Smead Capital Management, Inc.

Registered adviser

CIK

1427008

Location

Phoenix, AZ

Portfolio Value

Mid $4,705,163,807

Diversification

Diversified

Filing Date

Global Rank

#929 / 8,819 ▼ 74 · as of Jun 2026

Top Industry

Oil & Gas E&P 18.3%

Period ended 29 days ago

Filed Oct 16, 2026 · 13d

27 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 143567

Roster of Oct 1, 2026

Regulatory AUM

$5,515,720,920

Main clients

Registered funds and BDCs (81% of AUM)

Registered funds advised

2 series (0 index, 0 ETFs)

$5,077,376,907 net assets· N-CEN Nov 30, 2025

LEI

549300VHW12HIPPPXV63

Private funds on Schedule D 7.B.(1)

As filed Feb 26, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

No private funds listed.

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$5,515,720,920	Registered funds and BDCs (81%)
Apr 2025 to Mar 2026	$7,168,225,918	Registered funds and BDCs (84%)
Mar 2024 to Mar 2025	$6,072,332,268	Registered funds and BDCs (85%)
May 2023 to Feb 2024	$5,250,997,806	Registered funds and BDCs (87%)
Apr 2023	$5,250,997,806	Registered funds and BDCs (87%)
Apr 2022 to Mar 2023	$4,008,191,727	Registered funds and BDCs (82%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, the newest measured quarter, never from the firm's own description.

Style

Diversified active

Top 10 weight 54.2%, 22.9 effective positions, active share 82.5% against the Dow Jones Industrial Average as of 2026-07-31; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

10.3% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 20.8 quarters (12+), a floor since 58.4% of the book was already held when coverage starts

Closest benchmark: the Dow Jones Industrial Average as of 2026-07-31, active share 82.5%; sector active share 60.0% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

31 tracked positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026

Top Position

9.0%

+1.8 pts

Top 5

33.6%

+1.7 pts

Top 10

55.1%

+0.9 pts

HHI

452

Diversified+14

Portfolio Trend

27 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2026

Sector	% Portfolio	Value	Positions
Energy	28.1%	$1,320,732,744	6
Financial Services	18.7%	$880,462,705	7
Consumer Cyclical	18.6%	$873,890,704	8
Healthcare	17.3%	$811,768,352	4
Real Estate	10.7%	$504,589,567	2
Consumer Defensive	4.1%	$193,263,012	1
Industrials	2.3%	$105,979,470	1
Basic Materials	0.3%	$13,340,247	1
Unclassified	0.0%	$1,137,006	1

Last Quarter's Activity

Export CSV

Sep 30, 2026 vs Jun 30, 2026

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
ZTS	Zoetis Inc.	+347,786	1,580,996	$110,400,950
WAL	Western Alliance Bancorporation	+295,592	1,890,270	$141,959,277
LEN	Lennar Corp	+264,284	2,284,725	$186,410,712
CROX	Crocs, Inc.	+220,571	709,816	$83,268,514
CVE	Cenovus Energy Inc.	+197,427	13,568,058	$421,695,242
GTX	Garrett Motion Inc.	+165,177	440,241	$11,459,473
FRO	Frontline plc	+127,002	760,775	$37,483,384
WFG	West Fraser Timber Co., Ltd	+68,400	192,278	$13,340,247
OXY	Occidental Petroleum Corp	+49,709	2,939,694	$162,623,872
No positions match the current search.

Trimmed

Positions the filer reduced

22 positions

Ticker	Company	Δ Shares	Shares	Value
BAC	Bank Of America Corp	−439,218	2,167,615	$117,983,284
MAC	Macerich Co	−183,351	11,298,361	$252,631,351
TGT	Target Corp	−176,556	1,233,410	$193,263,012
SPG	Simon Property Group Inc.	−144,703	1,255,022	$251,958,216
APA	APA Corp	−94,361	7,714,207	$320,448,158
AMGN	Amgen Inc	−72,737	586,504	$247,217,301
FITB	Fifth Third Bancorp	−46,549	3,125,275	$158,076,409
MRK	Merck & Co., Inc.	−28,552	2,305,916	$335,072,653
UHAL-B	U-Haul Holding Co	−25,972	2,005,288	$105,979,470
COP	Conocophillips	−19,021	1,558,825	$195,086,948
DHI	Horton D R Inc	−17,507	1,396,714	$190,860,968
FANG	Diamondback Energy, Inc.	−12,246	997,743	$183,395,140
EBAY	Ebay Inc	−10,015	805,908	$85,466,543
JPM	Jpmorgan Chase & Co	−7,314	385,586	$127,563,416
AXP	American Express Co	−6,961	562,102	$170,935,218
UNH	Unitedhealth Group Inc	−4,023	324,391	$119,077,448
HD	Home Depot, Inc.	−3,664	286,495	$81,504,962
MTB	M&T Bank Corp	−3,390	274,204	$59,666,790
CACC	Credit Acceptance Corp	−2,427	196,381	$104,278,311
ULTA	Ulta Beauty, Inc.	−1,439	116,537	$63,649,013
NVR	Nvr Inc	−419	27,829	$171,270,519
IWD	iShares Russell 1000 Value ETF	−370	4,586	$1,137,006
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

31 tracked positions · $4,705,163,807 total · filing declares 31 positions · $4,705,402,906 · as of Sep 30, 2026

All sectors Basic Materials Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CVE	Cenovus Energy Inc. Energy	Added	13,568,058	+197,427	$421,695,242	+27.1%	8.96%
MRK	Merck & Co., Inc. Healthcare	Reduced	2,305,916	-28,552	$335,072,653	+11.7%	7.12%
APA	APA Corp Energy	Reduced	7,714,207	-94,361	$320,448,158	+26.0%	6.81%
MAC	Macerich Co Real Estate	Reduced	11,298,361	-183,351	$252,631,351	−12.7%	5.37%
SPG	Simon Property Group Inc. Real Estate	Reduced	1,255,022	-144,703	$251,958,216	−19.5%	5.35%
AMGN	Amgen Inc Healthcare	Reduced	586,504	-72,737	$247,217,301	+3.6%	5.25%
COP	Conocophillips Energy	Reduced	1,558,825	-19,021	$195,086,948	+18.9%	4.15%
TGT	Target Corp Consumer Defensive	Reduced	1,233,410	-176,556	$193,263,012	+4.9%	4.11%
DHI	Horton D R Inc Consumer Cyclical	Reduced	1,396,714	-17,507	$190,860,968	−17.1%	4.06%
LEN	Lennar Corp Consumer Cyclical	Added	2,284,725	+264,284	$186,410,712	+2.0%	3.96%
FANG	Diamondback Energy, Inc. Energy	Reduced	997,743	-12,246	$183,395,140	+3.3%	3.90%
NVR	Nvr Inc Consumer Cyclical	Reduced	27,829	-419	$171,270,519	−11.0%	3.64%
AXP	American Express Co Financial Services	Reduced	562,102	-6,961	$170,935,218	−11.2%	3.63%
OXY	Occidental Petroleum Corp Energy	Added	2,939,694	+49,709	$162,623,872	+15.9%	3.46%
FITB	Fifth Third Bancorp Financial Services	Reduced	3,125,275	-46,549	$158,076,409	−11.6%	3.36%
WAL	Western Alliance Bancorporation Financial Services	Added	1,890,270	+295,592	$141,959,277	+8.3%	3.02%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	385,586	-7,314	$127,563,416	−0.8%	2.71%
UNH	Unitedhealth Group Inc Healthcare	Reduced	324,391	-4,023	$119,077,448	−12.8%	2.53%
BAC	Bank Of America Corp Financial Services	Reduced	2,167,615	-439,218	$117,983,284	−20.6%	2.51%
ZTS	Zoetis Inc. Healthcare	Added	1,580,996	+347,786	$110,400,950	+24.6%	2.35%
UHAL-B	U-Haul Holding Co Industrials	Reduced	2,005,288	-25,972	$105,979,470	−9.6%	2.25%
CACC	Credit Acceptance Corp Financial Services	Reduced	196,381	-2,427	$104,278,311	−17.6%	2.22%
EBAY	Ebay Inc Consumer Cyclical	Reduced	805,908	-10,015	$85,466,543	−6.3%	1.82%
CROX	Crocs, Inc. Consumer Cyclical	Added	709,816	+220,571	$83,268,514	+41.1%	1.77%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	286,495	-3,664	$81,504,962	−20.4%	1.73%
ULTA	Ulta Beauty, Inc. Consumer Cyclical	Reduced	116,537	-1,439	$63,649,013	+19.6%	1.35%
MTB	M&T Bank Corp Financial Services	Reduced	274,204	-3,390	$59,666,790	−9.7%	1.27%
FRO	Frontline plc Energy	Added	760,775	+127,002	$37,483,384	+70.0%	0.80%
WFG	West Fraser Timber Co., Ltd Basic Materials	Added	192,278	+68,400	$13,340,247	+59.1%	0.28%
GTX	Garrett Motion Inc. Consumer Cyclical	Added	440,241	+165,177	$11,459,473	+15.0%	0.24%
IWD	iShares Russell 1000 Value ETF	Reduced	4,586	-370	$1,137,006	−5.4%	0.02%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.