Investment Management Associates Inc. In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 7, 2026), Investment Management Associates Inc. reported 27 stock positions worth $369.0 million . Its top holding was Huntington Ingalls Industrie (HII) at 11.8% of the portfolio, followed by Uber Technologies (UBER, 9.6% ) and Molina Healthcare (MOH, 8.4% ). Compared with Q4 2025, it opened 4 new positions, sold out of 3, added to 11 and reduced 11. The biggest buy was a new position in Baxter International (BAX) and the biggest sale an exit from Comcast Class A (CMCSA).
Location GREENWOOD VILLAGE, CO
CIK 0000052024
Portfolio Value $369.0M (Q1 2026) Holdings 27 stocks · $369.0M 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 Q4 2025 HII Huntington Ingalls Industrie 115,037 $43.7M Reduce -0.3% UBER Uber Technologies Inc. 493,786 $35.5M Add +10.7% MOH Molina Healthcare Inc. 233,152 $31.1M Add +3.4% BSM Black Stone Minerals LP 1,901,002 $28.7M Reduce -0.1% BTI British American Tob-SP ADR 450,133 $26.3M Reduce -0.8% LBRDK Liberty Broadband-C 467,220 $23.5M Add +8.8% TFIN Triumph Financial Inc. 354,002 $21.1M Add +4.1% EPD Enterprise Products Partners 539,017 $20.4M Add +1.6% PM Philip Morris International 119,778 $19.8M Reduce -0.7% CNQ Canadian Natural Resources 360,870 $17.6M Add +0.7% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1,073,617 $15.4M Add +15.6% INVX Innovex International Inc. 631,706 $15.4M Add +0.0% PHG Koninklijke Philips NVR- NY 515,007 $14.1M Add +1.5% BAX Baxter International Inc. 778,931 $13.1M New QCOM Qualcomm Inc. 100,185 $12.9M New MCK McKesson Corp. 10,977 $9.5M Reduce -0.6% SOLV Solventum Corp. 117,305 $7.7M Reduce -34.9% CACI Caci International Inc. Class A 7,767 $4.2M Reduce -37.3% SHV iShares 0-1 Year Treasury Bo 35,212 $3.9M Add +6.5% SPRY Ars Pharmaceuticals Inc. 359,074 $2.9M Add +15.3% SII Sprott Inc. 6,051 $865K Reduce -41.6% BRK.B Berkshire Hathaway Inc. Class B 952 $456K Reduce -55.4% GDX Vaneck Gold Miners ETF 3,500 $321K No change AMZN Amazon.com Inc. 1,000 $208K New NVDA Nvidia Corp. 1,000 $174K Reduce -50.0% IMPP Imperial Petroleum Inc. 12,000 $51K New QVCAQ QVC Group Inc. 21,120 $46K Reduce -1.2%
Options reported separately and not counted above: TLT puts ($39.9M), GLD calls ($10.8M), NVDA puts ($174K).
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ CMCSA Comcast Corp. Class A Sold out 0.00% −4.67 SOLV Solventum Corp. Reduce -34.9% 2.08% −1.92 CACI Caci International Inc. Class A Reduce -37.3% 1.14% −0.70 AAPL Apple Inc. Sold out 0.00% −0.24 BRK.B Berkshire Hathaway Inc. Class B Reduce -55.4% 0.12% −0.18 TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.09 NVDA Nvidia Corp. Reduce -50.0% 0.05% −0.06 BTI British American Tob-SP ADR Reduce -0.8% 7.13% −0.05 QVCAQ QVC Group Inc. Reduce -1.2% 0.01% −0.05 SII Sprott Inc. Reduce -41.6% 0.23% −0.05 PM Philip Morris International Reduce -0.7% 5.37% −0.04 MCK McKesson Corp. Reduce -0.6% 2.57% +0.04 BSM Black Stone Minerals LP Reduce -0.1% 7.79% +0.72 HII Huntington Ingalls Industrie Reduce -0.3% 11.84% +0.87
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ BAX Baxter International Inc. New 3.55% +3.55 QCOM Qualcomm Inc. New 3.50% +3.50 CNQ Canadian Natural Resources Add +0.7% 4.77% +1.37 EPD Enterprise Products Partners Add +1.6% 5.53% +0.77 LBRDK Liberty Broadband-C Add +8.8% 6.37% +0.53 INVX Innovex International Inc. Add +0.0% 4.18% +0.31 AMZN Amazon.com Inc. New 0.06% +0.06 SHV iShares 0-1 Year Treasury Bo Add +6.5% 1.05% +0.03 IMPP Imperial Petroleum Inc. New 0.01% +0.01 PHG Koninklijke Philips NVR- NY Add +1.5% 3.82% −0.02 NU Nu Holdings Ltd./Cayman Isl-A Add +15.6% 4.18% −0.17 SPRY Ars Pharmaceuticals Inc. Add +15.3% 0.78% −0.23 TFIN Triumph Financial Inc. Add +4.1% 5.72% −0.23 UBER Uber Technologies Inc. Add +10.7% 9.63% −0.56 MOH Molina Healthcare Inc. Add +3.4% 8.42% −2.52
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ GLD SPDR Gold Shares call Reduce -61.6% 25,000 $10.8M NVDA Nvidia Corp. put New 1,000 $174K
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