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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
-2.83%
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
$5.83B
AUM Growth
-$617M
Cap. Flow
-$384M
Cap. Flow %
-6.59%
Top 10 Hldgs %
51.9%
Holding
35
New
1
Increased
3
Reduced
30
Closed
1

Top Buys

Rank Stock Value
1
MRP
Millrose Properties Inc
MRP
+$27.8M
2
TGT icon
Target
TGT
+$18.4M
3
CVE icon
Cenovus Energy
CVE
+$5.37M
4
MRK icon
Merck
MRK
+$3.21M

Top Sells

Rank Stock Value
1
LEN icon
Lennar Class A
LEN
+$39M
2
SPG icon
Simon Property Group
SPG
+$38.7M
3
AXP icon
American Express
AXP
+$34.3M
4
MAC icon
Macerich
MAC
+$33.2M
5
OXY icon
Occidental Petroleum
OXY
+$29.8M

Sector Composition

Rank Sector Weight
1 Energy 25.31%
2 Consumer Discretionary 21.5%
3 Financials 21.5%
4 Real Estate 12.55%
5 Healthcare 10.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPG icon
1
Simon Property Group
SPG
$74.5B
$388M 6.65%
2,336,798
-221,491
-9% -$38.7M
AXP icon
2
American Express
AXP
$223B
$330M 5.67%
1,228,274
-116,157
-9% -$34.3M
AMGN icon
3
Amgen
AMGN
$203B
$326M 5.59%
1,046,014
-99,042
-9% -$29.2M
MAC icon
4
Macerich
MAC
$7.32B
$313M 5.36%
18,214,281
-1,735,476
-9% -$33.2M
MRK icon
5
Merck
MRK
$324B
$299M 5.13%
3,334,566
+34,356
+1% +$3.21M
OXY icon
6
Occidental Petroleum
OXY
$57B
$293M 5.02%
5,937,965
-611,190
-9% -$29.8M
DHI icon
7
D.R. Horton
DHI
$41B
$285M 4.89%
2,243,666
-213,245
-9% -$28.6M
LEN icon
8
Lennar Class A
LEN
$20.4B
$273M 4.68%
2,377,483
-311,989
-12% -$39M
APA icon
9
APA Corp
APA
$12.8B
$261M 4.47%
12,404,821
-276,584
-2% -$6.08M
OVV icon
10
Ovintiv
OVV
$17.5B
$259M 4.44%
6,049,598
-93,223
-2% -$3.98M
JPM icon
11
JPMorgan Chase
JPM
$939B
$242M 4.15%
987,155
-93,373
-9% -$23.8M
BAC icon
12
Bank of America
BAC
$435B
$236M 4.05%
5,660,444
-535,374
-9% -$23.9M
NVR icon
13
NVR
NVR
$17.2B
$234M 4.01%
32,283
-3,072
-9% -$23.4M
EBAY icon
14
eBay
EBAY
$48.6B
$225M 3.86%
3,323,333
-314,424
-9% -$21M
COP icon
15
ConocoPhillips
COP
$147B
$225M 3.85%
2,139,377
-5,488
-0.3% -$547K
CVE icon
16
Cenovus Energy
CVE
$54.6B
$215M 3.69%
15,495,912
+372,680
+2% +$5.37M
DVN icon
17
Devon Energy
DVN
$51.9B
$213M 3.66%
5,706,322
-28,031
-0.5% -$995K
TGT icon
18
Target
TGT
$62.1B
$171M 2.93%
1,638,296
+147,139
+10% +$18.4M
HD icon
19
Home Depot
HD
$332B
$169M 2.89%
460,325
-43,550
-9% -$17M
UHAL.B icon
20
U-Haul Holding Co Series N
UHAL.B
$12.2B
$142M 2.44%
2,401,119
-55,662
-2% -$3.48M
BRK.B icon
21
Berkshire Hathaway Class B
BRK.B
$1.07T
$101M 1.73%
189,065
-17,889
-9% -$8.7M
CACC icon
22
Credit Acceptance
CACC
$6B
$95.7M 1.64%
185,373
-17,534
-9% -$8.67M
QCOM icon
23
Qualcomm
QCOM
$176B
$94.2M 1.61%
613,096
-58,170
-9% -$9.48M
WAL icon
24
Western Alliance Bancorporation
WAL
$9.07B
$92.5M 1.59%
1,204,088
-114,123
-9% -$9.59M
MTB icon
25
M&T Bank
MTB
$36.2B
$78.7M 1.35%
440,378
-41,742
-9% -$7.92M
1
2

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Smead Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Smead Capital Management held 35 positions worth $5.83B, down 9.6% from $6.45B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Smead Capital Management withdrew a net $384M in Q1 2025, closing 1 position and reducing 30 holdings. Its most notable exit was Vanguard Value ETF, an estimated $800K position sold in full.

By sector, the portfolio is most concentrated in Energy at 25% of assets, up from 23% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Smead Capital Management opened a new position in Millrose Properties Inc worth $31.4M.

  • Smead Capital Management's largest Q1 2025 buy was Millrose Properties Inc: 1,186,210 shares worth $31.4M.
  • Smead Capital Management added most to Target in Q1 2025, an estimated $18.4M increase.
  • Smead Capital Management's biggest Q1 2025 reduction was Lennar Class A, cutting an estimated $39M.
  • Smead Capital Management fully exited Vanguard Value ETF in Q1 2025, selling an estimated $800K.
  • Smead Capital Management's ten largest holdings make up 52% of its $5.83B portfolio in Q1 2025.
  • Smead Capital Management opened 1 new position and closed 1 in Q1 2025.
  • Smead Capital Management's portfolio value fell 9.6% quarter-over-quarter to $5.83B.

Based on Smead Capital Management's 13F filing for Q1 2025, filed 14 May 2025.