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INVESTMENT MANAGEMENT ASSOCIATES INC /ADV

5690 DTC BOULEVARD SUITE 140W, GREENWOOD VILLAGE, CO 80111 • 3037968333

Q4 2025 · Filed 2026-02-03
Market Value
$358M
+6.4%
Holdings
29
-2
New Purchases
2
Added To
9
Closed
3
Reduced
12
Top 10 Concentration
73.0%
Turnover
17.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MOH 10.95% 6.03% +4.92% $39M
TFIN 5.96% 3.77% +2.18% $21M
NU 4.35% 2.37% +1.97% $16M
CMCSA 4.67% 3.16% +1.51% $17M
HII 10.97% 9.94% +1.04% $39M
SPRY 1.01% 0.00% +1.01% $4M
LBRDK 5.83% 5.03% +0.80% $21M
INVX 3.86% 3.50% +0.36% $14M
AAPL 0.24% 0.00% +0.24% $848K
CNQ 3.39% 3.19% +0.20% $12M
SHV 1.02% 0.84% +0.18% $4M
SII 0.28% 0.26% +0.02% $1M
TMO 0.09% 0.08% +0.01% $326K
GDX 0.08% 0.08% +0.00% $300K
CACI 1.85% 1.85% +0.00% $7M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
UBER 10.19% 12.98% -2.79% $36M
BTI 7.19% 9.06% -1.88% $26M
SOLV 3.99% 5.63% -1.64% $14M
MCK 2.53% 4.16% -1.62% $9M
HUM 0.00% 1.55% -1.55% $0
ANTM 0.00% 1.26% -1.26% $0
BRK-B 0.30% 1.40% -1.10% $1M
MUB 0.00% 1.05% -1.05% $0
BSM 7.07% 7.57% -0.50% $25M
PM 5.41% 5.87% -0.46% $19M
PHG 3.84% 4.09% -0.25% $14M
EPD 4.75% 4.98% -0.23% $17M
QVCGA 0.06% 0.20% -0.13% $224K
NVDA 0.10% 0.11% -0.01% $373K

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Energy 22.3%
Healthcare 21.2%
Technology 14.3%
Consumer Defensive 12.5%
Industrials 11.8%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 4 $22M 6.1%
Large Cap 17 $211M 58.9%
Mid Cap 5 $100M 28.0%
Small Cap 2 $25M 7.0%
Micro Cap 1 $224K 0.1%

Portfolio Analytics

Avg Market Cap
$424.5B
Median Market Cap
$37.0B
Avg P/E
23.7
Median P/E
20.6
Avg Dividend Yield
0.02%
Avg Beta
0.84
# Stocks
26
# ETFs / Funds
3

Top Holdings (29 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 HII 10.97% 115,377 $39M $340.07 $6M -555 -0.5%
2 MOH 10.95% 225,536 $39M $173.54 $19M +119,749 +113.2%
3 UBER 10.19% 445,912 $36M $81.71 -$7M +960 +0.2%
4 BTI 7.19% 453,806 $26M $56.62 -$5M -119,786 -20.9%
5 BSM 7.07% 1,902,421 $25M $13.29 -$139K -32,318 -1.7%
6 TFIN 5.96% 340,161 $21M $62.63 $9M +86,761 +34.2%
7 LBRDK 5.83% 429,284 $21M $48.60 $4M +163,364 +61.4%
8 PM 5.41% 120,586 $19M $160.40 -$371K -949 -0.8%
9 EPD 4.75% 530,324 $17M $32.06 $259K -5,120 -1.0%
10 CMCSA 4.67% 558,367 $17M $29.89 $6M +220,668 +65.3%
11 NU 4.35% 928,723 $16M $16.74 $8M +430,383 +86.4%
12 SOLV 3.99% 180,097 $14M $79.24 -$5M -78,852 -30.4%
13 INVX 3.86% 631,686 $14M $21.87 $2M -2,370 -0.4%
14 PHG 3.84% 507,264 $14M $27.08 -$12K +2,902 +0.6%
15 CNQ 3.39% 358,299 $12M $33.85 $1M +23,047 +6.9%
16 MCK 2.53% 11,045 $9M $820.27 -$5M -7,035 -38.9%
17 CACI 1.85% 12,391 $7M $532.81 $400K -44 -0.3%
18 SHV 1.02% 33,065 $4M $110.15 $814K +7,472 +29.2%
19 SPRY 1.01% 311,503 $4M $11.65 +311,503 NEW
20 BRK-B 0.30% 2,136 $1M $502.71 -$4M -7,233 -77.2%
21 SII 0.28% 10,357 $1M $97.92 $145K -88 -0.8%
22 AAPL 0.24% 3,119 $848K $271.83 +3,119 NEW
23 NVDA 0.10% 2,000 $373K $186.50 -$160
24 TMO 0.09% 563 $326K $579.45 $53K
25 GDX 0.08% 3,500 $300K $85.77 $33K
26 QVCGA 0.06% 21,369 $224K $10.46 -$432K -27,230 -56.0%
27 HUM —% -$5M -19,966 -100.0% SOLD
28 MUB —% -$4M -33,191 -100.0% SOLD
29 ANTM —% -$4M -13,108 -100.0% SOLD

Options Breakdown

1 Calls $5M Call Value 2 Puts $250K Put Value 0.05 P/C Ratio

Top Calls

SymbolSharesValueStatus
GLD 65,100 $5M

Top Puts

SymbolSharesValueStatus
TLT 460,500 $250K
SPY $0 SOLD

New Positions

SymbolValue% Port
SPRY $4M 1.01%
AAPL $848K 0.24%

Sold Out Positions

SymbolValue% Port
HUM —%
MUB —%
ANTM —%
View SEC EDGAR Filings for INVESTMENT MANAGEMENT ASSOCIATES INC /ADV →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms