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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 $419,830,931 across 30 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-07. Its ten largest share positions make up 72.57% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000052024-26-000002

Period
2026-03-31
Reported value
$420M
Holdings
30
Top 10 weight
72.57%
New
5
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BAXnew+778,931$13.1M
QCOMnew+100,185$12.9M
UBERadded+47,874$3.44M
NUadded+144,894$2.08M
LBRDKadded+37,936$1.91M

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
CMCSAexited-558,367-$16.7M
SOLVreduced-62,792-$4.1M
CACIreduced-4,624-$2.51M
AAPLexited-3,119-$848K
SIIreduced-4,306-$615K

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, Q1 2026

Share positions as resolved from 13F-HR 0000052024-26-000002, largest first. % of portfolio is the value over $368,978,536, 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; 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; 2026Q1: 115,037 shares 115,037$43.7M11.84%-340Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 493,786 shares 493,786$35.5M9.63%+47,874Timeline
MOHMOLINA HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 105,787 shares; 2025Q4: 225,536 shares; 2026Q1: 233,152 shares 233,152$31.1M8.42%+7,616Timeline
BSMBLACK STONE MINERALS L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,901,002 shares 1,901,002$28.7M7.79%-1,419Timeline
BTIBRITISH AMERN TOB PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 450,133 shares 450,133$26.3M7.13%-3,673Timeline
LBRDKLIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 467,220 shares 467,220$23.5M6.37%+37,936Timeline
TFINTRIUMPH FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 354,002 shares 354,002$21.1M5.72%+13,841Timeline
EPDENTERPRISE PRODS PARTNERS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 539,017 shares 539,017$20.4M5.53%+8,693Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 119,778 shares 119,778$19.8M5.37%-808Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 360,870 shares 360,870$17.6M4.77%+2,571Timeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 498,340 shares; 2025Q4: 928,723 shares; 2026Q1: 1,073,617 shares 1,073,617$15.4M4.18%+144,894Timeline
INVXINNOVEX INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 386,269 shares; 2025Q2: 640,625 shares; 2025Q3: 634,056 shares; 2025Q4: 631,686 shares; 2026Q1: 631,706 shares 631,706$15.4M4.18%+20Timeline
PHGKONINKLIJKE PHILIPS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 505,507 shares; 2025Q3: 504,362 shares; 2025Q4: 507,264 shares; 2026Q1: 515,007 shares 515,007$14.1M3.82%+7,743Timeline
BAXBAXTER INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 778,931 shares 778,931$13.1M3.55%newTimeline
QCOMQUALCOMM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 100,185 shares 100,185$12.9M3.5%newTimeline
MCKMCKESSON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 10,977 shares 10,977$9.5M2.57%-68Timeline
SOLVSOLVENTUM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 117,305 shares 117,305$7.66M2.08%-62,792Timeline
CACICACI INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 12,651 shares; 2025Q3: 12,435 shares; 2025Q4: 12,391 shares; 2026Q1: 7,767 shares 7,767$4.22M1.14%-4,624Timeline
SHVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 35,212 shares 35,212$3.89M1.05%+2,147Timeline
SPRYARS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 311,503 shares; 2026Q1: 359,074 shares 359,074$2.88M0.78%+47,571Timeline
SIISPROTT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 11,129 shares; 2025Q3: 10,445 shares; 2025Q4: 10,357 shares; 2026Q1: 6,051 shares 6,051$865K0.23%-4,306Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 952 shares 952$456K0.12%-1,184Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,500 shares; 2025Q4: 3,500 shares; 2026Q1: 3,500 shares 3,500$321K0.09%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 1,000 shares 1,000$208K0.06%newTimeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,000 shares 1,000$174K0.05%-1,000Timeline
IMPPIMPERIAL PETE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 12,000 shares 12,000$51.4K0.01%newTimeline
QVCAQQVC GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 49,241 shares; 2025Q3: 48,599 shares; 2025Q4: 21,369 shares; 2026Q1: 21,120 shares 21,120$45.8K0.01%-249Timeline

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
TLTISHARES TR 20 YR TR BD ETFput460,500$39.9M0
GLDSPDR GOLD TR GOLD SHScall25,000$10.8M-40,100
NVDANVIDIA CORPORATION COMput1,000$174Knew

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
CMCSACOMCAST CORP NEW558,367$16.7Mshares
AAPLAPPLE INC3,119$848Kshares
TMOTHERMO FISHER SCIENTIFIC INC563$326Kshares

How Q1 2026 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 0000052024-26-000002 base2026-05-07acceptance time not in the bulk data set