INVESTMENT MANAGEMENT ASSOCIATES INC /ADV

CIK 52024 · View on SEC EDGAR ↗

Portfolio value
$472.6M
#3,914 of 9,443 by 13F value · top 41.4%
Positions
31
As of
June 30, 2026

Portfolio value QoQ: +16.9% 13F does not disclose cash

Top 10 holdings weight
62.56%
Top 25 holdings weight
99.69%
Positions above 1%
21
Effective number of positions
18.3

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 9.69% Est. buys $102,528,330 · sells $42,492,847

Median holding: 4.0 quarters Tracked Q4 2024–Q2 2026 · 58.5% still held

New positions
6
Increased
6
Decreased
15
Closed
5

Put-notional exposure: 16.7% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets

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Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+23.6%
S&P 500 total return (same window)
+28.1%
Excess return
-4.5%

Annualized: +15.2% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 97.5% · Options excluded: 2.4%

Sector breakdown

Health Care
24.2%
Energy
15.6%
Industrials
14.9%
Consumer Staples
8.0%
Financials
3.6%
Communication Services
3.4%
Retail
0.1%
Technology
0.1%
Other/Unmapped
30.1%

Full portfolio 31 positions

Type Streak 8Q trend
MOH Molina Healthcare Inc Common Stock $52,660,005 11.14% 230,258 $21,580,843 Down ×1
UBER Uber Technologies, Inc. Common Stock $35,055,689 7.42% 485,805 $-462,338 Down ×1
QQQ Invesco QQQ Trust, Series 1 $33,800,760 7.15% 45,900 Put option Up ×1
HII Huntington Ingalls Industries, Inc. Common Stock $32,125,873 6.80% 114,780 $-11,576,785 Down ×4
TFIN TFIN $27,002,370 5.71% 353,851 $5,882,611 Down ×1
BSM Black Stone Minerals, L.P. Common units representing limited partner interests $25,819,124 5.46% 1,848,184 $-2,924,024 Down ×3
TLT iShares 20+ Year Treasury Bond ETF $23,497,598 4.97% 271,900 Put option $-1,009,665 Down ×1
PHG Koninklijke Philips N.V. NY Registry Shares $23,366,517 4.94% 859,379 $9,255,325 Up ×3
SOXX SOXX $21,593,612 4.57% 33,700 Put option Up ×1
PM Philip Morris International Inc Common Stock $20,726,220 4.39% 114,566 $922,119 Down ×6
GLDM $19,521,118 4.13% 245,796 Up ×1
EPD Enterprise Products Partners L.P. Common Stock $19,296,832 4.08% 524,941 $-1,099,584 Down ×1
BAX Baxter International Inc. Common Stock $19,205,970 4.06% 900,843 $6,119,929 Up ×1
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $16,826,934 3.56% 272,457 $-9,492,317 Down ×6
NU Nu Holdings Ltd. Class A Ordinary Shares $16,780,400 3.55% 1,256,018 $1,352,524 Up ×3
LBRDK Liberty Broadband Corporation - Class C Common Stock $15,842,204 3.35% 476,314 $-7,658,962 Up ×6
INVX Innovex International, Inc. Common Stock $15,005,042 3.18% 605,042 $-402,267 Down ×1
CNQ Canadian Natural Resources Limited Common Stock $13,824,993 2.93% 350,000 $-3,760,195 Down ×1
Unknown issuer (CUSIP: G9723Y105) $11,619,110 2.46% 975,576 Up ×1
SOLV Solventum Corporation Common Stock $8,132,922 1.72% 105,417 $472,905 Down ×3
MCK McKesson Corporation Common Stock $8,083,267 1.71% 10,698 $-1,415,609 Down ×6
SHV iShares 0-1 Year Treasury Bond ETF $4,510,488 0.95% 40,874 $623,489 Up ×4
CACI CACI International, Inc. Class A Common Stock $3,430,904 0.73% 7,406 $-793,334 Down ×4
SPRY ARS Pharmaceuticals, Inc. - Common Stock $2,991,663 0.63% 373,491 $108,299 Up ×2
BRKB $416,324 0.09% 832 $-39,874 Down ×5
DEO Diageo plc Common Stock $328,031 0.07% 4,081 Up ×1
GDX GDX $264,075 0.06% 3,500 $-57,120
AMZN Amazon.com, Inc. - Common Stock $238,340 0.05% 1,000 $30,070
SCHD $223,429 0.05% 7,046 Up ×1
NVDA NVIDIA Corporation - Common Stock $200,090 0.04% 1,000 $25,690
NVDA NVIDIA Corporation - Common Stock $200,090 0.04% 1,000 Put option $25,690

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
PHG $23,366,517 4.94% up ×3
NU $16,780,400 3.55% up ×3
LBRDK $15,842,204 3.35% up ×6
SHV $4,510,488 0.95% up ×4

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
QQQ $33,800,760 45,900 7.15%
SOXX $21,593,612 33,700 4.57%
GLDM $19,521,118 245,796 4.13%
Unknown issuer (CUSIP: G9723Y105) $11,619,110 975,576 2.46%
DEO $328,031 4,081 0.07%
SCHD $223,429 7,046 0.05%

Top movers (QoQ)

Security Action Shares Δ Value Δ
MOH Trimmed -3K +$21.6M
HII Trimmed -257 -$11.6M
BTI Trimmed -178K -$9.5M
PHG Bought more +344K +$9.3M
LBRDK Bought more +9K -$7.7M
BAX Bought more +122K +$6.1M
TFIN Trimmed -151 +$5.9M
CNQ Trimmed -11K -$3.8M
BSM Trimmed -53K -$2.9M
MCK Trimmed -279 -$1.4M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
CMCSA March 31, 2026 558,367 $16,689,596 -7.8%
QCOM June 30, 2026 100,185 $12,901,807 -12.9%
GLD June 30, 2026 25,000 $10,757,250 No longer tracked
IMXI Sept. 30, 2025 782,032 $7,890,703 0.5%
DXC March 31, 2025 385,585 $7,703,988 -37.5%
HUM Dec. 31, 2025 19,966 $5,194,554 49.9%
ELV Dec. 31, 2025 13,108 $4,235,325 14.0%
MUB Dec. 31, 2025 33,191 $3,534,510 No longer tracked
LMT March 31, 2025 2,760 $1,341,247 27.3%
SII June 30, 2026 6,051 $864,688 15.3%
AAPL March 31, 2026 3,119 $847,838 21.4%
CAH Sept. 30, 2025 4,357 $731,976 46.9%
SPY Dec. 31, 2025 296,900 $550,750 No longer tracked
QVCGAXXXX June 30, 2025 2,476,346 $497,993 No longer tracked
VOO Sept. 30, 2025 813 $461,888 No longer tracked
SKT March 31, 2025 10,185 $347,614 12.7%
TMO March 31, 2026 563 $326,230 26.2%
ARCC March 31, 2025 12,413 $271,720 -10.6%
COST June 30, 2025 250 $236,445 -4.7%
AAPL Sept. 30, 2025 1,116 $228,970 21.0%
IMPP June 30, 2026 12,000 $51,360 15.1%
QVCGA June 30, 2026 21,120 $45,830 No longer tracked
SPY March 31, 2025 251,100 $33,385 No longer tracked
ABEV March 31, 2025 15,000 $27,750 22.7%