Q2 2026 13F · SEC CIK 1427008

Smead Capital Management, Inc.

Mutual fund managerFiled 2026-08-11 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $4.7B
Reported positions: 32
Top holdings a year, 3 yrs: +12.6%
Assets under management: $5.5B

Smead Capital Management, Inc. is a mutual fund manager that reported 32 positions worth $4.7B in its Q2 2026 13F, filed 2026-08-11. Its largest holdings were Cenovus Energy Inc (CVE, 7.1%), Simon Property Group Inc (SPG, 6.7%), Merck & Co. Inc (MRK, 6.4%). A portfolio copying its top holdings returned 12.6% a year over the last 3 years, against 20.4% for the S&P 500.

Smead Capital Management, Inc. holdings all 32 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Smead Capital Management, Inc. 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
CVECenovus Energy Inc	7.1%	8.6%	13,370,631	-10.1%	$331.4M
SPGSimon Property Group Inc	6.7%	6.3%	1,399,725	-10.3%	$313.0M
MRKMerck & Co. Inc	6.4%	6.5%	2,334,468	-5.5%	$300.0M
MACMacerich Co	6.2%	5.0%	11,481,712	-5.5%	$289.2M
APAApa Corporation	5.5%	7.6%	7,808,568	-5.6%	$254.3M
AMGNAmgen Inc Com	5.1%	5.3%	659,241	-5.5%	$238.7M
DHIDR Horton Inc	4.9%	4.5%	1,414,221	-5.6%	$230.3M
AXPAmerican Express Co Com	4.1%	4.0%	569,063	-5.6%	$192.5M
NVRNvr Inc	4.1%	3.1%	28,248	+31.2%	$192.5M
TGTTarget Corp Com	4.0%	3.9%	1,409,966	-5.5%	$184.2M
LENLennar Corp A	3.9%	3.0%	2,020,441	+27.4%	$182.8M
FITBFifth Third Bancorp	3.8%	2.9%	3,171,824	+12.0%	$178.8M
FANGDiamondback Energy Inc	3.8%	4.6%	1,009,989	-5.5%	$177.5M
COPConocophillips	3.5%	4.8%	1,577,846	-5.6%	$164.0M
BACBank of Amer Corp	3.2%	2.9%	2,606,833	-5.5%	$148.5M
OXYOccidental Petrol Co	3.0%	4.4%	2,889,985	-6.6%	$140.4M
UNHUnitedhealth Group Inc Com	2.9%	2.0%	328,414	-5.4%	$136.5M
WALWestern Alliance Bancorp	2.8%	2.1%	1,594,678	+17.6%	$131.1M
JPMJpmorgan Chase & Co	2.8%	2.7%	392,900	-5.6%	$128.6M
CACCCredit Accep Corp Mich	2.7%	1.9%	198,808	-5.5%	$126.6M
UHALBU Haul Holding Company Com Ser N	2.5%	2.1%	2,031,260	-5.4%	$117.2M
HDHome Depot Inc Com	2.2%	2.2%	290,159	-5.6%	$102.3M
EBAYEbay Inc.	2.0%	3.5%	815,923	-53.9%	$91.2M
ZTSZoetis Inc	1.9%	New	1,233,210	—	$88.6M
MTBM & T Bk Corp	1.4%	1.3%	277,594	-5.5%	$66.1M
CROXCrocs Inc	1.3%	0.9%	489,245	-5.4%	$59.0M
ULTAUlta Beauty Inc	1.1%	1.4%	117,976	-5.5%	$53.2M
FROFrontline PLC	0.5%	0.5%	633,773	+3.8%	$22.0M
GTXGarrett Motion Inc	0.2%	0.1%	275,064	+7.9%	$10.0M
WFGWest Fraser Timber Co Ltd	0.2%	0.2%	123,878	+7.9%	$8.4M
OXY-WTOccidental Pete Corp	0.0%	0.1%	65,345	-56.8%	$1.7M
IWDIshares Russell 1000 Value ETF	0.0%	0.0%	4,956	-20.9%	$1.2M

What Smead Capital Management, Inc. bought and sold in Q2 2026, against Q1 2026.

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +28.9% /yr; S&P 500 +20.1%
3 years: +12.6% /yr; S&P 500 +20.4%
5 years: +10.8% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$4.7B	32
Q1 2026	$4.6B	32
Q4 2025	$4.8B	32
Q3 2025	$5.2B	34
Q2 2025	$5.0B	33
Q1 2025	$5.8B	34
Q4 2024	$6.5B	34
Q3 2024	$7.0B	30
Q2 2024	$6.4B	32
Q1 2024	$6.4B	32
Q4 2023	$5.6B	33
Q3 2023	$4.9B	30

Questions about Smead Capital Management, Inc.'s portfolio

What stocks does Smead Capital Management, Inc. own?

Smead Capital Management, Inc.'s latest 13F, for Q2 2026 and filed Aug 11, 2026, lists 32 positions worth $4.7B. The largest are Cenovus Energy Inc (CVE) at 7.1%, Simon Property Group Inc (SPG) at 6.7%, Merck & Co. Inc (MRK) at 6.4%, Macerich Co (MAC) at 6.2% and Apa Corporation (APA) at 5.5%.

What did Smead Capital Management, Inc. buy last quarter?

In Q2 2026, Smead Capital Management, Inc. added a new position in Zoetis Inc (ZTS), Nvr Inc (NVR) (+31.2% shares), Lennar Corp A (LEN) (+27.4% shares) and Western Alliance Bancorp (WAL) (+17.6% shares), compared with its Q1 2026 filing.

What did Smead Capital Management, Inc. sell last quarter?

In Q2 2026, Smead Capital Management, Inc. sold all of Qualcomm Inc (QCOM), Occidental Pete Corp (OXY-WT) (-56.8% shares), Ebay Inc. (EBAY) (-53.9% shares) and Ishares Russell 1000 Value ETF (IWD) (-20.9% shares), compared with its Q1 2026 filing.

How has Smead Capital Management, Inc.'s portfolio performed?

A portfolio copying Smead Capital Management, Inc.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +12.6% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +28.9% against +20.1%. Over 5 years: +10.8% a year against +11.6%.

When is Smead Capital Management, Inc.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. Smead Capital Management, Inc.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Smead Capital Management, Inc. manage?

Smead Capital Management, Inc. reported $5.5B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $4.7B.