Smead Capital Management
Bill SmeadPhoenix, AZfiles as Smead Capital Management, Inc.
$4.7bn in 32 US stocks at the end of 30 June 2026. The top 10 are 54.2% of the money. It changed about 10.8% of the portfolio this quarter.
Value
$4.7bn
Stocks
32
Top 10 share
54.2%
Turnover
10.8%
What changed this quarter
New
Bought for the first time this quarter.
- ZoetisZTS1.9% of the fund
Added
Bought more of a stock they already held.
- NVRNVR4.1% of the fund+31%
- LennarLEN3.9% of the fund+27%
- Fifth Third BancorpFITB3.8% of the fund+12%
- Western Alliance BancorporationWAL2.8% of the fund+18%
- FrontlineFRO0.5% of the fund+4%
- Garrett MotionGTX0.2% of the fund+8%
- West Fraser TimberWFG0.2% of the fund+8%
Cut
Sold some of their stake.
- Cenovus EnergyCVE7.1% of the fund-10%
- Simon Property GroupSPG6.7% of the fund-10%
- MerckMRK6.4% of the fund-6%
- MacerichMAC6.2% of the fund-6%
- APAAPA5.5% of the fund-6%
- AmgenAMGN5.1% of the fund-6%
- Horton D RDHI4.9% of the fund-6%
- American ExpressAXP4.1% of the fund-6%
- TargetTGT4.0% of the fund-6%
- Diamondback EnergyFANG3.8% of the fund-6%
- ConocoPhillipsCOP3.5% of the fund-6%
- Bank of AmericaBAC3.2% of the fund-6%
- Occidental PetroleumOXY3.0% of the fund-7%
- UnitedHealth GroupUNH2.9% of the fund-5%
- JPMorgan ChaseJPM2.8% of the fund-6%
- Credit AcceptanceCACC2.7% of the fund-6%
- U-Haul HoldingUHAL-B2.5% of the fund-5%
- Home DepotHD2.2% of the fund-6%
- eBayEBAY2.0% of the fund-54%
- M&T BankMTB1.4% of the fund-6%
- CrocsCROX1.3% of the fund-5%
- Ulta BeautyULTA1.1% of the fund-6%
- Occidental PeteOXY-WS<0.1% of the fund-57%
- Ishares TRIWD<0.1% of the fund-21%
Sold out
Sold their entire stake.
- QualcommQCOM-100%
Holdings
- Cenovus EnergyCVE
- Share
- 7.1%
- Value
- $331m
- Shares
- 13,370,631
-10%
- West Fraser TimberWFG
- Share
- 0.2%
- Value
- $8m
- Shares
- 123,878
+8%
- Occidental PeteOXY-WS
- Share
- <0.1%
- Value
- $2m
- Shares
- 65,345
-57%
- Ishares TRIWD
- Share
- <0.1%
- Value
- $1m
- Shares
- 4,956
-21%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Cenovus EnergyCVE | 7.1% | $331m | 13,370,631 | -10% |
| Simon Property GroupSPG | 6.7% | $313m | 1,399,725 | -10% |
| MerckMRK | 6.4% | $300m | 2,334,468 | -6% |
| MacerichMAC | 6.2% | $289m | 11,481,712 | -6% |
| APAAPA | 5.5% | $254m | 7,808,568 | -6% |
| AmgenAMGN | 5.1% | $239m | 659,241 | -6% |
| Horton D RDHI | 4.9% | $230m | 1,414,221 | -6% |
| American ExpressAXP | 4.1% | $192m | 569,063 | -6% |
| NVRNVR | 4.1% | $192m | 28,248 | +31% |
| TargetTGT | 4.0% | $184m | 1,409,966 | -6% |
| LennarLEN | 3.9% | $183m | 2,020,441 | +27% |
| Fifth Third BancorpFITB | 3.8% | $179m | 3,171,824 | +12% |
| Diamondback EnergyFANG | 3.8% | $178m | 1,009,989 | -6% |
| ConocoPhillipsCOP | 3.5% | $164m | 1,577,846 | -6% |
| Bank of AmericaBAC | 3.2% | $149m | 2,606,833 | -6% |
| Occidental PetroleumOXY | 3.0% | $140m | 2,889,985 | -7% |
| UnitedHealth GroupUNH | 2.9% | $136m | 328,414 | -5% |
| Western Alliance BancorporationWAL | 2.8% | $131m | 1,594,678 | +18% |
| JPMorgan ChaseJPM | 2.8% | $129m | 392,900 | -6% |
| Credit AcceptanceCACC | 2.7% | $127m | 198,808 | -6% |
| U-Haul HoldingUHAL-B | 2.5% | $117m | 2,031,260 | -5% |
| Home DepotHD | 2.2% | $102m | 290,159 | -6% |
| eBayEBAY | 2.0% | $91m | 815,923 | -54% |
| ZoetisZTS | 1.9% | $89m | 1,233,210 | New |
| M&T BankMTB | 1.4% | $66m | 277,594 | -6% |
| CrocsCROX | 1.3% | $59m | 489,245 | -5% |
| Ulta BeautyULTA | 1.1% | $53m | 117,976 | -6% |
| FrontlineFRO | 0.5% | $22m | 633,773 | +4% |
| Garrett MotionGTX | 0.2% | $10m | 275,064 | +8% |
| West Fraser TimberWFG | 0.2% | $8m | 123,878 | +8% |
| Occidental PeteOXY-WS | <0.1% | $2m | 65,345 | -57% |
| Ishares TRIWD | <0.1% | $1m | 4,956 | -21% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 6.7% since 30 June 2025.
Where the money is
Energy22.9%
Retail & consumer22.3%
Financial services20.9%
Health care16.4%
Real estate12.9%
Everyday goods4.0%
Industrials0.5%
Materials0.2%
Other0.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.