CIK: 0000052024
Total reported value
$419.8M
Reporting period: 2026-03-31 · Number of holdings: 31
INVESTMENT MANAGEMENT ASSOCIATES INC /ADV disclosed 31 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $419.8M and a quarterly turnover rate of 34.0%.
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Investment Management Associates INC /adv's disclosed holdings carry a Herfindahl concentration index of 0.061 — mathematically equivalent to about 16 equally-sized positions, well below its 31 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.89), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.4 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Add TLT
0.0% $39.7M
Trim MOH
+3.4% -$8.1M
Trim SOLV
-34.9% -$6.6M
Trim UBER
+10.7% -$917.4K
Add GLD
-61.6% $6.0M
Add CNQ
+0.7% $5.5M
Showing top 29 holdings (of 31 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | HII | Huntington Ingalls Industrie | Stock-Industrials | 10.41% | -0.41% | -0.29% | |
| 2 | TLT | Ishares 20+ Year Treasury Bd | ETF-Gov Bonds | 9.51% | +9.44% | — | |
| 3 | UBER | Uber Technologies INC | Stock-Industrials | 8.46% | -1.59% | +10.74% | |
| 4 | MOH | Molina Healthcare INC | Stock-Healthcare | 7.40% | -3.39% | +3.38% | |
| 5 | BSM | Black Stone Minerals LP | Stock-Other | 6.85% | -0.12% | -0.07% | |
| 6 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 6.27% | -0.82% | -0.81% | |
| 7 | LBRDK | Liberty Broadband-c | Stock-Comm Services | 5.60% | -0.15% | +8.84% | |
| 8 | TFIN | Triumph Financial INC | Stock-Other | 5.03% | -0.85% | +4.07% | |
| 9 | EPD | Enterprise Products Partners | Stock-Energy | 4.86% | +0.17% | +1.64% | |
| 10 | PM | Philip Morris International | Stock-Consumer Staples | 4.72% | -0.61% | -0.67% | |
| 11 | CNQ | Canadian Natural Resources | Stock-Energy | 4.19% | +0.85% | +0.72% | |
| 12 | NU | Nu Holdings Ltd. | Stock-Financials | 3.67% | -0.62% | +15.60% | |
| 13 | INVX | Innovex International INC | Stock-Other | 3.67% | -0.14% | +0.00% | |
| 14 | PHG | Koninklijke Philips Nvr- Ny | Stock-Healthcare | 3.36% | -0.43% | +1.53% | |
| 15 | BAX | Baxter International INC | Stock-Healthcare | 3.12% | +3.12% | NEW | |
| 16 | QCOM | Qualcomm INC | Stock-Tech | 3.07% | +3.07% | NEW | |
| 17 | GLD | Spdr Gold Shares | ETF-Commodities | 2.56% | +1.24% | -61.60% | |
| 18 | MCK | Mckesson CORP | Stock-Healthcare | 2.26% | -0.24% | -0.62% | |
| 19 | SOLV | Solventum CORP | Stock-Healthcare | 1.82% | -2.12% | -34.87% | |
| 20 | CACI | Caci International INC -cl A | Stock-Tech | 1.01% | -0.81% | -37.32% | |
| 21 | SHV | Ishares 0-1 Year Treasury Bo | ETF-Gov Bonds | 0.93% | -0.07% | +6.49% | |
| 22 | SPRY | Ars Pharmaceuticals INC | Stock-Other | 0.69% | -0.31% | +15.27% | |
| 23 | SII | Sprott INC | Stock-Other | 0.21% | -0.07% | -41.58% | |
| 24 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.11% | -0.19% | -55.43% | |
| 25 | NVDA | Nvidia CORP | Stock-Tech | 0.08% | -0.02% | — | |
| 26 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 0.08% | — | — | |
| 27 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.05% | +0.05% | NEW | |
| 28 | ✓ | Imperial Pete INC | Stock-Other | 0.01% | +0.01% | NEW | |
| 29 | QVCAQ | Qvc Group INC | Stock-Other | 0.01% | -0.05% | -1.17% |
Performance for Q3 2026
-5.6%
Performance Last 4 Quarters
+5.6%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 31 | $419.8M | 34 | |
| 2025-12-31 | 29 | $362.6M | 29 | |
| 2025-09-30 | 31 | $339.4M | 43 | |
| 2025-06-30 | 30 | $298.8M | 0 | |
| 2025-03-31 | 23 | $244.4M | 100 | |
| 2024-12-31 | 28 | $229.1M | 0 | |
| 2024-09-30 | 36 | $255.8M | 0 | |
| 2024-06-30 | 34 | $291.3M | 0 | |
| 2024-03-31 | 35 | $290.0M | 0 | |
| 2023-12-31 | 34 | $258.7M | 0 | |
| 2023-09-30 | 33 | $239.8M | 0 | |
| 2023-06-30 | 38 | $274.9M | 0 | |
| 2023-03-31 | 38 | $242.6M | 0 | |
| 2022-12-31 | 42 | $238.9M | 0 | |
| 2022-09-30 | 43 | $212.6M | 0 | |
| 2022-06-30 | 41 | $232.5M | 0 | |
| 2022-03-31 | 47 | $224.9M | 0 | |
| 2021-12-31 | 54 | $220.1M | 0 | |
| 2021-09-30 | 56 | $192.2M | 0 | |
| 2021-06-30 | 57 | $192.3M | 100 | |
| 2021-03-31 | 58 | $171.2M | 29 | |
| 2020-12-31 | 58 | $133.9M | — |
Investment Management Associates INC /adv's most significant position changes for 2026-03-31: Sold out: Comcast Corp-class A (CMCSA); New buy: Baxter International INC (BAX); New buy: Qualcomm INC (QCOM); Sold out: Apple INC (AAPL); Sold out: Thermo Fisher Scientific INC (TMO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TLT | Ishares 20+ Year Treasury Bd | +9.4% | — | Unchanged |
| 2 | GLD | Spdr Gold Shares | +1.2% | -61.60% | Trim |
| 3 | CNQ | Canadian Natural Resources | +0.9% | +0.72% | Add |
| 4 | EPD | Enterprise Products Partners | +0.2% | +1.64% | Add |
| 5 | GDX | Vaneck Gold Miners ETF | — | — | Unchanged |
| 6 | NVDA | Nvidia CORP | 0% | — | Unchanged |
| 7 | QVCAQ | Qvc Group INC | -0.1% | -1.17% | Trim |
| 8 | SHV | Ishares 0-1 Year Treasury Bo | -0.1% | +6.49% | Add |
| 9 | SII | Sprott INC | -0.1% | -41.58% | Trim |
| 10 | BSM | Black Stone Minerals LP | -0.1% | -0.07% | Trim |
| 11 | INVX | Innovex International INC | -0.1% | +0.00% | Add |
| 12 | LBRDK | Liberty Broadband-c | -0.2% | +8.84% | Add |
| 13 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -55.43% | Trim |
| 14 | MCK | Mckesson CORP | -0.2% | -0.62% | Trim |
| 15 | SPRY | Ars Pharmaceuticals INC | -0.3% | +15.27% | Add |
| 16 | HII | Huntington Ingalls Industrie | -0.4% | -0.29% | Trim |
| 17 | PHG | Koninklijke Philips Nvr- Ny | -0.4% | +1.53% | Add |
| 18 | PM | Philip Morris International | -0.6% | -0.67% | Trim |
| 19 | NU | Nu Holdings Ltd. | -0.6% | +15.60% | Add |
| 20 | CACI | Caci International INC -cl A | -0.8% | -37.32% | Trim |
| 21 | BTI | British American Tob-sp Adr | -0.8% | -0.81% | Trim |
| 22 | TFIN | Triumph Financial INC | -0.9% | +4.07% | Add |
| 23 | UBER | Uber Technologies INC | -1.6% | +10.74% | Add |
| 24 | SOLV | Solventum CORP | -2.1% | -34.87% | Trim |
| 25 | MOH | Molina Healthcare INC | -3.4% | +3.38% | Add |
| 26 | CMCSA | Comcast Corp-class A | — | EXIT | Sold out |
| 27 | BAX | Baxter International INC | — | NEW | New buy |
| 28 | QCOM | Qualcomm INC | — | NEW | New buy |
| 29 | AAPL | Apple INC | — | EXIT | Sold out |
| 30 | TMO | Thermo Fisher Scientific INC | — | EXIT | Sold out |
| 31 | AMZN | Amazon.com INC | — | NEW | New buy |
| 32 | ✓ | Imperial Pete INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-07 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-03 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-06 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-04 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-30 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-03 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-05 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-01 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-01 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-01 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-02 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-02 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-01 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-01 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-02 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-16 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-02 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-30 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-07 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-03-16 | 13F-HR | View on EDGAR |
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