Institutional Manager · CIK 0001427008
Smead Capital Management, Inc.
Phoenix, AZ · File #028-12979
Latest AUM
$4.82B
Positions
32
Top-10 Concentration
53.3%
Filings
10
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| EXITED | OVINTIV INC | 69047Q102 | -3,459,320 | -$139.7M | $0 |
| ADD | FIFTH THIRD BANCORP | FITBP | +1,624,138 | +$76.0M | +$3.7M |
| EXITED | DEVON ENERGY CORP NEW | 25179M103 | -1,478,887 | -$51.8M | $0 |
| REDUCE | SIMON PPTY GROUP INC NEW | 828806109 | -124,175 | -$23.0M | -$4.9M |
| REDUCE | MERCK & CO INC | MRK | -196,374 | -$20.7M | +$64.7M |
| REDUCE | AMERICAN EXPRESS CO | AXP | -53,421 | -$19.8M | +$31.1M |
| ADD | WESTERN ALLIANCE BANCORP | WAL-PA | +223,707 | +$18.8M | -$3.5M |
| REDUCE | AMGEN INC | AMGN | -55,588 | -$18.2M | +$38.7M |
| REDUCE | MACERICH CO | MAC | -968,119 | -$17.9M | +$3.9M |
| REDUCE | D R HORTON INC | 23331A109 | -119,238 | -$17.2M | -$46.8M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202532 pos · $4.82B
- 13F HOLDINGS REPORTQ/E Sep 202534 pos · $5.18B
- 13F HOLDINGS REPORTQ/E Jun 202533 pos · $4.99B
- 13F HOLDINGS REPORTQ/E Mar 202534 pos · $5.83B
- 13F HOLDINGS REPORTQ/E Dec 202434 pos · $6.45B
- 13F HOLDINGS REPORTQ/E Sep 202430 pos · $7.01B
- 13F HOLDINGS REPORTQ/E Jun 202432 pos · $6.41B
- 13F HOLDINGS REPORT (Amended)Q/E Jun 202432 pos · $6.41B
- 13F HOLDINGS REPORTQ/E Mar 202432 pos · $6.41B
- 13F HOLDINGS REPORTQ/E Dec 202330 pos · $4.90B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | SIMON PPTY GROUP INC NEW | 828806109 | 1,791,330 | $331.6M | 6.88% |
| 2 | MERCK & CO INC | MRK | 2,838,300 | $298.8M | 6.20% |
| 3 | AMERICAN EXPRESS CO | AXP | 768,431 | $284.3M | 5.90% |
| 4 | CENOVUS ENERGY INC | CVE | 16,763,978 | $283.6M | 5.89% |
| 5 | AMGEN INC | AMGN | 801,796 | $262.4M | 5.45% |
| 6 | MACERICH CO | MAC | 13,963,805 | $257.8M | 5.35% |
| 7 | D R HORTON INC | 23331A109 | 1,719,925 | $247.7M | 5.14% |
| 8 | APA CORPORATION | APA | 9,503,039 | $232.4M | 4.82% |
| 9 | LENNAR CORP | LEN-B | 1,822,291 | $187.3M | 3.89% |
| 10 | DIAMONDBACK ENERGY INC | FANG | 1,227,772 | $184.6M | 3.83% |
| 11 | JPMORGAN CHASE & CO. | VYLD | 562,792 | $181.3M | 3.76% |
| 12 | NVR INC | NVR | 24,745 | $180.5M | 3.74% |
| 13 | CONOCOPHILLIPS | COP | 1,917,545 | $179.5M | 3.72% |
| 14 | EBAY INC. | EBAY | 2,032,886 | $177.1M | 3.67% |
| 15 | BANK AMERICA CORP | 060505104 | 3,169,803 | $174.3M | 3.62% |
| 16 | TARGET CORP | TGT | 1,713,932 | $167.5M | 3.48% |
| 17 | FIFTH THIRD BANCORP | FITBP | 3,250,139 | $152.1M | 3.16% |
| 18 | OCCIDENTAL PETE CORP | 674599105 | 3,545,182 | $145.8M | 3.03% |
| 19 | WESTERN ALLIANCE BANCORP | WAL-PA | 1,556,943 | $130.9M | 2.72% |
| 20 | HOME DEPOT INC | HD | 352,819 | $121.4M | 2.52% |