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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
+15.69%
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
$4.6B
AUM Growth
-$222M
Cap. Flow
-$646M
Cap. Flow %
-14.06%
Top 10 Hldgs %
57.6%
Holding
32
New
–
Increased
6
Reduced
26
Closed
–

Top Buys

Rank Stock Value
1
UNH icon
UnitedHealth
UNH
+$11.4M
2
CACC icon
Credit Acceptance
CACC
+$10.4M
3
WFG icon
West Fraser Timber
WFG
+$4.05M
4
FRO icon
Frontline
FRO
+$732K
5
IWD icon
iShares Russell 1000 Value ETF
IWD
+$410K

Top Sells

Rank Stock Value
1
AXP icon
American Express
AXP
+$55.6M
2
JPM icon
JPMorgan Chase
JPM
+$44.5M
3
SPG icon
Simon Property Group
SPG
+$44.1M
4
MRK icon
Merck
MRK
+$42.4M
5
CVE icon
Cenovus Energy
CVE
+$40.4M

Sector Composition

Rank Sector Weight
1 Energy 30.46%
2 Consumer Discretionary 18.72%
3 Financials 17.77%
4 Healthcare 13.85%
5 Real Estate 11.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CVE icon
1
Cenovus Energy
CVE
$58.5B
$394M 8.58%
14,868,003
-1,895,975
-11% -$40.4M
APA icon
2
APA Corp
APA
$14.6B
$351M 7.63%
8,269,815
-1,233,224
-13% -$37.3M
MRK icon
3
Merck
MRK
$380B
$297M 6.47%
2,471,398
-366,902
-13% -$42.4M
SPG icon
4
Simon Property Group
SPG
$70.6B
$291M 6.33%
1,559,860
-231,470
-13% -$44.1M
AMGN icon
5
Amgen
AMGN
$239B
$246M 5.34%
697,919
-103,877
-13% -$37M
MAC icon
6
Macerich
MAC
$6.92B
$230M 5%
12,155,332
-1,808,473
-13% -$34.3M
COP icon
7
ConocoPhillips
COP
$159B
$221M 4.8%
1,671,303
-246,242
-13% -$27.3M
FANG icon
8
Diamondback Energy
FANG
$56.1B
$212M 4.6%
1,069,328
-158,444
-13% -$26.9M
DHI icon
9
D.R. Horton
DHI
$42B
$206M 4.47%
1,497,723
-222,202
-13% -$33.6M
OXY icon
10
Occidental Petroleum
OXY
$58.7B
$201M 4.38%
3,095,535
-449,647
-13% -$22.6M
AXP icon
11
American Express
AXP
$227B
$182M 3.97%
602,643
-165,788
-22% -$55.6M
TGT icon
12
Target
TGT
$74.4B
$181M 3.94%
1,492,670
-221,262
-13% -$24.9M
EBAY icon
13
eBay
EBAY
$46.4B
$161M 3.51%
1,771,494
-261,392
-13% -$23.5M
NVR icon
14
NVR
NVR
$17B
$142M 3.09%
21,538
-3,207
-13% -$23.4M
LEN icon
15
Lennar Class A
LEN
$21.1B
$138M 3%
1,586,225
-236,066
-13% -$25.5M
BAC icon
16
Bank of America
BAC
$436B
$135M 2.93%
2,759,684
-410,119
-13% -$21.2M
FITB
17
Fifth Third Bancorp
FITB
$50.2B
$132M 2.86%
2,831,423
-418,716
-13% -$20.6M
JPM icon
18
JPMorgan Chase
JPM
$950B
$122M 2.66%
416,094
-146,698
-26% -$44.5M
HD icon
19
Home Depot
HD
$335B
$101M 2.2%
307,339
-45,480
-13% -$16.6M
WAL icon
20
Western Alliance Bancorporation
WAL
$8.73B
$96M 2.09%
1,355,591
-201,352
-13% -$16.8M
UHAL.B icon
21
U-Haul Holding Co Series N
UHAL.B
$11.9B
$95.9M 2.09%
2,146,425
-320,586
-13% -$15.2M
UNH icon
22
UnitedHealth
UNH
$361B
$93.9M 2.04%
347,102
+38,379
+12% +$11.4M
CACC icon
23
Credit Acceptance
CACC
$6.23B
$89.1M 1.94%
210,470
+22,136
+12% +$10.4M
QCOM icon
24
Qualcomm
QCOM
$173B
$70.3M 1.53%
545,810
-81,127
-13% -$11.8M
ULTA icon
25
Ulta Beauty
ULTA
$23.2B
$65.3M 1.42%
124,895
-18,582
-13% -$11.8M
1
2

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Smead Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Smead Capital Management held 32 positions worth $4.6B, down 4.6% from $4.82B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Smead Capital Management withdrew a net $646M in Q1 2026, reducing 26 holdings. Its largest reduction was American Express, cutting an estimated $55.6M.

By sector, the portfolio is most concentrated in Energy at 30% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Smead Capital Management added an estimated $11.4M to UnitedHealth.

  • Smead Capital Management added most to UnitedHealth in Q1 2026, an estimated $11.4M increase.
  • Smead Capital Management's biggest Q1 2026 reduction was American Express, cutting an estimated $55.6M.
  • Smead Capital Management's ten largest holdings make up 58% of its $4.6B portfolio in Q1 2026.
  • Smead Capital Management opened 0 new positions and closed 0 in Q1 2026.
  • Smead Capital Management's portfolio value fell 4.6% quarter-over-quarter to $4.6B.

Based on Smead Capital Management's 13F filing for Q1 2026, filed 14 May 2026.