INVESTMENT MANAGEMENT ASSOCIATES INC /ADV

CIK

52024

Location

GREENWOOD VILLAGE, CO

Portfolio Value

Small $352,200,929

Diversification

Diversified

Filing Date

Global Rank

#3,151 / 8,607 ▲ 51 · as of Mar 2026

Top Industry

Oil & Gas E&P 13.6%

3Y Alpha vs SPY

-3.7%

Period ended 3 months ago

Filed May 7, 2026 · 2mo

22 quarters · since Dec 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+58.0%

SPY

+75.2%

Annualised alpha

-4.1%

Max drawdown

−12.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

25 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

12.4%

+1.4 pts

Top 5

47.0%

+0.4 pts

Top 10

73.7%

−0.4 pts

HHI

687

Diversified−4

Portfolio Trend

22 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	23.3%	$82,183,417	5
Healthcare	22.2%	$78,318,828	6
Technology	15.0%	$52,992,888	4
Consumer Defensive	13.1%	$46,123,370	2
Industrials	12.4%	$43,702,556	1
Financial Services	10.8%	$37,868,520	4
Unclassified	3.1%	$10,757,250	1
Consumer Cyclical	0.1%	$254,100	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
NU	Nu Holdings Ltd.	+144,894	1,073,617	$15,427,876
UBER	Uber Technologies, Inc	+47,874	493,786	$35,518,026
SPRY	ARS Pharmaceuticals, Inc.	+47,571	359,074	$2,883,364
TFIN	Triumph Financial, Inc.	+13,841	354,002	$21,119,759
EPD	Enterprise Products Partners L.P.	+8,693	539,017	$20,396,403
PHG	Koninklijke Philips NV	+7,743	515,007	$14,111,191
MOH	Molina Healthcare, Inc.	+7,616	233,152	$31,079,161
CNQ	CANADIAN NATURAL RESOURCES Ltd	+2,571	360,870	$17,585,195
INVX	Innovex International, Inc.	+20	631,706	$15,407,309
No positions match the current search.

Trimmed

Positions the filer reduced

11 positions

Ticker	Company	Δ Shares	Shares	Value
SOLV	Solventum Corp	−62,792	117,305	$7,660,016
GLD	Spdr Gold Trust	−40,100	25,000	$10,757,250
CACI	Caci International Inc /De/	−4,624	7,767	$4,224,238
SII	Sprott Inc.	−4,306	6,051	$864,687
BTI	British American Tobacco p.l.c.	−3,673	450,133	$26,319,276
BSM	Black Stone Minerals, L.P.	−1,419	1,901,002	$28,743,150
BRK-B	Berkshire Hathaway Inc	−1,184	952	$456,198
PM	Philip Morris International Inc.	−808	119,778	$19,804,094
HII	Huntington Ingalls Industries, Inc.	−340	115,037	$43,702,556
QVCAQ	QVC Group, Inc.	−249	21,120	$45,830
MCK	Mckesson Corp	−68	10,977	$9,499,056
No positions match the current search.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
BAX	Baxter International Inc	778,931	$13,086,040
QCOM	Qualcomm Inc/De	100,185	$12,901,824
AMZN	Amazon Com Inc	1,000	$208,270
IMPP	Imperial Petroleum Inc./Marshall Islands	12,000	$51,360
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
CMCSA	Comcast Corp	558,367	$15,641,590
AAPL	Apple Inc.	3,119	$847,931
TMO	Thermo Fisher Scientific Inc.	563	$326,230
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

25 positions · $352,200,929 total · as of Mar 31, 2026

All sectors Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
HII	Huntington Ingalls Industries, Inc. Industrials	Reduced	115,037	-340	$43,702,556	+11.4%	12.41%
UBER	Uber Technologies, Inc Technology	Added	493,786	+47,874	$35,518,026	−2.5%	10.08%
MOH	Molina Healthcare, Inc. Healthcare	Added	233,152	+7,616	$31,079,161	−20.6%	8.82%
BSM	Black Stone Minerals, L.P. Energy	Reduced	1,901,002	-1,419	$28,743,150	+13.7%	8.16%
BTI	British American Tobacco p.l.c. Consumer Defensive	Reduced	450,133	-3,673	$26,319,276	+2.4%	7.47%
TFIN	Triumph Financial, Inc. Financial Services	Added	354,002	+13,841	$21,119,759	−0.9%	6.00%
EPD	Enterprise Products Partners L.P. Energy	Added	539,017	+8,693	$20,396,403	+20.0%	5.79%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	119,778	-808	$19,804,094	+2.4%	5.62%
CNQ	CANADIAN NATURAL RESOURCES Ltd Energy	Added	360,870	+2,571	$17,585,195	+45.0%	4.99%
NU	Nu Holdings Ltd. Financial Services	Added	1,073,617	+144,894	$15,427,876	−0.8%	4.38%
INVX	Innovex International, Inc. Energy	Added	631,706	+20	$15,407,309	+11.5%	4.37%
PHG	Koninklijke Philips NV Healthcare	Added	515,007	+7,743	$14,111,191	+2.7%	4.01%
BAX	Baxter International Inc Healthcare	NEW	778,931	NEW	$13,086,040	NEW	3.72%
QCOM	Qualcomm Inc/De Technology	NEW	100,185	NEW	$12,901,824	NEW	3.66%
GLD	Spdr Gold Trust	Reduced	25,000	-40,100	$10,757,250	−58.3%	3.05%
MCK	Mckesson Corp Healthcare	Reduced	10,977	-68	$9,499,056	+4.8%	2.70%
SOLV	Solventum Corp Healthcare	Reduced	117,305	-62,792	$7,660,016	−46.3%	2.17%
CACI	Caci International Inc /De/ Technology	Reduced	7,767	-4,624	$4,224,238	−36.0%	1.20%
SPRY	ARS Pharmaceuticals, Inc. Healthcare	Added	359,074	+47,571	$2,883,364	−20.5%	0.82%
SII	Sprott Inc. Financial Services	Reduced	6,051	-4,306	$864,687	−14.7%	0.25%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	952	-1,184	$456,198	−57.5%	0.13%
NVDA	Nvidia Corp Technology	Held	2,000	0	$348,800	−6.5%	0.10%
AMZN	Amazon Com Inc Consumer Cyclical	NEW	1,000	NEW	$208,270	NEW	0.06%
IMPP	Imperial Petroleum Inc./Marshall Islands Energy	NEW	12,000	NEW	$51,360	NEW	0.01%
QVCAQ	QVC Group, Inc. Consumer Cyclical	Reduced	21,120	-249	$45,830	−79.5%	0.01%