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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
+1.14%
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
$4.82B
AUM Growth
-$357M
Cap. Flow
-$359M
Cap. Flow %
-7.45%
Top 10 Hldgs %
53.34%
Holding
35
New
1
Increased
4
Reduced
27
Closed
3

Top Buys

1
FITB
Fifth Third Bancorp
FITB
+$71.5M
2
WAL icon
Western Alliance Bancorporation
WAL
+$18.2M
3
COP icon
ConocoPhillips
COP
+$14.8M
4
CVE icon
Cenovus Energy
CVE
+$6.5M
5
GTX icon
Garrett Motion
GTX
+$3.89M

Top Sells

1
OVV icon
Ovintiv
OVV
+$140M
2
DVN icon
Devon Energy
DVN
+$51.8M
3
SPG icon
Simon Property Group
SPG
+$22.6M
4
AXP icon
American Express
AXP
+$19.1M
5
MRK icon
Merck
MRK
+$18.4M

Sector Composition

1 Financials 22.3%
2 Consumer Discretionary 21.91%
3 Energy 21.56%
4 Healthcare 13.76%
5 Real Estate 12.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPG icon
1
Simon Property Group
SPG
$74.2B
$332M 6.88%
1,791,330
-124,175
-6% -$22.6M
MRK icon
2
Merck
MRK
$315B
$299M 6.2%
2,838,300
-196,374
-6% -$18.4M
AXP icon
3
American Express
AXP
$242B
$284M 5.9%
768,431
-53,421
-7% -$19.1M
CVE icon
4
Cenovus Energy
CVE
$52.1B
$284M 5.89%
16,763,978
+374,238
+2% +$6.5M
AMGN icon
5
Amgen
AMGN
$198B
$262M 5.45%
801,796
-55,588
-6% -$17.6M
MAC icon
6
Macerich
MAC
$7.35B
$258M 5.35%
13,963,805
-968,119
-6% -$17.1M
DHI icon
7
D.R. Horton
DHI
$42.4B
$248M 5.14%
1,719,925
-119,238
-6% -$18.2M
APA icon
8
APA Corp
APA
$12.4B
$232M 4.82%
9,503,039
-658,534
-6% -$15.9M
LEN icon
9
Lennar Class A
LEN
$20.2B
$187M 3.89%
1,822,291
-126,558
-6% -$15.3M
FANG icon
10
Diamondback Energy
FANG
$55B
$185M 3.83%
1,227,772
-84,641
-6% -$12.5M
JPM icon
11
JPMorgan Chase
JPM
$907B
$181M 3.76%
562,792
-39,155
-7% -$12.1M
NVR icon
12
NVR
NVR
$17.5B
$180M 3.74%
24,745
-1,717
-6% -$12.8M
COP icon
13
ConocoPhillips
COP
$140B
$180M 3.72%
1,917,545
+164,060
+9% +$14.8M
EBAY icon
14
eBay
EBAY
$49.8B
$177M 3.67%
2,032,886
-140,849
-6% -$12.2M
BAC icon
15
Bank of America
BAC
$430B
$174M 3.62%
3,169,803
-219,624
-6% -$11.6M
TGT icon
16
Target
TGT
$63.4B
$168M 3.48%
1,713,932
-116,499
-6% -$10.7M
FITB
17
Fifth Third Bancorp
FITB
$52.6B
$152M 3.16%
3,250,139
+1,624,138
+100% +$71.5M
OXY icon
18
Occidental Petroleum
OXY
$54.6B
$146M 3.03%
3,545,182
-241,861
-6% -$10.1M
WAL icon
19
Western Alliance Bancorporation
WAL
$8.99B
$131M 2.72%
1,556,943
+223,707
+17% +$18.2M
HD icon
20
Home Depot
HD
$338B
$121M 2.52%
352,819
-24,587
-7% -$9.01M
UHAL.B icon
21
U-Haul Holding Co Series N
UHAL.B
$12.2B
$115M 2.39%
2,467,011
-169,816
-6% -$8.27M
QCOM icon
22
Qualcomm
QCOM
$181B
$107M 2.23%
626,937
-43,449
-6% -$7.45M
UNH icon
23
UnitedHealth
UNH
$387B
$102M 2.11%
308,723
-21,395
-6% -$7.25M
ULTA icon
24
Ulta Beauty
ULTA
$20.6B
$86.8M 1.8%
143,477
-9,946
-6% -$5.47M
CACC icon
25
Credit Acceptance
CACC
$6.69B
$83.5M 1.73%
188,334
-13,068
-6% -$6.06M
1
2

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Smead Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Smead Capital Management held 35 positions worth $4.82B, down 6.9% from $5.18B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Smead Capital Management withdrew a net $359M in Q4 2025, closing 3 positions and reducing 27 holdings. Its most notable exit was Ovintiv, an estimated $140M position sold in full.

By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 19% a quarter earlier, followed by Consumer Discretionary and Energy.

Against the trend, Smead Capital Management opened a new position in Garrett Motion worth $4.26M.

  • Smead Capital Management's largest Q4 2025 buy was Garrett Motion: 244,261 shares worth $4.26M.
  • Smead Capital Management added most to Fifth Third Bancorp in Q4 2025, an estimated $71.5M increase.
  • Smead Capital Management's biggest Q4 2025 reduction was Simon Property Group, cutting an estimated $22.6M.
  • Smead Capital Management fully exited Ovintiv in Q4 2025, selling an estimated $140M.
  • Smead Capital Management's ten largest holdings make up 53% of its $4.82B portfolio in Q4 2025.
  • Smead Capital Management opened 1 new position and closed 3 in Q4 2025.
  • Smead Capital Management's portfolio value fell 6.9% quarter-over-quarter to $4.82B.

Based on Smead Capital Management's 13F filing for Q4 2025, filed 9 Feb 2026.