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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 holdings worth $339,390,094 (the sum of its rows) across 30 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-06. The total stated on the cover page is $364,482,852. Its ten largest share positions make up 71.24% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000052024-25-000006

The cover page states a total of $364,482,852, 7% more than the sum of the rows, $339,390,094. This page uses the sum of the rows.

Period
2025-09-30
Value, sum of rows
$339M
Stated on the cover page
$364M
Holdings
30
Top 10 weight
71.24%
New
5
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MOHnew+105,787$20.2M
NUnew+498,340$7.98M
HUMnew+19,966$5.19M
BSMadded+356,852$4.69M
ELVnew+13,108$4.24M

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
IMXIexited-782,032-$7.89M
CAHexited-4,357-$732K
BTIreduced-12,185-$647K
VOOexited-813-$462K
BRK-Breduced-818-$411K

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, Q3 2025

Share positions as resolved from 13F-HR 0000052024-25-000006, largest first. % of portfolio is the value over $335,936,526, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 447,067 shares; 2024Q4: 434,309 shares; 2025Q1: 420,262 shares; 2025Q2: 447,827 shares; 2025Q3: 444,952 shares 444,952$43.6M12.98%-2,875Timeline
HIIHUNTINGTON INGALLS INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,530 shares; 2024Q4: 110,107 shares; 2025Q1: 113,151 shares; 2025Q2: 116,685 shares; 2025Q3: 115,932 shares 115,932$33.4M9.94%-753Timeline
BTIBRITISH AMERN TOB PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 633,682 shares; 2024Q4: 612,517 shares; 2025Q1: 590,935 shares; 2025Q2: 585,777 shares; 2025Q3: 573,592 shares 573,592$30.4M9.06%-12,185Timeline
BSMBLACK STONE MINERALS L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,934,739 shares 1,934,739$25.4M7.57%+356,852Timeline
MOHMOLINA HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 105,787 shares 105,787$20.2M6.03%newTimeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,977 shares; 2024Q4: 129,317 shares; 2025Q1: 124,467 shares; 2025Q2: 123,982 shares; 2025Q3: 121,535 shares 121,535$19.7M5.87%-2,447Timeline
SOLVSOLVENTUM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 114,898 shares; 2024Q4: 114,123 shares; 2025Q1: 111,874 shares; 2025Q2: 234,833 shares; 2025Q3: 258,949 shares 258,949$18.9M5.63%+24,116Timeline
LBRDKLIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 218,800 shares; 2024Q4: 223,440 shares; 2025Q1: 226,073 shares; 2025Q2: 232,827 shares; 2025Q3: 265,920 shares 265,920$16.9M5.03%+33,093Timeline
EPDENTERPRISE PRODS PARTNERS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 546,414 shares; 2024Q4: 538,824 shares; 2025Q1: 530,107 shares; 2025Q2: 534,405 shares; 2025Q3: 535,444 shares 535,444$16.7M4.98%+1,039Timeline
MCKMCKESSON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,675 shares; 2024Q4: 26,398 shares; 2025Q1: 24,875 shares; 2025Q2: 18,560 shares; 2025Q3: 18,080 shares 18,080$14M4.16%-480Timeline
PHGKONINKLIJKE PHILIPS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 505,507 shares; 2025Q3: 504,362 shares 504,362$13.7M4.09%-1,145Timeline
TFINTRIUMPH FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,176 shares; 2024Q4: 97,237 shares; 2025Q1: 115,902 shares; 2025Q2: 247,580 shares; 2025Q3: 253,400 shares 253,400$12.7M3.77%+5,820Timeline
INVXINNOVEX INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 386,269 shares; 2025Q2: 640,625 shares; 2025Q3: 634,056 shares 634,056$11.8M3.5%-6,569Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 245,227 shares; 2024Q4: 246,288 shares; 2025Q1: 324,106 shares; 2025Q2: 331,125 shares; 2025Q3: 335,252 shares 335,252$10.7M3.19%+4,127Timeline
CMCSACOMCAST CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 219,237 shares; 2024Q4: 221,933 shares; 2025Q1: 273,750 shares; 2025Q2: 311,414 shares; 2025Q3: 337,699 shares 337,699$10.6M3.16%+26,285Timeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 498,340 shares 498,340$7.98M2.37%newTimeline
CACICACI INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 12,651 shares; 2025Q3: 12,435 shares 12,435$6.2M1.85%-216Timeline
HUMHUMANA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 19,966 shares 19,966$5.19M1.55%newTimeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,147 shares; 2024Q4: 10,029 shares; 2025Q1: 11,674 shares; 2025Q2: 10,187 shares; 2025Q3: 9,369 shares 9,369$4.71M1.4%-818Timeline
ELVELEVANCE HEALTH INC FORMERLYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 13,108 shares 13,108$4.24M1.26%newTimeline
MUBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,191 shares; 2024Q4: 33,191 shares; 2025Q1: 33,191 shares; 2025Q2: 33,191 shares; 2025Q3: 33,191 shares 33,191$3.53M1.05%0Timeline
SHVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,187 shares; 2024Q4: 14,788 shares; 2025Q1: 37,255 shares; 2025Q2: 21,872 shares; 2025Q3: 25,593 shares 25,593$2.83M0.84%+3,721Timeline
SIISPROTT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 11,129 shares; 2025Q3: 10,445 shares 10,445$869K0.26%-684Timeline
QVCAQQVC GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 49,241 shares; 2025Q3: 48,599 shares 48,599$656K0.2%-642Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,030 shares; 2024Q4: 3,030 shares; 2025Q1: 2,030 shares; 2025Q2: 2,030 shares; 2025Q3: 2,000 shares 2,000$373K0.11%-30Timeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 563 shares; 2025Q2: 563 shares; 2025Q3: 563 shares 563$273K0.08%0Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,500 shares 3,500$267K0.08%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$2.55M0
SPYSTATE STR SPDR S&P 500 ETF T SHSput296,900$551K+231,800
TLTISHARES TR 20 YR TR BD ETFput459,700$354K0

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
IMXIINTERNATIONAL MONEY EXPRESS782,032$7.89Mshares
CAHCARDINAL HEALTH INC4,357$732Kshares
VOOVANGUARD INDEX FDS813$462Kshares
AAPLAPPLE INC1,116$229Kshares

How Q3 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 0000052024-25-000006 base2025-11-06acceptance time not in the bulk data set