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 Share Price $379.90 Est. Cost/Share $191.70 Unrealized @ Report Date +98.2%

TLT ISHARES TR 9.5%

Value $39.92M Shares 460,500 Share Price $86.69 Est. Cost/Share — Unrealized @ Report Date —

UBER UBER TECHNOLOGIES INC 8.5%

Value $35.52M Shares 493,786 Share Price $71.93 Est. Cost/Share $43.33 Unrealized @ Report Date +66.0%

MOH MOLINA HEALTHCARE INC 7.4%

Value $31.08M Shares 233,152 Share Price $133.30 Est. Cost/Share $173.13 Unrealized @ Report Date -23.0%

BSM BLACK STONE MINERALS L P 6.8%

Value $28.74M Shares 1,901,002 Share Price $15.12 Est. Cost/Share $13.76 Unrealized @ Report Date —

BTI BRITISH AMERN TOB PLC 6.3%

Value $26.32M Shares 450,133 Share Price $58.47 Est. Cost/Share $34.85 Unrealized @ Report Date +67.8%

LBRDK LIBERTY BROADBAND CORP 5.6%

Value $23.5M Shares 467,220 Share Price $50.30 Est. Cost/Share $60.57 Unrealized @ Report Date -17.0%

TFIN TRIUMPH FINANCIAL INC 5.0%

Value $21.12M Shares 354,002 Share Price $59.66 Est. Cost/Share $62.44 Unrealized @ Report Date -4.4%

EPD ENTERPRISE PRODS PARTNERS L 4.9%

Value $20.4M Shares 539,017 Share Price $37.84 Est. Cost/Share $23.25 Unrealized @ Report Date —

PM PHILIP MORRIS INTL INC 4.7%

Value $19.8M Shares 119,778 Share Price $165.34 Est. Cost/Share $82.83 Unrealized @ Report Date +99.6%

CNQ CANADIAN NAT RES LTD MED TER 4.2%

Value $17.59M Shares 360,870 Share Price $48.73 Est. Cost/Share $32.96 Unrealized @ Report Date +47.9%

NU NU HLDGS LTD 3.7%

Value $15.43M Shares 1,073,617 Share Price $14.37 Est. Cost/Share $15.11 Unrealized @ Report Date -4.9%

INVX INNOVEX INTERNATIONAL INC 3.7%

Value $15.41M Shares 631,706 Share Price $24.39 Est. Cost/Share $16.35 Unrealized @ Report Date +49.2%

PHG KONINKLIJKE PHILIPS N V 3.4%

Value $14.11M Shares 515,007 Share Price $27.40 Est. Cost/Share $23.78 Unrealized @ Report Date +15.2%

BAX BAXTER INTL INC 3.1%

Value $13.09M Shares 778,931 Share Price $16.80 Est. Cost/Share $19.36 Unrealized @ Report Date -13.2%

QCOM QUALCOMM INC 3.1%

Value $12.9M Shares 100,185 Share Price $128.78 Est. Cost/Share $145.96 Unrealized @ Report Date -11.8%

GLD SPDR GOLD TR 2.6%

Value $10.76M Shares 25,000 Share Price $430.29 Est. Cost/Share — Unrealized @ Report Date —

MCK MCKESSON CORP 2.3%

Value $9.499M Shares 10,977 Share Price $865.34 Est. Cost/Share $174.69 Unrealized @ Report Date +395.4%

SOLV SOLVENTUM CORP 1.8%

Value $7.66M Shares 117,305 Share Price $65.30 Est. Cost/Share $66.68 Unrealized @ Report Date -2.1%

CACI CACI INTL INC 1.0%

Value $4.224M Shares 7,767 Share Price $543.87 Est. Cost/Share $443.01 Unrealized @ Report Date +22.8%

SHV ISHARES TR 0.9%

Value $3.887M Shares 35,212 Share Price $110.39 Est. Cost/Share $110.30 Unrealized @ Report Date +0.1%

SPRY ARS PHARMACEUTICALS INC 0.7%

Value $2.883M Shares 359,074 Share Price $8.03 Est. Cost/Share $9.71 Unrealized @ Report Date -17.3%

SII SPROTT INC 0.2%

Value $865K Shares 6,051 Share Price $142.90 Est. Cost/Share $55.52 Unrealized @ Report Date +157.4%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $456K Shares 952 Share Price $479.20 Est. Cost/Share $281.10 Unrealized @ Report Date +70.5%

GDX VANECK ETF TRUST 0.1%

Value $321K Shares 3,500 Share Price $91.77 Est. Cost/Share $60.22 Unrealized @ Report Date +52.4%

AMZN AMAZON COM INC 0.0%

Value $208K Shares 1,000 Share Price $208.27 Est. Cost/Share $220.17 Unrealized @ Report Date -5.4%

NVDA NVIDIA CORPORATION 0.0%

Value $174K Shares 1,000 Share Price $174.40 Est. Cost/Share $118.07 Unrealized @ Report Date +47.7%

NVDA NVIDIA CORPORATION 0.0%

Value $174K Shares 1,000 Share Price $174.40 Est. Cost/Share $118.07 Unrealized @ Report Date +47.7%

IMPP IMPERIAL PETE INC 0.0%

Value $51,360 Shares 12,000 Share Price $4.28 Est. Cost/Share $3.99 Unrealized @ Report Date +7.3%

QVCGA QVC GROUP INC 0.0%

Value $45,830 Shares 21,120 Share Price $2.17 * Est. Cost/Share $5.74 Unrealized @ Report Date +41.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
HII	HUNTINGTON INGALLS INDS INC	115,037	$43.7M	10.4%	$379.90	$191.70	+98.2%	COM	446413106
TLT	ISHARES TR	460,500	$39.92M	9.5%	$86.69	—	—	Put	464287432
UBER	UBER TECHNOLOGIES INC	493,786	$35.52M	8.5%	$71.93	$43.33	+66.0%	COM	90353T100
MOH	MOLINA HEALTHCARE INC	233,152	$31.08M	7.4%	$133.30	$173.13	-23.0%	COM	60855R100
BSM	BLACK STONE MINERALS L P	1,901,002	$28.74M	6.8%	$15.12	$13.76	—	COM UNIT	09225M101
BTI	BRITISH AMERN TOB PLC	450,133	$26.32M	6.3%	$58.47	$34.85	+67.8%	SPONSORED ADR	110448107
LBRDK	LIBERTY BROADBAND CORP	467,220	$23.5M	5.6%	$50.30	$60.57	-17.0%	COM SER C	530307305
TFIN	TRIUMPH FINANCIAL INC	354,002	$21.12M	5.0%	$59.66	$62.44	-4.4%	COM	89679E300
EPD	ENTERPRISE PRODS PARTNERS L	539,017	$20.4M	4.9%	$37.84	$23.25	—	COM	293792107
PM	PHILIP MORRIS INTL INC	119,778	$19.8M	4.7%	$165.34	$82.83	+99.6%	COM	718172109
CNQ	CANADIAN NAT RES LTD MED TER	360,870	$17.59M	4.2%	$48.73	$32.96	+47.9%	COM	136385101
NU	NU HLDGS LTD	1,073,617	$15.43M	3.7%	$14.37	$15.11	-4.9%	ORD SHS CL A	G6683N103
INVX	INNOVEX INTERNATIONAL INC	631,706	$15.41M	3.7%	$24.39	$16.35	+49.2%	COM	457651107
PHG	KONINKLIJKE PHILIPS N V	515,007	$14.11M	3.4%	$27.40	$23.78	+15.2%	NY REGIS SHS NEW	500472303
BAX	BAXTER INTL INC	778,931	$13.09M	3.1%	$16.80	$19.36	-13.2%	COM	071813109
QCOM	QUALCOMM INC	100,185	$12.9M	3.1%	$128.78	$145.96	-11.8%	COM	747525103
GLD	SPDR GOLD TR	25,000	$10.76M	2.6%	$430.29	—	—	Call	78463V107
MCK	MCKESSON CORP	10,977	$9.499M	2.3%	$865.34	$174.69	+395.4%	COM	58155Q103
SOLV	SOLVENTUM CORP	117,305	$7.66M	1.8%	$65.30	$66.68	-2.1%	COM SHS	83444M101
CACI	CACI INTL INC	7,767	$4.224M	1.0%	$543.87	$443.01	+22.8%	CL A	127190304
SHV	ISHARES TR	35,212	$3.887M	0.9%	$110.39	$110.30	+0.1%	TRUST ISHARE 0-1	464288679
SPRY	ARS PHARMACEUTICALS INC	359,074	$2.883M	0.7%	$8.03	$9.71	-17.3%	COM	82835W108
SII	SPROTT INC	6,051	$865K	0.2%	$142.90	$55.52	+157.4%	COM NEW	852066208
BRK/B	BERKSHIRE HATHAWAY INC DEL	952	$456K	0.1%	$479.20	$281.10	+70.5%	CL B NEW	084670702
GDX	VANECK ETF TRUST	3,500	$321K	0.1%	$91.77	$60.22	+52.4%	GOLD MINERS ETF	92189F106
AMZN	AMAZON COM INC	1,000	$208K	0.0%	$208.27	$220.17	-5.4%	COM	023135106
NVDA	NVIDIA CORPORATION	1,000	$174K	0.0%	$174.40	$118.07	+47.7%	Put	67066G104
NVDA	NVIDIA CORPORATION	1,000	$174K	0.0%	$174.40	$118.07	+47.7%	COM	67066G104
IMPP	IMPERIAL PETE INC	12,000	$51,360	0.0%	$4.28	$3.99	+7.3%	COM NEW	Y3894J187
QVCGA	QVC GROUP INC	21,120	$45,830	0.0%	$2.17 *	$5.74	+41.1%	COM SER A NEW	74915M605