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Smead Capital Management Portfolio holdings

AUM $4.6B
1-Year Est. Return 27.56%
This Fund
S&P 500
This Quarter Est. Return
+11.73%
1 Year Est. Return
+27.56%
3 Year Est. Return
+64.97%
5 Year Est. Return
+125.46%
10 Year Est. Return
+462.58%
AUM
$6.41B
AUM Growth
+$825M
Cap. Flow
+$185M
Cap. Flow %
2.88%
Top 10 Hldgs %
56.22%
Holding
33
New
–
Increased
26
Reduced
6
Closed
1

Top Buys

Rank Stock Value
1
APA icon
APA Corp
APA
+$80M
2
DVN icon
Devon Energy
DVN
+$69.8M
3
CVE icon
Cenovus Energy
CVE
+$63.5M
4
AXP icon
American Express
AXP
+$16.3M
5
OXY icon
Occidental Petroleum
OXY
+$15.7M

Top Sells

Rank Stock Value
1
NVR icon
NVR
NVR
+$46.9M
2
DHI icon
D.R. Horton
DHI
+$44.7M
3
LEN icon
Lennar Class A
LEN
+$41.9M
4
WBD icon
Warner Bros
WBD
+$32.9M
5
MAC icon
Macerich
MAC
+$29.3M

Sector Composition

Rank Sector Weight
1 Energy 24.97%
2 Consumer Discretionary 22.35%
3 Financials 21.44%
4 Healthcare 11.04%
5 Real Estate 10.89%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LEN icon
1
Lennar Class A
LEN
$20.4B
$420M 6.55%
2,522,465
-278,845
-10% -$41.9M
OXY icon
2
Occidental Petroleum
OXY
$57B
$408M 6.36%
6,274,936
+262,057
+4% +$15.7M
MRK icon
3
Merck
MRK
$324B
$402M 6.27%
3,046,975
+124,503
+4% +$15.3M
AXP icon
4
American Express
AXP
$223B
$401M 6.26%
1,760,843
+78,581
+5% +$16.3M
DHI icon
5
D.R. Horton
DHI
$41B
$379M 5.92%
2,304,319
-297,853
-11% -$44.7M
SPG icon
6
Simon Property Group
SPG
$74.5B
$375M 5.86%
2,399,145
+98,169
+4% +$14.4M
MAC icon
7
Macerich
MAC
$7.32B
$322M 5.03%
18,709,363
-1,794,807
-9% -$29.3M
AMGN icon
8
Amgen
AMGN
$203B
$305M 4.76%
1,073,851
+44,083
+4% +$12.9M
OVV icon
9
Ovintiv
OVV
$17.5B
$300M 4.67%
5,771,196
+246,686
+4% +$11.2M
JPM icon
10
JPMorgan Chase
JPM
$939B
$291M 4.53%
1,451,104
+59,893
+4% +$10.8M
BAC icon
11
Bank of America
BAC
$435B
$276M 4.3%
7,265,332
+301,400
+4% +$10.3M
DVN icon
12
Devon Energy
DVN
$51.9B
$270M 4.21%
5,383,410
+1,572,118
+41% +$69.8M
NVR icon
13
NVR
NVR
$17.2B
$269M 4.19%
33,161
-6,320
-16% -$46.9M
APA icon
14
APA Corp
APA
$12.8B
$267M 4.16%
7,759,287
+2,523,330
+48% +$80M
COP icon
15
ConocoPhillips
COP
$147B
$256M 3.99%
2,011,508
+82,032
+4% +$9.36M
TGT icon
16
Target
TGT
$62.1B
$202M 3.15%
1,139,865
+43,332
+4% +$6.59M
HD icon
17
Home Depot
HD
$332B
$181M 2.83%
472,616
+19,391
+4% +$7.08M
EBAY icon
18
eBay
EBAY
$48.6B
$180M 2.81%
3,411,153
+141,094
+4% +$6.41M
UHAL.B icon
19
U-Haul Holding Co Series N
UHAL.B
$12.2B
$145M 2.26%
2,176,140
+98,640
+5% +$6.35M
QCOM icon
20
Qualcomm
QCOM
$176B
$132M 2.06%
779,802
+32,226
+4% +$4.98M
CACC icon
21
Credit Acceptance
CACC
$6B
$105M 1.64%
190,279
+7,793
+4% +$4.28M
CVE icon
22
Cenovus Energy
CVE
$54.6B
$86.4M 1.35%
4,322,101
+3,717,198
+615% +$63.5M
BRK.B icon
23
Berkshire Hathaway Class B
BRK.B
$1.07T
$81.6M 1.27%
194,074
+7,953
+4% +$3.13M
WAL icon
24
Western Alliance Bancorporation
WAL
$9.07B
$79.4M 1.24%
1,236,204
+51,268
+4% +$3.15M
FITB
25
Fifth Third Bancorp
FITB
$52B
$75.8M 1.18%
2,036,276
+83,427
+4% +$2.9M
1
2

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Smead Capital Management's Q1 2024 Portfolio in Review

As of Q1 2024, Smead Capital Management held 33 positions worth $6.41B, up 15% from $5.58B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Trading was light in Q1 2024: portfolio turnover was 3%. Smead Capital Management opened no new positions and exited 1, leaving the 33-position portfolio largely intact.

By sector, the portfolio is most concentrated in Energy at 25% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Smead Capital Management added most to APA Corp in Q1 2024, an estimated $80M increase.
  • Smead Capital Management's biggest Q1 2024 reduction was NVR, cutting an estimated $46.9M.
  • Smead Capital Management fully exited State Street SPDR S&P 500 ETF Trust in Q1 2024, selling an estimated $1.4M.
  • Smead Capital Management's ten largest holdings make up 56% of its $6.41B portfolio in Q1 2024.
  • Smead Capital Management opened 0 new positions and closed 1 in Q1 2024.
  • Smead Capital Management's portfolio value rose 15% quarter-over-quarter to $6.41B.

Based on Smead Capital Management's 13F filing for Q1 2024, filed 10 May 2024.