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INVESTMENT MANAGEMENT ASSOCIATES INC /ADV

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13F filer, CIK 52024, GREENWOOD VILLAGE, CO

INVESTMENT MANAGEMENT ASSOCIATES INC /ADV reported $298,800,723 across 29 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-04. Its ten largest share positions make up 75.98% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000052024-25-000003

Period
2025-06-30
Reported value
$299M
Holdings
29
Top 10 weight
75.98%
New
8
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PHGnew+505,507$12.1M
SOLVadded+122,959$9.33M
TFINadded+131,678$7.26M
CACInew+12,651$6.03M
INVXadded+254,356$3.97M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MCKreduced-6,315-$4.63M
SHVreduced-15,383-$1.7M
BRK-Breduced-1,487-$722K
CAHreduced-3,040-$511K
QURATE RETAIL INCexited-2,476,346-$498K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0000052024-25-000003, largest first. % of portfolio is the value over $296,702,283, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 447,067 shares; 2024Q4: 434,309 shares; 2025Q1: 420,262 shares; 2025Q2: 447,827 shares 447,827$41.8M14.08%+27,565Timeline
HIIHUNTINGTON INGALLS INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,530 shares; 2024Q4: 110,107 shares; 2025Q1: 113,151 shares; 2025Q2: 116,685 shares 116,685$28.2M9.5%+3,534Timeline
BTIBRITISH AMERN TOB PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 633,682 shares; 2024Q4: 612,517 shares; 2025Q1: 590,935 shares; 2025Q2: 585,777 shares 585,777$27.7M9.34%-5,158Timeline
LBRDKLIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 218,800 shares; 2024Q4: 223,440 shares; 2025Q1: 226,073 shares; 2025Q2: 232,827 shares 232,827$22.9M7.72%+6,754Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,977 shares; 2024Q4: 129,317 shares; 2025Q1: 124,467 shares; 2025Q2: 123,982 shares 123,982$22.6M7.61%-485Timeline
BSMBLACK STONE MINERALS L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,180,220 shares; 2024Q4: 1,544,182 shares; 2025Q1: 1,535,334 shares; 2025Q2: 1,577,887 shares 1,577,887$20.6M6.96%+42,553Timeline
SOLVSOLVENTUM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 114,898 shares; 2024Q4: 114,123 shares; 2025Q1: 111,874 shares; 2025Q2: 234,833 shares 234,833$17.8M6%+122,959Timeline
EPDENTERPRISE PRODS PARTNERS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 546,414 shares; 2024Q4: 538,824 shares; 2025Q1: 530,107 shares; 2025Q2: 534,405 shares 534,405$16.6M5.59%+4,298Timeline
TFINTRIUMPH FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,176 shares; 2024Q4: 97,237 shares; 2025Q1: 115,902 shares; 2025Q2: 247,580 shares 247,580$13.6M4.6%+131,678Timeline
MCKMCKESSON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,675 shares; 2024Q4: 26,398 shares; 2025Q1: 24,875 shares; 2025Q2: 18,560 shares 18,560$13.6M4.58%-6,315Timeline
PHGKONINKLIJKE PHILIPS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 505,507 shares 505,507$12.1M4.09%newTimeline
CMCSACOMCAST CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 219,237 shares; 2024Q4: 221,933 shares; 2025Q1: 273,750 shares; 2025Q2: 311,414 shares 311,414$11.1M3.75%+37,664Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 245,227 shares; 2024Q4: 246,288 shares; 2025Q1: 324,106 shares; 2025Q2: 331,125 shares 331,125$10.4M3.5%+7,019Timeline
INVXINNOVEX INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 386,269 shares; 2025Q2: 640,625 shares 640,625$10M3.37%+254,356Timeline
IMXIINTERNATIONAL MONEY EXPRESSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 882,702 shares; 2024Q4: 899,232 shares; 2025Q1: 826,721 shares; 2025Q2: 782,032 shares 782,032$7.89M2.66%-44,689Timeline
CACICACI INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 12,651 shares 12,651$6.03M2.03%newTimeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,147 shares; 2024Q4: 10,029 shares; 2025Q1: 11,674 shares; 2025Q2: 10,187 shares 10,187$4.95M1.67%-1,487Timeline
MUBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,191 shares; 2024Q4: 33,191 shares; 2025Q1: 33,191 shares; 2025Q2: 33,191 shares 33,191$3.47M1.17%0Timeline
SHVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,187 shares; 2024Q4: 14,788 shares; 2025Q1: 37,255 shares; 2025Q2: 21,872 shares 21,872$2.42M0.81%-15,383Timeline
SIISPROTT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 11,129 shares 11,129$769K0.26%newTimeline
CAHCARDINAL HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,457 shares; 2024Q4: 7,054 shares; 2025Q1: 7,397 shares; 2025Q2: 4,357 shares 4,357$732K0.25%-3,040Timeline
VOOVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 813 shares 813$462K0.16%newTimeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,030 shares; 2024Q4: 3,030 shares; 2025Q1: 2,030 shares; 2025Q2: 2,030 shares 2,030$321K0.11%0Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,281 shares; 2024Q4: 1,235 shares; 2025Q1: 1,235 shares; 2025Q2: 1,116 shares 1,116$229K0.08%-119Timeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 563 shares; 2025Q2: 563 shares 563$228K0.08%0Timeline
QVCAQQVC GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 49,241 shares 49,241$135K0.05%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
GLDSPDR GOLD TR GOLD SHScall65,100$841Knew
TLTISHARES TR 20 YR TR BD ETFput459,700$723Knew
SPYSTATE STR SPDR S&P 500 ETF T SHSput65,100$534Knew

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
QURATE RETAIL INCQURATE RETAIL INC2,476,346$498Kshares
COSTCOSTCO WHOLESALE CORPORATION250$236Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000052024-25-000003 base2025-08-04acceptance time not in the bulk data set