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Smead Capital Management Portfolio holdings

AUM $4.66B
1-Year Est. Return 41.77%
This Fund
S&P 500
This Quarter Est. Return
+8.84%
1 Year Est. Return
+41.77%
3 Year Est. Return
+72.45%
5 Year Est. Return
+119.76%
10 Year Est. Return
+507.68%
AUM
$4.66B
AUM Growth
+$64.9M
Cap. Flow
-$194M
Cap. Flow %
-4.16%
Top 10 Hldgs %
54.19%
Holding
33
New
1
Increased
7
Reduced
24
Closed
1

Top Buys

Rank Stock Value
1
ZTS icon
Zoetis
ZTS
+$116M
2
NVR icon
NVR
NVR
+$42.6M
3
LEN icon
Lennar Class A
LEN
+$38.8M
4
WAL icon
Western Alliance Bancorporation
WAL
+$18.9M
5
FITB
Fifth Third Bancorp
FITB
+$17.3M

Top Sells

Rank Stock Value
1
EBAY icon
eBay
EBAY
+$102M
2
QCOM icon
Qualcomm
QCOM
+$70.3M
3
CVE icon
Cenovus Energy
CVE
+$41.3M
4
SPG icon
Simon Property Group
SPG
+$33M
5
APA icon
APA Corp
APA
+$17.3M

Sector Composition

Rank Sector Weight
1 Energy 23.37%
2 Financials 20.85%
3 Consumer Discretionary 19.76%
4 Healthcare 16.38%
5 Real Estate 12.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CVE icon
1
Cenovus Energy
CVE
$58.2B
$331M 7.11%
13,370,631
-1,497,372
-10% -$41.3M
SPG icon
2
Simon Property Group
SPG
$69.4B
$313M 6.71%
1,399,725
-160,135
-10% -$33M
MRK icon
3
Merck
MRK
$366B
$300M 6.43%
2,334,468
-136,930
-6% -$16M
MAC icon
4
Macerich
MAC
$6.73B
$289M 6.2%
11,481,712
-673,620
-6% -$15.1M
APA icon
5
APA Corp
APA
$14.9B
$254M 5.46%
7,808,568
-461,247
-6% -$17.3M
AMGN icon
6
Amgen
AMGN
$234B
$239M 5.12%
659,241
-38,678
-6% -$13.2M
DHI icon
7
D.R. Horton
DHI
$41.2B
$230M 4.94%
1,414,221
-83,502
-6% -$12.5M
AXP icon
8
American Express
AXP
$225B
$192M 4.13%
569,063
-33,580
-6% -$10.8M
NVR icon
9
NVR
NVR
$17B
$192M 4.13%
28,248
+6,710
+31% +$42.6M
TGT icon
10
Target
TGT
$74.1B
$184M 3.95%
1,409,966
-82,704
-6% -$10.5M
LEN icon
11
Lennar Class A
LEN
$20.8B
$183M 3.92%
2,020,441
+434,216
+27% +$38.8M
FITB
12
Fifth Third Bancorp
FITB
$49.5B
$179M 3.84%
3,171,824
+340,401
+12% +$17.3M
FANG icon
13
Diamondback Energy
FANG
$55.4B
$178M 3.81%
1,009,989
-59,339
-6% -$11.5M
COP icon
14
ConocoPhillips
COP
$157B
$164M 3.52%
1,577,846
-93,457
-6% -$11.1M
BAC icon
15
Bank of America
BAC
$436B
$149M 3.19%
2,606,833
-152,851
-6% -$8.13M
OXY icon
16
Occidental Petroleum
OXY
$59.1B
$140M 3.01%
2,889,985
-205,550
-7% -$11.7M
UNH icon
17
UnitedHealth
UNH
$353B
$136M 2.93%
328,414
-18,688
-5% -$6.93M
WAL icon
18
Western Alliance Bancorporation
WAL
$8.57B
$131M 2.81%
1,594,678
+239,087
+18% +$18.9M
JPM icon
19
JPMorgan Chase
JPM
$951B
$129M 2.76%
392,900
-23,194
-6% -$7.2M
CACC icon
20
Credit Acceptance
CACC
$6.18B
$127M 2.72%
198,808
-11,662
-6% -$6.24M
UHAL.B icon
21
U-Haul Holding Co Series N
UHAL.B
$11.7B
$117M 2.51%
2,031,260
-115,165
-5% -$5.73M
HD icon
22
Home Depot
HD
$329B
$102M 2.2%
290,159
-17,180
-6% -$5.59M
EBAY icon
23
eBay
EBAY
$47B
$91.2M 1.96%
815,923
-955,571
-54% -$102M
ZTS icon
24
Zoetis
ZTS
$32B
$88.6M 1.9%
+1,233,210
New +$116M
MTB icon
25
M&T Bank
MTB
$34.3B
$66.1M 1.42%
277,594
-16,275
-6% -$3.56M
1
2

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Smead Capital Management's Q2 2026 Portfolio in Review

As of Q2 2026, Smead Capital Management held 33 positions worth $4.66B, up 1.4% from $4.6B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Smead Capital Management withdrew a net $194M in Q2 2026, closing 1 position and reducing 24 holdings. Its most notable exit was Qualcomm, an estimated $70.3M position sold in full.

By sector, the portfolio is most concentrated in Energy at 23% of assets, down from 30% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Smead Capital Management opened a new position in Zoetis worth $88.6M.

  • Smead Capital Management's largest Q2 2026 buy was Zoetis: 1,233,210 shares worth $88.6M.
  • Smead Capital Management added most to NVR in Q2 2026, an estimated $42.6M increase.
  • Smead Capital Management's biggest Q2 2026 reduction was eBay, cutting an estimated $102M.
  • Smead Capital Management fully exited Qualcomm in Q2 2026, selling an estimated $70.3M.
  • Smead Capital Management's ten largest holdings make up 54% of its $4.66B portfolio in Q2 2026.
  • Smead Capital Management opened 1 new position and closed 1 in Q2 2026.
  • Smead Capital Management's portfolio value rose 1.4% quarter-over-quarter to $4.66B.

Based on Smead Capital Management's 13F filing for Q2 2026, filed 11 Aug 2026.