INVESTMENT MANAGEMENT ASSOCIATES INC /ADV

RIA/Wealth • Value

INVESTMENT MANAGEMENT ASSOCIATES INC /ADV is a Value-focused institution based in Greenwood Village, CO led by Vitaliy N Katsenelson, reporting $572.7M in AUM as of Q3 2025 with 71% concentrated in top 10 holdings.

CEOVitaliy N Katsenelson

Portfolio Value: $335.9M
Positions: 27
Top Holding: UBER at 12.98%
Last Reported: Q3 2025

Address5690 Dtc Boulevard, Suite 140w, Greenwood Village, CO, 80111-3232, United States

Top Holdings

Largest long holdings in INVESTMENT MANAGEMENT ASSOCIATES INC /ADV's portfolio (71.2% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Uber Technologies UBER	Software - Application Technology	$43.6M	12.98%	-$281.7K Sold	0.02% 445.0K shares	Q4 2020 Held for 4y 11m
2 Huntington Ingalls Industries HII	Aerospace & Defense Industrials	$33.4M	9.94%	-$216.8K Sold	0.30% 115.9K shares	Q4 2020 Held for 4y 11m
3 BTI British American Tobacco BTI	Unknown Unknown	$30.4M	9.06%	-$646.8K Sold	— 573.6K shares	Q4 2022 Held for 2y 11m
4 Black Stone Minerals BSM	Oil & Gas Exploration & Production Energy	$25.4M	7.57%	+$4.7M Bought	0.91% 1.9M shares	Q1 2021 Held for 4y 8m
5 Molina Healthcare MOH	Medical - Healthcare Plans Healthcare	$20.2M	6.03%	+$20.2M New	0.20% 105.8K shares	Q3 2025 Held for 2 months
6 Philip Morris International PM	Tobacco Consumer Defensive	$19.7M	5.87%	-$396.9K Sold	0.01% 121.5K shares	Q4 2020 Held for 4y 11m
7 Solventum SOLV	Medical - Care Facilities Healthcare	$18.9M	5.63%	+$1.8M Bought	0.15% 258.9K shares	Q2 2024 Held for 1y 5m
8 Liberty Broadband Corporation LBRDK	Telecommunications Services Communication Services	$16.9M	5.03%	+$2.1M Bought	0.19% 265.9K shares	Q4 2022 Held for 2y 11m
9 Enterprise Products Partners EPD	Oil & Gas Midstream Energy	$16.7M	4.98%	+$32.5K Bought	0.02% 535.4K shares	Q4 2020 Held for 4y 11m
10 McKesson MCK	Medical - Distribution Healthcare	$14.0M	4.16%	-$370.8K Sold	0.01% 18.1K shares	Q4 2020 Held for 4y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in INVESTMENT MANAGEMENT ASSOCIATES INC /ADV's latest filing

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Market Value

$335.9M

Prior: $296.7M

Q/Q Change

+13.22%

+$39.2M

Net Flows % of MV

+10.77%

Turnover Ratio

8.95%

New Purchases

5 stocks

$37.9M

Added To

8 stocks

+$10.2M

Sold Out Of

4 stocks

$9.3M

Reduced Holdings

12 stocks

-$2.7M

Increased Positions

Position	Shares Δ	Change
1 Molina Healthcare MOH	New	0 → 105.8K +$20.2M
2 Nu Holdings NU	New	0 → 498.3K +$8.0M
3 Humana HUM	New	0 → 20.0K +$5.2M
4 Elevance Health ELV	New	0 → 13.1K +$4.2M
5 VanEck Gold Miners GDX	New	0 → 3.5K +$267.4K

Decreased Positions

Position	Shares Δ	Change
1 International Money Express IMXI	Sold	782.0K → 0 −$7.9M
2 Cardinal Health CAH	Sold	4.4K → 0 −$732.0K
3 Vanguard S&P 500 ETF VOO	Sold	813.0 → 0 −$461.9K
4 Apple AAPL	Sold	1.1K → 0 −$229.0K
5 Berkshire Hathaway BRK.B	-8.03%	10.2K → 9.4K −$411.3K