Investment Management Associates Inc. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 4, 2025), Investment Management Associates Inc. reported 26 stock positions worth $296.7 million . Its top holding was Uber Technologies (UBER) at 14.1% of the portfolio, followed by Huntington Ingalls Industrie (HII, 9.5% ) and British American Tob-SP ADR (BTI, 9.3% ). Compared with Q1 2025, it opened 4 new positions, sold out of 1, added to 10 and reduced 9. The biggest buy was a new position in Koninklijke Philips NVR- NY (PHG) and the biggest sale McKesson (MCK, shares −25% ).
Location GREENWOOD VILLAGE, CO
CIK 0000052024
Portfolio Value $296.7M (Q2 2025) Holdings 26 stocks · $296.7M 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 Q1 2025 UBER Uber Technologies Inc. 447,827 $41.8M Add +6.6% HII Huntington Ingalls Industrie 116,685 $28.2M Add +3.1% BTI British American Tob-SP ADR 585,777 $27.7M Reduce -0.9% LBRDK Liberty Broadband-C 232,827 $22.9M Add +3.0% PM Philip Morris International 123,982 $22.6M Reduce -0.4% BSM Black Stone Minerals LP 1,577,887 $20.6M Add +2.8% SOLV Solventum Corp. 234,833 $17.8M Add +109.9% EPD Enterprise Products Partners 534,405 $16.6M Add +0.8% TFIN Triumph Financial Inc. 247,580 $13.6M Add +113.6% MCK McKesson Corp. 18,560 $13.6M Reduce -25.4% PHG Koninklijke Philips NVR- NY 505,507 $12.1M New CMCSA Comcast Corp. Class A 311,414 $11.1M Add +13.8% CNQ Canadian Natural Resources 331,125 $10.4M Add +2.2% INVX Innovex International Inc. 640,625 $10.0M Add +65.8% IMXI International Money Express 782,032 $7.9M Reduce -5.4% CACI Caci International Inc. Class A 12,651 $6.0M New BRK.B Berkshire Hathaway Inc. Class B 10,187 $4.9M Reduce -12.7% MUB iShares National Muni Bond E 33,191 $3.5M No change SHV iShares 0-1 Year Treasury Bo 21,872 $2.4M Reduce -41.3% SII Sprott Inc. 11,129 $769K New CAH Cardinal Health Inc. 4,357 $732K Reduce -41.1% VOO Vanguard S&P 500 ETF 813 $462K New NVDA Nvidia Corp. 2,030 $321K No change AAPL Apple Inc. 1,116 $229K Reduce -9.6% TMO Thermo Fisher Scientific Inc. 563 $228K No change QVCAQ QVC Group Inc. 49,241 $135K Reduce -0.6%
Options reported separately and not counted above: GLD calls ($841K), TLT puts ($723K), SPY puts ($534K).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ MCK McKesson Corp. Reduce -25.4% 4.58% −2.26 IMXI International Money Express Reduce -5.4% 2.66% −1.61 BRK.B Berkshire Hathaway Inc. Class B Reduce -12.7% 1.67% −0.88 SHV iShares 0-1 Year Treasury Bo Reduce -41.3% 0.81% −0.87 BTI British American Tob-SP ADR Reduce -0.9% 9.34% −0.66 PM Philip Morris International Reduce -0.4% 7.61% −0.47 CAH Cardinal Health Inc. Reduce -41.1% 0.25% −0.17 QVCAQ QVC Group Inc. Reduce -0.6% 0.05% −0.16 COST Costco Wholesale Corp. Sold out 0.00% −0.10 AAPL Apple Inc. Reduce -9.6% 0.08% −0.04
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ PHG Koninklijke Philips NVR- NY New 4.09% +4.09 SOLV Solventum Corp. Add +109.9% 6.00% +2.52 CACI Caci International Inc. Class A New 2.03% +2.03 TFIN Triumph Financial Inc. Add +113.6% 4.60% +1.86 UBER Uber Technologies Inc. Add +6.6% 14.08% +1.56 INVX Innovex International Inc. Add +65.8% 3.37% +0.53 SII Sprott Inc. New 0.26% +0.26 VOO Vanguard S&P 500 ETF New 0.16% +0.16 HII Huntington Ingalls Industrie Add +3.1% 9.50% +0.05 LBRDK Liberty Broadband-C Add +3.0% 7.72% −0.15 CMCSA Comcast Corp. Class A Add +13.8% 3.75% −0.39 CNQ Canadian Natural Resources Add +2.2% 3.50% −0.58 EPD Enterprise Products Partners Add +0.8% 5.59% −1.82 BSM Black Stone Minerals LP Add +2.8% 6.96% −2.63
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ GLD SPDR Gold Shares call New 65,100 $841K TLT iShares 20+ Year Treasury BD put New 459,700 $723K SPY SS SPDR S&P 500 ETF Trust-US put New 65,100 $534K
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