# Smead Capital Management, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1427008. Source: https://holderbook.com/funds/1427008-smead-capital-management-inc/

- Reported value: $4.7B
- Positions: 32
- Weight of the ten largest: 54.2%
- Filed: 2026-08-11

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $331.4M | 13,370,631 | 7.1% | 22 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $313.0M | 1,399,725 | 6.7% | 26 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $300.0M | 2,334,468 | 6.4% | 31 |
| MACERICH CO | [MAC](https://holderbook.com/stocks/MAC/) | $289.2M | 11,481,712 | 6.2% | 28 |
| APA CORPORATION | [APA](https://holderbook.com/stocks/APA/) | $254.3M | 7,808,568 | 5.5% | 14 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $238.7M | 659,241 | 5.1% | 31 |
| D R HORTON INC | [DHI](https://holderbook.com/stocks/DHI/) | $230.3M | 1,414,221 | 4.9% | 26 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $192.5M | 569,063 | 4.1% | 31 |
| NVR INC | [NVR](https://holderbook.com/stocks/NVR/) | $192.5M | 28,248 | 4.1% | 31 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $184.2M | 1,409,966 | 4.0% | 31 |
| LENNAR CORP | [LEN](https://holderbook.com/stocks/LEN/) | $182.8M | 2,020,441 | 3.9% | 31 |
| FIFTH THIRD BANCORP | [FITB](https://holderbook.com/stocks/FITB/) | $178.8M | 3,171,824 | 3.8% | 11 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $177.5M | 1,009,989 | 3.8% | 5 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $164.0M | 1,577,846 | 3.5% | 23 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $148.5M | 2,606,833 | 3.2% | 31 |
| OCCIDENTAL PETE CORP | [OXY](https://holderbook.com/stocks/OXY/) | $140.4M | 2,889,985 | 3.0% | 20 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $136.5M | 328,414 | 2.9% | 5 |
| WESTERN ALLIANCE BANCORP | [WAL](https://holderbook.com/stocks/WAL/) | $131.1M | 1,594,678 | 2.8% | 11 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $128.6M | 392,900 | 2.8% | 31 |
| CREDIT ACCEP CORP MICH | [CACC](https://holderbook.com/stocks/CACC/) | $126.6M | 198,808 | 2.7% | 26 |
| U HAUL HOLDING COMPANY | [UHALB](https://holderbook.com/stocks/UHALB/) | $117.2M | 2,031,260 | 2.5% | 15 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $102.3M | 290,159 | 2.2% | 31 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $91.2M | 815,923 | 2.0% | 31 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $88.6M | 1,233,210 | 1.9% | 1 |
| M & T BK CORP | [MTB](https://holderbook.com/stocks/MTB/) | $66.1M | 277,594 | 1.4% | 11 |
| CROCS INC | [CROX](https://holderbook.com/stocks/CROX/) | $59.0M | 489,245 | 1.3% | 4 |
| ULTA BEAUTY INC | [ULTA](https://holderbook.com/stocks/ULTA/) | $53.2M | 117,976 | 1.1% | 7 |
| FRONTLINE PLC | [FRO](https://holderbook.com/stocks/FRO/) | $22.0M | 633,773 | 0.5% | 14 |
| GARRETT MOTION INC | [GTX](https://holderbook.com/stocks/GTX/) | $10.0M | 275,064 | 0.2% | 3 |
| WEST FRASER TIMBER CO LTD | [WFG](https://holderbook.com/stocks/WFG/) | $8.4M | 123,878 | 0.2% | 12 |
| OCCIDENTAL PETE CORP | [OXYWS](https://holderbook.com/stocks/OXYWS/) | $1.7M | 65,345 | 0.0% | 24 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $1.2M | 4,956 | 0.0% | 7 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.9% | +14.8% | -7.9% | 100% |
| Q1 2026 | +9.2% | -4.6% | +13.8% | 100% |
| Q4 2025 | -0.1% | +2.4% | -2.4% | 100% |
| Q3 2025 | +10.8% | +7.8% | +3.0% | 100% |
| Q2 2025 | -1.9% | +10.5% | -12.4% | 100% |
| Q1 2025 | -4.0% | -4.6% | +0.5% | 100% |
| Q4 2024 | -6.5% | +2.1% | -8.7% | 100% |
| Q3 2024 | +5.2% | +5.4% | -0.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $4.7B | 32 |
| Q1 2026 | $4.6B | 32 |
| Q4 2025 | $4.8B | 32 |
| Q3 2025 | $5.2B | 34 |
| Q2 2025 | $5.0B | 33 |
| Q1 2025 | $5.8B | 34 |
| Q4 2024 | $6.5B | 34 |
| Q3 2024 | $7.0B | 30 |
| Q2 2024 | $6.4B | 32 |
| Q1 2024 | $6.4B | 32 |
| Q4 2023 | $5.6B | 33 |
| Q3 2023 | $4.9B | 30 |