Investment Management Associates Inc holds a focused book of 27 stocks worth $393.5M as of Q2 2026 (disclosed Aug 3, 2026, a ~34-day 13F lag). This quarter they opened SPDR Gold Minishares Trust and trimmed Molina Healthcare Inc. Their largest long position is Molina Healthcare Inc at 13% of the equity book. They also disclosed $93.9M in put options (a bearish bet), shown separately below and excluded from the equity book. Cloning the disclosed picks since 2024 would be +22% (+12.1%/yr). That is a simulation of the disclosed long book, not audited returns.
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Use Arkolith to show INVESTMENT MANAGEMENT ASSOCIATES INC /ADV's latest holdings, largest changes, and filing provenance.
The reported book (valued from quarter-end) returned +24.5%, a 2.3-point gap that is the cost of the ~34-day 13F disclosure lag a real follower can't avoid.
Growth of $10,000 cloning Investment Management Associates Inc's disclosed long 13F book, rebalanced on each filing date (so it reflects each quarter's actual reporting lag, ~34 days for the latest filing, with no look-ahead), total-return basis (dividends reinvested), derived from end-of-day prices. “Their reported book” values the same picks from quarter-end, before they were public. S&P 500 is SPY total return over the same window. Excludes shorts, cash, options and non-13F holdings. Not investment advice.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
96% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
Bars show each stock's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Molina Healthcare Inc COM | $52.7M | 230.3K | 13.4% | ▼−1.2% Reduced · −3K sh | |
| 2 | Uber Technologies Inc COM | $35.1M | 485.8K | 8.9% | ▼−1.6% Reduced · −8K sh | |
| 3 | Huntington Ingalls Inds Inc COM | $32.1M | 114.8K | 8.2% | ▼−0.2% Reduced · −257 sh | |
| 4 | Triumph Financial Inc COM | $27.0M | 353.9K | 6.9% | ▼~0% Reduced · −151 sh | |
| 5 | Black Stone Minerals L P COM UNIT | $25.8M | 1.85M | 6.6% | ▼−2.8% Reduced · −53K sh | |
| 6 | Koninklijke Philips N V NY REGIS SHS NEW | $23.4M | 859.4K | 5.9% | ▲+67% Added · +344K sh | |
| 7 | Philip Morris Intl Inc COM | $20.7M | 114.6K | 5.3% | ▼−4.3% Reduced · −5K sh | |
| 8 | World Gold TR SPDR GLD MINIS | $19.5M | 245.8K | 5.0% | ▲New New position | |
| 9 | Enterprise Prods Partners L COM | $19.3M | 524.9K | 4.9% | ▼−2.6% Reduced · −14K sh | |
| 10 | Baxter Intl Inc COM | $19.2M | 900.8K | 4.9% | ▲+16% Added · +122K sh | |
| 11 | British Amern Tob PLC SPONSORED ADR | $16.8M | 272.5K | 4.3% | ▼−39% Reduced · −178K sh | |
| 12 | Nu Hldgs Ltd ORD SHS CL A | $16.8M | 1.26M | 4.3% | ▲+17% Added · +182K sh | |
| 13 | Liberty Broadband Corp COM SER C | $15.8M | 476.3K | 4.0% | ▲+1.9% Added · +9K sh | |
| 14 | Innovex International Inc COM | $15.0M | 605.0K | 3.8% | ▼−4.2% Reduced · −27K sh | |
| 15 | Canadian Nat Res Ltd Med Ter COM | $13.8M | 350.0K | 3.5% | ▼−3.0% Reduced · −11K sh | |
| 16 | Wise Group PLC ORD SHS CLASS A | $11.6M | 975.6K | 3.0% | ▲New New position | |
| 17 | Solventum Corp COM SHS | $8.1M | 105.4K | 2.1% | ▼−10% Reduced · −12K sh | |
| 18 | McKesson Corp COM | $8.1M | 10.7K | 2.1% | ▼−2.5% Reduced · −279 sh | |
| 19 | Ishares TR TRUST ISHARE 0-1 | $4.5M | 40.9K | 1.1% | ▲+16% Added · +6K sh | |
| 20 | Caci Intl Inc CL A | $3.4M | 7.4K | 0.9% | ▼−4.6% Reduced · −361 sh | |
| 21 | Ars Pharmaceuticals Inc COM | $3.0M | 373.5K | 0.8% | ▲+4.0% Added · +14K sh | |
| 22 | Berkshire Hathaway Inc Del CL B NEW | $416K | 832 | 0.1% | ▼−13% Reduced · −120 sh | |
| 23 | Diageo PLC SPON ADR NEW | $328K | 4.1K | 0.1% | ▲New New position | |
| 24 | Vaneck ETF Trust GOLD MINERS ETF | $264K | 3.5K | 0.1% | —Held | |
| 25 | Amazon Com Inc COM | $238K | 1.0K | 0.1% | —Held | |
| 26 | Schwab Strategic TR US DIVIDEND EQ | $223K | 7.0K | 0.1% | ▲New New position | |
| 27 | Nvidia Corporation COM | $200K | 1.0K | 0.1% | —Held |
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | ISHARES 20+ YEAR TREASURY BDTLT | $38.3M | 443K |
| PUT · bearish | INVESCO QQQ TRUST SERIES 1QQQ | $33.8M | 46K |
| PUT · bearish | ISHARES SEMICONDUCTOR ETFSOXX | $21.6M | 34K |
| PUT · bearish | NVIDIA CORPNVDA | $200K | 1K |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the equity book, weighting, concentration and sector figures above.
As-of date vs the date the SEC received each filing
| Quarter | As of | Filed | Positions | Value | Form |
|---|---|---|---|---|---|
| Q2 2026 | Jun 30, 2026 | Aug 3, 2026 | 32 | $487.4M | 13F-HR |
| Q1 2026 | Mar 31, 2026 | May 7, 2026 | 31 | $419.8M | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Feb 3, 2026 | 29 | $362.6M | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Nov 6, 2025 | 31 | $339.4M | 13F-HR |
| Q2 2025 | Jun 30, 2025 | Aug 4, 2025 | 30 | $298.8M | 13F-HR |
| Q1 2025 | Mar 31, 2025 | Apr 30, 2025 | 23 | $244.4M | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Feb 3, 2025 | 28 | $229.1M | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Nov 5, 2024 | 36 | $255.8M | 13F-HR |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly, filed up to 45 days after quarter-end. Public domain. The book and weighting are long equity only; disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.