Investment Management Associates INC /adv
GREENWOOD VILLAGE, CO
$393m in 27 US stocks at the end of 30 June 2026. The top 10 are 69.8% of the money. It changed about 17.8% of the portfolio this quarter.
Value
$393m
Stocks
27
Top 10 share
69.8%
Turnover
17.8%
What changed this quarter
New
Bought for the first time this quarter.
- World Gold TRGLDM5.0% of the fund
- Wise GroupWSE3.0% of the fund
- DiageoDEO<0.1% of the fund
- Schwab Strategic TRSCHD<0.1% of the fund
Added
Bought more of a stock they already held.
- Koninklijke Philips NVPHG5.9% of the fund+67%
- Baxter InternationalBAX4.9% of the fund+16%
- Nu HoldingsNU4.3% of the fund+17%
- Ishares TRSHV1.1% of the fund+16%
- ARS PharmaceuticalsSPRY0.8% of the fund+4%
Cut
Sold some of their stake.
- Black Stone Minerals L PBSM6.6% of the fund-3%
- Philip Morris InternationalPM5.3% of the fund-4%
- Enterprise Products Partners L.P.EPD4.9% of the fund-3%
- British American Tobacco p.l.c.BTI4.3% of the fund-39%
- Innovex InternationalINVX3.8% of the fund-4%
- Canadian Natural ResourcesCNQ3.5% of the fund-3%
- SolventumSOLV2.1% of the fund-10%
- MckessonMCK2.1% of the fund-3%
- Caci InternationalCACI0.9% of the fund-5%
- Berkshire HathawayBRK-B0.1% of the fund-13%
Sold out
Sold their entire stake.
- QualcommQCOM-100%
- SprottSII-100%
- Imperial Petroleum Inc./Marshall IslandsIMPP-100%
- QVC Group INC COM SER A New-100%
Holdings
- Black Stone Minerals L PBSM
- Share
- 6.6%
- Value
- $26m
- Shares
- 1,848,184
-3%
- World Gold TRGLDM
- Share
- 5.0%
- Value
- $20m
- Shares
- 245,796
New
- Liberty BroadbandLBRDK
- Share
- 4.0%
- Value
- $16m
- Shares
- 476,314
Held
- Canadian Natural ResourcesCNQ
- Share
- 3.5%
- Value
- $14m
- Shares
- 350,000
-3%
- Ishares TRSHV
- Share
- 1.1%
- Value
- $5m
- Shares
- 40,874
+16%
- Vaneck ETF TrustGDX
- Share
- <0.1%
- Value
- $264,075
- Shares
- 3,500
Held
- Schwab Strategic TRSCHD
- Share
- <0.1%
- Value
- $223,429
- Shares
- 7,046
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Molina HealthcareMOH | 13.4% | $53m | 230,258 | Held |
| Uber TechnologiesUBER | 8.9% | $35m | 485,805 | Held |
| Huntington Ingalls IndustriesHII | 8.2% | $32m | 114,780 | Held |
| Triumph FinancialTFIN | 6.9% | $27m | 353,851 | Held |
| Black Stone Minerals L PBSM | 6.6% | $26m | 1,848,184 | -3% |
| Koninklijke Philips NVPHG | 5.9% | $23m | 859,379 | +67% |
| Philip Morris InternationalPM | 5.3% | $21m | 114,566 | -4% |
| World Gold TRGLDM | 5.0% | $20m | 245,796 | New |
| Enterprise Products Partners L.P.EPD | 4.9% | $19m | 524,941 | -3% |
| Baxter InternationalBAX | 4.9% | $19m | 900,843 | +16% |
| British American Tobacco p.l.c.BTI | 4.3% | $17m | 272,457 | -39% |
| Nu HoldingsNU | 4.3% | $17m | 1,256,018 | +17% |
| Liberty BroadbandLBRDK | 4.0% | $16m | 476,314 | Held |
| Innovex InternationalINVX | 3.8% | $15m | 605,042 | -4% |
| Canadian Natural ResourcesCNQ | 3.5% | $14m | 350,000 | -3% |
| Wise GroupWSE | 3.0% | $12m | 975,576 | New |
| SolventumSOLV | 2.1% | $8m | 105,417 | -10% |
| MckessonMCK | 2.1% | $8m | 10,698 | -3% |
| Ishares TRSHV | 1.1% | $5m | 40,874 | +16% |
| Caci InternationalCACI | 0.9% | $3m | 7,406 | -5% |
| ARS PharmaceuticalsSPRY | 0.8% | $3m | 373,491 | +4% |
| Berkshire HathawayBRK-B | 0.1% | $416,324 | 832 | -13% |
| DiageoDEO | <0.1% | $328,031 | 4,081 | New |
| Vaneck ETF TrustGDX | <0.1% | $264,075 | 3,500 | Held |
| Amazon.comAMZN | <0.1% | $238,340 | 1,000 | Held |
| Schwab Strategic TRSCHD | <0.1% | $223,429 | 7,046 | New |
| NvidiaNVDA | <0.1% | $200,090 | 1,000 | Held |
Options (4)
- Ishares TRTLT
- Type
- Put
- Value
- $38m
- Contracts
- 443,200
- Invesco QQQ TRQQQ
- Type
- Put
- Value
- $34m
- Contracts
- 45,900
- Ishares TRSOXX
- Type
- Put
- Value
- $22m
- Contracts
- 33,700
- NvidiaNVDA
- Type
- Put
- Value
- $200,090
- Contracts
- 1,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Ishares TRTLT | Put | $38m | 443,200 |
| Invesco QQQ TRQQQ | Put | $34m | 45,900 |
| Ishares TRSOXX | Put | $22m | 33,700 |
| NvidiaNVDA | Put | $200,090 | 1,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 32.6% since 30 June 2025.
Where the money is
Health care29.1%
Industrials21.8%
Financial services11.2%
Everyday goods9.6%
Utilities4.9%
Media & telecom4.0%
Energy3.5%
Technology3.0%
Retail & consumer0.1%
Other12.8%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.