Investment Management Associates Inc. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), Investment Management Associates Inc. reported 23 stock positions worth $244.4 million . Its top holding was Uber Technologies (UBER) at 12.5% of the portfolio, followed by British American Tob-SP ADR (BTI, 10.0% ) and Black Stone Minerals (BSM, 9.6% ). Compared with Q4 2024, it opened 2 new positions, sold out of 5, added to 9 and reduced 9. The biggest buy was a new position in Innovex International (INVX) and the biggest sale International Money Express (IMXI, shares −8% ).
Location GREENWOOD VILLAGE, CO
CIK 0000052024
Portfolio Value $244.4M (Q1 2025) Holdings 23 stocks · $244.4M 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 Q4 2024 UBER Uber Technologies Inc. 420,262 $30.6M Reduce -3.2% BTI British American Tob-SP ADR 590,935 $24.4M Reduce -3.5% BSM Black Stone Minerals LP 1,535,334 $23.4M Reduce -0.6% HII Huntington Ingalls Industrie 113,151 $23.1M Add +2.8% PM Philip Morris International 124,467 $19.8M Reduce -3.8% LBRDK Liberty Broadband-C 226,073 $19.2M Add +1.2% EPD Enterprise Products Partners 530,107 $18.1M Reduce -1.6% MCK McKesson Corp. 24,875 $16.7M Reduce -5.8% IMXI International Money Express 826,721 $10.4M Reduce -8.1% CMCSA Comcast Corp. Class A 273,750 $10.1M Add +23.4% CNQ Canadian Natural Resources 324,106 $10.0M Add +31.6% SOLV Solventum Corp. 111,874 $8.5M Reduce -2.0% INVX Innovex International Inc. 386,269 $6.9M New TFIN Triumph Financial Inc. 115,902 $6.7M Add +19.2% BRK.B Berkshire Hathaway Inc. Class B 11,674 $6.2M Add +16.4% SHV iShares 0-1 Year Treasury Bo 37,255 $4.1M Add +151.9% MUB iShares National Muni Bond E 33,191 $3.5M No change CAH Cardinal Health Inc. 7,397 $1.0M Add +4.9% QVCG QVC Group Inc. 2,476,346 $498K Add +4.0% TMO Thermo Fisher Scientific Inc. 563 $280K New AAPL Apple Inc. 1,235 $274K No change COST Costco Wholesale Corp. 250 $236K No change NVDA Nvidia Corp. 2,030 $220K Reduce -33.0%
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ IMXI International Money Express Reduce -8.1% 4.27% −3.91 DXC DXC Technology Co. Sold out 0.00% −3.36 LMT Lockheed Martin Corp. Sold out 0.00% −0.59 BSM Black Stone Minerals LP Reduce -0.6% 9.59% −0.25 SKT Tanger Inc. Sold out 0.00% −0.15 ARCC Ares Capital Corp. Sold out 0.00% −0.12 NVDA Nvidia Corp. Reduce -33.0% 0.09% −0.09 ABEV Ambev SA-ADR Sold out 0.00% −0.01 EPD Enterprise Products Partners Reduce -1.6% 7.40% +0.03 SOLV Solventum Corp. Reduce -2.0% 3.48% +0.19 MCK McKesson Corp. Reduce -5.8% 6.85% +0.28 BTI British American Tob-SP ADR Reduce -3.5% 10.00% +0.29 UBER Uber Technologies Inc. Reduce -3.2% 12.53% +1.09 PM Philip Morris International Reduce -3.8% 8.08% +1.29
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ INVX Innovex International Inc. New 2.84% +2.84 SHV iShares 0-1 Year Treasury Bo Add +151.9% 1.68% +0.97 CNQ Canadian Natural Resources Add +31.6% 4.08% +0.76 LBRDK Liberty Broadband-C Add +1.2% 7.87% +0.57 BRK.B Berkshire Hathaway Inc. Class B Add +16.4% 2.54% +0.56 CMCSA Comcast Corp. Class A Add +23.4% 4.13% +0.50 HII Huntington Ingalls Industrie Add +2.8% 9.44% +0.36 TMO Thermo Fisher Scientific Inc. New 0.11% +0.11 CAH Cardinal Health Inc. Add +4.9% 0.42% +0.05 QVCG QVC Group Inc. Add +4.0% 0.20% −0.14 TFIN Triumph Financial Inc. Add +19.2% 2.74% −1.12
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 589,100 $101Kbefore exit
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