Smead Capital Management, Inc.

CIK

1427008

Location

Phoenix, AZ

Portfolio Value

Mid $4,699,766,858

Diversification

Diversified

Filing Date

Global Rank

#608 / 8,420 ▲ 65

Top Industry

Oil & Gas E&P 15.8%

3Y Alpha vs SPY

-4.7%

Period ended 5 months ago

Filed Feb 9, 2026 · 4mo

24 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+57.4%

SPY

+76.5%

Annualised alpha

-4.5%

Max drawdown

−25.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

29 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

7.1%

−0.1 pts

Top 5

31.1%

+1.4 pts

Top 10

54.7%

+1.2 pts

HHI

447

Diversified+20

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Financial Services	22.9%	$1,074,533,102	7
Consumer Cyclical	22.5%	$1,055,901,667	8
Energy	22.1%	$1,038,743,500	6
Healthcare	14.1%	$663,107,855	3
Real Estate	12.5%	$589,364,936	2
Consumer Defensive	3.6%	$167,536,853	1
Technology	2.3%	$107,237,573	1
Basic Materials	0.1%	$3,341,372	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
FITB	Fifth Third Bancorp	+1,624,138	3,250,139	$152,139,006
CVE	Cenovus Energy Inc.	+374,238	16,763,978	$283,646,507
WAL	Western Alliance Bancorporation	+223,707	1,556,943	$130,892,198
COP	Conocophillips	+164,060	1,917,545	$179,501,387
No positions match the current search.

Trimmed

Positions the filer reduced

24 positions

Ticker	Company	Δ Shares	Shares	Value
MAC	Macerich Co	−968,119	13,963,805	$257,771,840
APA	APA Corp	−658,534	9,503,039	$232,444,333
OXY	Occidental Petroleum Corp /De/	−241,861	3,545,182	$145,777,883
BAC	Bank Of America Corp /De/	−219,624	3,169,803	$174,339,165
MRK	Merck & Co., Inc.	−196,374	2,838,300	$298,759,458
EBAY	Ebay Inc	−140,849	2,032,886	$177,064,370
LEN	Lennar Corp /New/	−126,558	1,822,291	$187,331,514
SPG	Simon Property Group Inc.	−124,175	1,791,330	$331,593,096
DHI	Horton D R Inc /De/	−119,238	1,719,925	$247,720,797
TGT	Target Corp	−116,499	1,713,932	$167,536,853
FANG	Diamondback Energy, Inc.	−84,641	1,227,772	$184,570,964
WFG	West Fraser Timber Co., Ltd	−65,700	54,678	$3,341,372
AMGN	Amgen Inc	−55,588	801,796	$262,435,848
AXP	American Express Co	−53,421	768,431	$284,281,048
QCOM	Qualcomm Inc/De	−43,449	626,937	$107,237,573
CROX	Crocs, Inc.	−39,392	594,690	$50,857,888
JPM	Jpmorgan Chase & Co	−39,155	562,792	$181,342,838
HD	Home Depot, Inc.	−24,587	352,819	$121,405,017
MTB	M&T Bank Corp	−23,408	337,603	$68,020,252
UNH	Unitedhealth Group Inc	−21,395	308,723	$101,912,549
CACC	Credit Acceptance Corp	−13,068	188,334	$83,518,595
ULTA	Ulta Beauty, Inc.	−9,946	143,477	$86,805,019
FRO	Frontline plc	−3,537	586,729	$12,802,426
NVR	Nvr Inc	−1,717	24,745	$180,459,593
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
GTX	Garrett Motion Inc.	244,261	$4,257,469
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
OVV	Ovintiv Inc.	3,459,320	$139,687,341
DVN	Devon Energy Corp/De	1,478,887	$51,849,778
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

29 positions · $4,699,766,858 total · as of Dec 31, 2025

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SPG	Simon Property Group Inc. Real Estate	Reduced	1,791,330	-124,175	$331,593,096	−7.8%	7.06%
MRK	Merck & Co., Inc. Healthcare	Reduced	2,838,300	-196,374	$298,759,458	+17.3%	6.36%
AXP	American Express Co Financial Services	Reduced	768,431	-53,421	$284,281,048	+4.1%	6.05%
CVE	Cenovus Energy Inc. Energy	Added	16,763,978	+374,238	$283,646,507	+1.9%	6.04%
AMGN	Amgen Inc Healthcare	Reduced	801,796	-55,588	$262,435,848	+8.5%	5.58%
MAC	Macerich Co Real Estate	Reduced	13,963,805	-968,119	$257,771,840	−5.1%	5.48%
DHI	Horton D R Inc /De/ Consumer Cyclical	Reduced	1,719,925	-119,238	$247,720,797	−20.5%	5.27%
APA	APA Corp Energy	Reduced	9,503,039	-658,534	$232,444,333	−5.8%	4.95%
LEN	Lennar Corp /New/ Consumer Cyclical	Reduced	1,822,291	-126,558	$187,331,514	−23.7%	3.99%
FANG	Diamondback Energy, Inc. Energy	Reduced	1,227,772	-84,641	$184,570,964	−1.7%	3.93%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	562,792	-39,155	$181,342,838	−4.5%	3.86%
NVR	Nvr Inc Consumer Cyclical	Reduced	24,745	-1,717	$180,459,593	−15.1%	3.84%
COP	Conocophillips Energy	Added	1,917,545	+164,060	$179,501,387	+8.2%	3.82%
EBAY	Ebay Inc Consumer Cyclical	Reduced	2,032,886	-140,849	$177,064,370	−10.4%	3.77%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	3,169,803	-219,624	$174,339,165	−0.3%	3.71%
TGT	Target Corp Consumer Defensive	Reduced	1,713,932	-116,499	$167,536,853	+2.0%	3.56%
FITB	Fifth Third Bancorp Financial Services	Added	3,250,139	+1,624,138	$152,139,006	+110.0%	3.24%
OXY	Occidental Petroleum Corp /De/ Energy	Reduced	3,545,182	-241,861	$145,777,883	−18.5%	3.10%
WAL	Western Alliance Bancorporation Financial Services	Added	1,556,943	+223,707	$130,892,198	+13.2%	2.79%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	352,819	-24,587	$121,405,017	−20.6%	2.58%
QCOM	Qualcomm Inc/De Technology	Reduced	626,937	-43,449	$107,237,573	−3.8%	2.28%
UNH	Unitedhealth Group Inc Healthcare	Reduced	308,723	-21,395	$101,912,549	−10.6%	2.17%
ULTA	Ulta Beauty, Inc. Consumer Cyclical	Reduced	143,477	-9,946	$86,805,019	+3.5%	1.85%
CACC	Credit Acceptance Corp Financial Services	Reduced	188,334	-13,068	$83,518,595	−11.2%	1.78%
MTB	M&T Bank Corp Financial Services	Reduced	337,603	-23,408	$68,020,252	−4.7%	1.45%
CROX	Crocs, Inc. Consumer Cyclical	Reduced	594,690	-39,392	$50,857,888	−4.0%	1.08%
FRO	Frontline plc Energy	Reduced	586,729	-3,537	$12,802,426	−4.8%	0.27%
GTX	Garrett Motion Inc. Consumer Cyclical	NEW	244,261	NEW	$4,257,469	NEW	0.09%
WFG	West Fraser Timber Co., Ltd Basic Materials	Reduced	54,678	-65,700	$3,341,372	−59.2%	0.07%