CAPITAL MANAGEMENT ASSOCIATES, INC

Filed: 1/21/2026ACC: 0002008851-26-000001

📋 What this filing means

CAPITAL MANAGEMENT ASSOCIATES, INC filed this quarterly 13F‑HR report disclosing 156 equity positions with a total reported market value of $452.26M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

156

Positions

$452.26M

Total AUM (reported)

5.02M

Total Shares

Allocation by class

COM$85.11M18.8%

TR UNIT$64.10M14.2%

US BRD MKT ETF$46.68M10.3%

S&P 500 ETF SHS$40.51M9.0%

UNIT SER 1$24.33M5.4%

PHYSCL SILVR SHS$20.68M4.6%

0-5 HIGH YIELD$14.01M3.1%

Portfolio Concentration

Top 3$151.29M33.5%

4–10$109.57M24.2%

11–25$86.09M19.0%

Rest$105.32M23.3%

Top 3 weight

33.5%

Top 10 weight

57.7%

Voting Authority Distribution

Total shares with voting rights: 5.02M

Sole

Full voting authority

4.83M

% of voting shares96.1%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

196.86K

% of voting shares3.9%

Investment Discretion (by position count)

Sole151

Shared0

Other5

Dominant voting typeSole · 96.1% of voting shares

Institutional Holdings156

Rows:

SPDR S&P 500 ETF TR

SOLE

TR UNIT

Shares94K

TypeSH

Market value$64.10M

14.17%

Sole

92.79K

Shared

0.00

None

1.21K

SCHWAB STRATEGIC TR

SOLE

US BRD MKT ETF

Shares1.78M

TypeSH

Market value$46.68M

10.32%

Sole

1.78M

Shared

0.00

None

0.00

VANGUARD INDEX FDS

SOLE

S&P 500 ETF SHS

Shares64.59K

TypeSH

Market value$40.51M

8.96%

Sole

64.59K

Shared

0.00

None

0.00

INVESCO QQQ TR

SOLE

UNIT SER 1

Shares39.60K

TypeSH

Market value$24.33M

5.38%

Sole

38.95K

Shared

0.00

None

645.00

ABRDN SILVER ETF TRUST

SOLE

PHYSCL SILVR SHS

Shares305.70K

TypeSH

Market value$20.68M

4.57%

Sole

305.70K

Shared

0.00

None

0.00

APPLE INC

SOLE

COM

Shares54.80K

TypeSH

Market value$14.90M

3.29%

Sole

54.28K

Shared

0.00

None

515.00

PIMCO ETF TR

SOLE

0-5 HIGH YIELD

Shares147.72K

TypeSH

Market value$14.01M

3.10%

Sole

147.72K

Shared

0.00

None

0.00

SPDR DOW JONES INDL AVERAGE

SOLE

UT SER 1

Shares26.28K

TypeSH

Market value$12.63M

2.79%

Sole

25.88K

Shared

0.00

None

400.00

ETFS GOLD TR

SOLE

PHYSCL GOLD SHS

Shares284.25K

TypeSH

Market value$11.68M

2.58%

Sole

284.25K

Shared

0.00

None

0.00

GENERAL MLS INC

SOLE

COM

Shares244.14K

TypeSH

Market value$11.35M

2.51%

Sole

244.14K

Shared

0.00

None

0.00

VANGUARD INDEX FDS

SOLE

SMALL CP ETF

Shares41.41K

TypeSH

Market value$10.68M

2.36%

Sole

41.41K

Shared

0.00

None

0.00

VANGUARD INDEX FDS

SOLE

SML CP GRW ETF

Shares31.85K

TypeSH

Market value$9.62M

2.13%

Sole

31.85K

Shared

0.00

None

0.00

CAPITAL GROUP CORE BALANCED

SOLE

SHS

Shares270.61K

TypeSH

Market value$9.56M

2.11%

Sole

247.10K

Shared

0.00

None

23.51K

VANGUARD INDEX FDS

SOLE

GROWTH ETF

Shares15.63K

TypeSH

Market value$7.62M

1.69%

Sole

15.63K

Shared

0.00

None

0.00

VANGUARD INDEX FDS

SOLE

MID CAP ETF

Shares21.25K

TypeSH

Market value$6.17M

1.36%

Sole

21.25K

Shared

0.00

None

0.00

ISHARES TR

SOLE

CORE US AGGBD ET

Shares56.68K

TypeSH

Market value$5.66M

1.25%

Sole

16.85K

Shared

0.00

None

39.83K

MICROSOFT CORP

SOLE

COM

Shares9.88K

TypeSH

Market value$4.78M

1.06%

Sole

9.88K

Shared

0.00

None

0.00

XCEL ENERGY INC

SOLE

COM

Shares63.60K

TypeSH

Market value$4.70M

1.04%

Sole

22.45K

Shared

0.00

None

41.15K

BERKSHIRE HATHAWAY INC DEL

SOLE

CL B NEW

Shares8.89K

TypeSH

Market value$4.47M

0.99%

Sole

8.64K

Shared

0.00

None

250.00

PIMCO ETF TR

SOLE

ENHAN SHRT MA AC

Shares42.57K

TypeSH

Market value$4.27M

0.94%

Sole

42.57K

Shared

0.00

None

0.00

CATERPILLAR INC

SOLE

COM

Shares7.10K

TypeSH

Market value$4.07M

0.90%

Sole

7.09K

Shared

0.00

None

10.00

ORACLE CORP

SOLE

COM

Shares19.93K

TypeSH

Market value$3.88M

0.86%

Sole

19.93K

Shared

0.00

None

0.00

STRATEGIC TRUST

SOLE

RUNNING GWTH ETF

Shares115.82K

TypeSH

Market value$3.86M

0.85%

Sole

110.48K

Shared

0.00

None

5.34K

CAPITAL GROUP CORE EQUITY ET

SOLE

SHS CREATION UNI

Shares93.67K

TypeSH

Market value$3.77M

0.83%

Sole

93.67K

Shared

0.00

None

0.00

ISHARES TR

SOLE

CORE S&P500 ETF

Shares4.34K

TypeSH

Market value$2.98M

0.66%

Sole

4.34K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
SPDR S&P 500 ETF TRSOLE	TR UNIT	94K	SH	$64.10M 14.17%	92.79K	1.21K
SCHWAB STRATEGIC TRSOLE	US BRD MKT ETF	1.78M	SH	$46.68M 10.32%	1.78M	0.00
VANGUARD INDEX FDSSOLE	S&P 500 ETF SHS	64.59K	SH	$40.51M 8.96%	64.59K	0.00
INVESCO QQQ TRSOLE	UNIT SER 1	39.60K	SH	$24.33M 5.38%	38.95K	645.00
ABRDN SILVER ETF TRUSTSOLE	PHYSCL SILVR SHS	305.70K	SH	$20.68M 4.57%	305.70K	0.00
APPLE INCSOLE	COM	54.80K	SH	$14.90M 3.29%	54.28K	515.00
PIMCO ETF TRSOLE	0-5 HIGH YIELD	147.72K	SH	$14.01M 3.10%	147.72K	0.00
SPDR DOW JONES INDL AVERAGESOLE	UT SER 1	26.28K	SH	$12.63M 2.79%	25.88K	400.00
ETFS GOLD TRSOLE	PHYSCL GOLD SHS	284.25K	SH	$11.68M 2.58%	284.25K	0.00
GENERAL MLS INCSOLE	COM	244.14K	SH	$11.35M 2.51%	244.14K	0.00
VANGUARD INDEX FDSSOLE	SMALL CP ETF	41.41K	SH	$10.68M 2.36%	41.41K	0.00
VANGUARD INDEX FDSSOLE	SML CP GRW ETF	31.85K	SH	$9.62M 2.13%	31.85K	0.00
CAPITAL GROUP CORE BALANCEDSOLE	SHS	270.61K	SH	$9.56M 2.11%	247.10K	23.51K
VANGUARD INDEX FDSSOLE	GROWTH ETF	15.63K	SH	$7.62M 1.69%	15.63K	0.00
VANGUARD INDEX FDSSOLE	MID CAP ETF	21.25K	SH	$6.17M 1.36%	21.25K	0.00
ISHARES TRSOLE	CORE US AGGBD ET	56.68K	SH	$5.66M 1.25%	16.85K	39.83K
MICROSOFT CORPSOLE	COM	9.88K	SH	$4.78M 1.06%	9.88K	0.00
XCEL ENERGY INCSOLE	COM	63.60K	SH	$4.70M 1.04%	22.45K	41.15K
BERKSHIRE HATHAWAY INC DELSOLE	CL B NEW	8.89K	SH	$4.47M 0.99%	8.64K	250.00
PIMCO ETF TRSOLE	ENHAN SHRT MA AC	42.57K	SH	$4.27M 0.94%	42.57K	0.00
CATERPILLAR INCSOLE	COM	7.10K	SH	$4.07M 0.90%	7.09K	10.00
ORACLE CORPSOLE	COM	19.93K	SH	$3.88M 0.86%	19.93K	0.00
STRATEGIC TRUSTSOLE	RUNNING GWTH ETF	115.82K	SH	$3.86M 0.85%	110.48K	5.34K
CAPITAL GROUP CORE EQUITY ETSOLE	SHS CREATION UNI	93.67K	SH	$3.77M 0.83%	93.67K	0.00
ISHARES TRSOLE	CORE S&P500 ETF	4.34K	SH	$2.98M 0.66%	4.34K	0.00

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