SC
Smead Capital Management, Inc. Quarterly 13F Portfolio Update (Q3 2026)
Smead Capital Management, Inc.CIK: 0001427008
Momentum followerQuality / disciplined sizingDiversified strategy
Total reported value
$4.7B
Reporting period: 2026-09-30 · Number of holdings: 31
Smead Capital Management, Inc. disclosed 31 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $4.7B and a quarterly turnover rate of 14.5%.
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Personality snowflake
- Concentration
- 18.08
- Portfolio Stability
- 14.5
- Momentum
- 100
- Sector conviction
- 70.23
- Diversification
- 62
- Sizing Uniformity
- 93.56
Smead Capital Management, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.045 — mathematically equivalent to about 22 equally-sized positions, close to its 31 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.64), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.3 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd CVE
+1.5% $90.3M
Trim SPG
-10.3% -$61.1M
Add APA
-1.2% $66.1M
Trim DHI
-1.2% -$39.5M
Trim MAC
-1.6% -$36.6M
Add MRK
-1.2% $35.1M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CVE | Cenovus Energy Inc | Stock-Energy | 8.96% | +1.85% | +1.48% | |
| 2 | MRK | Merck & Co. Inc. | Stock-Healthcare | 7.12% | +0.69% | -1.22% | |
| 3 | APA | Apa CORP | Stock-Energy | 6.81% | +1.35% | -1.21% | |
| 4 | MAC | Macerich Co/the | Stock-Other | 5.37% | -0.83% | -1.60% | |
| 5 | SPG | Simon Property Group Inc | Stock-Real Estate | 5.35% | -1.36% | -10.34% | |
| 6 | AMGN | Amgen Inc | Stock-Healthcare | 5.25% | +0.13% | -11.03% | |
| 7 | COP | Conocophillips | Stock-Energy | 4.15% | +0.63% | -1.21% | |
| 8 | TGT | Target CORP | Stock-Consumer Disc | 4.11% | +0.16% | -12.52% | |
| 9 | DHI | Dr Horton Inc | Stock-Consumer Disc | 4.06% | -0.88% | -1.24% | |
| 10 | LEN | Lennar Corp-a | Stock-Consumer Disc | 3.96% | +0.04% | +13.08% | |
| 11 | FANG | Diamondback Energy Inc | Stock-Energy | 3.90% | +0.09% | -1.21% | |
| 12 | NVR | Nvr Inc | Stock-Consumer Disc | 3.64% | -0.49% | -1.48% | |
| 13 | AXP | American Express Co | Stock-Financials | 3.63% | -0.50% | -1.22% | |
| 14 | OXY | Occidental Petroleum CORP | Stock-Energy | 3.46% | +0.45% | +1.72% | |
| 15 | FITB | Fifth Third Bancorp | Stock-Financials | 3.36% | -0.48% | -1.47% | |
| 16 | WAL | Western Alliance Bancorp | Stock-Financials | 3.02% | +0.21% | +18.54% | |
| 17 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.71% | -0.05% | -1.86% | |
| 18 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 2.53% | -0.40% | -1.23% | |
| 19 | BAC | Bank Of America CORP | Stock-Financials | 2.51% | -0.68% | -16.85% | |
| 20 | ZTS | Zoetis Inc | Stock-Healthcare | 2.35% | +0.45% | +28.20% | |
| 21 | UHAL-B | U-haul Holding Co-non Voting | Stock-Other | 2.25% | -0.26% | -1.28% | |
| 22 | CACC | Credit Acceptance CORP | Stock-Other | 2.22% | -0.50% | -1.22% | |
| 23 | EBAY | Ebay Inc | Stock-Consumer Disc | 1.82% | -0.14% | -1.23% | |
| 24 | CROX | Crocs Inc | Stock-Consumer Disc | 1.77% | +0.50% | +45.08% | |
| 25 | HD | Home Depot Inc | Stock-Consumer Disc | 1.73% | -0.47% | -1.26% | |
| 26 | ULTA | Ulta Beauty Inc | Stock-Consumer Disc | 1.35% | +0.21% | -1.22% | |
| 27 | MTB | M & T Bank CORP | Stock-Financials | 1.27% | -0.15% | -1.22% | |
| 28 | FRO | Frontline plc | Stock-Other | 0.80% | +0.33% | +20.04% | |
| 29 | WFG | West Fraser Timber Co LTD | Stock-Other | 0.28% | +0.10% | +55.22% | |
| 30 | GTX | Garrett Motion Inc | Stock-Consumer Disc | 0.24% | +0.03% | +60.05% | |
| 31 | IWD | Ishares Russell 1000 Value E | ETF-Other | 0.02% | -0.01% | -7.47% |
Portfolio Performance
Performance for Q4 2026
+2%
Performance Last 4 Quarters
+30.9%
- Stdev
- +15.6%
- Beta
- +0.72
- Alpha
- +3.4%
- Max Drawdown
- -17.5%
- Annualized Perf
- +20.2%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +2.3
- Stutzer
- +0.36
- Treynor
- +0.27
- Sterling
- +1.04
- Calmar
- +1.16
- Information Ratio
- -0.22
- Tracking Error
- +13.4%
- Stdev Down
- +8.6%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +42.5%
- Worst 12 Months
- -9.7%
- Efficiency Ratio
- +0.51
- Sharpe
- +1.26
- Stdev Sectors
- +8.3%
- Skewness
- -0.36
- Kurtosis
- -0.59
- Upside Potential
- +3.97
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 31 | $4.7B | 15 | ||
| 2026 Q2 | 32 | $4.7B | 22 | ||
| 2026 Q1 | 32 | $4.6B | 21 | ||
| 2025 Q4 | 32 | $4.8B | 15 | ||
| 2025 Q3 | 34 | $5.2B | 33 | ||
| 2025 Q2 | 33 | $5.0B | 0 | ||
| 2025 Q1 | 34 | $5.8B | 100 | ||
| 2024 Q4 | 34 | $6.5B | 0 | ||
| 2024 Q3 | 30 | $7.0B | 0 | ||
| 2024 Q2 | 32 | $6.4B | 0 | ||
| 2024 Q1 | 32 | $6.4B | 0 | ||
| 2023 Q4 | 33 | $5.6B | 0 | ||
| 2023 Q3 | 30 | $4.9B | 0 | ||
| 2023 Q2 | 28 | $5.0B | 0 | ||
| 2023 Q1 | 29 | $5.0B | 0 | ||
| 2022 Q4 | 26 | $4.7B | 0 | ||
| 2022 Q3 | 27 | $3.8B | 0 | ||
| 2022 Q2 | 31 | $3.9B | 0 | ||
| 2022 Q1 | 31 | $4.3B | 0 | ||
| 2021 Q4 | 32 | $3.8B | 0 | ||
| 2021 Q3 | 31 | $2.9B | 0 | ||
| 2021 Q2 | 35 | $2.9B | 89 | ||
| 2021 Q1 | 35 | $2.3B | 35 | ||
| 2020 Q4 | 32 | $1.7B | 21 | ||
| 2020 Q3 | 29 | $1.6B | 13 | ||
| 2020 Q2 | 31 | $1.6B | 19 | ||
| 2020 Q1 | 28 | $1.4B | 57 | ||
| 2019 Q4 | 28 | $2.2B | 11 | ||
| 2019 Q3 | 26 | $2.0B | 19 | ||
| 2019 Q2 | 28 | $2.1B | 17 | ||
| 2019 Q1 | 27 | $2.0B | 17 | ||
| 2018 Q4 | 28 | $1.9B | 17 | ||
| 2018 Q3 | 27 | $2.2B | 11 | ||
| 2018 Q2 | 27 | $2.1B | 10 | ||
| 2018 Q1 | 28 | $2.1B | 12 | ||
| 2017 Q4 | 29 | $2.2B | 15 | ||
| 2017 Q3 | 29 | $2.1B | 10 | ||
| 2017 Q2 | 28 | $2.1B | 17 | ||
| 2017 Q1 | 27 | $2.0B | 11 | ||
| 2016 Q4 | 30 | $2.0B | 21 | ||
| 2016 Q3 | 29 | $2.1B | 68 | ||
| 2016 Q2 | 27 | $2.1B | 13 | ||
| 2016 Q1 | 27 | $2.3B | 64 | ||
| 2015 Q4 | 27 | $2.2B | 25 | ||
| 2015 Q3 | 27 | $1.9B | 84 | ||
| 2015 Q2 | 30 | $1.5B | 33 | ||
| 2015 Q1 | 30 | $1.4B | 32 | ||
| 2014 Q4 | 29 | $1.1B | 24 | ||
| 2014 Q3 | 30 | $927.4M | 20 | ||
| 2014 Q2 | 30 | $918.2M | 12 | 136473029314223126804 | |
| 2014 Q1 | 28 | $830.0M | 21 | ||
| 2013 Q4 | 29 | $726.1M | 27 | ||
| 2013 Q3 | 29 | $616.6M | 22 | ||
| 2013 Q2 | 28 | $493.8M | 0 |
Holding changes this quarter
Smead Capital Management, Inc.'s most significant position changes for 2026-09-30: Sold out: Occidental Petroleum-cw27 (OXY-WS); Add: Cenovus Energy Inc (CVE) — shares +1.48%; Trim: Simon Property Group Inc (SPG) — shares -10.34%; Trim: Apa CORP (APA) — shares -1.21%; Trim: Dr Horton Inc (DHI) — shares -1.24%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CVE | Cenovus Energy Inc | +1.9% | +1.48% | Add |
| 2 | APA | Apa CORP | +1.4% | -1.21% | Trim |
| 3 | MRK | Merck & Co. Inc. | +0.7% | -1.22% | Trim |
| 4 | COP | Conocophillips | +0.6% | -1.21% | Trim |
| 5 | CROX | Crocs Inc | +0.5% | +45.08% | Add |
| 6 | OXY | Occidental Petroleum CORP | +0.5% | +1.72% | Add |
| 7 | ZTS | Zoetis Inc | +0.5% | +28.20% | Add |
| 8 | FRO | Frontline plc | +0.3% | +20.04% | Add |
| 9 | WAL | Western Alliance Bancorp | +0.2% | +18.54% | Add |
| 10 | ULTA | Ulta Beauty Inc | +0.2% | -1.22% | Trim |
| 11 | TGT | Target CORP | +0.2% | -12.52% | Trim |
| 12 | AMGN | Amgen Inc | +0.1% | -11.03% | Trim |
| 13 | WFG | West Fraser Timber Co LTD | +0.1% | +55.22% | Add |
| 14 | FANG | Diamondback Energy Inc | +0.1% | -1.21% | Trim |
| 15 | LEN | Lennar Corp-a | 0% | +13.08% | Add |
| 16 | GTX | Garrett Motion Inc | 0% | +60.05% | Add |
| 17 | IWD | Ishares Russell 1000 Value E | 0% | -7.47% | Trim |
| 18 | OXY-WS | Occidental Petroleum-cw27 | 0% | EXIT | Sold out |
| 19 | JPM | Jpmorgan Chase & Co | -0.1% | -1.86% | Trim |
| 20 | EBAY | Ebay Inc | -0.1% | -1.23% | Trim |
| 21 | MTB | M & T Bank CORP | -0.2% | -1.22% | Trim |
| 22 | UHAL-B | U-haul Holding Co-non Voting | -0.3% | -1.28% | Trim |
| 23 | UNH | Unitedhealth Group Inc | -0.4% | -1.23% | Trim |
| 24 | HD | Home Depot Inc | -0.5% | -1.26% | Trim |
| 25 | FITB | Fifth Third Bancorp | -0.5% | -1.47% | Trim |
| 26 | NVR | Nvr Inc | -0.5% | -1.48% | Trim |
| 27 | CACC | Credit Acceptance CORP | -0.5% | -1.22% | Trim |
| 28 | AXP | American Express Co | -0.5% | -1.22% | Trim |
| 29 | BAC | Bank Of America CORP | -0.7% | -16.85% | Trim |
| 30 | MAC | Macerich Co/the | -0.8% | -1.60% | Trim |
| 31 | DHI | Dr Horton Inc | -0.9% | -1.24% | Trim |
| 32 | SPG | Simon Property Group Inc | -1.4% | -10.34% | Trim |
Filing History
FAQ
What is Smead Capital Management, Inc. and what type of investor is it?
Smead Capital Management, Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $4.7B, spread across 31 disclosed positions.
What are Smead Capital Management, Inc.'s largest equity positions?
Based on the latest 13F filing, Smead Capital Management, Inc.'s top holdings by market value are:
1. Cenovus Energy Inc (CVE) — $421.8M (9.0%)
2. Merck & Co. Inc. (MRK) — $335.1M (7.1%)
3. Apa CORP (APA) — $320.4M (6.8%)
4. Macerich Co/the (MAC) — $252.6M (5.4%)
5. Simon Property Group Inc (SPG) — $252.0M (5.3%)
What changes did Smead Capital Management, Inc. make in its most recent portfolio filing?
In the latest reported quarter, Smead Capital Management, Inc. made 32 notable position adjustments: 0 new positions were initiated, 9 existing holdings were added to, 22 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Occidental Petroleum-cw27 (OXY-WS); Add: Cenovus Energy Inc (CVE) — shares +1.48%; Trim: Simon Property Group Inc (SPG) — shares -10.34%; Trim: Apa CORP (APA) — shares -1.21%; Trim: Dr Horton Inc (DHI) — shares -1.24%
What sectors does Smead Capital Management, Inc. focus on?
Smead Capital Management, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 30.6%
• Consumer Discretionary: 25.5%
• Health Care: 19.4%
• Financials: 18.5%
• Real Estate: 6.0%
Investment Profile
Smead Capital Management, Inc. returned an annualized 20.2% over the trailing 36 months — outperforming the S&P 500 by 3.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.72 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 30.6% of the portfolio concentrated in Energy.
Its turnover score has fallen from 33 to 15 over the past 4 quarters — a shift toward longer holding periods.
It has added to its LEN position over the past two quarters (+$48.7M, now $186.4M), while trimming EBAY over the same stretch (-$75.8M, still holding $85.5M).
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