Investment Management Associates Inc. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), Investment Management Associates Inc. reported 27 stock positions worth $335.9 million . Its top holding was Uber Technologies (UBER) at 13.0% of the portfolio, followed by Huntington Ingalls Industrie (HII, 9.9% ) and British American Tob-SP ADR (BTI, 9.1% ). Compared with Q2 2025, it opened 5 new positions, sold out of 4, added to 8 and reduced 12. The biggest buy was a new position in Molina Healthcare (MOH) and the biggest sale an exit from International Money Express (IMXI).
Location GREENWOOD VILLAGE, CO
CIK 0000052024
Portfolio Value $335.9M (Q3 2025) Holdings 27 stocks · $335.9M 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 Q2 2025 UBER Uber Technologies Inc. 444,952 $43.6M Reduce -0.6% HII Huntington Ingalls Industrie 115,932 $33.4M Reduce -0.7% BTI British American Tob-SP ADR 573,592 $30.4M Reduce -2.1% BSM Black Stone Minerals LP 1,934,739 $25.4M Add +22.6% MOH Molina Healthcare Inc. 105,787 $20.2M New PM Philip Morris International 121,535 $19.7M Reduce -2.0% SOLV Solventum Corp. 258,949 $18.9M Add +10.3% LBRDK Liberty Broadband-C 265,920 $16.9M Add +14.2% EPD Enterprise Products Partners 535,444 $16.7M Add +0.2% MCK McKesson Corp. 18,080 $14.0M Reduce -2.6% PHG Koninklijke Philips NVR- NY 504,362 $13.7M Reduce -0.2% TFIN Triumph Financial Inc. 253,400 $12.7M Add +2.4% INVX Innovex International Inc. 634,056 $11.8M Reduce -1.0% CNQ Canadian Natural Resources 335,252 $10.7M Add +1.3% CMCSA Comcast Corp. Class A 337,699 $10.6M Add +8.4% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 498,340 $8.0M New CACI Caci International Inc. Class A 12,435 $6.2M Reduce -1.7% HUM Humana Inc. 19,966 $5.2M New BRK.B Berkshire Hathaway Inc. Class B 9,369 $4.7M Reduce -8.0% ELV Elevance Health Inc. 13,108 $4.2M New MUB iShares National Muni Bond E 33,191 $3.5M No change SHV iShares 0-1 Year Treasury Bo 25,593 $2.8M Add +17.0% SII Sprott Inc. 10,445 $869K Reduce -6.2% QVCAQ QVC Group Inc. 48,599 $656K Reduce -1.3% NVDA Nvidia Corp. 2,000 $373K Reduce -1.5% TMO Thermo Fisher Scientific Inc. 563 $273K No change GDX Vaneck Gold Miners ETF 3,500 $267K New
Options reported separately and not counted above: GLD calls ($2.5M), SPY puts ($551K), TLT puts ($354K).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ IMXI International Money Express Sold out 0.00% −2.66 PM Philip Morris International Reduce -2.0% 5.87% −1.74 UBER Uber Technologies Inc. Reduce -0.6% 12.98% −1.11 MCK McKesson Corp. Reduce -2.6% 4.16% −0.43 BTI British American Tob-SP ADR Reduce -2.1% 9.06% −0.28 BRK.B Berkshire Hathaway Inc. Class B Reduce -8.0% 1.40% −0.27 CAH Cardinal Health Inc. Sold out 0.00% −0.25 CACI Caci International Inc. Class A Reduce -1.7% 1.85% −0.19 VOO Vanguard S&P 500 ETF Sold out 0.00% −0.16 AAPL Apple Inc. Sold out 0.00% −0.08 SII Sprott Inc. Reduce -6.2% 0.26% −0.00 NVDA Nvidia Corp. Reduce -1.5% 0.11% +0.00 PHG Koninklijke Philips NVR- NY Reduce -0.2% 4.09% +0.01 INVX Innovex International Inc. Reduce -1.0% 3.50% +0.13 QVCAQ QVC Group Inc. Reduce -1.3% 0.20% +0.15 HII Huntington Ingalls Industrie Reduce -0.7% 9.94% +0.44
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ MOH Molina Healthcare Inc. New 6.03% +6.03 NU Nu Holdings Ltd./Cayman Isl-A New 2.38% +2.38 HUM Humana Inc. New 1.55% +1.55 ELV Elevance Health Inc. New 1.26% +1.26 BSM Black Stone Minerals LP Add +22.6% 7.57% +0.61 GDX Vaneck Gold Miners ETF New 0.08% +0.08 SHV iShares 0-1 Year Treasury Bo Add +17.0% 0.84% +0.03 CNQ Canadian Natural Resources Add +1.3% 3.19% −0.31 SOLV Solventum Corp. Add +10.3% 5.63% −0.38 CMCSA Comcast Corp. Class A Add +8.4% 3.16% −0.59 EPD Enterprise Products Partners Add +0.2% 4.98% −0.60 TFIN Triumph Financial Inc. Add +2.4% 3.77% −0.82 LBRDK Liberty Broadband-C Add +14.2% 5.03% −2.69
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +356.1% 296,900 $551K
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