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SCM
Smead Capital Management Portfolio holdings
AUM
$4.6B
1-Year Est. Return
27.56%
This Fund
S&P 500
This Quarter
Est. Return
-2.07%
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
$4.99B
AUM Growth
-$839M
(-14%)
Cap. Flow
-$671M
Cap. Flow
% of AUM
-13.44%
Top 10 Holdings %
Top 10 Hldgs %
50.96%
Holding
37
New
3
Increased
6
Reduced
24
Closed
4
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Diamondback Energy
FANG
|
+$146M |
| 2 |
UnitedHealth
UNH
|
+$96.5M |
| 3 |
Target
TGT
|
+$32.2M |
| 4 |
Cenovus Energy
CVE
|
+$26.7M |
| 5 |
U-Haul Holding Co Series N
UHAL.B
|
+$24.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Devon Energy
DVN
|
+$105M |
| 2 |
Berkshire Hathaway Class B
BRK.B
|
+$101M |
| 3 |
American Express
AXP
|
+$96.7M |
| 4 |
JPMorgan Chase
JPM
|
+$86.5M |
| 5 |
Bank of America
BAC
|
+$84.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 23.55% |
| 2 | Consumer Discretionary | 22.87% |
| 3 | Financials | 20.27% |
| 4 | Healthcare | 11.91% |
| 5 | Real Estate | 11.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Simon Property Group
SPG
$74.5B
| $331M | 6.64% |
2,062,019
-274,779
| -12% | -$43.4M |
|
|
2
American Express
AXP
$223B
| $282M | 5.65% |
884,732
-343,542
| -28% | -$96.7M |
|
3
Macerich
MAC
$7.32B
| $260M | 5.21% |
16,074,002
-2,140,279
| -12% | -$33M |
|
4
Merck
MRK
$324B
| $259M | 5.18% |
3,267,318
-67,248
| -2% | -$5.35M |
|
5
Amgen
AMGN
$203B
| $258M | 5.16% |
922,968
-123,046
| -12% | -$34.9M |
|
6
D.R. Horton
DHI
$41B
| $255M | 5.11% |
1,979,845
-263,821
| -12% | -$32.5M |
|
|
7
Cenovus Energy
CVE
$54.6B
| $239M | 4.79% |
17,552,075
+2,056,163
| +13% | +$26.7M |
|
8
Lennar Class A
LEN
$20.4B
| $232M | 4.65% |
2,097,906
-279,577
| -12% | -$30.3M |
|
9
eBay
EBAY
$48.6B
| $218M | 4.37% |
2,932,396
-390,937
| -12% | -$27.7M |
|
10
NVR
NVR
$17.2B
| $210M | 4.21% |
28,486
-3,797
| -12% | -$27.2M |
|
11
APA Corp
APA
$12.8B
| $200M | 4.01% |
10,941,229
-1,463,592
| -12% | -$25.4M |
|
|
12
Target
TGT
$62.1B
| $195M | 3.9% |
1,973,113
+334,817
| +20% | +$32.2M |
|
|
13
JPMorgan Chase
JPM
$939B
| $188M | 3.76% |
648,003
-339,152
| -34% | -$86.5M |
|
|
14
Bank of America
BAC
$435B
| $173M | 3.46% |
3,648,771
-2,011,673
| -36% | -$84.6M |
|
15
Occidental Petroleum
OXY
$57B
| $171M | 3.42% |
4,071,705
-1,866,260
| -31% | -$78M |
|
16
ConocoPhillips
COP
$147B
| $169M | 3.39% |
1,887,445
-251,932
| -12% | -$22.7M |
|
17
Ovintiv
OVV
$17.5B
| $166M | 3.32% |
4,355,580
-1,694,018
| -28% | -$62.2M |
|
|
18
U-Haul Holding Co Series N
UHAL.B
$12.2B
| $155M | 3.09% |
2,842,383
+441,264
| +18% | +$24.6M |
|
19
Home Depot
HD
$332B
| $149M | 2.98% |
406,273
-54,052
| -12% | -$19.6M |
|
|
20
Diamondback Energy
FANG
$57.6B
| $145M | 2.9% |
+1,053,675
| New | +$146M |
|
21
Qualcomm
QCOM
$176B
| $115M | 2.3% |
721,679
+108,583
| +18% | +$16M |
|
22
Western Alliance Bancorporation
WAL
$9.07B
| $112M | 2.24% |
1,435,247
+231,159
| +19% | +$16.6M |
|
23
Credit Acceptance
CACC
$6B
| $110M | 2.21% |
216,811
+31,438
| +17% | +$15.4M |
|
|
24
UnitedHealth
UNH
$382B
| $78.8M | 1.58% |
+252,438
| New | +$96.5M |
|
25
Ulta Beauty
ULTA
$20.4B
| $77.3M | 1.55% |
165,158
-22,009
| -12% | -$9.1M |
|
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Smead Capital Management's Q2 2025 Portfolio in Review
As of Q2 2025, Smead Capital Management held 37 positions worth $4.99B, down 14% from $5.83B the previous quarter. Its ten largest holdings account for 51% of the portfolio.
Smead Capital Management withdrew a net $671M in Q2 2025, closing 4 positions and reducing 24 holdings. Its most notable exit was Berkshire Hathaway Class B, an estimated $101M position sold in full.
By sector, the portfolio is most concentrated in Energy at 24% of assets, down from 25% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Smead Capital Management opened a new position in Diamondback Energy worth $145M.
- Smead Capital Management's largest Q2 2025 buy was Diamondback Energy: 1,053,675 shares worth $145M.
- Smead Capital Management added most to Target in Q2 2025, an estimated $32.2M increase.
- Smead Capital Management's biggest Q2 2025 reduction was Devon Energy, cutting an estimated $105M.
- Smead Capital Management fully exited Berkshire Hathaway Class B in Q2 2025, selling an estimated $101M.
- Smead Capital Management's ten largest holdings make up 51% of its $4.99B portfolio in Q2 2025.
- Smead Capital Management opened 3 new positions and closed 4 in Q2 2025.
- Smead Capital Management's portfolio value fell 14% quarter-over-quarter to $4.99B.
Based on Smead Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.