912 Share Price $81.71 Est. Cost/Share $39.72 Unrealized @ Report Date +105.7%

BTI BRITISH AMERN TOB PLC 7.1%

Value $25.69M Shares 453,806 Share Price $56.62 Est. Cost/Share $34.85 Unrealized @ Report Date +62.5%

BSM BLACK STONE MINERALS L P 7.0%

Value $25.28M Shares 1,902,421 Share Price $13.29 Est. Cost/Share $13.76 Unrealized @ Report Date —

TFIN TRIUMPH FINANCIAL INC 5.9%

Value $21.3M Shares 340,161 Share Price $62.63 Est. Cost/Share $62.43 Unrealized @ Report Date +0.3%

LBRDK LIBERTY BROADBAND CORP 5.8%

Value $20.86M Shares 429,284 Share Price $48.60 Est. Cost/Share $61.47 Unrealized @ Report Date -20.9%

PM PHILIP MORRIS INTL INC 5.3%

Value $19.34M Shares 120,586 Share Price $160.40 Est. Cost/Share $82.83 Unrealized @ Report Date +93.6%

EPD ENTERPRISE PRODS PARTNERS L 4.7%

Value $17M Shares 530,324 Share Price $32.06 Est. Cost/Share $23.01 Unrealized @ Report Date —

CMCSA COMCAST CORP NEW 4.6%

Value $16.69M Shares 558,367 Share Price $29.89 Est. Cost/Share $30.86 Unrealized @ Report Date -3.1%

NU NU HLDGS LTD 4.3%

Value $15.55M Shares 928,723 Share Price $16.74 Est. Cost/Share $14.93 Unrealized @ Report Date +12.1%

SOLV SOLVENTUM CORP 3.9%

Value $14.27M Shares 180,097 Share Price $79.24 Est. Cost/Share $66.68 Unrealized @ Report Date +18.8%

INVX INNOVEX INTERNATIONAL INC 3.8%

Value $13.81M Shares 631,686 Share Price $21.87 Est. Cost/Share $16.35 Unrealized @ Report Date +33.8%

PHG KONINKLIJKE PHILIPS N V 3.8%

Value $13.74M Shares 507,264 Share Price $27.08 Est. Cost/Share $23.70 Unrealized @ Report Date +14.3%

CNQ CANADIAN NAT RES LTD 3.3%

Value $12.13M Shares 358,299 Share Price $33.85 Est. Cost/Share $32.96 Unrealized @ Report Date +2.7%

MCK MCKESSON CORP 2.5%

Value $9.06M Shares 11,045 Share Price $820.27 Est. Cost/Share $174.69 Unrealized @ Report Date +369.6%

CACI CACI INTL INC 1.8%

Value $6.602M Shares 12,391 Share Price $532.81 Est. Cost/Share $443.01 Unrealized @ Report Date +20.3%

GLD SPDR GOLD TR 1.3%

Value $4.779M Shares 65,100 Share Price $73.40 Est. Cost/Share — Unrealized @ Report Date —

SHV ISHARES TR 1.0%

Value $3.642M Shares 33,065 Share Price $110.15 Est. Cost/Share $110.30 Unrealized @ Report Date -0.1%

SPRY ARS PHARMACEUTICALS INC 1.0%

Value $3.629M Shares 311,503 Share Price $11.65 Est. Cost/Share $9.72 Unrealized @ Report Date +19.8%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value $1.074M Shares 2,136 Share Price $502.71 Est. Cost/Share $281.10 Unrealized @ Report Date +78.8%

SII SPROTT INC 0.3%

Value $1.014M Shares 10,357 Share Price $97.92 Est. Cost/Share $55.52 Unrealized @ Report Date +76.4%

AAPL APPLE INC 0.2%

Value $848K Shares 3,119 Share Price $271.83 Est. Cost/Share $268.34 Unrealized @ Report Date +1.3%

NVDA NVIDIA CORPORATION 0.1%

Value $373K Shares 2,000 Share Price $186.50 Est. Cost/Share $118.07 Unrealized @ Report Date +58.0%

TMO THERMO FISHER SCIENTIFIC INC 0.1%

Value $326K Shares 563 Share Price $579.45 Est. Cost/Share $539.78 Unrealized @ Report Date +7.4%

GDX VANECK ETF TRUST 0.1%

Value $300K Shares 3,500 Share Price $85.77 Est. Cost/Share $60.22 Unrealized @ Report Date +42.4%

TLT ISHARES TR 0.1%

Value $250K Shares 460,500 Share Price $0.54 Est. Cost/Share — Unrealized @ Report Date —

QVCGA QVC GROUP INC 0.1%

Value $224K Shares 21,369 Share Price $10.46 * Est. Cost/Share $5.74 Unrealized @ Report Date +89.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
HII	HUNTINGTON INGALLS INDS INC	115,377	$39.24M	10.8%	$340.07	$191.70	+77.4%	COM	446413106
MOH	MOLINA HEALTHCARE INC	225,536	$39.14M	10.8%	$173.54	$173.61	-0.0%	COM	60855R100
UBER	UBER TECHNOLOGIES INC	445,912	$36.44M	10.0%	$81.71	$39.72	+105.7%	COM	90353T100
BTI	BRITISH AMERN TOB PLC	453,806	$25.69M	7.1%	$56.62	$34.85	+62.5%	SPONSORED ADR	110448107
BSM	BLACK STONE MINERALS L P	1,902,421	$25.28M	7.0%	$13.29	$13.76	—	COM UNIT	09225M101
TFIN	TRIUMPH FINANCIAL INC	340,161	$21.3M	5.9%	$62.63	$62.43	+0.3%	COM	89679E300
LBRDK	LIBERTY BROADBAND CORP	429,284	$20.86M	5.8%	$48.60	$61.47	-20.9%	COM SER C	530307305
PM	PHILIP MORRIS INTL INC	120,586	$19.34M	5.3%	$160.40	$82.83	+93.6%	COM	718172109
EPD	ENTERPRISE PRODS PARTNERS L	530,324	$17M	4.7%	$32.06	$23.01	—	COM	293792107
CMCSA	COMCAST CORP NEW	558,367	$16.69M	4.6%	$29.89	$30.86	-3.1%	CL A	20030N101
NU	NU HLDGS LTD	928,723	$15.55M	4.3%	$16.74	$14.93	+12.1%	ORD SHS CL A	G6683N103
SOLV	SOLVENTUM CORP	180,097	$14.27M	3.9%	$79.24	$66.68	+18.8%	COM SHS	83444M101
INVX	INNOVEX INTERNATIONAL INC	631,686	$13.81M	3.8%	$21.87	$16.35	+33.8%	COM	457651107
PHG	KONINKLIJKE PHILIPS N V	507,264	$13.74M	3.8%	$27.08	$23.70	+14.3%	NY REGIS SHS NEW	500472303
CNQ	CANADIAN NAT RES LTD	358,299	$12.13M	3.3%	$33.85	$32.96	+2.7%	COM	136385101
MCK	MCKESSON CORP	11,045	$9.06M	2.5%	$820.27	$174.69	+369.6%	COM	58155Q103
CACI	CACI INTL INC	12,391	$6.602M	1.8%	$532.81	$443.01	+20.3%	CL A	127190304
GLD	SPDR GOLD TR	65,100	$4.779M	1.3%	$73.40	—	—	Call	78463V107
SHV	ISHARES TR	33,065	$3.642M	1.0%	$110.15	$110.30	-0.1%	TRUST ISHARE 0-1	464288679
SPRY	ARS PHARMACEUTICALS INC	311,503	$3.629M	1.0%	$11.65	$9.72	+19.8%	COM	82835W108
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,136	$1.074M	0.3%	$502.71	$281.10	+78.8%	CL B NEW	084670702
SII	SPROTT INC	10,357	$1.014M	0.3%	$97.92	$55.52	+76.4%	COM NEW	852066208
AAPL	APPLE INC	3,119	$848K	0.2%	$271.83	$268.34	+1.3%	COM	037833100
NVDA	NVIDIA CORPORATION	2,000	$373K	0.1%	$186.50	$118.07	+58.0%	COM	67066G104
TMO	THERMO FISHER SCIENTIFIC INC	563	$326K	0.1%	$579.45	$539.78	+7.4%	COM	883556102
GDX	VANECK ETF TRUST	3,500	$300K	0.1%	$85.77	$60.22	+42.4%	GOLD MINERS ETF	92189F106
TLT	ISHARES TR	460,500	$250K	0.1%	$0.54	—	—	Put	464287432
QVCGA	QVC GROUP INC	21,369	$224K	0.1%	$10.46 *	$5.74	+89.6%	COM SER A NEW	74915M605