INVESTMENT MANAGEMENT ASSOCIATES INC /ADV Long-Term Concentrated

Location: Greenwood Village, CO

CIK: 0000052024 · Show all filings

Period: Q1 2026 (← Previous) (Next →)

Filing Date: May 7, 2026

Total Value: $420M (100.0% shares, 0.0% debt)

Holdings (30)

HII HUNTINGTON INGALLS INDS INC 10.4%

Value $43.7M Shares 115,037 Est. Cost $191.70 Unrealized +114.1%

TLT ISHARES TR 9.5%

Value $39.92M Shares 460,500 Est. Cost — Unrealized —

UBER UBER TECHNOLOGIES INC 8.5%

Value $35.52M Shares 493,786 Est. Cost $43.50 Unrealized +81.0%

MOH MOLINA HEALTHCARE INC 7.4%

Value $31.08M Shares 233,152 Est. Cost $173.44 Unrealized -2.8%

BSM BLACK STONE MINERALS L P 6.8%

Value $28.74M Shares 1,901,002 Est. Cost $13.76 Unrealized —

BTI BRITISH AMERN TOB PLC 6.3%

Value $26.32M Shares 450,133 Est. Cost $34.91 Unrealized —

LBRDK LIBERTY BROADBAND CORP 5.6%

Value $23.5M Shares 467,220 Est. Cost $60.52 Unrealized -17.8%

TFIN TRIUMPH FINANCIAL INC 5.0%

Value $21.12M Shares 354,002 Est. Cost $62.55 Unrealized +4.7%

EPD ENTERPRISE PRODS PARTNERS L 4.9%

Value $20.4M Shares 539,017 Est. Cost $23.25 Unrealized —

PM PHILIP MORRIS INTL INC 4.7%

Value $19.8M Shares 119,778 Est. Cost $82.83 Unrealized +112.4%

CNQ CANADIAN NAT RES LTD MED TER 4.2%

Value $17.59M Shares 360,870 Est. Cost $32.96 Unrealized +12.9%

NU NU HLDGS LTD 3.7%

Value $15.43M Shares 1,073,617 Est. Cost $15.26 Unrealized +13.6%

INVX INNOVEX INTERNATIONAL INC 3.7%

Value $15.41M Shares 631,706 Est. Cost $16.35 Unrealized +53.0%

PHG KONINKLIJKE PHILIPS N V 3.4%

Value $14.11M Shares 515,007 Est. Cost $24.03 Unrealized —

BAX BAXTER INTL INC 3.1%

Value $13.09M Shares 778,931 Est. Cost $20.46 Unrealized 0.0%

QCOM QUALCOMM INC 3.1%

Value $12.9M Shares 100,185 Est. Cost $153.90 Unrealized 0.0%

GLD SPDR GOLD TR 2.6%

Value $10.76M Shares 25,000 Est. Cost — Unrealized —

MCK MCKESSON CORP 2.3%

Value $9.499M Shares 10,977 Est. Cost $174.69 Unrealized +401.1%

SOLV SOLVENTUM CORP 1.8%

Value $7.66M Shares 117,305 Est. Cost $66.68 Unrealized +17.6%

CACI CACI INTL INC 1.0%

Value $4.224M Shares 7,767 Est. Cost $443.01 Unrealized +36.1%

SHV ISHARES TR 0.9%

Value $3.887M Shares 35,212 Est. Cost $110.42 Unrealized —

SPRY ARS PHARMACEUTICALS INC 0.7%

Value $2.883M Shares 359,074 Est. Cost $9.79 Unrealized +4.5%

SII SPROTT INC 0.2%

Value $865K Shares 6,051 Est. Cost $55.52 Unrealized +123.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $456K Shares 952 Est. Cost $281.10 Unrealized +75.6%

GDX VANECK ETF TRUST 0.1%

Value $321K Shares 3,500 Est. Cost $76.40 Unrealized —

AMZN AMAZON COM INC 0.0%

Value $208K Shares 1,000 Est. Cost $226.83 Unrealized 0.0%

NVDA NVIDIA CORPORATION 0.0%

Value $174K Shares 1,000 Est. Cost $118.07 Unrealized +58.1%

NVDA NVIDIA CORPORATION 0.0%

Value $174K Shares 1,000 Est. Cost $118.07 Unrealized +58.1%

IMPP IMPERIAL PETE INC 0.0%

Value $51,360 Shares 12,000 Est. Cost $3.70 Unrealized 0.0%

QVCGA QVC GROUP INC 0.0%

Value $45,830 Shares 21,120 Est. Cost $5.74 Unrealized +41.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HII	HUNTINGTON INGALLS INDS INC	115,037	$43.7M	10.4%	$191.70	+114.1%	COM	446413106
TLT	ISHARES TR	460,500	$39.92M	9.5%	—	—	Put	464287432
UBER	UBER TECHNOLOGIES INC	493,786	$35.52M	8.5%	$43.50	+81.0%	COM	90353T100
MOH	MOLINA HEALTHCARE INC	233,152	$31.08M	7.4%	$173.44	-2.8%	COM	60855R100
BSM	BLACK STONE MINERALS L P	1,901,002	$28.74M	6.8%	$13.76	—	COM UNIT	09225M101
BTI	BRITISH AMERN TOB PLC	450,133	$26.32M	6.3%	$34.91	—	SPONSORED ADR	110448107
LBRDK	LIBERTY BROADBAND CORP	467,220	$23.5M	5.6%	$60.52	-17.8%	COM SER C	530307305
TFIN	TRIUMPH FINANCIAL INC	354,002	$21.12M	5.0%	$62.55	+4.7%	COM	89679E300
EPD	ENTERPRISE PRODS PARTNERS L	539,017	$20.4M	4.9%	$23.25	—	COM	293792107
PM	PHILIP MORRIS INTL INC	119,778	$19.8M	4.7%	$82.83	+112.4%	COM	718172109
CNQ	CANADIAN NAT RES LTD MED TER	360,870	$17.59M	4.2%	$32.96	+12.9%	COM	136385101
NU	NU HLDGS LTD	1,073,617	$15.43M	3.7%	$15.26	+13.6%	ORD SHS CL A	G6683N103
INVX	INNOVEX INTERNATIONAL INC	631,706	$15.41M	3.7%	$16.35	+53.0%	COM	457651107
PHG	KONINKLIJKE PHILIPS N V	515,007	$14.11M	3.4%	$24.03	—	NY REGIS SHS NEW	500472303
BAX	BAXTER INTL INC	778,931	$13.09M	3.1%	$20.46	0.0%	COM	071813109
QCOM	QUALCOMM INC	100,185	$12.9M	3.1%	$153.90	0.0%	COM	747525103
GLD	SPDR GOLD TR	25,000	$10.76M	2.6%	—	—	Call	78463V107
MCK	MCKESSON CORP	10,977	$9.499M	2.3%	$174.69	+401.1%	COM	58155Q103
SOLV	SOLVENTUM CORP	117,305	$7.66M	1.8%	$66.68	+17.6%	COM SHS	83444M101
CACI	CACI INTL INC	7,767	$4.224M	1.0%	$443.01	+36.1%	CL A	127190304
SHV	ISHARES TR	35,212	$3.887M	0.9%	$110.42	—	TRUST ISHARE 0-1	464288679
SPRY	ARS PHARMACEUTICALS INC	359,074	$2.883M	0.7%	$9.79	+4.5%	COM	82835W108
SII	SPROTT INC	6,051	$865K	0.2%	$55.52	+123.6%	COM NEW	852066208
BRK/B	BERKSHIRE HATHAWAY INC DEL	952	$456K	0.1%	$281.10	+75.6%	CL B NEW	084670702
GDX	VANECK ETF TRUST	3,500	$321K	0.1%	$76.40	—	GOLD MINERS ETF	92189F106
AMZN	AMAZON COM INC	1,000	$208K	0.0%	$226.83	0.0%	COM	023135106
NVDA	NVIDIA CORPORATION	1,000	$174K	0.0%	$118.07	+58.1%	Put	67066G104
NVDA	NVIDIA CORPORATION	1,000	$174K	0.0%	$118.07	+58.1%	COM	67066G104
IMPP	IMPERIAL PETE INC	12,000	$51,360	0.0%	$3.70	0.0%	COM NEW	Y3894J187
QVCGA	QVC GROUP INC	21,120	$45,830	0.0%	$5.74	+41.1%	COM SER A NEW	74915M605