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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 $362,608,502 across 28 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-03. Its ten largest share positions make up 72.99% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000052024-26-000001

Period
2025-12-31
Reported value
$363M
Holdings
28
Top 10 weight
72.99%
New
2
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MOHadded+119,749$20.8M
LBRDKadded+163,364$7.94M
NUadded+430,383$7.2M
CMCSAadded+220,668$6.6M
TFINadded+86,761$5.43M

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
BTIreduced-119,786-$6.78M
SOLVreduced-78,852-$6.25M
MCKreduced-7,035-$5.77M
HUMexited-19,966-$5.19M
ELVexited-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.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0000052024-26-000001, largest first. % of portfolio is the value over $357,579,697, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
HIIHUNTINGTON INGALLS INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,530 shares; 2024Q4: 110,107 shares; 2025Q1: 113,151 shares; 2025Q2: 116,685 shares; 2025Q3: 115,932 shares; 2025Q4: 115,377 shares 115,377$39.2M10.97%-555Timeline
MOHMOLINA HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 105,787 shares; 2025Q4: 225,536 shares 225,536$39.1M10.95%+119,749Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 447,067 shares; 2024Q4: 434,309 shares; 2025Q1: 420,262 shares; 2025Q2: 447,827 shares; 2025Q3: 444,952 shares; 2025Q4: 445,912 shares 445,912$36.4M10.19%+960Timeline
BTIBRITISH AMERN TOB PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 633,682 shares; 2024Q4: 612,517 shares; 2025Q1: 590,935 shares; 2025Q2: 585,777 shares; 2025Q3: 573,592 shares; 2025Q4: 453,806 shares 453,806$25.7M7.19%-119,786Timeline
BSMBLACK STONE MINERALS L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,902,421 shares 1,902,421$25.3M7.07%-32,318Timeline
TFINTRIUMPH FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,176 shares; 2024Q4: 97,237 shares; 2025Q1: 115,902 shares; 2025Q2: 247,580 shares; 2025Q3: 253,400 shares; 2025Q4: 340,161 shares 340,161$21.3M5.96%+86,761Timeline
LBRDKLIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 218,800 shares; 2024Q4: 223,440 shares; 2025Q1: 226,073 shares; 2025Q2: 232,827 shares; 2025Q3: 265,920 shares; 2025Q4: 429,284 shares 429,284$20.9M5.83%+163,364Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,977 shares; 2024Q4: 129,317 shares; 2025Q1: 124,467 shares; 2025Q2: 123,982 shares; 2025Q3: 121,535 shares; 2025Q4: 120,586 shares 120,586$19.3M5.41%-949Timeline
EPDENTERPRISE PRODS PARTNERS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 546,414 shares; 2024Q4: 538,824 shares; 2025Q1: 530,107 shares; 2025Q2: 534,405 shares; 2025Q3: 535,444 shares; 2025Q4: 530,324 shares 530,324$17M4.75%-5,120Timeline
CMCSACOMCAST CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 219,237 shares; 2024Q4: 221,933 shares; 2025Q1: 273,750 shares; 2025Q2: 311,414 shares; 2025Q3: 337,699 shares; 2025Q4: 558,367 shares 558,367$16.7M4.67%+220,668Timeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 498,340 shares; 2025Q4: 928,723 shares 928,723$15.5M4.35%+430,383Timeline
SOLVSOLVENTUM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 114,898 shares; 2024Q4: 114,123 shares; 2025Q1: 111,874 shares; 2025Q2: 234,833 shares; 2025Q3: 258,949 shares; 2025Q4: 180,097 shares 180,097$14.3M3.99%-78,852Timeline
INVXINNOVEX INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 386,269 shares; 2025Q2: 640,625 shares; 2025Q3: 634,056 shares; 2025Q4: 631,686 shares 631,686$13.8M3.86%-2,370Timeline
PHGKONINKLIJKE PHILIPS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 505,507 shares; 2025Q3: 504,362 shares; 2025Q4: 507,264 shares 507,264$13.7M3.84%+2,902Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 245,227 shares; 2024Q4: 246,288 shares; 2025Q1: 324,106 shares; 2025Q2: 331,125 shares; 2025Q3: 335,252 shares; 2025Q4: 358,299 shares 358,299$12.1M3.39%+23,047Timeline
MCKMCKESSON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,675 shares; 2024Q4: 26,398 shares; 2025Q1: 24,875 shares; 2025Q2: 18,560 shares; 2025Q3: 18,080 shares; 2025Q4: 11,045 shares 11,045$9.06M2.53%-7,035Timeline
CACICACI INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 12,651 shares; 2025Q3: 12,435 shares; 2025Q4: 12,391 shares 12,391$6.6M1.85%-44Timeline
SHVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,187 shares; 2024Q4: 14,788 shares; 2025Q1: 37,255 shares; 2025Q2: 21,872 shares; 2025Q3: 25,593 shares; 2025Q4: 33,065 shares 33,065$3.64M1.02%+7,472Timeline
SPRYARS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 311,503 shares 311,503$3.63M1.01%newTimeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,147 shares; 2024Q4: 10,029 shares; 2025Q1: 11,674 shares; 2025Q2: 10,187 shares; 2025Q3: 9,369 shares; 2025Q4: 2,136 shares 2,136$1.07M0.3%-7,233Timeline
SIISPROTT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 11,129 shares; 2025Q3: 10,445 shares; 2025Q4: 10,357 shares 10,357$1.01M0.28%-88Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,281 shares; 2024Q4: 1,235 shares; 2025Q1: 1,235 shares; 2025Q2: 1,116 shares; 2025Q3: not reported; 2025Q4: 3,119 shares 3,119$848K0.24%newTimeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,030 shares; 2024Q4: 3,030 shares; 2025Q1: 2,030 shares; 2025Q2: 2,030 shares; 2025Q3: 2,000 shares; 2025Q4: 2,000 shares 2,000$373K0.1%0Timeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 563 shares; 2025Q2: 563 shares; 2025Q3: 563 shares; 2025Q4: 563 shares 563$326K0.09%0Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,500 shares; 2025Q4: 3,500 shares 3,500$300K0.08%0Timeline
QVCAQQVC GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 49,241 shares; 2025Q3: 48,599 shares; 2025Q4: 21,369 shares 21,369$224K0.06%-27,230Timeline

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$4.78M0
TLTISHARES TR 20 YR TR BD ETFput460,500$250K+800

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
HUMHUMANA INC19,966$5.19Mshares
ELVELEVANCE HEALTH INC FORMERLY13,108$4.24Mshares
MUBISHARES TR33,191$3.53Mshares
SPYSTATE STR SPDR S&P 500 ETF T296,900$551Kput

How Q4 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 0000052024-26-000001 base2026-02-03acceptance time not in the bulk data set