# INVESTMENT MANAGEMENT ASSOCIATES INC /ADV

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 52024. Source: https://holderbook.com/funds/52024-investment-management-associates-inc-adv/

- Reported value: $487.4M
- Positions: 30
- Weight of the ten largest: 63.7%
- Filed: 2026-08-03

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| MOLINA HEALTHCARE INC | [MOH](https://holderbook.com/stocks/MOH/) | $52.7M | 230,258 | 10.8% | 4 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $38.3M | 0 | 7.9% | 5 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $35.1M | 485,805 | 7.2% | 23 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $33.8M | 0 | 6.9% | 1 |
| HUNTINGTON INGALLS INDS INC | [HII](https://holderbook.com/stocks/HII/) | $32.1M | 114,780 | 6.6% | 23 |
| TRIUMPH FINANCIAL INC | [TFIN](https://holderbook.com/stocks/TFIN/) | $27.0M | 353,851 | 5.5% | 10 |
| BLACK STONE MINERALS L P | [BSM](https://holderbook.com/stocks/BSM/) | $25.8M | 1,848,184 | 5.3% | 22 |
| KONINKLIJKE PHILIPS N V | [PHG](https://holderbook.com/stocks/PHG/) | $23.4M | 859,379 | 4.8% | 5 |
| ISHARES TR | [SOXX](https://holderbook.com/stocks/SOXX/) | $21.6M | 0 | 4.4% | 1 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $20.7M | 114,566 | 4.3% | 23 |
| WORLD GOLD TR | [GLDM](https://holderbook.com/stocks/GLDM/) | $19.5M | 245,796 | 4.0% | 1 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $19.3M | 524,941 | 4.0% | 23 |
| BAXTER INTL INC | [BAX](https://holderbook.com/stocks/BAX/) | $19.2M | 900,843 | 3.9% | 2 |
| BRITISH AMERN TOB PLC | [BTI](https://holderbook.com/stocks/BTI/) | $16.8M | 272,457 | 3.5% | 23 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $16.8M | 1,256,018 | 3.4% | 4 |
| LIBERTY BROADBAND CORP | [LBRDK](https://holderbook.com/stocks/LBRDK/) | $15.8M | 476,314 | 3.3% | 15 |
| INNOVEX INTERNATIONAL INC | [INVX](https://holderbook.com/stocks/INVX/) | $15.0M | 605,042 | 3.1% | 6 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $13.8M | 350,000 | 2.8% | 11 |
| WISE GROUP PLC | [WSE](https://holderbook.com/stocks/WSE/) | $11.6M | 975,576 | 2.4% | 1 |
| SOLVENTUM CORP | [SOLV](https://holderbook.com/stocks/SOLV/) | $8.1M | 105,417 | 1.7% | 9 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $8.1M | 10,698 | 1.7% | 23 |
| ISHARES TR | [SHV](https://holderbook.com/stocks/SHV/) | $4.5M | 40,874 | 0.9% | 10 |
| CACI INTL INC | [CACI](https://holderbook.com/stocks/CACI/) | $3.4M | 7,406 | 0.7% | 5 |
| ARS PHARMACEUTICALS INC | [SPRY](https://holderbook.com/stocks/SPRY/) | $3.0M | 373,491 | 0.6% | 3 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $416.3K | 832 | 0.1% | 23 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $400.2K | 1,000 | 0.1% | 8 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $328.0K | 4,081 | 0.1% | 1 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $264.1K | 3,500 | 0.1% | 4 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $238.3K | 1,000 | 0.0% | 2 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $223.4K | 7,046 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +3.7% | +14.8% | -11.1% | 100% |
| Q1 2026 | +0.1% | -4.6% | +4.7% | 100% |
| Q4 2025 | +1.3% | +2.4% | -1.0% | 100% |
| Q3 2025 | +2.1% | +7.8% | -5.8% | 100% |
| Q2 2025 | +6.1% | +10.5% | -4.3% | 100% |
| Q1 2025 | +5.4% | -4.6% | +9.9% | 100% |
| Q4 2024 | -3.2% | +2.1% | -5.4% | 100% |
| Q3 2024 | +4.8% | +5.4% | -0.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $487.4M | 30 |
| Q1 2026 | $419.8M | 29 |
| Q4 2025 | $362.6M | 28 |
| Q3 2025 | $339.4M | 30 |
| Q2 2025 | $298.8M | 29 |
| Q1 2025 | $244.4M | 23 |
| Q4 2024 | $229.1M | 27 |
| Q3 2024 | $255.8M | 34 |
| Q2 2024 | $291.3M | 33 |
| Q1 2024 | $290.0M | 34 |
| Q4 2023 | $258.7M | 34 |
| Q3 2023 | $239.8M | 33 |