INVESTMENT MANAGEMENT ASSOCIATES INC /ADV

PrivateCIK: 52024

Location

GREENWOOD VILLAGE, CO

Positions

$487.39M

Total AUM (reported)

10.69M

Total Shares

Allocation by class

COM$246.62M50.6%

20 YR TR BD ETF$38.30M7.9%

UNIT SER 1$33.80M6.9%

COM UNIT$25.82M5.3%

NY REGIS SHS NEW$23.37M4.8%

ISHARES SEMICDTR$21.59M4.4%

SPDR GLD MINIS$19.52M4.0%

Portfolio Concentration

Top 3$126.02M25.9%

4–10$184.43M37.8%

11–25$175.49M36.0%

Rest$1.45M0.3%

Top 3 weight

25.9%

Top 10 weight

63.7%

Voting Authority Distribution

Total shares with voting rights: 10.69M

Sole

Full voting authority

40.38K

% of voting shares0.4%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

10.65M

% of voting shares99.6%

Investment Discretion (by position count)

Sole30

Shared0

Other0

Dominant voting typeNone · 99.6% of voting shares

Institutional Holdings30

Rows:

MOLINA HEALTHCARE INC

SOLE

COM

Shares230.26K

TypeSH

Market value$52.66M

10.80%

Sole

853.00

Shared

0.00

None

229.41K

ISHARES TR

SOLE

20 YR TR BD ETF

Shares443.20K

TypeSH

Market value$38.30M

7.86%

Sole

0.00

Shared

0.00

None

443.20K

UBER TECHNOLOGIES INC

SOLE

COM

Shares485.81K

TypeSH

Market value$35.06M

7.19%

Sole

1.72K

Shared

0.00

None

484.09K

INVESCO QQQ TR

SOLE

UNIT SER 1

Shares45.90K

TypeSH

Market value$33.80M

6.94%

Sole

100.00

Shared

0.00

None

45.80K

HUNTINGTON INGALLS INDS INC

SOLE

COM

Shares114.78K

TypeSH

Market value$32.13M

6.59%

Sole

387.00

Shared

0.00

None

114.39K

TRIUMPH FINANCIAL INC

SOLE

COM

Shares353.85K

TypeSH

Market value$27.00M

5.54%

Sole

1.30K

Shared

0.00

None

352.55K

BLACK STONE MINERALS L P

SOLE

COM UNIT

Shares1.85M

TypeSH

Market value$25.82M

5.30%

Sole

5.63K

Shared

0.00

None

1.84M

KONINKLIJKE PHILIPS N V

SOLE

NY REGIS SHS NEW

Shares859.38K

TypeSH

Market value$23.37M

4.79%

Sole

3.06K

Shared

0.00

None

856.32K

ISHARES TR

SOLE

ISHARES SEMICDTR

Shares33.70K

TypeSH

Market value$21.59M

4.43%

Sole

100.00

Shared

0.00

None

33.60K

PHILIP MORRIS INTL INC

SOLE

COM

Shares114.57K

TypeSH

Market value$20.73M

4.25%

Sole

348.00

Shared

0.00

None

114.22K

WORLD GOLD TR

SOLE

SPDR GLD MINIS

Shares245.80K

TypeSH

Market value$19.52M

4.01%

Sole

903.00

Shared

0.00

None

244.89K

ENTERPRISE PRODS PARTNERS L

SOLE

COM

Shares524.94K

TypeSH

Market value$19.30M

3.96%

Sole

1.75K

Shared

0.00

None

523.20K

BAXTER INTL INC

SOLE

COM

Shares900.84K

TypeSH

Market value$19.21M

3.94%

Sole

3.83K

Shared

0.00

None

897.01K

BRITISH AMERN TOB PLC

SOLE

NU HLDGS LTD

SOLE

ORD SHS CL A

Shares1.26M

TypeSH

Market value$16.78M

3.44%

Sole

5.05K

Shared

0.00

None

1.25M

LIBERTY BROADBAND CORP

SOLE

COM SER C

Shares476.31K

TypeSH

Market value$15.84M

3.25%

Sole

1.65K

Shared

0.00

None

474.67K

INNOVEX INTERNATIONAL INC

SOLE

COM

Shares605.04K

TypeSH

Market value$15.01M

3.08%

Sole

2.08K

Shared

0.00

None

602.96K

CANADIAN NAT RES LTD MED TER

SOLE

COM

Shares350K

TypeSH

Market value$13.82M

2.84%

Sole

745.00

Shared

0.00

None

349.25K

WISE GROUP PLC

SOLE

ORD SHS CLASS A

Shares975.58K

TypeSH

Market value$11.62M

2.38%

Sole

5.95K

Shared

0.00

None

969.63K

SOLVENTUM CORP

SOLE

COM SHS

Shares105.42K

TypeSH

Market value$8.13M

1.67%

Sole

852.00

Shared

0.00

None

104.56K

MCKESSON CORP

SOLE

COM

Shares10.70K

TypeSH

Market value$8.08M

1.66%

Sole

37.00

Shared

0.00

None

10.66K

ISHARES TR

SOLE

TRUST ISHARE 0-1

Shares40.87K

TypeSH

Market value$4.51M

0.93%

Sole

0.00

Shared

0.00

None

40.87K

CACI INTL INC

SOLE

CL A

Shares7.41K

TypeSH

Market value$3.43M

0.70%

Sole

32.00

Shared

0.00

None

7.37K

ARS PHARMACEUTICALS INC

SOLE

COM

Shares373.49K

TypeSH

Market value$2.99M

0.61%

Sole

1.48K

Shared

0.00

None

372.01K

BERKSHIRE HATHAWAY INC DEL

SOLE

CL B NEW

Shares832.00

TypeSH

Market value$416.3K

0.09%

Sole

702.00

Shared

0.00

None

130.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
MOLINA HEALTHCARE INCSOLE	COM	230.26K	SH	$52.66M 10.80%	853.00	229.41K
ISHARES TRSOLE	20 YR TR BD ETF	443.20K	SH	$38.30M 7.86%	0.00	443.20K
UBER TECHNOLOGIES INCSOLE	COM	485.81K	SH	$35.06M 7.19%	1.72K	484.09K
INVESCO QQQ TRSOLE	UNIT SER 1	45.90K	SH	$33.80M 6.94%	100.00	45.80K
HUNTINGTON INGALLS INDS INCSOLE	COM	114.78K	SH	$32.13M 6.59%	387.00	114.39K
TRIUMPH FINANCIAL INCSOLE	COM	353.85K	SH	$27.00M 5.54%	1.30K	352.55K
BLACK STONE MINERALS L PSOLE	COM UNIT	1.85M	SH	$25.82M 5.30%	5.63K	1.84M
KONINKLIJKE PHILIPS N VSOLE	NY REGIS SHS NEW	859.38K	SH	$23.37M 4.79%	3.06K	856.32K
ISHARES TRSOLE	ISHARES SEMICDTR	33.70K	SH	$21.59M 4.43%	100.00	33.60K
PHILIP MORRIS INTL INCSOLE	COM	114.57K	SH	$20.73M 4.25%	348.00	114.22K
WORLD GOLD TRSOLE	SPDR GLD MINIS	245.80K	SH	$19.52M 4.01%	903.00	244.89K
ENTERPRISE PRODS PARTNERS LSOLE	COM	524.94K	SH	$19.30M 3.96%	1.75K	523.20K
BAXTER INTL INCSOLE	COM	900.84K	SH	$19.21M 3.94%	3.83K	897.01K
BRITISH AMERN TOB PLCSOLE	SPONSORED ADR	272.46K	SH	$16.83M 3.45%	838.00	271.62K
NU HLDGS LTDSOLE	ORD SHS CL A	1.26M	SH	$16.78M 3.44%	5.05K	1.25M
LIBERTY BROADBAND CORPSOLE	COM SER C	476.31K	SH	$15.84M 3.25%	1.65K	474.67K
INNOVEX INTERNATIONAL INCSOLE	COM	605.04K	SH	$15.01M 3.08%	2.08K	602.96K
CANADIAN NAT RES LTD MED TERSOLE	COM	350K	SH	$13.82M 2.84%	745.00	349.25K
WISE GROUP PLCSOLE	ORD SHS CLASS A	975.58K	SH	$11.62M 2.38%	5.95K	969.63K
SOLVENTUM CORPSOLE	COM SHS	105.42K	SH	$8.13M 1.67%	852.00	104.56K
MCKESSON CORPSOLE	COM	10.70K	SH	$8.08M 1.66%	37.00	10.66K
ISHARES TRSOLE	TRUST ISHARE 0-1	40.87K	SH	$4.51M 0.93%	0.00	40.87K
CACI INTL INCSOLE	CL A	7.41K	SH	$3.43M 0.70%	32.00	7.37K
ARS PHARMACEUTICALS INCSOLE	COM	373.49K	SH	$2.99M 0.61%	1.48K	372.01K
BERKSHIRE HATHAWAY INC DELSOLE	CL B NEW	832.00	SH	$416.3K 0.09%	702.00	130.00

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