Investment Management Associates Inc. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Investment Management Associates Inc. reported 26 stock positions worth $357.6 million . Its top holding was Huntington Ingalls Industrie (HII) at 11.0% of the portfolio, followed by Molina Healthcare (MOH, 10.9% ) and Uber Technologies (UBER, 10.2% ). Compared with Q3 2025, it opened 2 new positions, sold out of 3, added to 9 and reduced 12. The biggest buy was Molina Healthcare (MOH, shares +113% ) and the biggest sale British American Tob-SP ADR (BTI, shares −21% ).
Location GREENWOOD VILLAGE, CO
CIK 0000052024
Portfolio Value $357.6M (Q4 2025) Holdings 26 stocks · $357.6M 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 2025 HII Huntington Ingalls Industrie 115,377 $39.2M Reduce -0.5% MOH Molina Healthcare Inc. 225,536 $39.1M Add +113.2% UBER Uber Technologies Inc. 445,912 $36.4M Add +0.2% BTI British American Tob-SP ADR 453,806 $25.7M Reduce -20.9% BSM Black Stone Minerals LP 1,902,421 $25.3M Reduce -1.7% TFIN Triumph Financial Inc. 340,161 $21.3M Add +34.2% LBRDK Liberty Broadband-C 429,284 $20.9M Add +61.4% PM Philip Morris International 120,586 $19.3M Reduce -0.8% EPD Enterprise Products Partners 530,324 $17.0M Reduce -1.0% CMCSA Comcast Corp. Class A 558,367 $16.7M Add +65.3% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 928,723 $15.5M Add +86.4% SOLV Solventum Corp. 180,097 $14.3M Reduce -30.4% INVX Innovex International Inc. 631,686 $13.8M Reduce -0.4% PHG Koninklijke Philips NVR- NY 507,264 $13.7M Add +0.6% CNQ Canadian Natural Resources 358,299 $12.1M Add +6.9% MCK McKesson Corp. 11,045 $9.1M Reduce -38.9% CACI Caci International Inc. Class A 12,391 $6.6M Reduce -0.3% SHV iShares 0-1 Year Treasury Bo 33,065 $3.6M Add +29.2% SPRY Ars Pharmaceuticals Inc. 311,503 $3.6M New BRK.B Berkshire Hathaway Inc. Class B 2,136 $1.1M Reduce -77.2% SII Sprott Inc. 10,357 $1.0M Reduce -0.8% AAPL Apple Inc. 3,119 $848K New NVDA Nvidia Corp. 2,000 $373K No change TMO Thermo Fisher Scientific Inc. 563 $326K No change GDX Vaneck Gold Miners ETF 3,500 $300K No change QVCAQ QVC Group Inc. 21,369 $224K Reduce -56.0%
Options reported separately and not counted above: GLD calls ($4.8M), TLT puts ($250K).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ BTI British American Tob-SP ADR Reduce -20.9% 7.19% −1.88 SOLV Solventum Corp. Reduce -30.4% 3.99% −1.64 MCK McKesson Corp. Reduce -38.9% 2.53% −1.62 HUM Humana Inc. Sold out 0.00% −1.55 ELV Elevance Health Inc. Sold out 0.00% −1.26 BRK.B Berkshire Hathaway Inc. Class B Reduce -77.2% 0.30% −1.10 MUB iShares National Muni Bond E Sold out 0.00% −1.05 BSM Black Stone Minerals LP Reduce -1.7% 7.07% −0.50 PM Philip Morris International Reduce -0.8% 5.41% −0.46 EPD Enterprise Products Partners Reduce -1.0% 4.75% −0.23 QVCAQ QVC Group Inc. Reduce -56.0% 0.06% −0.13 CACI Caci International Inc. Class A Reduce -0.3% 1.85% 0.00 SII Sprott Inc. Reduce -0.8% 0.28% +0.03 INVX Innovex International Inc. Reduce -0.4% 3.86% +0.36 HII Huntington Ingalls Industrie Reduce -0.5% 10.97% +1.04
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ MOH Molina Healthcare Inc. Add +113.2% 10.95% +4.92 TFIN Triumph Financial Inc. Add +34.2% 5.96% +2.18 NU Nu Holdings Ltd./Cayman Isl-A Add +86.4% 4.35% +1.97 CMCSA Comcast Corp. Class A Add +65.3% 4.67% +1.51 SPRY Ars Pharmaceuticals Inc. New 1.01% +1.01 LBRDK Liberty Broadband-C Add +61.4% 5.83% +0.80 AAPL Apple Inc. New 0.24% +0.24 CNQ Canadian Natural Resources Add +6.9% 3.39% +0.20 SHV iShares 0-1 Year Treasury Bo Add +29.2% 1.02% +0.18 PHG Koninklijke Philips NVR- NY Add +0.6% 3.84% −0.25 UBER Uber Technologies Inc. Add +0.2% 10.19% −2.79
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 296,900 $551Kbefore exit TLT iShares 20+ Year Treasury BD put Add +0.2% 460,500 $250K
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