INVESTMENT MANAGEMENT ASSOCIATES INC /ADV

CIK 0000052024 · Q2 2026

13F Equity AUM

$487.2M

+16.1% QoQ

Positions

+1 QoQ

AUM Rank

#3,751

Top 43%

Skill Alpha (FF)

-2.1%/yr^ns

No Clear Edge

Rank #5,944 · Top 72%

vs S&P -4.2%/yr (unadj.)

Quarters Tracked

~5 years

Portfolio Concentration

Top 5: 39.4%Top 10: 63.7%Top 20: 95.8%

MOH10.8%

TLT7.9%

UBER7.2%

NDQ6.9%

HII6.6%

TFIN5.5%

BSM5.3%

PHG4.8%

SOXX4.4%

4I14.3%

Others (20)36.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services33.3%

Healthcare23.5%

Energy15.2%

Technology7.9%

Industrials6.6%

Consumer Staples4.3%

Consumer Defensive3.5%

Communication Services3.3%

Other2.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 30Median: 3.35%Avg: 3.33%

0–0.5%

6(0.3%)

0.5–1%

3(2.2%)

1–3%

4(8.6%)

3–5%

10(38.6%)

5%+

7(50.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 30vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New6Increased6Decreased15Exited5

New Positions

NDQ6.9%

+46K

SOXX4.4%

+34K

GLDM4.0%

+246K

WISE GROUP PLC2.4%

+976K

DGED0.1%

+4K

SCHD0.1%

+7K

Increased

PHG4.8%

+344K(+67%)

NU3.4%

+182K(+17%)

BAX3.9%

+122K(+16%)

SPRY0.6%

+14K(+4%)

LBRDK3.3%

+9K(+2%)

SHV0.9%

+6K(+16%)

Decreased

BMTA3.5%

-177,676(-39%)

BSM5.3%

-52,818(-3%)

INVX3.1%

-26,664(-4%)

TLT7.9%

-17,300(-4%)

EPD4.0%

-14,076(-3%)

SOLV1.7%

-11,888(-10%)

CRC2.8%

-10,870(-3%)

UBER7.2%

-7,981(-2%)

4I14.3%

-5,212(-4%)

MOH10.8%

-2,894(-1%)

Exited

-100,185

-25,000

-6,051

-21,120

IMPERIAL PETE INC

-12,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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