INVESTMENT MANAGEMENT ASSOCIATES INC /ADV Long-Term Concentrated

Location: Greenwood Village, CO

CIK: 0000052024 · Show all filings

Period: Q2 2026 (← Previous) (Next →)

Filing Date: Aug 3, 2026

Total Value: $487M (100.0% shares, 0.0% debt)

Holdings (31)

MOH MOLINA HEALTHCARE INC 10.8%

Value $52.66M Shares 230,258 Share Price $228.70 Est. Cost/Share $173.13 Unrealized @ Report Date +32.1%

TLT ISHARES TR 7.9%

Value $38.3M Shares 443,200 Share Price $86.42 Est. Cost/Share — Unrealized @ Report Date —

UBER UBER TECHNOLOGIES INC 7.2%

Value $35.06M Shares 485,805 Share Price $72.16 Est. Cost/Share $43.33 Unrealized @ Report Date +66.5%

QQQ INVESCO QQQ TR 6.9%

Value $33.8M Shares 45,900 Share Price $736.40 Est. Cost/Share — Unrealized @ Report Date —

HII HUNTINGTON INGALLS INDS INC 6.6%

Value $32.13M Shares 114,780 Share Price $279.89 Est. Cost/Share $191.70 Unrealized @ Report Date +46.0%

TFIN TRIUMPH FINANCIAL INC 5.5%

Value $27M Shares 353,851 Share Price $76.31 Est. Cost/Share $62.44 Unrealized @ Report Date +22.2%

BSM BLACK STONE MINERALS L P 5.3%

Value $25.82M Shares 1,848,184 Share Price $13.97 Est. Cost/Share $13.76 Unrealized @ Report Date —

PHG KONINKLIJKE PHILIPS N V 4.8%

Value $23.37M Shares 859,379 Share Price $27.19 Est. Cost/Share $25.05 Unrealized @ Report Date +8.5%

SOXX ISHARES TR 4.4%

Value $21.59M Shares 33,700 Share Price $640.76 Est. Cost/Share — Unrealized @ Report Date —

PM PHILIP MORRIS INTL INC 4.3%

Value $20.73M Shares 114,566 Share Price $180.91 Est. Cost/Share $82.83 Unrealized @ Report Date +118.4%

GLDM WORLD GOLD TR 4.0%

Value $19.52M Shares 245,796 Share Price $79.42 Est. Cost/Share $89.29 Unrealized @ Report Date -11.1%

EPD ENTERPRISE PRODS PARTNERS L 4.0%

Value $19.3M Shares 524,941 Share Price $36.76 Est. Cost/Share $23.25 Unrealized @ Report Date —

BAX BAXTER INTL INC 3.9%

Value $19.21M Shares 900,843 Share Price $21.32 Est. Cost/Share $19.26 Unrealized @ Report Date +10.7%

BTI BRITISH AMERN TOB PLC 3.5%

Value $16.83M Shares 272,457 Share Price $61.76 Est. Cost/Share $34.85 Unrealized @ Report Date +77.2%

NU NU HLDGS LTD 3.4%

Value $16.78M Shares 1,256,018 Share Price $13.36 Est. Cost/Share $14.87 Unrealized @ Report Date -10.2%

LBRDK LIBERTY BROADBAND CORP 3.3%

Value $15.84M Shares 476,314 Share Price $33.26 Est. Cost/Share $60.16 Unrealized @ Report Date -44.7%

INVX INNOVEX INTERNATIONAL INC 3.1%

Value $15.01M Shares 605,042 Share Price $24.80 Est. Cost/Share $16.35 Unrealized @ Report Date +51.7%

CNQ CANADIAN NAT RES LTD MED TER 2.8%

Value $13.82M Shares 350,000 Share Price $39.50 Est. Cost/Share $32.96 Unrealized @ Report Date +19.9%

WSE WISE GROUP PLC 2.4%

Value $11.62M Shares 975,576 Share Price $11.91 Est. Cost/Share $11.94 Unrealized @ Report Date -0.2%

SOLV SOLVENTUM CORP 1.7%

Value $8.133M Shares 105,417 Share Price $77.15 Est. Cost/Share $66.68 Unrealized @ Report Date +15.7%

MCK MCKESSON CORP 1.7%

Value $8.083M Shares 10,698 Share Price $755.59 Est. Cost/Share $174.69 Unrealized @ Report Date +332.5%

SHV ISHARES TR 0.9%

Value $4.51M Shares 40,874 Share Price $110.35 Est. Cost/Share $110.29 Unrealized @ Report Date +0.1%

CACI CACI INTL INC 0.7%

Value $3.431M Shares 7,406 Share Price $463.26 Est. Cost/Share $443.01 Unrealized @ Report Date +4.6%

SPRY ARS PHARMACEUTICALS INC 0.6%

Value $2.992M Shares 373,491 Share Price $8.01 Est. Cost/Share $9.66 Unrealized @ Report Date -17.1%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $416K Shares 832 Share Price $500.39 Est. Cost/Share $281.10 Unrealized @ Report Date +78.0%

DEO DIAGEO PLC 0.1%

Value $328K Shares 4,081 Share Price $80.38 Est. Cost/Share $80.74 Unrealized @ Report Date -0.4%

GDX VANECK ETF TRUST 0.1%

Value $264K Shares 3,500 Share Price $75.45 Est. Cost/Share $60.22 Unrealized @ Report Date +25.3%

AMZN AMAZON COM INC 0.0%

Value $238K Shares 1,000 Share Price $238.34 Est. Cost/Share $220.17 Unrealized @ Report Date +8.3%

SCHD SCHWAB STRATEGIC TR 0.0%

Value $223K Shares 7,046 Share Price $31.71 Est. Cost/Share $31.72 Unrealized @ Report Date -0.0%

NVDA NVIDIA CORPORATION 0.0%

Value $200K Shares 1,000 Share Price $200.09 Est. Cost/Share $118.07 Unrealized @ Report Date +69.5%

NVDA NVIDIA CORPORATION 0.0%

Value $200K Shares 1,000 Share Price $200.09 Est. Cost/Share $118.07 Unrealized @ Report Date +69.5%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MOH	MOLINA HEALTHCARE INC	230,258	$52.66M	10.8%	$228.70	$173.13	+32.1%	COM	60855R100
TLT	ISHARES TR	443,200	$38.3M	7.9%	$86.42	—	—	Put	464287432
UBER	UBER TECHNOLOGIES INC	485,805	$35.06M	7.2%	$72.16	$43.33	+66.5%	COM	90353T100
QQQ	INVESCO QQQ TR	45,900	$33.8M	6.9%	$736.40	—	—	Put	46090E103
HII	HUNTINGTON INGALLS INDS INC	114,780	$32.13M	6.6%	$279.89	$191.70	+46.0%	COM	446413106
TFIN	TRIUMPH FINANCIAL INC	353,851	$27M	5.5%	$76.31	$62.44	+22.2%	COM	89679E300
BSM	BLACK STONE MINERALS L P	1,848,184	$25.82M	5.3%	$13.97	$13.76	—	COM UNIT	09225M101
PHG	KONINKLIJKE PHILIPS N V	859,379	$23.37M	4.8%	$27.19	$25.05	+8.5%	NY REGIS SHS NEW	500472303
SOXX	ISHARES TR	33,700	$21.59M	4.4%	$640.76	—	—	Put	464287523
PM	PHILIP MORRIS INTL INC	114,566	$20.73M	4.3%	$180.91	$82.83	+118.4%	COM	718172109
GLDM	WORLD GOLD TR	245,796	$19.52M	4.0%	$79.42	$89.29	-11.1%	SPDR GLD MINIS	98149E303
EPD	ENTERPRISE PRODS PARTNERS L	524,941	$19.3M	4.0%	$36.76	$23.25	—	COM	293792107
BAX	BAXTER INTL INC	900,843	$19.21M	3.9%	$21.32	$19.26	+10.7%	COM	071813109
BTI	BRITISH AMERN TOB PLC	272,457	$16.83M	3.5%	$61.76	$34.85	+77.2%	SPONSORED ADR	110448107
NU	NU HLDGS LTD	1,256,018	$16.78M	3.4%	$13.36	$14.87	-10.2%	ORD SHS CL A	G6683N103
LBRDK	LIBERTY BROADBAND CORP	476,314	$15.84M	3.3%	$33.26	$60.16	-44.7%	COM SER C	530307305
INVX	INNOVEX INTERNATIONAL INC	605,042	$15.01M	3.1%	$24.80	$16.35	+51.7%	COM	457651107
CNQ	CANADIAN NAT RES LTD MED TER	350,000	$13.82M	2.8%	$39.50	$32.96	+19.9%	COM	136385101
WSE	WISE GROUP PLC	975,576	$11.62M	2.4%	$11.91	$11.94	-0.2%	ORD SHS CLASS A	G9723Y105
SOLV	SOLVENTUM CORP	105,417	$8.133M	1.7%	$77.15	$66.68	+15.7%	COM SHS	83444M101
MCK	MCKESSON CORP	10,698	$8.083M	1.7%	$755.59	$174.69	+332.5%	COM	58155Q103
SHV	ISHARES TR	40,874	$4.51M	0.9%	$110.35	$110.29	+0.1%	TRUST ISHARE 0-1	464288679
CACI	CACI INTL INC	7,406	$3.431M	0.7%	$463.26	$443.01	+4.6%	CL A	127190304
SPRY	ARS PHARMACEUTICALS INC	373,491	$2.992M	0.6%	$8.01	$9.66	-17.1%	COM	82835W108
BRK/B	BERKSHIRE HATHAWAY INC DEL	832	$416K	0.1%	$500.39	$281.10	+78.0%	CL B NEW	084670702
DEO	DIAGEO PLC	4,081	$328K	0.1%	$80.38	$80.74	-0.4%	SPON ADR NEW	25243Q205
GDX	VANECK ETF TRUST	3,500	$264K	0.1%	$75.45	$60.22	+25.3%	GOLD MINERS ETF	92189F106
AMZN	AMAZON COM INC	1,000	$238K	0.0%	$238.34	$220.17	+8.3%	COM	023135106
SCHD	SCHWAB STRATEGIC TR	7,046	$223K	0.0%	$31.71	$31.72	-0.0%	US DIVIDEND EQ	808524797
NVDA	NVIDIA CORPORATION	1,000	$200K	0.0%	$200.09	$118.07	+69.5%	Put	67066G104
NVDA	NVIDIA CORPORATION	1,000	$200K	0.0%	$200.09	$118.07	+69.5%	COM	67066G104