Investment Management Associates Inc. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 3, 2025), Investment Management Associates Inc. reported 26 stock positions worth $229.0 million . Its top holding was Uber Technologies (UBER) at 11.4% of the portfolio, followed by Black Stone Minerals (BSM, 9.8% ) and British American Tob-SP ADR (BTI, 9.7% ). Compared with Q3 2024, it sold out of 7, added to 9 and reduced 13. The biggest buy was Black Stone Minerals (BSM, shares +31% ) and the biggest sale an exit from Kinder Morgan (KMI).
Location GREENWOOD VILLAGE, CO
CIK 0000052024
Portfolio Value $229.0M (Q4 2024) Holdings 26 stocks · $229.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 UBER Uber Technologies Inc. 434,309 $26.2M Reduce -2.9% BSM Black Stone Minerals LP 1,544,182 $22.5M Add +30.8% BTI British American Tob-SP ADR 612,517 $22.2M Reduce -3.3% HII Huntington Ingalls Industrie 110,107 $20.8M Add +45.8% IMXI International Money Express 899,232 $18.7M Add +1.9% EPD Enterprise Products Partners 538,824 $16.9M Reduce -1.4% LBRDK Liberty Broadband-C 223,440 $16.7M Add +2.1% PM Philip Morris International 129,317 $15.6M Reduce -3.5% MCK McKesson Corp. 26,398 $15.0M Reduce -4.6% TFIN Triumph Financial Inc. 97,237 $8.8M Reduce -2.9% CMCSA Comcast Corp. Class A 221,933 $8.3M Add +1.2% DXC DXC Technology Co. 385,585 $7.7M Reduce -28.0% CNQ Canadian Natural Resources 246,288 $7.6M Add +0.4% SOLV Solventum Corp. 114,123 $7.5M Reduce -0.7% BRK.B Berkshire Hathaway Inc. Class B 10,029 $4.5M Reduce -1.2% MUB iShares National Muni Bond E 33,191 $3.5M No change SHV iShares 0-1 Year Treasury Bo 14,788 $1.6M Reduce -30.2% LMT Lockheed Martin Corp. 2,760 $1.3M Reduce -4.2% CAH Cardinal Health Inc. 7,054 $834K Reduce -5.4% QVCG QVC Group Inc. filed as QURATE RETAIL INC 2,380,271 $785K Add +12.1% NVDA Nvidia Corp. 3,030 $407K No change SKT Tanger Inc. 10,185 $348K Add +17.3% AAPL Apple Inc. 1,235 $309K Reduce -3.6% ARCC Ares Capital Corp. 12,413 $272K Add +1.3% COST Costco Wholesale Corp. 250 $229K No change ABEV Ambev SA-ADR 15,000 $28K No change
Options reported separately and not counted above: SPY puts ($101K).
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ KMI Kinder Morgan Inc. Sold out 0.00% −5.05 GD General Dynamics Corp. Sold out 0.00% −1.96 UBER Uber Technologies Inc. Reduce -2.9% 11.44% −1.82 DXC DXC Technology Co. Reduce -28.0% 3.36% −1.02 PFE Pfizer Inc. Sold out 0.00% −0.24 SHV iShares 0-1 Year Treasury Bo Reduce -30.2% 0.71% −0.21 ABBV Abbvie Inc. Sold out 0.00% −0.18 NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −0.09 UNH Unitedhealth Group Inc. Sold out 0.00% −0.09 CSCO Cisco Systems Inc. Sold out 0.00% −0.08 LMT Lockheed Martin Corp. Reduce -4.2% 0.59% −0.08 AAPL Apple Inc. Reduce -3.6% 0.14% +0.02 CAH Cardinal Health Inc. Reduce -5.4% 0.36% +0.04 SOLV Solventum Corp. Reduce -0.7% 3.29% +0.13 BRK.B Berkshire Hathaway Inc. Class B Reduce -1.2% 1.99% +0.14 PM Philip Morris International Reduce -3.5% 6.80% +0.38 BTI British American Tob-SP ADR Reduce -3.3% 9.71% +0.57 TFIN Triumph Financial Inc. Reduce -2.9% 3.86% +0.71 EPD Enterprise Products Partners Reduce -1.4% 7.38% +1.10 MCK McKesson Corp. Reduce -4.6% 6.57% +1.17
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ BSM Black Stone Minerals LP Add +30.8% 9.84% +2.81 IMXI International Money Express Add +1.9% 8.18% +1.74 HII Huntington Ingalls Industrie Add +45.8% 9.09% +1.21 LBRDK Liberty Broadband-C Add +2.1% 7.29% +0.62 CNQ Canadian Natural Resources Add +0.4% 3.32% +0.11 SKT Tanger Inc. Add +17.3% 0.15% +0.04 CMCSA Comcast Corp. Class A Add +1.2% 3.64% +0.02 ARCC Ares Capital Corp. Add +1.3% 0.12% +0.02 QVCG QVC Group Inc. Add +12.1% 0.34% −0.17
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ UBER Uber Technologies Inc. put Sold out 111,700 $341Kbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Reduce -1.9% 589,100 $101K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 27 $393.5M MOH, UBER, HII, TFIN, BSM Q1 2026 27 $369.0M HII, UBER, MOH, BSM, BTI Q4 2025 26 $357.6M HII, MOH, UBER, BTI, BSM Q3 2025 27 $335.9M UBER, HII, BTI, BSM, MOH Q2 2025 26 $296.7M UBER, HII, BTI, LBRDK, PM Q1 2025 23 $244.4M UBER, BTI, BSM, HII, PM Q4 2024 26 $229.0M UBER, BSM, BTI, HII, IMXI Q3 2024 33 $253.5M UBER, BTI, HII, BSM, LBRDK Q2 2024 33 $290.7M UBER, MCK, BTI, HII, BSM Q1 2024 34 $289.3M UBER, MCK, HII, IMXI, BSM