INVESTMENT MANAGEMENT ASSOCIATES INC /ADV is an institutional investment manager that files quarterly 13F reports with the SEC. As of Q4 2025, the fund manages $363M in reported equity holdings across 28 positions. The largest holdings are HII (10.8%), MOH (10.8%), UBER (10.0%), BTI (7.1%), BSM (7.0%). The portfolio is concentrated in Other (86.1%), Energy (8.0%), Financial Services (5.9%). Data sourced from SEC EDGAR 13F filings (CIK 52024).