INVESTMENT MANAGEMENT ASSOCIATES INC /ADV

Fundamental concentrated ★Highest signal CIK 52024
League rank
#862
in Fundamental concentrated · #7019 overall
Long book
$369.0M
Q1 2026
Positions
27
Top-10 weight
73%
concentration
Last quarter
+5.2%
SPY +14.8%
Turnover
23%
of book per quarter

Strategy in plain words

auto-generated from filings

INVESTMENT MANAGEMENT ASSOCIATES INC /ADV is a concentrated fundamental stock-picker, running a $369.0M US long book across 27 positions.

The portfolio is concentrated: the top 10 names carry 73% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: HUNTINGTON INGALLS INDUSTRIE, UBER TECHNOLOGIES INC, MOLINA HEALTHCARE INC, BLACK STONE MINERALS LP, BRITISH AMERICAN TOB-SP ADR.

Over the last 9 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q1 2024
-1.3%
Q2 2024
+5.7%
Q3 2024
-2.2%
Q4 2024
+6.4%
Q1 2025
+6.9%
Q2 2025
+2.8%
Q3 2025
+2.1%
Q4 2025
+0.9%
Q1 2026
+5.2%

Sector allocation

Financials
20%
Industrials
17%
Energy
14%
Healthcare
11%
Services media
10%
Communications
7%
Utilities
6%
Consumer staples
6%

Long book by quarter

$289.3M
Q1 2024
$290.7M
Q2 2024
$253.5M
Q3 2024
$229.0M
Q4 2024
$244.4M
Q1 2025
$296.7M
Q2 2025
$335.9M
Q3 2025
$357.6M
Q4 2025
$369.0M
Q1 2026

What does INVESTMENT MANAGEMENT own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
HII HUNTINGTON INGALLS INDUSTRIEIndustrials115.0K$43.7M11.8%-0.3%
UBER UBER TECHNOLOGIES INCServices media493.8K$35.5M9.6%+10.7%
MOH MOLINA HEALTHCARE INCFinancials233.2K$31.1M8.4%+3.4%
BSM BLACK STONE MINERALS LPEnergy1.9M$28.7M7.8%-0.1%
LBRDK LIBERTY BROADBAND-CCommunications467.2K$23.5M6.4%+8.8%
TFIN TRIUMPH FINANCIAL INCFinancials354.0K$21.1M5.7%+4.1%
EPD ENTERPRISE PRODUCTS PARTNERSUtilities539.0K$20.4M5.5%+1.6%
PM PHILIP MORRIS INTERNATIONALConsumer staples119.8K$19.8M5.4%-0.7%
CNQ CANADIAN NATURAL RESOURCESEnergy360.9K$17.6M4.8%+0.7%
NU NU HOLDINGS LTD/CAYMAN ISL-AFinancials1.1M$15.4M4.2%+15.6%
INVX INNOVEX INTERNATIONAL INCIndustrials631.7K$15.4M4.2%0.0%
PHG KONINKLIJKE PHILIPS NVR- NYHealthcare515.0K$14.1M3.8%+1.5%
BAX BAXTER INTERNATIONAL INCHealthcare778.9K$13.1M3.5%New
QCOM QUALCOMM INCTechnology100.2K$12.9M3.5%New
MCK MCKESSON CORPConsumer discretionary11.0K$9.5M2.6%-0.6%
SOLV SOLVENTUM CORPHealthcare117.3K$7.7M2.1%-34.9%
CACI CACI INTERNATIONAL INC -CL ATechnology7.8K$4.2M1.1%-37.3%
SPRY ARS PHARMACEUTICALS INCHealthcare359.1K$2.9M0.8%+15.3%
SII SPROTT INCFinancials6.1K$865K0.2%-41.6%
BRK/B BERKSHIRE HATHAWAY INC-CL BFinancials952$456K0.1%-55.4%
AMZN AMAZON.COM INCConsumer discretionary1.0K$208K0.1%New
NVDA NVIDIA CORPTechnology1.0K$174K0.0%-50.0%
IMPP IMPERIAL PETROLEUM INCIndustrials12.0K$51K0.0%New
QVCAQ QVC GROUP INCConsumer discretionary21.1K$46K0.0%-1.2%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 7, 202631$419.8M canonicalSEC ↗
Q4 202513F-HRFeb 3, 202629$362.6M canonicalSEC ↗
Q3 202513F-HRNov 6, 202530$364.5M canonicalSEC ↗
Q2 202513F-HRAug 4, 202530$298.8M canonicalSEC ↗
Q1 202513F-HRApr 30, 202523$244.4M canonicalSEC ↗
Q4 202413F-HRFeb 3, 202528$229.1M canonicalSEC ↗
Q3 202413F-HRNov 5, 202436$255.8M canonicalSEC ↗
Q2 202413F-HRAug 1, 202434$291.3M canonicalSEC ↗
Q1 202413F-HRMay 9, 202435$290.0M canonicalSEC ↗

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